As oil prices continue to decline, many oil-producing countries and investors will feel the pain, but drivers will enjoy the lower gas prices.
Lower oil prices are not an unmixed blessing, especially with political maneuvering behind the scenes risking far more than just a shrinkage in the oil patch.
As prices for crude oil and natural gas continued their precipitous fall over the last five weeks, most commentators have been focusing on the impact — real or predicted — on the oil and gas industry in the United States. Little noticed, however, was the report from the U.S. Energy Information Administration about how those declines are likely to affect OPEC.
EU climate expert warns U.S. Senate Committee not to follow the European Union’s disastrous policies — as EU officials double down on even more punitive CO2 measures.
Some senators are working to overturn the Energy Policy and Conservation Act of 1975, which essentially bans the export of crude oil.