As oil-price fever gripped Congress this week, both political parties have said they are ready to revoke oil and gas incentives that were passed as recently as eight months ago.
Oil Price
BP: Fear and Speculators Driving Up Oil Price
BP’s CEO, John Browne, has warned that fear was driving the price of crude to artificially high levels, with “untold consequences” for the global economy. He argued that turbulence in Iran, Iraq and Nigeria was leading to continual speculation about oil shortages and there were “all sorts of things that suggest it is getting worse”.
North Slope Crude Breaks $70 a Barrel for First Time
BP’s pipes in Alaska might be leaking like a sieve, but its coffers are nice and healthy. North Slope crude oil closed above $70 a barrel for the first time on Wednesday – on the back of concerns about Iran and tensions in Nigeria. It was only in May 2004 that the price hit $40 … Read More