oil

Amin Nasser, president and chief executive officer of Saudi Aramco, speaks during the fourth edition of the Future Investment Initiative conference at the Ritz-Carlton hotel on Jan. 27, in Riyadh, Saudi Arabia.

Saudi Oil Giant Aramco Reports 44% Profit Slump In 2020 Amid Coronavirus Pandemic

7:03pm March 21, 2021

by Alex Leff

Saudi Arabia's state-backed oil company earned $49 billion last year as the pandemic slashed fuel demand around the globe, in what its CEO called "one of the most challenging years in history."

Rep. Deb Haaland D-N.M., sworn in during a Senate Committee hearing on Feb. 23 in Washington, D.C. She was confirmed as first Native American Interior Secretary on Mar. 15.

Energy-Producing Tribal Nation Hopes New Interior Secretary Will Make Drilling Easier

7:56pm March 18, 2021

by Allison Herrera

The Osage Nation is one of a dozen tribal nations in the U.S. that have significant oil and gas reserves. Its citizens are optimistic that Deb Haaland will help them keep extracting fossil fuels.

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Sheikh Ahmed Zaki Yamani, Saudi Arabia's then-oil minister on Dec. 1, 1973, in London during talks on the oil crisis.

World News

Ahmed Zaki Yamani, Key To Making Saudi Arabia A World Oil Power, Dies At 90

6:22pm February 23, 2021

by Jackie Northam

He was Saudi Arabia's oil minister for nearly 25 years, rising to fame for engineering the 1973 oil embargo and negotiating Saudi control of Aramco from U.S. fuel giants.

A sign in the Jonah Field advertises cheap rates at a deserted motel built for oil and gas workers.

National

A Wyoming County Predicts 'Total Economic Devastation' From Biden Leasing Ban

12:43pm January 28, 2021

by Kirk Siegler

Most of the oil and gas drilled in Wyoming comes from federal land and communities there are bracing for job losses and school funding cuts in the wake of a Biden administration pause on new leasing.

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Hurricane Laura sends large waves crashing on a beach in Cameron, La., on Aug. 26 as an offshore oil rig appears in the distance. The most active hurricane season on record was just one of many challenges facing the oil industry this year — aside from t

It Wasn't Just The Pandemic: Oil's Terrible, No Good, Very Bad Year

5:11pm January 03, 2021

by Camila Domonoske

The coronavirus-induced collapse in oil demand stole all the headlines. But oil companies faced a myriad of other woes, too, from hurricanes to itchy investors — and, of course, climate change.

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An oil rig towers over houses last week in Nigg, Scotland. Major players in the oil industry expect depressed oil demand and low prices to continue well into next year.

Oil Demand Has Collapsed, And It Won't Come Back Any Time Soon

8:27pm September 15, 2020

by Camila Domonoske

The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.

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Pump jacks operate at dusk near Loco Hills in Eddy County, New Mexico, on April 23. U.S. oil producers are grappling with prolonged low oil prices and the uncertainty created by the coronavirus pandemic.

Economy

Oil Industry, Accustomed To Booms And Busts, Is Rocked By Pandemic

4:05pm July 15, 2020

by Camila Domonoske

When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.

Lendon Partain, a well technician, has never seen so many pump jacks idled across Andrews County. "Right now it's scary," he said.

Historic Oil Bust Delivers A Gut Punch To A High-Flying Texas County

2:23pm May 11, 2020

by John Burnett

Oil companies have slashed production across West Texas and southeast New Mexico, where communities are also hurting from pandemic-driven business shutdowns.

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Producers have kept pumping oil, even if they're not making money, partly because wells — once shut down — can be difficult to get back up and running. Here, a pump jack operates at Willow Springs Park in Long Beach, Calif.

Why The World Is Still Pumping So Much Oil Even As Demand Drops Away

5:48pm April 22, 2020

by Camila Domonoske

The pandemic means the world is using far less oil. But pumps are still going, creating a huge oversupply. Companies are often willing to operate pumps at a loss — for a little while.

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, Calif., on March 9. The world's crude oil supply is rising even as demand is cratering.

Economy

We're Barreling Toward An Epic Glut Of Oil

2:17pm March 20, 2020

by Camila Domonoske

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.