The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.
When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.
The oil industry has faced reduced demand from coronavirus, made worse by a global price war. The Trump administration says it will help by buying up cheap oil for the nation's strategic reserve.
The boom that helped make the U.S. the world's largest oil producer could be ending. Oil prices are down amid weak demand, and investors no longer seem willing to write the industry a blank check.
Gavin Newsom's initiatives follow a massive oil release from a Chevron facility in Kern County suspected of being caused by a high-pressure steam process for releasing oil from underground rock.
President Trump tours a Pennsylvania petrochemical plant Tuesday to highlight the U.S. energy boom. Trump claims credit for surging oil and gas production, but the trend began before he took office.
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.
