global oil

A tenuous deal with Iran has pushed oil prices lower, but U.S. strategic petroleum reserves are at their lowest level in 40 years and commercial inventories have been heavily drawn down.

Countries that have their own refineries and reserves, and that can afford to pay, are facing high oil and gas prices but not shortages. Other countries can't get what they need and are rationing fuel.

Experts say new exploration takes more than a decade from decision to market. Research can cost hundreds of millions of dollars, and development can take tens of billions.

While the conflict could raise prices at the pump for American consumers, China will feel the biggest disruption to its energy market.

The oil cartel aims to stabilize prices in a changing geopolitical environment.

When companies are paying higher import taxes, they have less money to spend on energy-hungry projects.