LONDON, Nov 6 (Reuters) – In the three months ending in
August, the United States and Canada swapped a record amount of
crude oil with each other, one of the more bizarre consequences
of outdated U.S. export controls.
Because U.S. oil producers cannot export crude oil to any
other country, crude is sent north to refineries in Canada, even
if it would make more sense to ship it to refineries in Europe,
Latin America or Asia.
LONDON, Nov 4 (Reuters) – Saudi Aramco cut the price of
December crude deliveries to U.S. refiners on Monday in order to
protect its competitiveness amid an erosion of its U.S. market
share by rival exporters such as Canada and Iraq.
In August, U.S. crude imports from Saudi Arabia slipped
below 900,000 barrels per day, according to the U.S. Energy
LONDON, Nov 3 (Reuters) – Cristina Fernandez, president of
Argentina, is the sort of populist political leader financial
markets love to hate.
For business interests and the media, she has become an
archetypal villain, a symbol of everything that has gone wrong
with the country’s economy over the last century.
LONDON, Oct 31 (Reuters) – Gasoline prices in all parts of
the United States are tied to Brent rather than the domestic
crude oil benchmark WTI, according to a detailed study published
on Thursday by the Energy Information Administration (EIA).
The EIA study removes the last principled objection to
lifting the ban on U.S. crude oil exports – namely that it would
lift domestic oil prices and through them the cost of filling up
at the pump.
LONDON, Oct 30 (Reuters) – According to many commentators,
cheap natural gas is producing a renaissance in U.S.
manufacturing and putting European competitors at a
But empirical studies show the impact has been small and
concentrated in a handful of energy-intensive industries that
account for only a small share of manufacturing value-added.
LONDON, Oct 30 (Reuters) – “If you can keep your head when
all about you are losing theirs and blaming it on you,” is the
famous opening line of a poem by Rudyard Kipling that was once
voted Britain’s favourite verse.
Published at the start of the 20th century, when Britain’s
empire was at its greatest extent, “If” captures the country’s
self-image as phlegmatic and unflappable.
LONDON (Reuters) – “In a very real sense, the North American electricity market is borderless,” Canada’s electric industry wrote to U.S. energy regulators last month.
There are more than 35 high-voltage connections across the border. Another six lines will be in service by the end of the decade or are planned, the Canadian Electricity Association wrote to the U.S. Department of Energy, which is currently conducting the first Quadrennial Energy Review.
LONDON, Oct 27 (Reuters) – Thanks to shale, energy-producing
states have been the strongest economic performers in the United
States over the past decade, sharply improving their position
compared with the energy-consuming states.
Only 13 of the 50 states produced more energy than they
consumed in 2010, the latest year for which comprehensive data
is available, according to the U.S. Energy Information
LONDON, Oct 23 (Reuters) – On Oct. 20, 1973, King Faisal of
Saudi Arabia imposed a total embargo on oil shipments to the
United States among other countries in response to their support
for Israel during the Arab-Israeli war.
Faisal’s decision led directly to the introduction of a ban
on U.S. crude exports, which remains in force in a slightly
modified form and is now the focus of an intense struggle for
LONDON, Oct 21 (Reuters) – Lifting restrictions on U.S.
crude oil exports could actually lower fuel prices for U.S.
motorists and other consumers by contributing to a drop in world
oil prices, according to a report from an influential
congressional watchdog released on Monday.
The Government Accountability Office (GAO) also recommended
that the U.S. Department of Energy review the size of the
Strategic Petroleum Reserve (SPR) to ensure it remains
appropriate as net oil imports fall.