Oil

One front where the U.S. is closing its trade deficit: oil and gas. The International Energy Agency’s new World Energy Outlook forecasts astounding growth in U.S. shale oil production, a growth rate that rivals that of Saudi Arabia at its fastest. The agency said the U.S. will eventually sell more oil than it buys, and […]

Venezuela’s state-owned oil company must make a $1.2 billion payment to creditors tomorrow as it risks defaulting it’s debt. Russia’s state-owned oil company Rosneft has made billions of dollars in loans to cash-strapped Venezuela and is likely to step in again. This is part of a strategy for making energy investments in unstable countries where […]

A few years ago, oil prices were hitting record highs. A barrel of West Texas Intermediate went for $107 dollars in the summer of 2014. Then, there was a fracking boom in the U.S., a worldwide oil supply glut and prices collapsed. Many oil producers went out of business. But oil prices are now picking […]

Exxon and Chevron report earnings today. Yesterday ConocoPhillips reported income that beat analysts’ estimates. Earlier in the week oil services firm Halliburton delivered strong earnings, with revenue up 10 percent. The earnings indicate the energy industry is in a minor rebound — after years of slump. Click the audio player above to hear the full […]

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 […]