oil industry

Citing a lack of enough oil to make the project worthwhile, Royal Dutch Shell Oil is halting its effort to drill for oil off Alaska's shore "for the foreseeable future." The company has spent some $7 billion on the exploration project.

The price of oil has dropped to its lowest point in years in recent weeks. That's bad news for almost everyone in oil-producing parts of the country.

But there is at least one business that's booming in the oil patch.

Walk around Ryan Peck's impound lot on the south side of Corpus Christi, Texas, and it's easy to see he's busy.

Mose Buchele / NPR StateImpact

Declining demand in China-as well as fear over that country's economiy-has sent the price of oil dropping to new six-year lows today, sitting at just over $38 a barrel of West Texas Intermediate. 

The Obama administration unveiled plans Tuesday that would curb the methane that leaks from facilities related to oil and natural gas production. Methane is one of the greenhouse gases that trap heat in the Earth's atmosphere.

Mose Buchele / NPR StateImpact

This morning, President Barack Obama announced a deal with Iran to curb its nuclear program in exchange for the reduction of U.S. sanctions.

According to news reports, the deal could mean an additional 500,000 gallons of oil added daily to the global market.

Despite the many hurdles the deal still faces, the price of oil opened down today.

And that is after it was already struggling to maintain $50 per barrel for the past week.

What could the deal mean short-term for South Texas?