In the U.K. today, lawmakers are highlighting an overlooked G20 report that says oil price-reporting has some uncomfortable similarities to the LIBOR rate fixing scandal.
Iranian oil producers may find other ways to sell their product, but with few options to insure their ships, a lot of oil will be sitting in the harbor.
Oil prices are down about 25 percent in the past few weeks. Those falling oil prices are good for our pocketbooks. They're also good for American foreign policy.
Yesterday, the Federal reserve refused to commit to any extreme stimulus measures for the economy– at least just yet. That has a ripple effect on commodities like oil.
The Federal Reserve will continue its Operation Twist program, but it can't do much else to help the global economic downturn caused by financial strain in Europe. On the plus side? We get lower gas prices.
If you've been to a gas station recently, you know that prices are down — on average, about 20 cents lower per gallon than a month ago. That's in part because the price of oil is at an eight-month low.
Kerr-McGee, a subsidiary of the giant oil and gas company Anadarko, is being sued for $25 billion in New York City. The company's long history and pedigree resemble a script from the old and recently resurrected TV series "Dallas."
