Tag: oil
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Oil futures just crashed below $28 a barrel
Oil futures continued to decline on Wednesday as U.S. crude reached its lowest since 2003. U.S. crude oil dropped more than 4% in early trading, falling to as low as $27.32 a barrel. The sinking future rebounded to track $1 below its starting price at $27.46 as of 1239 GMT. The contract settled down 96 cents, […]
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Oil prices slide to lowest point since 2003 as Iran floods market
Oil prices have reached their lowest price since 2003 in early trading on Monday, as the market braces for a big jump in oil exports led by lifted sanctions in Iran. The UN nuclear watchdog group on Saturday said Tehran was meeting its commitments to curtail its nuclear program. Following those findings the US revoked sanctions […]
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Oil prices continue to plummet on China concerns and a strong US Dollar
Oil prices fell on Tuesday as investors continued to worry about economic growth in China and the US dollar continued to pick up strength. Brent crude prices, a global benchmark for oil pricing, fell by 17 cents to $37.05 a barrel while US West Texas Intermediate crude fell by 7 cents to $36.69 a barrel. […]
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Venezuela Fears $20 Crude Oil If OPEC Doesn’t Act
Venezuelan Oil Minister Eulogio Del Pino fears crude oil prices will slip below $20 per barrel if OPEC doesn’t take immediate action to stabilize the oil market. Officials in Venezuela are urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity. Saudi Arabia and […]
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Chevron Is Slashing 7,000 Jobs As Oil Prices Continue To Plummet
87,000 people have lost their jobs in the oil sector this year and that number is about to increase. Plummeting oil prices are forcing Chevron to layoff 6,000 to 7,000 employees. The company is cutting investment by a fourth. “With the lower investment, we anticipate reducing our employee workforce by 6,000-7,000,” chairman and CEO, John […]
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Putin Economic Aide: $40 Oil Might Halt Russia Rate Cuts
Andrey Belousov, a key economic aide to Russian President Vladimir Putin, is predicting that a dip in oil prices to $40 a barrel could mean his country’s central bank stops its run of interest rate cuts. “If the situation on the foreign-exchange markets changes as a result of a significant drop in oil prices – […]
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OPEC’s Oil Demand Growth Forecast Remains Unchanged
The Organization of the Petroleum Exporting Countries (OPEC) has left its demand growth forecast for crude oil unchanged. The organization on Wednesday said that it expects the current oversupply in the market to ease over the coming quarters. In the organization’s monthly market report, OPEC said oil demand growth in 2015 will remain unchanged at 1.18 million […]
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The Unquenchable Thirst: Taxing America’s Oil Addiction
In the U.S., our dependence on oil not only makes for wealthy oil companies, it also supports our federal, state and local governments. Gas taxes add up quickly and some areas of the country are taxed more heavily than others. However, one surprising thing holds true: The government profits even more from our oil addiction than the super-rich oil companies do.
