Oil prices fell Monday by the most in one day since the 1991 Gulf War. The price of U.S. crude fell as much as 34%, to $27.34 a barrel, the lowest price since early 2016. Here’s what’s driving the price drop.
The world’s largest economies delivered more worrisome cues Monday as anxiety over the virus outbreak sent stock and oil prices plunging and closed sites from the Sistine Chapel to Saudi Arabian schools.
Oil prices are plunging amid worries that an OPEC dispute will lead an economy weakened by COVID-19 to be awash in an oversupply of crude.
If sustained, the rise in oil prices could lead to more expensive car fuel, heating and electricity bills, stifling the global economy at a time when it is already slowing.
Should the recovery take weeks or months, the impact could be far-reaching. Higher fuel prices can not only motivate consumers to cut spending elsewhere but also ultimately reach into virtually every corner of the economy.
Administration officials agreed to the broad contours of a renewable fuel plan, including further moves to encourage the use of E15 gasoline containing 15% ethanol, beyond the 10% variety common across the U.S.
Massive flooding caused by Tropical Storm Harvey along Texas' refinery-rich coast could have long-standing and far-reaching consequences for the state's oil and gas industry and the larger U.S. economy.
The price is just below the price seen in November, when OPEC and 10 other oil-producing countries agreed to cut their production to combat a growing supply glut and push the market up.
After a six-year run-up for the Indianapolis-based oil refiner that saw its revenue nearly double, the company has eliminated about 25 jobs, 2 percent of its workforce, in recent months.
Low energy prices have curtailed domestic energy exploration, driving down revenue. Permit applications for oil and gas drilling were projected to be down 40 percent versus their historical average amid an ongoing price slump.
The shale boom is threatening to ruin a renaissance in small refineries, known as teapots, before it even begins.
Keystone XL has become one of the most contentious energy issues of Barack Obama’s presidency, and the pause would allow him to put off a tough decision on an issue that has divided key Democratic constituencies.
Amid booming U.S. production and high OPEC output, the benchmark price of oil plunged from more than $100 per barrel last year to about $45 this week.
An analyst said gasoline prices in Indiana and neighboring states served by the refinery could fall 20 cents to 50 cents a gallon over the next two weeks.
Indiana is experiencing a mini oil-boom, thanks to some big producers, but some small, private investors are also in on the game, through Indianapolis-based Midwest Energy Partners, formed four years ago by former CountryMark executive Bill Herrick.
Indianapolis-based CountryMark hopes an Indiana oil field that once was the largest in the United States can be lucrative again.
Government officials alleged Indianapolis-based CountryMark violated the law when the oil refiner expanded operations without obtaining proper permits and installing necessary pollution controls.
An Indianapolis investment advisory oil firm has been looking for blowouts in its own back yard. Midwest Energy Partners is preparing for its seventh—and largest—round of funding to pay for oil drilling in southwestern Indiana and southeastern Illinois.