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Texas oil regulator throws in the towel on supply cut

May 4, 2020
Low crude oil prices have already achieved what regulators were seeking: to cut state production.
The sun sets behind smoke rising from a refining plant in Houston.
Mark Felix/AFP via Getty Images

First the virus, then the oil crash, hit Midland, Texas

Apr 23, 2020
Midland, Texas, is ground zero for oil and gas production in the U.S., and much of the local economy, in some way or another, is tied to the industry. When West Texas Intermediate went negative for the first time ever on Monday, everybody in Midland felt it — on top of the coronavirus. This morning […]
A pumpjack in Midland. The Texas oil patch has never seen a bust like this one.

Explaining how oil prices work, after the cost of a barrel dropped below zero

Apr 21, 2020
At this point, oil is like that broken-down car you pay to have towed off to the junkyard.
The agreement to cut production from OPEC, Russia and the U.S. clearly hasn't worked.
Spencer Platt/Getty Images

What's going on with oil prices?

Apr 21, 2020
If you're a consumer stuck in lockdown, you may not benefit from lower prices.
Oil prices have turned negative amid this historic rout. Does that have implications for consumers?
Mauro Pimentel/AFP via Getty Images

Can even a deal to cut oil production increase prices amid COVID-19?

Demand for oil is falling so quickly that even a reduction in supply will take some time to affect markets.
Many shale oil companies can operate profitably with prices so low.
Justin Sullivan/Getty Images

Storage is the hottest commodity right now in oil markets

Mar 31, 2020
Swooning demand means there's a lot of oil being produced but not consumed. That's making storage prices soar.
The price to store oil is soaring. Above, a pipeline carries oil at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas.
Joe Raedle/Newsmakers

Oil price war: Saudis have lowest costs; doesn't mean they'll win

Mar 10, 2020
Low oil prices affect all producer nations. Each has different vulnerabilities.
Gabriel Bouys/AFP/Getty Images

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Consumers see cheaper gas at the pump as COVID-19 reduces demand for oil

Mar 5, 2020
Companies are using less oil to make and ship things. As consumers curtail travel, they use less oil, too.
Gas prices in the U.S. are down about 15 cents per gallon since January.
Scott Barbour/Getty Images

OPEC, Russia discuss large oil supply cuts in "demand emergency"

Mar 4, 2020
There was talk that OPEC and Russia might together cut the world's supply of oil by one million barrels a day.
Joe Klamar/AFP/Getty Images

Coronavirus: OPEC-Russia consider emergency meeting to cut supply in response to anemic Chinese demand

Feb 3, 2020
Nervous traders are selling oil contracts first and asking questions later.
Ryad Kramdi/AFP via Getty Images