Much of the debate surrounding the recent proposal to lower fuel economy standards focuses on the Environmental Protection Agency (EPA) and its effort to reduce greenhouse gas emissions from tailpipes. Read more →
The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela.
There is one issue that unites America like no other: the pursuit of genuine energy independence. Our national security demands it. Our national economy demands it.
Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world’s biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections, OPEC and industry sources said.
The Trump administration announced a series of sanctions on Tuesday targeting Russia, including ships that are delivering Russian oil to North Korea despite ongoing sanctions and marine companies that are supplying Russia’s military.
China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of reprisals from Washington.
Elon Musk has always hated the fossil-fuel industry. His stated mission for Tesla Inc. is to hasten its demise, and more than once he’s blamed the “unrelenting and enormous” power of oil interests for sabotaging his efforts.
It doesn’t matter that European governments oppose Trump’s withdrawal from the Iran nuclear deal. Politicians and bureaucrats may work on “the continuation of Iran’s exports of oil and gas,” but it’s companies, not governments, that buy Iran’s oil.
While there has been no indication that Iran was prepared to go through with the warning, such a move would likely be catastrophic for the region and global energy prices.
Former Shell Oil President John Hofmeister said on “Cavuto Coast to Coast” that “the volatility overall is going to be worrisome, particularly as global demand continues to grow.”
