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Tag Archives: oil glut

Oil refiners are manipulating California gas prices, consumer advocates say

Filling up at the pump is often painful in California, where drivers tend to pay more for gasoline than in most other states. Many industry watchers attribute the high fuel costs to unique forces — chiefly California’s clean-burning gasoline formula — that have isolated the market and kept it tightly balanced between supply and demand. But some consumer advocates and ...

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Oil falls below $66 as global glut builds

LONDON – Brent crude oil fell below $66 a barrel on Friday after reports that a growing supply glut was boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot and could be about to correct. Although the U.S. oil market is becoming more balanced, production elsewhere is ...

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What would it take to free U.S. oil exports?

WASHINGTON – Lawmakers pushing to repeal the 1970s-era ban on U.S. oil exports face a steep obstacle: The Obama administration sees no need to fully remove the restriction while the country is still importing part of its oil supply. And many politicians are wary of a voter backlash if gasoline prices go up just as they open the door to ...

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Brent oil rises as euro gains against dollar

LONDON – Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone’s top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making dollar-traded commodities more attractive ...

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Lower oil prices cost pension funds, showcase challenges

INDIANAPOLIS — Indiana pension funds are feeling the pinch of falling oil prices because of the state’s investment in commodities. The Indiana Public Retirement System has nearly 7 percent of its $24 billion defined-benefit portfolio invested in commodities, the Indianapolis Business Journal reported (http://bit.ly/1wQRgjk ). That stake helped drag the entire fund into negative territory, dropping 1.22 percent between July ...

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Oklahoma oil storage complex nears operational capacity

CUSHING, Okla. — The massive oil storage complex at Cushing is nearing its operational capacity as oil inventories nationwide continue to rise. Home to the nation’s largest oil storage facility, Cushing’s sprawling tank complex held more than 51.5 million barrels of oil as of March 6, The Oklahoman reported Sunday. Oil inventories have grown for eight consecutive weeks as of ...

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IEA sees renewed pressure on oil prices as glut worsens

LONDON – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would ...

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