Oil prices fell 3.9 percent in Wednesday trading on high supplies and a lower stock market, Reuters reports. Brent crude settled down $1.94 to $47.58 per barrel, giving up almost all of Tuesday's gains, while U.S. crude was down $1.79 to $44.15 per barrel.
DUBAI, United Arab Emirates (AP) — The International Monetary Fund says Saudi Arabia should adjust its spending to help offset the effects of lower oil prices by reviewing its public sector wage bill and reducing energy subsidies.
Salaries, wages and allowances contribute to about 50 percent of total budgeted expenditures in Saudi Arabia. Direct and indirect energy subsidies are estimated to cost at least 115 billion Saudi riyals ($30.7 billion) annually.
The oil benchmarks went their separate ways in Tuesday trading, as Brent crude saw a boost from better-than-expected German economic data, while U.S. crude retreated slightly on lackluster trade data from China, The Wall Street Journal reports. Brent crude rose 4 percent, or $1.89, to $49.52 per barrel, while U.S. crude fell 11 cents to $45.94 per barrel.
Canadian Oil Sands Ltd. is considering a shareholder's proposal that it sell off some of its future production to raise cash to cope with flagging oil prices and its debt burden, The Wall Street Journal reports.
Oil prices dropped Tuesday but showed signs of stabilizing, thanks to news of strong German economic data. U.S. crude was down $1.30 to $44.75 a barrel, while Brent crude dropped $1.39 to $48.22 a barrel, Reuters reported.
News that the U.S. unemployment rate fell to a seven-year-low but new job creation was lower than expected led to lower oil prices Friday, Reuters reports. U.S. crude prices were down 41 cents to $46.34 a barrel, while Brent crude dipped 68 cents to $50 per barrel.
Drivers are set to enjoy the lowest gasoline prices in more than a decade over Labor Day weekend, the federal government and a top motorist group say, with average national prices below $2.50 per gallon.
The continued slide in gasoline prices comes as lawmakers prepare to return next week, with opponents of ending a 40-year-old ban on crude oil exports heartened by a new federal report suggesting gasoline prices could go even lower.
Sen. Tom Udall, D-N.M., announced Friday that the Frank R. Lautenberg Chemical Safety for the 21st Century Act has acquired two more co-sponsors, bringing the total of backers for the measure to reform the Toxic Substances Control Act to a filibuster-proof 60, National Journal reports.
Fourteen senators from both sides of the aisle, many from ethanol-producing states, went to the White House Thursday to tell chief of staff Denis McDonough that the Environmental Protection Agency should make a bold move when it finalizes three years’ worth of blending mandates under the Renewable Fuel Standard next month, The Hill reports.
Control of Miller Energy Resources Inc. will be handed over to an affiliate of Apollo Global Management LLC and J.P. Morgan Chase unit Highbridge, under an agreement in place as the Texas-based Alaska driller filed for Chapter 11 bankruptcy protection, The Wall Street Journal reports.
A sharp drop in the overall U.S. rig count—to levels not seen since 2002—sent oil prices rebounding Friday. West Texas Intermediate Crude for November delivery jumped 80 cents, or 1.8 percent, to settle at $45.54 a barrel on the Nymex, while in London, Brent gained 44 cents to $48.13, Marketwatch reports.
SolarCity says it plans to start producing a panel with an output of 22 percent—which it touts as a 40-percent improvement in efficiency—at its Silicon Valley factory this month, The New York Times reports.
“Storage is the solution” to integrating solar energy into the grid, SunPower Corp. CEO Tom Werner told E&E in an interview, adding that he thought the utility industry and the grid would be transformed within a decade.
The International Energy Agency expects the growth of the renewable energy sector to level off, meaning it will fall short of what’s needed “to meet ambitious climate change mitigation goals,” the agency's renewable chief told The Washington Post.