Price of oil

The announcement came as the U.S. released new evidence to support its allegation that Iran was responsible for the attack on Saudi Arabia's oil sites.
The president tweeted that he's authorized the release of strategic petroleum reserves "if needed" to stabilize energy markets after an attack on Saudi oil sites.
Yemen's Houthi rebels have claimed responsibility for the attacks in Buqyaq and the Khurais oil field.
A statement clarifies that Saudi Arabia issued a vague statement about its plans.
Anyone who wonders why Saudi Arabia has refused to reduce its oil production to drive the price back up can find an answer in the global climate change accord agreed to by 195 nations in Paris last month.
Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%.
As 2015 drew to a close, many in the global energy industry were praying that the price of oil would bounce back from the abyss, restoring the petroleum-centric world of the past half-century. All evidence, however, points to a continuing depression in oil prices in 2016 -- one that may, in fact, stretch into the 2020s and beyond.
Welcome to the asylum! I'm talking, of course, about the world Big Oil spent big bucks creating. You know, the one in which the obvious -- climate change -- is doubted and denied, and in which the new Republican Congress is actively opposed to doing anything about it.
How things have changed in a matter of mere months. With demand stagnant and excess production the story of the moment, the very strategy that had generated record-breaking profits has suddenly become hopelessly dysfunctional.
Another plunge in the price of oil is driving stocks sharply lower in afternoon trading.
Tuscaloosa Marine Shale's "little problem" reflects a big problem the oil and gas industry faces -- particularly smaller operators involved with hydraulic fracturing ("fracking") -- going forward.
It is clear to me that the most important issue we face here on the Big Island right now is that of energy costs. There is a huge risk associated with the rising price of oil, it's going to affect us all, and we don't have the luxury of time to deal with it. We need to figure it out now.
We know that energy-related costs will be high then. And that we need to provide food for Hawaii's people. It's as though soon, we're going to have to go. But where will we go?
All of this hullabaloo about the Big Island's Hawaii County Bill 113, the anti-GMO bill - What it's really about is that we need to take a little more time, so we can be sure we are making good and informed decisions.
I sat on one of the panels, and said that our sustainability philosophy has to do with taking a long-term view of things. We are always moving so we'll be in the proper position for the environment we anticipate five, 10 and 20 years from now.
What we're doing on the Big Island with Bill 113 is trying to make a law that prohibits us from helping ourselves. It is the exact opposite of what we should be doing.
How about Hawai'i's economy doubling in 24 years? That would result from a compound growth of just 3 percent. Would we need double the number of hotel rooms? But if the price of oil keeps rising, can we do that?
A recent bill up before the Hawai'i County Council would have criminalized Big Island farmers for using biotechnology to grow their crops with less fertilizer and fewer pesticides. A second bill is still on the table, and I almost cannot think of anything that would take us further away from where we need to be heading.
I'm not talking about the pink haze of heat that's been rising from the burning American West all summer. I'm talking about energy consumption where the news just couldn't be cheerier.
The system stinks. Speculators and Wall Street players and the oil patch win, amassing enormous profits, contributing nothing, while Americans are fleeced for goods vital to their daily lives.