Oil companies have slashed production across West Texas and Southeast New Mexico, where communities are also hurting from pandemic-driven business shutdowns.
The pandemic means the world is using far less oil. But pumps are still going, creating a huge oversupply. Companies are often willing to operate pumps at a loss — for a little while.
West Texas Intermediate hit the single digits for the first time in many decades, then kept plummeting, with oil selling for less than $2 a barrel. At the start of 2020, a barrel cost around $60.
The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.
The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.
Global oil prices rose by about 4% — a modest increase by historical standards — after the U.S. military killed Qassem Soleimani, the leader of Iran's Quds Force, in an airstrike in Baghdad.
Natural disasters, protests and stark scientific reports are heightening concern over climate change. And companies are under pressure from banks and investors to green their corporate images.
What happens to the country's resources — once a revenue stream for ISIS — will be important not to world oil markets but to the future of Syria itself, write Roger Diwan and Daniel Yergin.
The president is renewing his push for U.S. control of Syrian oil. Experts say the limited oil there belongs to Syria, but it may provide a pretext for a continued U.S. presence in the country.
The MSNBC host's book compiles the most convincing research and journalism on the harm oil and gas have done to global democracy, and then weaves together a narrative of greed, power and corruption.
Climate activists protesting oil and gas are the first charged under a new critical infrastructure law in Texas. Supporters say the laws protect ports, pipelines and other sensitive places.
"This attack did not originate from Yemen despite Iran's best efforts to appear so," said Saudi Col. Turki al-Malki. U.S. Secretary of State Mike Pompeo called it an "act of war" against the kingdom.
Houthi rebels in Yemen have claimed responsibility for the attacks, but Secretary of State Mike Pompeo accused Iran of launching an "unprecedented attack on the world's energy supply."
Eyewitness images and satellite pictures show oil that seeped from tanks at a major storage terminal on the island's eastern side. The terminal's owner says it was damaged by Hurricane Dorian.
The PetroCaribe program provided fuel to Venezuela's neighbors on long-term credit to spur economic growth. What has happened now that Venezuela is in free fall?
Following a Trump administration policy change, Exxon Mobil and two Florida individuals sued companies for using property they said was confiscated by the Cuban government.
Anadarko, an oil and gas production and exploration company, has assets in Mozambique, the Gulf of Mexico and, significantly, in Texas — where multinationals are doubling down on the Permian boom.
The sanctions are meant to put pressure on Venezuelan President Nicolás Maduro, who allegedly diverts billions in oil profits to pay off military officers and help prop up his government.
Oil prices dropped below $60 a gallon on Black Friday, the lowest price in a year. While President Trump credits Saudi Arabia for what he says amounts to a "tax cut," the reality is more complicated.
The Trump administration hopes the sanctions will force Iran to negotiate a new nuclear deal. But analysts point out there are overt and covert activities to avoid the penalties.
Despite President Trump's pledge to boost oil and gas drilling on federal land, some statistics show there was more activity during the Obama administration.
Many of Iran's top oil importers are in Asia. South Korea is among them, but U.S. pressure to decrease oil purchases puts Seoul in a tricky position ahead of President Trump's North Korea summit.
The U.S. is producing more oil than ever, even as calls to leave all fossil fuels in the ground grow louder. Now the "keep it in the ground" movement is taking its fight to the heart of oil country.
