Oil

Hurricane Harvey knocked out almost a quarter of the U.S. refining capacity. The average gas price in the U.S. is now about $2.64 for a gallon of regular, according to AAA, up about a quarter from last week. Now, Exxon Mobil says it’s working on restarting its Baytown refinery, the second largest refinery in the […]

OPEC nations meet this week to discuss cuts to oil production, as prices for crude remain in a slump. Price volatility, changes to car technology, and other major uncertainties are leading to widely divergent views on the future of oil – namely, whether the world will see a peak in demand anytime soon. Click the […]

The Trump administration in its budget proposes to sell off half of the country’s strategic reserve of crude oil. The idea is that putting more than 300 million barrels of energy onto the market could raise more than $16 billion over the course of a decade. Proponents note that the oil market is more open, […]

President Trump has proposed selling half of the Strategic Petroleum Reserve, America’s emergency stockpile of oil, as part of his 2018 budget proposal. The White House says that would lower the federal deficit by nearly $17 billion over a decade. We’ll take a look at how the reserve came about – and why there’s a […]

Saudi Arabia and Russia announced plans to cut their amounts of oil going onto the market. That has suppressed oil prices. The two countries make up a significant part of the oil market, but not that much. So why can a minor cut in supply affect the price worldwide? Because the oil market has something […]

President Obama signed offshore drilling bans for Arctic and Atlantic areas just before he left office, but President Trump’s new executive order could cancel that. Click the audio player above to hear the full story. 

Three things that no one wants to hear together: BP, oil and leaking. A BP well sprung a leak in the Alaskan Arctic this past Friday. Reports say crude oil is no longer spraying from the leak, but natural gas is still venting out. This will surely prompt a new round of questions about whether […]