Jan 2, 2020

The decade's biggest unexpected boom

Felix Salmon
Data: EIA; Chart: Axios Visuals

Shale dominated the 2010s, even more than the iPhone or cloud computing. That's the claim made by blogger and investment adviser Josh Brown, who sees the U.S. shale boom causing a collapse in energy prices that had enormous economic and geopolitical consequences.

By the numbers: The U.S. currently produces roughly 12.7 million barrels of oil per day. That's an all-time high, and is more than double the 6.1 million expected 1o years ago.

  • The boom was caused by the collapse of Lehman Brothers, and the tsunami of emergency liquidity that resulted from central banks around the world trying to prevent the complete failure of the global financial system.

Go deeper: OPEC is still having a hard time exerting its sway amid U.S. oil boom

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Amy Harder

What Middle East crisis? Why oil prices aren't rising

Data: EIA; Chart: Axios Visuals

Despite rising unrest in the Middle East — including the death of an Iranian commander — America’s average gasoline prices have remained under $3 a gallon.

Why it matters: Practically speaking, it’s great for drivers’ pocketbooks — and President Trump’s re-election campaign. It also shows the remarkable cushion created by the United States' booming oil production, which has doubled over the last decade.

Go deeperArrowJan 8, 2020
Ben Geman

The Gulf Coast's surging oil facilities could become a huge carbon emissions source

Illustration: Sarah Grillo/Axios

The Gulf Coast industrial facilities built to use surging oil and natural gas production from shale formations could become a very large source of greenhouse gas emissions, a peer-reviewed study concludes.

Why it matters: The paper in Environmental Research Letters bolsters understanding of shale's potential climate effects by looking closely at petrochemical plants, LNG terminals and other facilities (much of it in the planning stages).

Go deeperArrowJan 16, 2020
Ben Geman

Crude oil prices fall to 3-month low over coronavirus fears

Pedestrians wearing face masks cross a road in Hong Kong on Jan. 27. Photo: Anthony Wallace/AFP via Getty Images

Crude oil prices fell to their lowest levels in over three months Monday as traders weigh how much the spread of the coronavirus will eat into demand because travel and economic activity is curtailed.

Why it matters: The sharp drop, which follows declines last week, shows how the spreading virus is rippling through global markets.

Go deeperArrowJan 27, 2020