Tag archives for oil prices

Something crucial was missing from the first-ever global inventory of tax breaks for oil companies and other fossil-fuel subsidies when the Organization for Economic Cooperation and Development released it last fall. The report detailed all the subtle and not-so-subtle supports for production and consumption of oil, coal, and natural gas in 24 nations, including the world’s most advanced economies—all…

Delta Air Lines’ purchase of a refinery is being called an audacious defense against spiraling oil prices, but perhaps even bolder action is called for, given the stark U.S. East Coast energy situation. With an even larger refinery for sale just up the river from Delta’s new fuels complex, maybe the home heating oil customers…

Gasoline prices have edged off the pedal in recent days, but the Energy Information Administration this week released new data showing motorists will pay about a quarter more per gallon during peak travel season—April through September. Prices will top out at $4.01, on average, in May. The last time gasoline spiked to such levels was…

In a city addicted to driving like São Paulo, a sudden shortage of fuel hits hard.  With a fleet of 6.6 million vehicles in January, and about 630 more hitting the streets each day, fuel was taken for granted in Brazil’s largest city and financial capital. Until one day last week, it was not. Now,…

In a major speech on energy at the University of Miami, President Obama said rising gasoline prices are a “painful reminder” of the need for alternatives. He was on the offensive, trying to counter criticisms of the GOP presidential candidates—including Newt Gingrich, who promised he’d get gasoline down to $2.50 a gallon. Countering calls to “drill, baby,…

If you’re a primary voter, you’ve got your pick of candidates who’ll promise to bring down the price of gasoline. Unfortunately, whoever wins is going to run up against the limits of presidential power pretty quickly. The fact is that presidents don’t have that much authority over the price of oil, for a number of…

Average prices of oil and gasoline at the pump reached an all-time high in 2011, according to U.S. Energy Information Administration data. Brent crude oil, the global benchmark, averaged $111 a barrel—the first time it broke $100 for a whole year. In some ways, these records snuck up on Americans, since there was no extreme…

In a surprise turnaround, the United Nations climate talks managed to produce a new deal to eventually curb global emissions moving forward. In a press release announcing the agreement, the United Nations Framework Convention on Climate Change (UNFCCC) called it a “breakthrough.” The new agreement marks a break from the Kyoto Protocol, which divided the…

In Durban, South Africa, the latest round of United Nations climate negotiations opened with a plea from South Africa’s president, Jacob Zuma, for countries to look beyond national interests. So far, however, the talks have been marked by many of the same divisions that plagued earlier meets. A coalition of environmental groups—including the Natural Resources…

President Obama unveiled a new job creation plan in a major speech to Congress last week and follow-up speeches this week, in which he called for an end to tax breaks for oil and gas companies to bring in an additional $32 billion over 10 years to pay for increased government spending. Earlier this year,…

The fight over the Keystone XL pipeline, designed to bring Canadian tar sands to U.S. refineries, is being billed as a make-or-break moment for energy: Will America place its bets on fossil fuels, or we will turn instead to more reliance on renewable energy? It’s an important debate, but one crucial point that’s often missed…

A Return to $2 Gas?

It’s a new campaign pledge by Republican presidential hopeful Michelle Bachmann, but a close look at the history of U.S. gasoline prices indicates that turning the clock back to $2 gasoline would bring the nation back to some brief, and not- necessarily-prosperous eras. An interactive graphic developed by the U.S. Energy Information Administration shows that…

The price of crude oil is plummeting on world markets, but when do consumers get a break at the pump? The answer: It’s hard to say. Gas prices in the United States actually have risen steadily over the past several weeks, from an average of $3.63 per gallon (about 96 cents per liter) in late…

Clean energy could be among the hardest-hit sectors if the U.S. government does not raise the debt ceiling and then defaults on the national debt. If there is a default, it could hurt in direct ways, by stopping payments for cash grants and loan guarantees that support many renewables projects. It could also hit innovation,…

Tax breaks for Big Oil are in the spotlight in Washington, D.C., with top executives of the major energy companies scheduled to make a rare appearance on Capitol Hill to defend the government incentives that their highly profitable industry enjoys. But the tax credits, deductions and royalty relief provisions that benefit the oil industry in…

So, oil prices are above $100 per barrel, the price at the gasoline pump is well past $3 per gallon, and people are looking for reasons. Your possible explanations are: Unrest in the Middle East Rising worldwide demand, driven by growth in China and India Speculation by oil traders You can find people pitching all…

It’s no surprise that oil and coal companies are having a banner year. Earthquakes in Japan and revolutions in Africa have oil riding a profitable wave of instability. The Wall Street Journal noted that rising gas prices are a boon to oil companies even as costs pinch consumers. Fortunately there are plenty of energy innovators…