Obama In 2012: āWe Canāt Just Drill Our Way To Lower Gas Pricesā
Obama in Miami: 'We can't just drill our way to lower gas prices'
Oil Falls as U.S. Stockpiles Rise and IEA Sees 2018 Supply Surge.
The American Petroleum Institute signaled U.S. crude inventories probably climbed a second week, ahead of data from the Energy Information Administration forecast to show a decline. New supplies from OPECās rivals will be more than enough to meet growth in demand next year, the IEA said in a report Wednesday.
Oil is extending its slump below $50 a barrel amid speculation increasing U.S. supplies will counter production curbs by the Organization of Petroleum Exporting Countries and allies including non-OPEC member Russia. Output at major American shale fields will reach a record in July, according to the EIA.
āThe market tightening intended by OPEC has thus failed to materialize,ā Carsten Fritsch, an analyst at Commmerzbank AG in Frankfurt, said in a report. āOPEC will therefore have to cut production further next year to ensure that the oil market is not oversupplied.ā
Obama in Miami: 'We can't just drill our way to lower gas prices'
Oil Falls as U.S. Stockpiles Rise and IEA Sees 2018 Supply Surge.
The American Petroleum Institute signaled U.S. crude inventories probably climbed a second week, ahead of data from the Energy Information Administration forecast to show a decline. New supplies from OPECās rivals will be more than enough to meet growth in demand next year, the IEA said in a report Wednesday.
Oil is extending its slump below $50 a barrel amid speculation increasing U.S. supplies will counter production curbs by the Organization of Petroleum Exporting Countries and allies including non-OPEC member Russia. Output at major American shale fields will reach a record in July, according to the EIA.
āThe market tightening intended by OPEC has thus failed to materialize,ā Carsten Fritsch, an analyst at Commmerzbank AG in Frankfurt, said in a report. āOPEC will therefore have to cut production further next year to ensure that the oil market is not oversupplied.ā