Iranian Oil Minister Bijan Zanganeh said oil production from the Islamic republic could increase even with harsh economic sanctions in place. In late December, Tehran said it would pump as much oil as it could if sanctions are lifted. Now, it seems, OPEC is taking notice.
Crude oil sourced in the United States is cheaper and therefore means less pain at the pump for American drivers. When adjusted for inflation, however, the price for a gallon of regular unleaded gasoline is still high because of international dynamics, AAA said Monday.
The U.S. Energy Department said imports from OPEC increased year-on-year, with Saudi Arabia accounting for the bulk of additional oil. While oil production from the United States has increased, the data show the global market is still interconnected.
The idea of oil "independence" understandably appeals to Americans. But at some point America's leaders must recognize the physical evidence indicates the alleged "energy revolution" is likely to be merely a relatively short-term bump.
The oil price has skyrocketed over the past few months and the finger often points to Libya and claims of supply disruptions have dominated the press. However, are these claims grounded in fact or are we watching yet another sentiment driven bubble?
The recently released base case from the EIA paints a future of cheap energy for the economy. But its underlying assumptions are no more credible than those that underpinned the optimistic forecasts released by the International Energy Agency.
Federal climate legislation is crucial if our country is to be a responsible member of the global community. While the wind industry will contribute significantly to the solution, solar has a long way to go.