The below post was authored by guest blogger John Gabrielski.
The summer of 2014 concluded with oil prices hovering around $100 per barrel. Just one year later, oil prices have reached a six-year low; in August oil dropped to as low as $38 per barrel. The drastic decrease in price can be attributed to the massive supply glut that producers are now facing. » Read More
U.S. Moves to Block New BP Oil Leases. Following the BP Deepwater Horizon oil spill catastrophe in the Gulf of Mexico, U.S. lawmakers are pushing an amendment to ban the U.K. company from obtaining any further oil leases, due to safety concerns. In addition to being under intense scrutiny in Congress, BP is under investigation by the U.S. Department of Justice and environmental regulators for ignoring safety failures and could face billions of dollars in fines.