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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Occidental took over operations in early 1998 and has been the principal operator since then; in 2008 they had a 78% interest in the oil field. Current reserves are claimed to be either 106.554 million barrels (16,940.7 cubic decametres) of oil (according to the California Department of Conservation) [2] or 484 million barrels (76,900 cubic ...
The plan marks a continuation of the governor's campaign to blame the oil industry for high gas prices in California and another attempt by Newsom to jam legislation through the state Capitol.
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel. [27]
An oil industry-backed group is running TV and digital ads saying more drilling is the answer to California’s high gas prices.
California's attempt to manage a smooth transition away from gasoline just got roughed up with this week's decision by Phillips 66 to shutter its refinery in Wilmington next year, wiping out more ...
After four days of higher prices, oil dropped significantly October 19 and rose slightly the next day, with WTI reaching $51.41 and Brent at $57.31. U.S. oil inventories were down 15% since March and lower than in 2016 due to higher exports resulting from WTI being significantly lower than Brent. However, threats to oil supplies due to fighting ...