America’s emergency stockpile of oil stands twice as large as the amount required by an international pact. George Soros has proposed selling some now to punish Russian President Vladimir Putin -- and U.S. lawmakers are starting to listen.
The Crimean crisis is poised to reshape the politics of oil by accelerating Russia’s drive to send more barrels to China, leaving Europe with pricier imports and boosting U.S. dependence on fuel from the Middle East.
The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
Environmentalists opposed to the Keystone XL pipeline are expanding their fight against imports of Canadian heavy crude oil by trying to block rail projects that offer another way for it to enter the U.S.
TransCanada Corp.’s Keystone XL oil pipeline, a project backers including Republican Presidential candidate Rick Santorum say will create cheaper U.S. gasoline, instead risks raising prices as much as 20 cents a gallon in the Midwest, Great Plains and Rocky Mountains.
Four years ago, Barack Obama pledged to promote a green revolution, saying the government would back alternative-energy technologies that could create 5 million jobs and free the U.S. from a dependence on overseas oil tyrants.