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Oil

Domestic oil could increase supply, but it won't be cheap — or quick

by Andy Uhler
Mar 9, 2022
"The harsh reality for U.S. oil markets is that there is no switch that anyone can flip to suddenly turn on oil production overnight," one expert told us.
It might take six to nine months for domestic oil producers to substantially ramp up production.
Spencer Platt/Getty Images
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Why do we import Russian (and other foreign) oil when we have a lot of it in the U.S.?

by Andy Uhler
Mar 7, 2022
The way U.S. oil refineries are set up has a lot to do with it.
A pump jack operates in New Mexico. Though the U.S. has oil-producing regions, it would take a hefty investment to retrofit refineries to process light sweet crude.
Paul Ratje/AFP via Getty Images
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Why it's tough to wean the West off Russian oil and gas

by Andy Uhler
Feb 24, 2022
For 15 years the EU has been talking about decreasing its dependence on Russia's gas and oil, but it didn't do it intime.
Russia is the main supplier of natural gas and oil to the European Union. Above, oil tank cars on rail tracks near the Siberian town of Tobolsk.
Andrei Borodulin/AFP Getty Images
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Biden's release from petroleum reserve probably won't move gas prices

by Andy Uhler
Nov 23, 2021
They're high because oil producers aren't ramping up supply quickly enough.
Oil producers' “incentives are all aligned to keep prices high," an expert says. "And that is going to create some real pain for consumers.”
Andrew Caballero-Reynolds/AFP via Getty Images
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A Warmer World

Biden administration auctions oil and gas leases on 1.7 million acres of the Gulf of Mexico

by Samantha Fields
Nov 19, 2021
A court ordered the administration to resume the auctions it had suspended.
Drilling of the newly auctioned Gulf of Mexico gas and oil leases likely won't begin for seven to 10 years. Above, a drilling platform off the coast of Texas.
Tom Pennington via Getty Images
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Biden administration considers its options as gas prices rise

by Justin Ho
Nov 18, 2021
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
There are several factors that go into why the price for gas can be so different from country to country.
Justin Sullivan via Getty Images
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To drill or not to drill, that is the question with oil at $80 a barrel

by Andy Uhler
Oct 11, 2021
So far, big oil companies are in the "not" camp.
As the rally in oil prices continues, independent drillers are expanding their investments in Texas’ Permian Basin, but so far, industry giants are on the sidelines.
Paul Ratje/AFP via Getty Images
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Starting up the gas grill may cost you a bit more this year

by Andy Uhler
Jul 1, 2021
Heating your home too. Propane futures are trading at roughly twice what they were the past two summers and retail prices are up as well.
Elevated propane prices are making cookouts less affordable and might do the same to home heating when the winter comes.
Johannes Simon/Getty Images
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Oil producers look at output levels as demand returns

by Andy Uhler
Jun 30, 2021
OPEC and its allies are scheduled to meet Thursday as oil prices keep rising.
Ryad Kramdi/AFP via Getty Images
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With Keystone XL scrapped, oil companies look for workarounds

by Scott Tong
Jun 10, 2021
Pipelines have met increasing opposition, but persistent demand for crude may help them get approved.
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a North Dakota lot in 2014.
Andrew Burton/Getty Images
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