The global market plunge has affected nearly every equity, making oil no different. Thus oil has reached its lowest price point in over two months. Bloomberg Market reports, “Crude futures in New York fell a third day, sliding as much as 1.6 percent”. They continued by sharing, “‘Oil prices could not escape the risk-off mood …
Military forces in Iraq are preparing an attempt to gain control of an oil route located near the Iran border. The border has historically been used to transport oil throughout the Hamrin mountain range. A Reuters article reported, “Trucking crude oil to Iran was agreed under a swap agreement announced in December by the two …
Oil production peaked at over 10 million barrels a day this past November. This was the first time since 1970 that the United States has seen barrel production this strong. CNBC reported, “Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than …
The market just experienced their strongest start to the new year in over five years despite the recent dip in oil prices Monday. Bent crude remained above $70/ barrel while West Texas Intermediate held at roughly $66. Two key drivers in this are the weakened dollar and the growth of oil production in general. This …
President Donald Trump has vowed to continually limit the supply of oil and petroleum products to North Korea. This comes as an attempt to limit North Korean developments of nuclear weapons. An article by Reuters reported, “North Korea on Saturday condemned the latest U.S. sanctions. and Russian deputy foreign minister Igor Morgulov said Russia had …
The Trump administration has proposed to eliminate the Chemical Safety and Hazard Investigation board as one of the many agencies they hope to rid of under the $4.1 trillion full-year budget. The administration is experiencing some push back especially after last week’s explosion in Quinton, Oklahoma where five workers lost their lives. As reported by …
State leaders of California have pushed against the Trump administration on a number of issues: taxes, climate change, and immigration. These same leaders can now add environmental regulations to their list. The Washington Examiner has said, “California, which can set its own fuel efficiency standards, has fought the Environmental Protection Agency over the proposed weakening …
New York Mayor Bill de Blasio appeared on “The Bernie Sanders Show” podcast yesterday where he said, “Let’s help bring the death knell to this industry that’s done so much harm.” After comparing oil companies to the tobacco industry by saying they “systematically poisoned the Earth, knew about it, covered it up, explained it away, …
Two Canadians are facing a $1 million fine and 15 years in prison for the explosion of the Wibaux, Montana area oil plant. Peter Margiotta and Mark Hurst allegedly started a fire that burned for eight days and injured three workers. The charges faced include conspiracy and endangerment. ABC News reported, “Margiotta and Hurst also …
Crescent Petroleum’s CEO, Majid Jafar recently spoke at the World Economic Forum where he shared his thoughts on oil prices in the upcoming year. As reported by CNBC, Jafar stated that “…over the next few years, because of the huge under investment we have had over the last few years, the concern is as global growth continues …