Government, Business, Fuel, TCA

Singapore Shipping Liner Fined for Dumping Oil in Pacific

An aerial view of an oil tanker. An aerial view of an oil tanker. (Suriyapong Thongsawang/Getty Images)

A shipping company was ordered to pay a $1.65 million fine and given four years’ probation after one of its vessels was caught dumping oil bilge water into the Pacific Ocean, a short distance from the Golden Gate Bridge.

Nate Gartrell | Palo Alto (Calif.) Daily News
March 23, 2020
Government, Business, Fuel

Trump Orders US to Stock Up Oil Reserve After Price Crash

President Trump holds March 13 press conference Scene from March 13 press conference at the White House. (Evan Vucci/AP)

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, 2020
Government, Business

Oil Falls Further After Travel Ban Deals Blow to Demand

Employee walks past crude oil storage tanks  in Saudi Arabia An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia. (Simon Dawson/Bloomberg News)

Oil headed for the biggest weekly decline since 2008 after President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days in an attempt to contain the coronavirus, pummeling fuel demand.

March 12, 2020
Government, Business, Fuel

America’s Days as Net Oil Exporter Numbered Amid Price Rout

Oil tanker An oil tanker loads at a dock near refineries at the Port of Corpus Christi in Texas. (Eddie Seal/Bloomberg News)

America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to the world’s biggest producers.

Sheela Tobben | Bloomberg News
March 9, 2020
Government, Business, Fuel

OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance

Oil refinery plant in Russia Lights illuminate the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant in Novokuibyshevsk, Russia. (Andrey Rudakov/Bloomberg News)

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, 2020
Government, Business

Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut

Workers on an oil platform Ali Mohammadi/Bloomberg News

Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.

Jackie Davalos | Bloomberg News
March 3, 2020
Government, Business, Fuel

As Coronavirus Spreads, Global Demand for Oil Lessens, Prices Fall

Oil Refinery A refinery in West Texas. (Eddie Seal/Bloomberg News)

NEW YORK — With the coronavirus outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further.

Cathy Bussewitz | Associated Press
March 2, 2020
Government, Business, Fuel

Oil Stalls After Rosneft Sanctions Offset Virus-Led Demand Fears

A pump jack in Loving County, Texas, in December 2018. A pump jack in Loving County, Texas, in December 2018. (Angus Mordant/Bloomberg News)

Oil ended the session Feb. 18 flat after U.S. sanctions on Russia’s largest oil producer helped to erase losses driven by lingering concerns that coronavirus will cut demand.

Jackie Davalos | Bloomberg News
February 18, 2020
Business, Fuel

Oil Rallies for Fourth Day as Virus Fears Show Signs of Easing

Pump jacks in Midland, Texas, in December 2018. Pump jacks in Midland, Texas, in December 2018. (Angus Mordant/Bloomberg News)

Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.

February 14, 2020
Business, Fuel

Energy Agency: Virus to Cause First Oil Demand Decline in Decade

A traveler wearing a mask stands on a bridge in Beijing China, on Feb. 13 A traveler wearing a mask stands on a bridge in Beijing China, on Feb. 13 (Ng Han Guan/Associated Press)

The International Energy Agency expects demand for oil to fall in the first quarter as a result of the virus outbreak that emanated in China. Any fall would represent the first quarterly decline in a decade.

February 13, 2020