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Tag Archives: energy

AP Explains: What does OPEC’s tentative deal mean for oil?

OPEC

DUBAI, United Arab Emirates (AP) — OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can’t OPEC agree to anything more binding? ...

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Energy expert says oil prices won’t top $100 a barrel

oil prices

Following a stunning decline, oil prices have clawed back near the $50 level this year. Production boomed in the U.S. but is now slumping. Globally, OPEC is in disarray and major producers can’t agree on steps to boost prices. Daniel Yergin is the vice chairman of research firm IHS Inc. He has written two books on energy, including the Pulitzer-winning ...

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Venezuela orders 2-day work week to stave off power crisis

Venezuela orders 2-day work week to stave off power crisis

CARACAS, Venezuela (AP) — Venezuela’s public employees will work only on Monday and Tuesday as the country grapples with a power crisis. President Nicolas Maduro announced Tuesday that the government was slashing working hours for at least two weeks in a bid to save energy. He said the water level behind the nation’s largest dam has fallen to near its ...

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Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

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Houston Has Highest Chance of Home Price Declines

As a whole, U.S. real estate has a low chance of experiencing a drop in prices. But energy-dependent areas are more vulnerable. Across the entire country, there is a six percent likelihood that residential home prices will decline during the next two years. While the national risk level is low, Energy Patch states — those dependent on coal, oil or ...

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Oil industry exec: US crude exports help keep prices low

WASHINGTON (AP) — The oil industry’s top lobbyist says a new law allowing U.S. crude exports helps explain why oil prices have not spiked despite heightened tensions between two of the world’s big oil-producing countries, Iran and Saudi Arabia. The president and chief executive of the American Petroleum Institute, Jack Gerard, says the 3-week-old law lifting a 40-year ban on ...

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Saudi economic shake-up shows it is planning for cheap oil

Saudi economic shake-up shows it is planning for cheap oil

DUBAI – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it appears willing to continue tolerating cheap crude to defend market share ...

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2015 was a roller coaster ride for energy

It has been a rough-and-tumble ride for the oil and gas industry in 2015 as prices have continued to search for their “bottom” all year. Even as the New Year looms, prices are sitting around $37 a barrel, their lowest spot since the Great Recession of 2009, according to the DailyFX Market News and Analysis website. Oversupply has wracked oil ...

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Company to hold meeting on decade-old oil leak in Gulf

BATON ROUGE, La. (AP) — The company responsible for a decade-old oil leak in the Gulf of Mexico will hold a public meeting next month to disclose details of its efforts to stop chronic slicks from forming off Louisiana’s coast. The Jan. 20 forum in Baton Rouge was a requirement of Taylor Energy Co.’s court settlement in September with environmental ...

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