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Crude oil

The U.S. exports more petroleum than it imports. So why are we importing at all?

by Caleigh Wells
May 13, 2024
It's largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.
An oil pumpjack in Texas. Importing foreign crude oil is often cheaper for the United States.
Brandon Bell/Getty Images
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The higher price of oil is helping tank the price of natural gas

by Elizabeth Trovall
Apr 11, 2024
Stay with us here — think about chicken parts. Higher demand for white breast meat means an excess of chicken legs.
Crude oil is easier to get out of the isolated Permian Basin than natural gas, which needs pipelines to reach customers, says Ed Hirs with the University of Houston.
Brandon Bell/Getty Images
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The price of oil is up. That's a hint at what may be coming for the global economy.

by Mitchell Hartman
Mar 14, 2024
Higher prices can correlate with economic strength. Also, OPEC is holding back supply.
Scott Olson/Getty Images
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"Killers of the Flower Moon"

The history of economic exploitation in "Killers of the Flower Moon"

by David Brancaccio and Alex Schroeder
Nov 9, 2023
How settlers stole the wealth and resources of citizens of the Osage Nation, whose reservation land in Oklahoma was rich in oil.
The film, directed by Martin Scorsese, depicts the mechanisms by which settlers could exploit the resources and wealth of the Osage Nation of Oklahoma.
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U.S. crude is playing a bigger role in pricing global oil

by Lily Jamali
Jul 12, 2023
The addition of American crude oil to the Brent benchmark had an immediate impact on global oil prices.
Adding plentiful American crude to the Brent benchmark means the price is now influenced by a more stable source, said Eli Tesfaye of RJO Futures.
Frederic J. Brown/AFP via Getty Images
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Crude oil prices are down, but oil companies' profits are doing just fine

by Lily Jamali
Apr 28, 2023
They're making less on crude, more on refining it.
Exxon’s refinery business helped lead the company to its most profitable first quarter ever. But that’s the exception since the pandemic started three years ago.
Joe Raedle/Getty Images
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If you asked Santa for a break at the gas pump, you may get your Christmas wish

by Andy Uhler
Dec 7, 2022
It's not the most wrappable holiday gift, but it's a popular one. Here's why we're seeing a dip in oil prices.
Brandon Bell/Getty Images
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Low water levels in the Mississippi River are disrupting the supply chain

by Kai Ryssdal and Anais Amin
Oct 24, 2022
Austin Golding says his family's barge business was able to plan ahead, but it's still costing the company money and productivity.
A tug pushes a barge down the Mississippi River through St. Paul, Minnesota.
Karen Bleier/AFP via Getty Images
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How rising oil prices make gasoline more expensive

by Justin Ho
Mar 7, 2022
Gas prices are based on oil prices, and traders are getting nervous about a potential ban on imported Russian oil.
Gasoline prices have surged along with the price of crude oil. The war in Ukraine has raised the possibility of a ban on imports from Russia, which could squeeze the global supply.
Mandel Ngan/AFP via Getty Images
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Why do we import Russian (and other foreign) oil when we have a lot of it in the U.S.?

by Andy Uhler
Mar 7, 2022
The way U.S. oil refineries are set up has a lot to do with it.
A pump jack operates in New Mexico. Though the U.S. has oil-producing regions, it would take a hefty investment to retrofit refineries to process light sweet crude.
Paul Ratje/AFP via Getty Images
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