Oil

Texas Republicans quickly zeroed in on Biden's comments as Democrats sought to mitigate potential political damage.

Two congresswomen said they would "stand up" for the oil industry as they stressed its importance to the U.S. economy.

"It's always the thing that they say first. That's what they're going to do," the president warned his supporters.

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The men allegedly sought to conceal where the petroleum came from by bribing a Chinese official, setting up shell companies and using false contractual documents.

Questions remain about whether markets could be a leading indicator of what is to come in the real economy.

After marrying into the Standard Oil fortune, Harkness became a noteworthy patron of the arts by founding Harkness Ballet.

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"The end of Ramadan brings us the arrival of the Fortune ship, a sign of the solidarity of the Islamic people of Iran with Venezuela," Venezuela leader Nicolás Maduro tweeted on Sunday.

The prospect of a future without fossil fuels—previewed last week by the drop in demand caused by the global coronavirus pandemic—will require Gulf countries to change not just their economies, but the very basis of their social contracts.

One defendant is believed to be an associate of high-level officials in the Islamic Revolutionary Guard Corps' Quds Force.

The Anglo-Dutch energy giant said its Q1 net income had fallen by 46 percent as the industry grapples with a fall in oil demand driven by the coronavirus pandemic.

U.S. oil prices went negative on Monday for the first time in history, as the market battled with a coronavirus-driven lack of demand, over-supply and limited storage options.

On Monday, prices on the May contract for West Texas Intermediate crude futures fell to their lowest point since March 1999.

"Today's ruling sends a clear signal nationwide that people and the planet must come before profits for polluting corporations," said Friends of the Earth's Marcie Keever in a Wednesday statement.

Demand for oil has dropped dramatically as the market has been flooded with barrels of crude, which are trading at just under $20.

Trump said the United States will cut its oil production by a quarter-million barrels of crude oil per day to help Mexico meet OPEC's demands for a deal to bolster global petroleum prices.

Russia and OPEC representatives will meet Thursday following reports that a deal to end the price war is near.

After Trump's tweet cited a 10-15 million barrel per day cut, oil prices have soared and anything less than that will be seen as a failure.

"We're going to take care of our energy business. ... If I have to do something to protect thousands or tens of thousands of energy workers and our great companies that produce all these jobs, I'll do whatever I have to do," Trump said.

President Donald Trump meets U.S. energy company CEOs on Friday after a week of diplomacy to end an oil price war between Russia and Saudi Arabia.

The dispute erupted last month and has driven down the price of oil in a market struggling under the coronavirus pandemic.

Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, said multinational action is required to rebalance the coronavirus-striken world economy.

The collapsing price of oil is forcing some North American producers to the brink of bankruptcy, prompting calls for government assistance.

President Trump said Thursday he would intervene in the oil dispute at the "appropriate time," as American producers grapple with low prices.

Oil markets have been thrown into turmoil by a slowdown in demand caused by coronavirus and a stand off between Moscow and Riyadh.

Included among the arrested is Mohammed bin Nayef, the former crown prince of Saudi Arabia.

Long, expensive wars with oil-rich nations like Iran could be a thing of the past if we'd invest in something borderless, like solar and wind.

The president has criticized past administrations for not keeping control of valuable Iraqi oil fields conquered by the military.

Multiple Fox news panelists and commentators have joined together to declare that energy independence is the key to the nation's health.