Not only does U.S. law bar price-fixing, there are bipartisan efforts underway to make it possible to sue OPEC members in American courts for antitrust violations.
Gas prices usually rise heading into long weekends. The reasons behind wild oil price fluctuations, reflected at the pumps, is about a lot more than economics.
THE CANADIAN PRESS/Jonathan Hayward
The connection between oil and arms trade is not a conspiracy theory.
Customers line up to buy gasoline in San Jose, California, on March 15, 1974, during an Arab oil embargo. The crisis spurred enactment of the first U.S. vehicle fuel economy standards.
AP
Since the federal government started setting fuel economy standards, US-built cars have doubled their fuel efficiency, saving money for consumers and reducing pollution.
OPEC’s recent decision to cut supply is a classic move from the oil cartel playbook. But in today’s era, there are many more players and game-changing technologies on the field.
OPEC has been declared dead in recent months as the group of oil-exporters has been unable to agree on a plan to stabilize the market. But was it really ever alive in the first place?
Not what they were: oil fields.
zhengzaishuru/shutterstock
Woodside’s deferral of its floating gas project in Western Australia is just the latest blow low oil prices have dealt the industry.
In 2015, gas prices fell below $2 per gallon in Moscow Mills, Missouri. The trend of low gas prices across the United States delay a signature Obama proposal to reduce emissions from cars and trucks.
Whitney Curtis/Reuters
Faced with stringent fuel economy standards but cheap gas, automakers may seek to delay CAFE rules. What’s the best way to reevaluate these emissions-cutting rules?
When you pick apart the strange economics of global energy markets, it becomes clear how the incredible power of Riyadh can take other countries to the brink.
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