People in the Russian city of St. Petersburg stand in line to withdraw U.S. dollars and euros from an ATM. Ordinary Russians faced the prospect of higher prices as western sanctions over the invasion of Ukraine sent the ruble plummeting.
(AP Photo/Dmitri Lovetsky)
Over-reliance on sanctions and economic warfare measures have led to strategic complacency and the avoidance of negotiations on the part of the western governments.
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.
Alberta’s approach to fiscal management involves a nauseating cycle of big spending followed by massive cuts — almost entirely due to the outsized influence of oil and gas revenues. The rollercoaster at the West Edmonton Mall is seen in this photo.
(Jerry Bowley/Flickr)
Every time Alberta’s energy-based economy goes into a tailspin, it’s because the price of oil has declined precipitously, and when it booms, it’s because the price has soared.
Proposals to cut Australia’s fuel excise will prolong an already alarming dependence on oil-based imports and undermine policies to shift the nation away from fossil fuels.
Australia may not import crude oil or petrol from Russia. But the world oil market behaves as one great pool.
Threatened by insecurity, farmers in Nigeria’s farm belt are increasingly abandoning their land, leading to higher cost of food
Photo by Kola Sulaimon/AFP via Getty Images
Nigeria’s post COVID-19 economic recovery plan has resulted in only marginal improvements in economic growth, manufacturing and foreign direct investment.
Newfoundland and Labrador’s offshore oil and gas industry is the province’s largest contributor to the economy and will be critically important to its future.
Helium plays an important role in breathing devices and it mostly comes as a by-product of petroleum production.
Pumpjacks pump crude oil near Halkirk, Alta., more than a decade ago. Oil prices have plunged into negative territory due to the glut created by the COVID-19 global economic shutdown.
THE CANADIAN PRESS/Larry MacDougall
Alberta oil is the collateral damage of the oil war between Russia and Saudi Arabia, with COVID-19 launching an additional attack. The province’s oil industry will struggle to recover.
A satellite image of the oil slick as it looked in late May 2010, a month after the Deepwater Horizon well exploded. The oil plume looks grayish white.
NASA/Goddard/Jen Shoemaker and Stu Snodgrass
Donald Boesch, University of Maryland Center for Environmental Science
The BP Deepwater Horizon blowout on April 20, 2010 triggered the largest offshore oil spill in history. Ten years later, post-spill reforms are being undone and the Gulf of Mexico remains vulnerable.
Shutdown in Seattle to slow the spread of coronavirus empties the streets, March 26, 2020. Less economic activity means less revenue for utilities.
AP Photo/Ted S. Warren
The US is gradually shifting to lower-carbon energy sources, but the COVID-19 pandemic, an oil price crash and a likely recession are big speed bumps.
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.
Spigots still open: Despite rising tensions, oil is flowing and meeting demand.
Ali Mohammadi/Bloomberg
Tensions between Iran and the US have spiked, but oil prices have barely budged. Why not? And is the oil markets’ muted response an accurate reflection of the rising tensions?
Drivers buy less gas when filling the tank burns holes in their wallets.
In this July 2018 photo, U.S. President Donald Trump and Russian President Vladimir Putin are seen at a news conference after their meeting at the Presidential Palace in Helsinki.
(AP Photo/Alexander Zemlianichenko)
Vladimir Putin may well have something on Donald Trump. But their close ties could also be about oil prices and Trump’s efforts to get Russia to ends it alliance with China.
Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney
Senior Lecturer in International Relations, Discipline of Politics & International Relations, Macquarie School of Social Sciences, Macquarie University