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Oil

Why most of the world still uses the U.S. dollar to buy and sell oil

by Sabri Ben-Achour
Jun 25, 2024
The scale, liquidity and stability of U.S. financial markets are partly behind the phenomenon.
Safe, liquid markets in the United States is a key reason most countries buy oil — and many other commodities — with dollars.
Frederic J. Brown/AFP via Getty Images
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A new report says worldwide oil demand will peak in 2029. Some oil industry observers are skeptical.

by Caleigh Wells
Jun 13, 2024
Even if the prediction's right, Big Oil will be with us much longer.
Even if the IEA's estimate is right, petroleum will continue to be a massive industry past 2029.
Brandon Bell/Getty Images
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OPEC+ will extend supply cuts — but that doesn't appear to be raising prices

by Mitchell Hartman
Jun 4, 2024
The petroleum-producing cartel is trying to push global oil prices higher, but Americans aren't seeing an increase at the gas pump.
Gas prices in the U.S. have actually fallen 13 cents in the past month, according to AAA.
Joe Raedle/Getty Images
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A Warmer World

A fraction of oil and gas profits would fund methane emissions cuts, global energy agency says

by Lily Jamali
Aug 7, 2023
IEA advises investing in facilities to reduce the potent greenhouse gas. The U.S. government is already funding such programs.
Methane, a greenhouse gas invisible to the naked eye, is one of the biggest contributors to global warming.
David McNew/Getty Images
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Why the U.S. is a spoiler for OPEC's plan to raise oil prices

by Lily Jamali
Jul 10, 2023
OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn't gone according to plan.
One reason oil prices are down is because production in the U.S. has been strong.
Mario Tama/Getty Images
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Oil refiners have added capacity. That should reduce the risk of sticker shock at the gas pump.

by Lily Jamali
Jun 29, 2023
Last year's price spike was largely the result of a shortage of refining capacity.
Capacity at oil refineries seems to be going up.
Patrick T. Fallon/AFP via Getty Images
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To stay atop the oil market, OPEC became OPEC+. But keeping the cartel in sync isn't easy.

by Lily Jamali
Jun 28, 2023
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven't always done what the Saudis want.
OPEC and OPEC+ members break their oil production promises all the time, said Victor McFarland at the University of Missouri.
Joe Klamar/AFP via Getty Images
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Saudis are trying to prop up oil prices by lashing out at short sellers

by Lily Jamali
May 24, 2023
And if it doesn't work, they'll cut production.
An aerial view of an oil facility in eastern Saudi Arabia. The country is the de facto leader of OPEC+.
Giuseppe Cacace/AFP via Getty Images
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Oil tanker costs climb as Russia ties up system with longer routes

by Lily Jamali
Apr 13, 2023
The cost to ship fuel has more than doubled since February.
Sanctions forced Russia to sell more of its oil to countries like India and China, straining the availability of tanker ships.
Angelos Tzortzinis/AFP via Getty Images
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Home heating oil prices have dropped from record highs

by Samantha Fields
Feb 10, 2023
A milder winter is one reason why. But it's still a significant expense, and applications for assistance are up.
A milder winter means milder demand for home heating oil.
Sean Gallup/Getty Images
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