The head of the Organization of Petroleum Exporting Countries called on oil producers outside the group to assist in reducing the global oversupply, signaling once again that OPEC won’t make output cuts alone.
Ethanol producers may feel less pain from sinking oil prices than in previous tough times, as a government rule ensures a minimum use of the biofuel and recent consolidation gives them both financial strength and output flexibility.
Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil.
A couple of readers who are staunch biofuel advocates have asked why the 2016 Chevy Volt isn’t capable of running its range-extending engine on non-fossil fuels. So did Fuel Freedom, which published an entire post on the question.
*But what if we can’t reach the future in time?
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The cause is the plunging price of a barrel of oil, which has been cut roughly by more than 60 percent since the June 2014.
Low oil prices are rattling global markets and destabilizing economies around the world. They are also posing one of the first big tests to the United States banking system since the financial crisis.
Oil prices could fall further this year as the market faces an “enormous strain” on its ability to absorb new supplies from producers such as Iran, a top world energy monitor said Tuesday.
Gas prices have continued to drop across the state, but one area is seeing gas prices that are the lowest in the country. According to GasBuddy.com, Michigan is the first state that has welcomed back gas prices below $1 per gallon.
The fracking revolution is still largely misunderstood by the oil and gas industry. It helped the U.S. attain a measure of independence from imported oil but even today we import about 6.5 million barrels a day, equivalent to one-third of U.S. consumption.
