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Oil

Oil giant BP promises a "fundamental reset." What will that look like?

by Samantha Fields
Feb 12, 2025
BP didn't share many details, but the company has been losing money on renewables and will likely be doubling down on oil and gas.
Oil and gas company BP announced it would reset its business strategy after low profits in 2024.
Ian Waldie/Getty Images
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Tariffs are looming. But a lot of things are shaping oil prices this year.

by Elizabeth Trovall
Feb 4, 2025
Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.
Despite abundant supply and flattening demand, oil prices have been volatile thanks to the threat of tariffs.
David McNew/Getty Images
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Amid Trump's calls to "drill, baby, drill," OPEC+ meets Monday to decide how it will respond

by Caleigh Wells
Jan 31, 2025
And the oil cartel may well decide to just wait and see what happens in the U.S.
The message from Trump might be to "drill, baby, drill," but the message the market is sending to domestic producers is entirely different.
Brandon Bell/Getty Images
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I've Always Wondered ...

How does the strategic petroleum reserve work?

by Janet Nguyen
Jan 24, 2025
A stockpile of oil kept in four large caverns can help with a rainy day.
A view of a Strategic Petroleum Reserve storage site in Freeport, Texas. In total, there are four SPR storage sites in the U.S.
Brandon Bell/Getty Images
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Trump's Second Term

Trump wants oil firms to "drill, baby, drill." But their investors are in the mood for something else.

by Henry Epp
Jan 21, 2025
They've been ponying up cash for years. Now they want dividends.
Right now, Trump's deregulation won't change much — oil is just too cheap to justify drilling more wells right now.
Mario Tama/Getty Images
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Trump's Second Term

What are the CAFE standards, the fuel efficiency regulations Trump may target?

by Henry Epp
Jan 13, 2025
These regulations have changed a lot since the 1970s. Each president has tinkered with them.
According to the EPA, average fuel economy across all vehicles in 2023 was 27 miles per gallon — more than double what it was in 1975.
Brandon Bell/Getty Images
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Gas prices are often excluded from inflation calculations, but they do make a difference

by Mitchell Hartman
Jan 8, 2025
The U.S. Energy Information Administration reports that pump prices on average were 21 cents lower per gallon in 2024 than they were in 2023.
Andrew Harnik/Getty Images
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Why it might be hard for Trump to reverse Biden's offshore oil ban

by Caleigh Wells
Jan 7, 2025
And why it might not have a big impact on U.S. offshore drilling anyway.
President Joe Biden is about to make it harder for incoming President Donald Trump to expand oil production in the U.S.
Mario Tama/Getty Images
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International Energy Agency predicts an oil surplus next year

by Henry Epp
Nov 14, 2024
A supply glut tends to reduce prices, which could prove challenging for President-elect Trump’s plan to boost U.S. oil production.
Prices are soft in the oil market amid abundant supply relative to demand.
The Washington Post/Getty Images
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OPEC postpones plans to increase production — again

by Elizabeth Trovall
Nov 4, 2024
The oil cartel is holding back millions of barrels a day.
Gas prices have been weak lately, so OPEC's been holding back production.
Brandon Bell/Getty Images
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