The war with Iran has pulled the American oil industry out of a slump, raising corporate profits and spurring some companies to drill more wells. U.S. oil production is now forecast to grow modestly next year, topping 14 million barrels a day for the first time, according to the Energy Information Administration. The federal agency…
The long-awaited deal to reopen the Strait of Hormuz brought quick relief to the oil market, sending prices to their lowest levels since early March. Getting substantial amounts of oil and gas flowing, however, will take much longer. It can take weeks or months, even in the best of times, to get oil and gas…
The monthslong closure of the Strait of Hormuz is reinforcing an expensive geopolitical lesson about how risky it can be to rely on imported energy. From South America to Southeast Asia, governments and private companies are being forced to look inward and take steps to harness what they can domestically, even when doing so raises…
The Energy Department has issued new guidance that could prevent people from receiving rebates for replacing gas appliances with electric ones. The guidance, which took effect on Friday, would prevent states from offering rebates to people who buy an electric stove to replace a gas range. It would also end rebates for similar swaps of…
If there are any winners from the war with Iran in the business world, they are Western oil companies that are reaping the rewards of much higher energy prices. But don’t expect them to invest their bumper profits into pumping a lot more oil and natural gas — at least not yet. In fact, there…
OPEC will be less powerful without one of its leading members, the United Arab Emirates. The question is: How much? The emergence of the United States as the world’s largest oil producer has diminished the grip that the Organization of the Petroleum Exporting Countries had over the global market, as has the departure of several…
The closure of the Strait of Hormuz has cut off a significant source of liquefied natural gas, but the United States, the biggest exporter of the fuel, is unlikely to pick up that slack because it has no spare capacity. A two-month pause on L.N.G. shipments from Qatar, a Persian Gulf country near the strait,…
The Trump administration will pay energy companies hundreds of millions of dollars to abandon their plans to build two wind farms off the U.S. coast, the Interior Department said Monday, in a repeat of a tactic the government used to cancel other offshore wind leases last month. The firms will forfeit their leases in federal…
An operation to tow a Russian tanker adrift in the Mediterranean Sea failed on Wednesday, leaving the laden vessel unmoored about 120 nautical miles north of the city of Benghazi, Libya, according to the Libyan Ports and Maritime Transport Authority. Libya’s effort to tow the ship to safety failed when the towing cable snapped and…
Even if the Strait of Hormuz opens again, energy executives and analysts say the industry will no longer be able to count on it as it used to. For the strait, there is no going back to normal. Countries across the region are exploring building, expanding or rehabilitating infrastructure that would bypass the strait. And…
