Delta’s foray into oil refining illustrates some of the reasons the business was in trouble even before the pandemic.
1
Clifford KraussGasoline and diesel demand has recovered substantially in recent weeks but jet fuel remains in the dumps with people afraid to fly. Delta Airlines is the unlucky owner of a refinery that was supposed to be a hedge when jet fuel prices rise -- not fall.
202d
Iraq is the rare country that imports gas but also burns natural gas from oil wells into the air. The wasted gas is enough to power 3 million homes. Burning it is making people sick.
Trying to cut spending as the pandemic reduces tax revenue, governments are finding it easier to lift restraints on what consumers pay for fuel.
1
Clifford KraussIn the age of Covid, governments in developing countries must decide whether to keep fuel cheap for the poor or slash inefficient and polluting energy subsidies that tax their budgets
261d
The company, which has said it could file for bankruptcy protection, helped turn the U.S. into a gas exporter but became known for an illegal scheme to suppress the price of oil and gas leases.
1
Clifford KraussOnce mighty Chesapeake Energy, a pioneer in shale gas drilling revolution, is falling fast
263d
Businesses in the United States, Israel and other countries were planning to invest billions in export terminals. Now, those projects are being canceled or delayed.
Saudi Arabia, Russia and other oil-producing nations have pledged to cut about 10 percent of global production, but demand is down by much more than that.
The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.
The president’s optimism for a deal between Saudi Arabia and Russia to reduce production and a Saudi call for talks send crude prices skyrocketing, but Moscow showed little enthusiasm.
The use of gasoline and other fuels is dropping as Saudi Arabia and Russia increase production, sending oil prices to their lowest level in a generation.
Energy companies were major issuers of junk bonds to finance expansion. But now they are in trouble as capital has dried up and oil prices have cratered.