Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
China and India are increasingly driving world energy demand as the United States’ production boom puts it on track to become independent of the global market, the International Energy Agency said Tuesday.
In 2007, presidential candidate Barack Obama made homegrown corn a centerpiece of his plan to slow global warming. But the ethanol era has proven far more damaging to the environment than politicians promised and much worse than the government admits today.
BHP Billiton plans to spend two-thirds of its petroleum budget on U.S. shale in coming years, but the Australian natural resources giant knows that the biggest returns come from replicating low-cost production over and over.
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