What led to the current oil glut?

Jan 15, 2015

What led to the current oil glut?

The world burns enough oil-derived fuels to drain an Olympic-size swimming pool four times every minute. Global consumption has never been higher — and it is rising. Yet the price of a barrel of oil has fallen by more than half over the past ...

Obama, Congress fight on pipeline

Jan 10, 2015

Obama, Congress fight on pipeline

A battle over an oil pipeline has become the opening salvo in a power struggle between newly empowered Republicans and President Barack Obama that could consume his final two years in office and shape his legacy. The outcome of the dispute over the Keystone ...

Jan 8, 2015

Shell, villagers agree to $83.5 million for huge oil spilll

Oil giant Shell has agreed to pay a Nigerian fishing community £55 million (about $83.5 million) for the worst oil spill in Nigeria, an unprecedented settlement that experts say could open a floodgate of litigation there and abroad. Wednesday’s agreement ends a three-year legal ...

Jan 8, 2015

Fed looks past a world in turmoil, confident in U.S. recovery

U.S. central bankers have looked beyond a global deflation threat, fear of energy-sector bond defaults, and a surge of oil patch layoffs to reach what appears to be a firm conclusion: the U.S. recovery is here to stay. New trade data released on Wednesday ...

U.S. oil prices slip below $50 a barrel

Jan 6, 2015

U.S. oil prices slip below $50 a barrel

U.S. oil prices Monday slipped below $50 a barrel for the first time in more than five years as the surging dollar and news of additional supplies extended a six-month rout. U.S. benchmark West Texas Intermediate for February delivery, in free fall since June, ...

Jan 6, 2015

U.S.-led warplanes target jihadist oil pipeline in Syria

U.S. and coalition aircraft on Sunday targeted a crude oil pipeline and collection depots in Syria held by Islamic State jihadists, the American military said, in the latest bid to undercut the group’s oil smuggling. Allied fighter jets and bombers carried out 14 air ...

Oil prices and Saudi democracy

Dec 30, 2014

Oil prices and Saudi democracy

by John Kemp

Saudi Arabia's top policymakers deny they have deliberately sought lower oil prices, and there are good reasons to doubt the kingdom is wielding the oil weapon as part of some grand geopolitical strategy.