The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans.
March 18, 2020BusinessSafety
Detroit Automakers Agree to Rotating Partial Shutdown of Plants
General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles NV will partially shut down their U.S. plants on a rotating basis in an effort to contain the spread of the coronavirus.
March 18, 2020BusinessSafety
Chinese Port Restricts Ships From Virus-Hit Nations for 14 Days
The port of Fuzhou in eastern China is restricting vessels arriving from nine countries including the U.S. and Singapore in efforts to limit the spread of coronavirus by visiting ships and their crew.
March 18, 2020GovernmentBusinessSafety
Musk Keeps Tesla Open in Shutdown Zone, Downplays Virus Risk
Tesla Inc.’s factory and other California operations will remain open in spite of a San Francisco Bay Area lockdown, with Elon Musk telling employees he will keep going in to work despite the spread of the coronavirus.
March 17, 2020GovernmentBusinessFuel
Trump Orders US to Stock Up Oil Reserve After Price Crash
President Donald Trump ordered U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.
March 14, 2020BusinessFuel
Texas Shale Heartland Rattled by Coronavirus, Oil Price War
Just a week ago, when crude oil prices fell to $46 a barrel, the mayor of the biggest city in the world’s largest shale oil patch seemed oddly calm, almost relieved.
March 13, 2020GovernmentBusiness
Stocks Sink in Worst Day Since 1987
U.S. stocks tumbled, with benchmark gauges posting their worst drop since 1987, as investors signaled the Federal Reserve’s extraordinary bond-buying measures, and President Donald Trump’s economic proposals, won’t be enough to counter the economic impact from the coronavirus.
March 12, 2020GovernmentBusinessFuel
OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance
OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.
March 6, 2020GovernmentBusinessFuel
OPEC Gambles on Move to Force Russia Into Oil Production Cut
OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without overcoming Russian opposition first.
March 5, 2020BusinessFuel
Seven & i Scraps $22 Billion Plan for Marathon’s Speedway Gas Stations
Seven & i Holdings Co. scrapped plans to acquire Marathon Petroleum Corp.’s Speedway gas stations for $22 billion, according to sources familiar with the matter, ending a deal that would have been among the world’s biggest this year.
March 5, 2020