Exxon Mobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth.
The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
As many as 10 trains weekly have been coming into Texas carrying a million gallons or more of Northern Plains crude oil that’s been involved in fiery derailments in the U.S. and Canada.
The White House sent notice of the veto to the Senate on Tuesday, shortly after the bill was received at the White House. It’s the third veto of Obama’s presidency.
The Republican-controlled Congress approved a bill Wednesday to construct the Keystone XL oil pipeline, setting up a confrontation with President Barack Obama, who has threatened to veto the measure.
With the recent dip in oil prices, the Environmental Protection Agency wants the State Department to “revisit” how much of a toll the Keystone XL oil pipeline would have on global warming.
The company said it earned $6.57 billion in the quarter, the lowest since the first quarter of 2010, on revenue of $87.28 billion. Last year Exxon earned $8.35 billion on revenue of $110.86 billion.
BP is selling part of its stake in an emerging oil-producing region in the Gulf of Mexico to Chevron, and the two companies, along with Conoco Phillips, will work to develop the fields together.
Let’s check some of the claims about the pipeline as a bill approving it heads toward likely passage by the Republican-led Senate and a veto by President Barack Obama.
Plunging oil prices are expected to dampen how much money state lawmakers will have to spend when the Texas Legislature returns to work in Austin this week.
The oil boom that lifted home prices in Texas, Oklahoma and Louisiana is coming to an end. But history shows that it takes time for home prices in oil country to change course.
West Texas oil country led the nation in job growth last month with the largest year-over-year percentage gains in employment even as oil prices tumbled.