OPEC’s secretary general has asked U.S. shale oil producers to cooperate with the cartel to keep the global oil market out of an oversupply situation. That betrays a fundamental misunderstanding of how the U.S. oil industry works.
Exports of U.S. petroleum and petroleum products have surged in recent years. Here were the biggest buyers of these exports in 2016.
U.S. crude oil exports are surging, even as we continue to import millions of barrels per day. The reasons for that come down to logistics and refinery economics.
Recent data provide reasons to believe the three-year bear market in oil stocks is finally drawing to a close.
According to the latest OPEC report, China’s oil demand is growing more than twice as fast as it did a year ago.
Even if you don’t accept that human activity is altering the climate, the relationship between warmer oceans and extreme weather events is undeniable.
Gasoline prices are on the rise in the wake of Hurricane Harvey, leading to charges of price gouging from angry consumers. But the alternative to rising prices may be worse.
An estimated 30% of the country’s refining capacity was impacted by the storm. Some of that will likely be impacted for weeks. That means there is going to be a period in which we have too much oil, and too little gasoline and diesel. Ongoing price spikes are inevitable.
Some people use the phrases “peak oil” and “peak demand” interchangeably, but the two scenarios lead to entirely different outcomes.
California is home to 40% of the nation’s solar PV systems. Here’s how utilities there are preparing for the solar eclipse that will reduce output across the state by 6 gigawatts.