Low Oil Prices

Oil Rigs

Just What the Planet Needs: More Oil Production

A surge of oil from four countries—Norway, Guyana, Canada and Brazil—will more than compensate for slowing growth of U.S. oil production. The new sources might cause oil prices to dip to $50 a barrel and slow the transition to electric vehicles.

November 6, 2019 - The New York Times

Oklahoma Gas Tax Hike Faces Multiple Hurdles

Oklahoma is among a number of Republican-controlled states considering gas tax legislation, particularly since it faces a budget gap of $900 million. Bills to hike the tax are expected to be proposed this month, but they face formidable challenges.

February 6, 2017 - StateImpact Oklahoma

How Low Will Oil Prices Go?

Oil prices are now at a 12-year low. Prices have been very consistent this year: they have dropped every day. As they slide to going below $30 a barrel, service stations could be selling gasoline at $1 per gallon, a price not seen since 1999.

January 14, 2016 - The New York Times

Saudi Arabia Reducing Gasoline Subsidies to Cope with Budget Deficit

The world's third cheapest gasoline will increase by 40 percent in order to deal with a record budget deficit of $98 billion this year. Plummeting oil prices have forced the world's largest oil exporter, Saudi Arabia, to reduce energy subsidies.

December 30, 2015 - AFP

As Oil Prices Fall, Alaska Considers an Income Tax

Not only might Alaskans have to pay a state income for the first time since 1980, three years after the Trans-Alaska Pipeline was completed, but Alaska Permanent Fund checks might drop 50 percent to cope with falling crude oil tax revenue.

December 29, 2015 - The New York Times

Gas Station SUVs

Vehicle Miles Traveled Hits Record; Fuel Efficiency Decreasing Too

New figures from the Federal Highway Administration show no abatement in increasing vehicle miles traveled (VMT). While low oil prices have been beneficial for the environment on the production end, it is wreaking havoc on the consumption side.

November 8, 2015 - AASHTO Journal

Alberta Oil Sands

Shell Gives Another Early Christmas Gift to Environmentalists

Shell Oil surprised the environmental community in September by announcing an end to Arctic drilling. What could come next? Shell is abandoning plans for the Carmon Creek oil-sands project in Alberta and taking a $2 billion write-down.

November 2, 2015 - Bloomberg News

Oil Drills

World Demand for Oil to Increase in 2016

It's the best of both worlds for OPEC as cheap oil prices increase demand while high-cost rival oil producers are forced to close down wells according to an OPEC study released Oct. 12. And it was all planned.

October 20, 2015 - Reuters

First West Coast LNG Export Facility Gets Critical Federal OK

On Sept. 30, the Federal Energy Regulatory Commission approved the final environmental impact statement for a contentious $7.5 billion Liquefied Natural Gas export facility, pipeline, and power plant in Coos Bay, Ore. More approvals are still needed.

October 6, 2015 - Portland Business Journal

Drivers Enjoy Lowest Gas Prices in 11 Years on Labor Day Weekend

Not since 2004 have gas prices been this low, an outcome of a glut of oil on the market from producers amidst a slowdown of demand from China. No surprise that driving is at all-time hime. Prices are expected to drop below $2 per gallon by Christmas.

September 8, 2015 - USA Today

First Senate Bill Introduced to Raise Gas Tax

Carper, a Democrat, hopes to take advantage of historically low gas prices to hike the federal fuel taxes four cents a year for four years to end reliance on General Funds to fund transportation spending. Increased credits would offset the tax hike.

August 9, 2015 - The Hill

Hold the Presses: Alaska Gas Tax Increases Today

Alaska's 11.30 cents per-gallon gas tax, lowest in the United States, increases today for the first time in 45 years. As of July 1, the tax increases to 12.25 cents. Yes, by less than a penny. Percentage wise, though, it looks bigger: 8.4 percent.

July 1, 2015 - Planetizen

Record U.S. Oil Production Assures Low Gas Prices Through 2016

Oil prices plummeted 60 percent since last summer, yet American crude output will reach a record this year according to the Energy Information Administration's Fall Short-Term Energy Outlook. Gas prices will drop about 35 cents this year.

June 14, 2015 - USA Today

North Carolina Struggles to Prevent Deep Gas Tax Cut

The News & Observer's "road worrier" (not a typo!), Bruce Siceloff, provides ongoing coverage of the sad saga of North Carolina's gas tax, set to be adjusted downwards by statute.

March 23, 2015 - The News & Observer

Where Have All the Oil Trains in California Gone?

While many California were protesting oil trains carrying the hazardous Bakken crude, a funny thing happened—they stopped coming. While protests may have delayed the construction of new oil terminals, economics is at the root of the slowdown.

March 13, 2015 - The Sacramento Bee

The Far-Reaching, Lasting Effects of Low Oil Prices

With SUV sales up, car sales down, and mileage driven up, the effects of lower gas prices could soon extend to land use, making suburban and exurban commuting more affordable. Economists have a term for these effects: demand response.

February 24, 2015 - The Wall Street Journal - The Outlook

OPEC Sees U.S. Motorists as Their Ally

An IEA report suggests that oil prices have bottomed-out, are now on the rebound, and that demand for OPEC's oil will start rising next year. OPEC predicts that U.S. oil consumption will increase after years of decline, thanks to U.S. motorists.

February 12, 2015 - OPEC Says U.S. Motorists

Seizing the Moment: Nations Slash Energy Subsidies as Oil Prices Fall

Just as plummeting oil prices have caused state and federal political leaders to consider raising gas taxes, leaders in developing nations, both oil producers and consumers, are considering reductions in national energy subsidies.

February 5, 2015 - The New York Times

Plunging Fuel Prices Could Bring Plunging Fuel Taxes

It was considered a given by many analysts that global oil prices would only increase as world oil demand outstripped supply, so switching to percentage-based fuel taxes from per-gallon taxes made sense, until OPEC chose not to restrict their output.

January 19, 2015 - The Courier-Journal

Conservative Columnist Promotes $1 Gas Tax Alternative

Charles Krauthammer offers his own brand of gas tax hike that differs from others mentioned recently. One, it's much bigger. Two, revenues won't be used for transportation. It would be revenue neutral; all funds would be returned to taxpayers.

January 17, 2015 - The Washington Post

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