oil industry

Why Are Oil Prices Going Up?

May 17, 2016

Oil prices hit a six-month high yesterday and could reach $50 a barrel for the first time since November. For the past two years, the global demand for oil has been less than supply, but that may be changing. Here & Now’s Robin Young speaks with Jason Bellini of The Wall Street Journal.

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From Texas Standard:

You can't talk Texas oil without talking about the competition. In that regard, the eyes of Texas are upon Saudi Arabia right now. Over the weekend the Saudis ended the 20-year tenure of oil minister Ali al-Naimi. Al-Naimi is credited as a pillar in the development of the Organization of Petroleum Exporting Countries, or OPEC. Now, energy investors and analysts alike are waiting to see how this change could affect an already tumultuous oil economy.

Matt Smith, director of commodity research at ClipperData, says that timing is the most surprising aspect of al-Naimi's replacement.

Just a few months ago, the price of a barrel of crude oil reached a 30-year low. That price has inched up since then, but still, it remains 60 percent lower than it was in the summer of 2014.

C.M. Keiner http://bit.ly/1JD6Gxb / CC

A loophole in air quality laws, which are designed to protect human health, is regularly exploited by energy companies to release hundreds of tons of air pollution over their permitted levels says a new report from the Environmental Integrity Project (EIP) and Environment Texas. As one example, an Exxon refinery in Beaumont released more than 400 hundred tons of smog-causing chemicals in a single event last October, exponentially above its permit.