By Douglas A. McIntyre It has been months since a hurricane posed a real threat to oil rigs in the Gulf of Mexico. Now, Hurricane Ida is entering the region from the west after doing significant damage in Nicaragua. Most hurricanes that move into the Gulf end up doing very little damage to either ... Read more

Oil may have just gotten some wind taken out of its sails after flirting with $50.00 per barrel late yesterday.  The DOE just released its weekly inventory data showing another build across the board.  Crude rose another 2 million barrels to 353.3 million barrels, gasoline rose 3.2 million ... Read more

Many were of the belief that the trade deficit would widen as the US recession strengthened. The only way that could have happened is if oil prices stayed stubbornly high. While the price of oil may have bottomed, odds of it shooting up towards $100 again in the near future are slim. However it's ... Read more

By Joseph Lazzaro for DailyFinance.com So much for that nascent oil rally. In this oil market, the bears rule. True, the bulls have their moments, but these are fleeting, like that proverbial church mouse that sneaks out for a peak from time to time, only to be chased back into its hole by the ... Read more

I had a hunch that this was coming, I just wasn’t sure when.  Provident Energy (PVX) cut its distribution to $0.06 CAD or roughly $0.05 USD per share. Naturally this is due to deflated crude oil prices, and a less than appealing outlook on the commodity price ... Read the full post ... Read more

60 Minutes recently did a piece on the impact of speculators on oil prices that is worth some attention. Did Speculation Fuel Oil Price Swings?, 60 Minutes: Speculation Affected Oil Price Swings More Than Supply And Demand - CBS News : "'Approximately 60 to 70 percent of the oil contracts in th ... Read more

In the wake of a global recession that has oil prices off 70 percent since mid-summer Saudis say 2 million barrel production cut likely OPEC powerhouse Saudi Arabia said Tuesday that the oil cartel would cut production by about 2 million barrels a day to halt a precipitous fall in prices. ... R ... Read more

Falling crude oil prices have hit Russia particularly hard. The country needs a crude price of about $70/b to cover production costs and to fund the government. So, what do they do when the price falls into the $40s? According to Platts, a vice-president of Gazprom Neft, the giant natural gas ... Read more

When oil got over $140 a barrel, there were grave concerns that huge numbers of people could be put out of work. Airlines and auto companies could not afford high gas prices. People were faced with choosing between paying their mortgages or using their cars and trucks. Farmers and many business ... Read more

It wasn't too long ago that President Bush was telling us all that we have a hideous addiction to oil. But now that the barrel price has freefalled almost 50% in the last 3 months we're not the ones standing up declaring ourselves addicts anymore. While the United States was being squeezed b ... Read more