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Oil

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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Red Texas is flush, blue California has a deficit, but it's more about economics than politics

by Matt Levin
Jan 11, 2023
Fewer tech millionaires were minted in 2022, hurting California's bottom line, while in Texas, the oil and gas industry boomed.
"Because [California is] a heavy tech economy, it means tech has a disproportionate impact on the state’s revenues," said Chris Hoene at the California Budget & Policy Center. 
Justin Sullivan/Getty Images
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Big oil had one of its biggest years ever in 2022

by Lily Jamali
Jan 3, 2023
Both Exxon Mobil and Chevron reported their most profitable quarters of all time during the calendar year. Sustaining that growth is more complicated.
Chevron posted its most profitable quarter of all time after the war in Ukraine broke out.
Mario Tama/Getty Images
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