Oil & Gas > Summary
The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
Description courtesy of Wikipedia. Photo: Untitled by michaelalanstuart available under CC BY 3.0.
At first glance, it seems that the decline from more than $100 a barrel to $80 a barrel would be a good thing for the U.S. economy. It is like a tax cut... Read More »
Oil drops below $86 on over-supply and global economy worries
| Reuters CALGARY Alberta (Reuters) - Brent crude fell below $86 a barrel on Monday as nagging concerns... Read More »
Earlier this week the Paris-based energy watchdog International Energy Agency (IEA) published a report which cut its forecast for global oil demand by 250,000 barrels ... Read More »
OPEC Split as Oil Prices Fall Sharply
Oil prices sank again on Monday, giving consumers more of a break and causing a split among OPEC leaders about what action... Read More »
Oil Drop Makes Drillers Own Worst Enemy; Gas Offers Haven - Businessweek U.S. oil producers that saw profits soar on the North American shale boom are feeling the... Read More »
US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day... Read More »