The Japanese cargo ship that hit a coral reef near Mauritius and spilled thousands of metric tons of fuel into the island nation’s turquoise waters split in two over the weekend, The Guardian reported. “At around 4.30 p.m., a major detachment of the vessel’s forward section was observed,” the Mauritius National Crisis Committee said in […]
Two top administration officials, at the direction of President Trump, helped the Federal Reserve alter its lending program intended to bail out small businesses specifically to aid mid-size oil companies, Energy Secretary Dan Brouillette told Bloomberg TV this week. “Secretary Mnuchin worked very closely with the Federal Reserve … and made that program available to […]
By Jeremy Deaton, video by Bart Vandever The 2010 BP oil spill dumped more than 200 million gallons of crude oil into the Gulf of Mexico, where it killed billions of fish. Had things gone as planned, that oil would have fueled cars and trucks, worsening climate change, which is going to kill billions of […]
Oil prices turned negative for the first time in history Monday as energy demand plummets in the wake of the coronavirus pandemic. The dramatic price drop, from to around negative for the lead U.S. oil benchmark, was caused because more oil is being produced than can be stored, so buyers had to pay traders to […]
Oil-producing nations led by Russia, the U.S. and Saudi Arabia reached an unprecedented agreement on Sunday to cut oil production by 9.7 million barrels per day, or nearly 10 percent of what is currently produced, as The New York Times reported. Since the COVID-19 pandemic has triggered lockdowns around the world, the demand for oil […]
By Donald Boesch Ten years ago, on April 20, 2010, the BP Deepwater Horizon oil rig exploded, killing 11 crew members and starting the largest ocean oil spill in history. Over the next three months, between 4 million and 5 million barrels of oil spewed into the Gulf of Mexico. I was a member of […]
The company behind the controversial and long-delayed Keystone XL pipeline announced it would proceed with the project Tuesday, despite concerns about the climate impacts of the pipeline and the dangers of transporting construction crews during a pandemic. Pipeline owner TC Energy Corp. also announced that Alberta’s government had invested around .1 billion to cover most […]
Oil rigs around the world keep pulling crude oil out of the ground, but the global pandemic has sent shockwaves into the market. The supply is up, but demand has plummeted now that industry has ground to a halt, highways are empty, and airplanes are parked in hangars. It means that storage space for crude […]
By Nick Cunningham A growing number of refineries around the world are either curtailing operations or shutting down entirely as the oil market collapses. Oil prices have fallen precipitously to their lowest levels in nearly two decades. Typically, falling oil prices are a good thing for refiners because they buy crude oil on the cheap […]
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