Politico

An oil refinery in Texas. | David J. Phillip/AP Photo Airlines, restaurants, retailers, farmers and a slew of other industries are getting billions of dollars in bailouts as the U.S. economy contracts because of the coronavirus pandemic — but America’s oil companies are hitting a dry hole. U.S. oil futures prices fell to their lowest-ever level on Monday at 1 cent … [Read more...] about Oil prices go negative – and Washington is paralyzed over what to do

President Donald Trump proclaimed victory after helping to broker an OPEC-Russia agreement for the largest cut in oil production the cartel has ever seen. But a glut of crude in storage tanks, ships and pipelines around the world means plenty of trouble is still ahead for the U.S. oil jobs he’s trying to save. After years of urging OPEC to raise oil production, Trump … [Read more...] about Trump’s crude problem: OPEC diplomacy can’t save America’s oil jobs

Oil prices have collapsed as the coronavirus and the Covid-19 illness it causes have largely halted global travel and slowed down other energy-chugging sectors such as manufacturing. | Gregory Bull, File/AP Photo By ASSOCIATED PRESS 04/12/2020 05:59 PM EDT DUBAI, United Arab Emirates — OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented … [Read more...] about OPEC, oil nations agree to nearly 10 million barrel cut

The new forecast from the Energy Department's independent statistical arm comes as oil prices hover in mid-$20s per barrel. … [Read more...] about U.S. to become net petroleum importer again amid oil meltdown

Alex Brandon/AP Photo By BEN LEFEBVRE 04/02/2020 11:25 AM EDT Updated: 04/02/2020 04:52 PM EDT The Trump administration is pressing OPEC to hold an emergency meeting as early as next week to try to end the standoff in the oil market that has threatened to cripple the U.S. oil industry, three industry and government officials familiar with the talks said. The U.S. pressure … [Read more...] about Trump calls on Russia and Saudi Arabia to cut oil production