With high capital costs linked to petroleum and gas infrastructure, collection of PRRT funds for regional development may be delayed for several years.
Local communities are likely to be dissatisfied with the report from the PRRT review because its recommendations only apply to future projects and won't herald any changes in the budget.
A false divide between ethics and economics has diluted the immense potential power of the world's biggest sovereign wealth fund.
Trans-Alaska Pipeline, northern Brooks Range, Alaska.
Oil production used to fall when prices were low. But a new drilling boom in Alaska, driven by technical advances and global partnerships, spotlights America's rise as a world oil power.
The Navy converted to oil from coal a few years before the U.S. entered World War I, helping to solidify petroleum’s strategic status.
Naval History and Heritage Command
Before World War I, petroleum had few practical uses, but it emerged from the war as a strategic global asset necessary for national stability and security.
Eddytb Foto / shutterstock
Expect millions – not billions – of barrels.
Nigeria needs a collaborative approach involving voluntary partnerships between the state, an international development agency, the business sector and civil society to solve its problems.
Efforts to combat climate change are making extracting oil from areas like Canada’s tar sands fields more expensive.
Emily Beament/PA Wire via AP
The Trump administration may reverse a recent push to require oil companies to disclose more information about climate change risks to investors. Is that a good thing?
Time for another ‘reset’?
As Trump explores warmer ties to Russia, he'd be wise to brush up on the history of past resets and the role the oil industry played in each one. The results weren’t good.
Devastation in Sichuan province after the 2008 Wenchuan earthquake, thought to be induced by industrial activity at a nearby reservoir.
A new project tracks earthquakes accidentally induced by human activity. It suggests the problem is bigger than some scientists thought.
Norweigian oil rig.
Black Inc. Books
Paul Cleary makes a good case as to why Australia should follow Norway as an example of how to tax miners in Trillion Dollar Baby.
In 1945, U.S. President Franklin D. Roosevelt met with King Abdul Aziz Ibn Saud, part of a behind-the-scenes policy to ensure access to oil for the U.S. and its allies.
National Archives and Records Administration
Big Oil has historically played a behind-the-scenes role on American policy and politics. No longer.
ExxonMobil and Venezuela have been spatting over oil for decades.
Venezuela and ExxonMobil have been spatting over oil for decades. How will that history impact relations under a Rex Tillerson-run State Department?
Activists in Seattle practice for demonstrations against Royal Dutch Shell’s plans to drill in the Arctic, April 17, 2015.
AP Photo/Elaine Thompson
President Obama used an obscure 1953 law to bar offshore drilling in Arctic Alaska and along the Atlantic coast. Republicans and energy companies want to reverse the ban, but it will not be easy.
An oil rig in Angola. The country could see big reductions in export and revenue from fossil fuels as the world transitions to clean energy.
The end of fossil fuels is approaching fast. But the question remains of what to do with those that remain, waiting to be sold.
Are OPEC’s cuts all smoke?
Hasan Jamali/AP Photo
To see why, one must only consider the core economic principle of supply and demand.
The oil rig explosion in Deepwater Horizon (2016), a film about the worst oil spill in US history.
The search for oil was once depicted in movies and books as a boys' own adventure. But as films such as Deepwater Horizon show, in an age of anxieties over fossil fuels, oil's story is now a darker one.
Hollywood turns its hand to the worst environmental disaster in US history – from which the environment is strangely missing.
Australia’s oceans are home to extraordinary marine life.
Australia has the third largest marine jurisdiction in the world, a vast ocean territory that contains important natural and biological resources. And it needs protecting.
There are short term signs that the most recent downturn in commodities may not last so long.
The mining industry is more resilient because of the recent downturn and it will be global supply and demand that will affect these companies in the future.
Protesters in Paris against Gabonese President Ali Bongo with placards reading: 1967-2016, 50 years in power is enough!
Gabon has the lowest trust ratings of any election commission among the 36 African countries surveyed by Afrobarometer.