OPEC has cried wolf again, but there’s reason to believe that this time, the cartel is serious about constricting oil production. Which, of course, will send the price — and thus the price of gasoline — upward. And there’s nothing American drivers will be able to do about it.
Oil prices would have to skyrocket above $350 per barrel for electric vehicle makers to make a dent in the auto market, according to a study done by researchers at the University of Chicago.
Former Shell Oil President John Hofmeister, predicted more volatility and higher prices in the oil market during an interview on the FOX Business Network.
Since oil prices began to fall in mid-2014, cheap crude has been blamed for 195,000 job cuts in the U.S., according to a report published by outplacement firm Challenger, Gray & Christmas.
If what has been happening in oil and gas over the last two years was made into a TV show, it would have been a real hit.
“It’s just been a tumultuous time for everybody,” said Brian Youngberg, a senior energy analyst at the St. Louis investment company Edward Jones. “There’s nowhere to hide.”
The Organization of the Petroleum Exporting Countries may resurrect its heretofore futile attempts to freeze petroleum output in a bid to inject life into oil prices.
The Volkswagen Group is struggling to get back onto its feet after the diesel emissions scandal rocked the industry last September. The automaker’s newest plan, “Strategy 2025,” is a first step in the direction to recovery.
Crude’s recent brush with levels close to $40 per barrel has made a lot of energy watchers nervous, but a top market analyst believes that international events will conspire to send oil prices sharply higher over the next several months.
What would happen if the federal government ended its subsidies to companies that drill for oil and gas?
