HOUSTON — The American oil industry may have dodged a bullet.Russia and Saudi Arabia — which only a month ago hoped to undercut American producers — have retreated from threats to pump more oil into the already-saturated market. Acknowledging that the gamble was hurting themselves as well, they instead announced this past week that they had tentatively … [Read more...] about As Russia and Saudi Arabia Retreat, U.S. Oil Industry Avoids the Worst
OPEC and Russia Agree to Cut Production by 10 Million Barrels a Day
The Organization of the Petroleum Exporting Countries, Russia and other countries reached a tentative agreement on Thursday to temporarily cut production, according to a person with knowledge of the matter.OPEC and the other oil-producing countries agreed to cut about 10 million barrels a day, or about 10 percent from normal production levels, in May and June, said this person, … [Read more...] about OPEC and Russia Agree to Cut Production by 10 Million Barrels a Day
Coronavirus Delays Key Global Climate Talks
This year’s United Nations-sponsored climate talks, widely regarded as the most important climate meeting of the past four years, were postponed on Wednesday because of the coronavirus pandemic.The session, known as the Conference of Parties, had been scheduled to take place in Glasgow for a week and a half in mid-November. It was postponed to 2021, the world body’s … [Read more...] about Coronavirus Delays Key Global Climate Talks
Trump Calls New Fuel Economy Rule a Boon. Some Experts See Steep Costs.
WASHINGTON — The Trump administration on Tuesday announced a new rule on automobile fuel efficiency, completing the president’s rollback of Obama-era standards and gutting the federal government’s most important climate change policy.President Trump lauded the measure, which his administration called the single largest deregulatory initiative of his tenure. He … [Read more...] about Trump Calls New Fuel Economy Rule a Boon. Some Experts See Steep Costs.
Oil Companies on Tumbling Prices: ‘Disastrous, Devastating’
HOUSTON — The once mighty oil industry is shrinking quickly around the world, hunkering down in survival mode.With the coronavirus pandemic all but eliminating travel and commutes, demand for energy is tumbling, and oil companies from Algeria to West Texas are slashing budgets. Refineries are cutting production of gasoline, diesel and jet fuel. Pipeline operators are … [Read more...] about Oil Companies on Tumbling Prices: ‘Disastrous, Devastating’