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Only time will tell whether OPEC will effectively implement its recent decision to curb oil supplies and reverse a price slump that’s persisted for 2½ years. But amid the many prognostications over oil prices, something else is clear: When it comes to energy security, the U.S. is in a much better position today than it has been in years. (Read More)
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With gasoline prices so low, it’s no surprise that U.S. motorists are driving a lot more this summer. In all, more than 43 million Americans planned to travel by one means or another over the Independence Day weekend, the highest volume ever for the holiday, the motor club AAA estimates. (Read more)
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The world oil market can return to normal, at least the normal that has characterized it for the last couple of years, now that a hyped-up meeting of major oil producers has ended without striking a deal to freeze production and bolster prices. The mere hint that Saudi Arabia, Russia and other major oil producers would follow through on a commitment to limit oil output to January levels had contributed substantially to a 50% rebound in prices for the commodity since February, when the goal was announced. But even as delegates from the producing nations arrived in Doha over the weekend, expectations were widespread that the unusual meeting would end in stalemate, as it did on Sunday. (Read more)
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Back from Saudi Arabia, Robert McNally is more convinced than ever of two things: The kingdom is determined to stick to its plans to produce oil at a high rate despite the plunge in oil prices over the last 10 months, and OPEC as a whole is unlikely to respond to the slump any time soon. (Read More)
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