Why most of the world still uses the U.S. dollar to buy and sell oil

Jun 25, 2024
The scale, liquidity and stability of U.S. financial markets are partly behind the phenomenon.
Safe, liquid markets in the United States is a key reason most countries buy oil — and many other commodities — with dollars.
Frederic J. Brown/AFP via Getty Images

What goes into OPEC's decision-making?

May 31, 2024
The cartel wants to manipulate production to push up prices and demand.
“Price is always in the background as part of the discussion,” says Mark Finley at Rice University’s Baker Institute.
Thomas Kronsteiner/Getty Images

Gas prices inch down as outlook appears stable

Jan 8, 2024
Gas is close to the $3 per gallon mark and has broken that in parts of the South.
In some parts of the South, gas prices are already below $3 a gallon. Above, a Chevron gas station in Austin, Texas.
Brandon Bell/Getty Images

OPEC+ members say they'll cut oil production. Global markets don't seem to believe them.

Nov 30, 2023
Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
OPEC+ members are promising a pullback of as much as 2 million barrels a day, at least half of that from the Saudis.
Joe Klamar/AFP via Getty Images

Delay of OPEC+ meeting leaves questions about oil supply cuts

Nov 22, 2023
The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.
A lot of OPEC countries would really like it if the price of oil was a bit higher.
Joe Klamar/AFP via Getty Images

Israel-Hamas war's human cost is primary, but geopolitical risk to economy persists

Oct 18, 2023
If the conflict widens to include direct confrontation with other nations in the Middle East, the economic shockwaves could be significant.
“The geopolitical pot is just boiling,” said Bernard Baumohl of the Economic Outlook Group. Above, a man walks through debris in Gaza City on Oct. 11.
Mahmud Hams/AFP via Getty Images

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Why are oil prices suddenly dropping?

Oct 6, 2023
Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.
Along with oil prices, the average price of gas in the U.S. has fallen in the last week. Above, a gas station in Los Angeles, California.
Patrick T. Fallon/AFP via Getty Images

High oil prices may hurt poorest Americans most

Sep 27, 2023
Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.
Gasoline prices in Burbank, California, last week.
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Falling import prices are good news in the fight against inflation

Jul 14, 2023
It's mostly down to the falling price of oil, but the ingredients and materials manufacturers use are getting cheaper too.
"Lowered prices for imported inputs are going to show up as lowered prices for domestically produced goods," says economics professor Robert Johnson of Notre Dame.
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