Mohammed Saber/AAP
The Israel-Hamas war has had little effect on the price of oil so far because neither Israel nor the Gaza Strip produces much oil. If oil exporters got involved, things might change.
Boureima Hama/AFP via Getty Images
Smuggling in Uganda’s West Nile region is seen as an act of defiance – a way to make ends meet in the face of perceived state neglect.
Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria protest over crude oil theft.
Olukayode Jaiyeola/NurPhoto via Getty Images
Insecurity of assets and life with declining capacity for technical and market production are responsible for Nigeria’s low crude oil production.
A variety of factors have caused the U.S. inflation rate to increase over the past few years, from the pandemic to the war in Ukraine.
Javier Ghersi/Moment via Getty Images
Rising inflation rates due to supply-side factors – COVID-19, Ukraine and supply chain shortages – make countering inflation difficult for the central bank.
Several sites, such as this one near Freeport, Texas, store the hundreds of million of barrels in the United States’ Strategic Petroleum Reserve.
Department of Energy via AP
The total release could reach 180 million barrels over six months, which would make it the biggest in the history of the Strategic Petroleum Reserve.
Shutterstock/Azat Valeev
Europe’s options of alternative sources of oil are limited,
Gas prices at a Mobil gas station in West Hollywood, Calif., on March 8, 2022.
AP Photo/Jae C. Hong
Price shocks are a feature of the global oil market, not a bug – and even when governments take many steps to grow supply or reduce demand, it can be years before prices ease.
Stagflation is scary.
dundanim/iStock via Getty Images
The US economy is cooling, yet inflation remains elevated, a combo that suggests stagflation might be right around the corner.
The US Strategic Petroleum Reserve is the largest in the world.
AP Photo/U.S. Department of Energy
Biden ordered the release of 50 million barrels of crude oil to tamp down rising gas prices, the largest drawdown in the reserve’s history.
Protestors burnt trucks on the main road between the city port Durban in KwaZulu-Natal and South Africa’s industrial heartland.
Photo by Darren Stewart/Gallo Images via Getty Images
The glaring failure by authorities to secure an area notorious for attacks on trucks prompts questions about, at best, utter ineptitude, or at worst, complicity.
Oil and trouble.
Pix One
Crude is key to inflation. Here’s why has it been going up so much.
What goes up…
Aku Alip
Oil prices are going through what some have termed Black April, but the bigger question is what happens longer term to US oil.
Canadian oil wells will likely continue to be shut down amid weak prices despite an agreement among major oil producers to limit output.
THE CANADIAN PRESS/Jeff McIntosh
It is in Canada’s national interest to remain a significant player in the oil and gas production.
COVID-19 is resulting in dramatically decreased demand for gasoline and jet fuel, but it’s just the latest in a string of bad news for oil producers.
(Shutterstock)
COVID-19 is a huge challenge for the whole world, and Canadian oil producers, already suffering from long-term market trends, will be particularly badly hit.
Suffering from sanctions, Russia is trying produce more and gain market share.
Yegor Aleyev via Getty Images
Has the world entered an era of ultra-low prices? An energy scholar argues that a long period of low oil prices will set the U.S. – and globe – back on the economy and the environment.
Here’s … Donny.
EPA
From May 2, any countries buying oil from Iran can expect US sanctions.
A sculpture of an oil pump held by a human hand stands outside the headquarters of Venezuela’s state-owned oil company.
AP Photo/Fernando Llano
Can a new government, perhaps by shoring up democracy and oversight, harness this commodity for peace and prosperity?
Ford’s F-150 trucks are more popular when gas costs less.
AP Photo/Carlos Osorio
Drivers buy less gas when filling the tank burns holes in their wallets.
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
AP Photo/Ronald Zak
The oil-exporting organization may have mustered the political will to cut production, but its disunity remains intact.
h.
Muhammad bin Salman is set on transforming the oil-rich kingdom into a modern, economically diverse superpower. It won’t be easy.