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Oil surged on Friday as tensions in the Red Sea escalated following attacks by the US and its allies against Yemeni sites controlled by Iran-backed Houthi rebels.
The session high was more than $80, highest this year so far. U.S. West Texas Intermediate crude futures climbed 66 cents, or 0.9%, to settle at $72.68, paring gains after touching a 2024 high of ...
A Brief History of the East Texas Oil Field (East Texas Oil Museum) Oil and Texas: A Cultural History (Texas Almanac) Oil Boom (The Depot Museum, Henderson) Spindletop-Gladys City Boomtown Museum; Texas Energy Museum, Beaumont "Santa Rita No. 1 – Big Lake ~ Marker Number: 4587". Texas Historic Sites Atlas. Texas Historical Commission. 1965.
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Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
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Marathon Petroleum purchased its original 84,000 bpd Texas City Refinery from Plymouth Oil Company in 1962. What remains operating today is an integrated part of the Galveston Bay Refinery, nicknamed Bay Plant. It was established in 1931 by Republic Oil Refining Company and sold to Plymouth Oil Company in 1957. [2]