oil industry

Pump jacks operate at dusk near Loco Hills in Eddy County, New Mexico, on April 23. U.S. oil producers are grappling with prolonged low oil prices and the uncertainty created by the coronavirus pandemic.

Economy

Oil Industry, Accustomed To Booms And Busts, Is Rocked By Pandemic

4:05pm July 15, 2020

by Camila Domonoske

When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.

A crew near Karnes City, Texas, continued work as oil prices collapsed this week. Companies already were cutting costs and now will have to cut deeper as oil prices remain low.

National

Trump Steps In To Help Oil Industry Facing Its Own Coronavirus Crisis

11:57am March 14, 2020

by Jeff Brady

The oil industry has faced reduced demand from coronavirus, made worse by a global price war. The Trump administration says it will help by buying up cheap oil for the nation's strategic reserve.

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Oil prices are down amid weak demand, and investors no longer seem willing to write the industry a blank check.

Economy

As Oil Prices Drop And Money Dries Up, Is The U.S. Shale Boom Going Bust?

11:14am November 20, 2019

by Darius Rafieyan

The boom that helped make the U.S. the world's largest oil producer could be ending. Oil prices are down amid weak demand, and investors no longer seem willing to write the industry a blank check.

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Gov. Gavin Newsom tours the Chevron oil field west of Bakersfield, where a spill of more than 800,000 gallons flowed into a dry creek bed in McKittrick, Calif. in July 2019.

National

California Governor Cracks Down On Fracking, Requires Audits And Scientific Review

9:08pm November 19, 2019

by Richard Gonzales

Gavin Newsom's initiatives follow a massive oil release from a Chevron facility in Kern County suspected of being caused by a high-pressure steam process for releasing oil from underground rock.

President Trump claims credit for surging U.S. oil and gas production, but the trend began before he took office.

Energy Boom That Trump Celebrates Began Years Before He Took Office

9:00am August 13, 2019

by Scott Horsley

President Trump tours a Pennsylvania petrochemical plant Tuesday to highlight the U.S. energy boom. Trump claims credit for surging oil and gas production, but the trend began before he took office.

The sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain. OPEC nations agreed to reduce their production, but energy experts say that renewed U.S. sanctions on Iran could derail their supply cut deal.

World News

These Are The Potential Consequences Of Renewing Sanctions For Iran's Oil Importers

2:01pm May 10, 2018

Many of Iran's top oil importers are in Asia. South Korea is among them, but U.S. pressure to decrease oil purchases puts Seoul in a tricky position ahead of President Trump's North Korea summit.