U.S. oil prices briefly fell below $35 a barrel today, hitting their lowest level since 2009, before bouncing back to end trading in the U.S. at $36.91. Natural gas prices fell to a 14-year low as the mild start to winter has weighed on prices. The Dow Jones Industrial Average has followed commodity prices in […]
News & Articles
Canadian Oil Produces May Face Higher Carbon Taxes
Canadian oil producers may face increased carbon taxes on top of the prolonged slump in oil prices. The development costs for Canada’s oil-sands reserves are among the highest in the world. This coupled with the potential higher carbon tax as well as President Obama’s rejection of the Keystone XL Pipeline (designed to transport oil-sands production […]
Obama Rejects Keystone Pipeline
President Obama formally rejected the Keystone XL pipeline Friday. The oil project lingered for seven years of the Obama Administration, and TransCanada Corporation, the Canadian company behind the project, had reportedly spent $2.5 billion promoting the pipeline. “The State Department has decided that the Keystone XL Pipeline would not serve the national interest of the […]
OPEC Regains Market Share
United States imports of foreign oil are rising again after a long decline, as the continued depressed price of oil has forced domestic producers to cut back production. Last year, the Organization of the Petroleum Exporting Countries opted to continue production despite falling oil prices. Member countries are now regaining market share they lost to […]
Oil-Rig Count Down
The United States oil-rig count decreased by eight rigs to 644 in the latest reporting week. This represents the third-straight decline after six consecutive weeks of increases. The number of U.S. oil-drilling rigs, which is viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices started falling in 2014. […]
Energy Department’s Report on Oil Export Ban
The U.S. Energy Information Administration, a division of the Energy Department, is expected to issue a report today that provides support to efforts by the United States oil industry to end the four-decade ban on exports of U.S. oil. The effort to lift the ban has gained momentum in Washington this year, and is expected […]