American oil production is hitting record levels, delivering economic and foreign policy benefits but putting environmental goals further out of reach.
Category: Production
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Oil Producers Fail to Agree on More Production Cuts
Oil prices fell after OPEC Plus’s year-end gathering failed to produce substantial cuts in output. But the group said Brazil, an oil giant, was expected to join.
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In a Shaky Oil Market, OPEC Has Bitter Decisions to Make
Anticipating a drop in demand for 2024, major producers, led by Saudi Arabia, are trying to reduce supply.
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U.A.W. Reaches Tentative Deal With Stellantis, Following Ford
Stellantis, the parent of Chrysler, Jeep and Ram, and the United Automobile Workers union said they had reached a deal on a new contract similar to the one that the union reached with Ford.
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Biden Seeks to Tame Oil Prices if Mideast Conflict Sends Them Soaring
The president has previously drawn down the Strategic Petroleum Reserve to ease price pressures, but that could be more difficult now
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Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns
Exxon Mobil and Chevron are spending tens of billions of dollars buying oil and gas assets, betting that the International Energy Agency’s predictions of declining oil demand are wrong.
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Exxon Acquires Pioneer Natural Resources for $60 Billion
The acquisition of Pioneer Natural Resources, Exxon’s largest since its merger with Mobil in 1999, increases the company’s presence in the Permian basin in Texas and New Mexico.
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G.M. Workers in Canada Go on Strike
More than 4,000 members of the Unifor union went on strike at General Motors after the two sides failed to reach a new contract.
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Tesla Sales Slip as It Readies Factories for New Models
Analysts expected a decline in sales for the quarter. Still, the dip may raise concerns about flagging demand.
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Oil Prices Jump on Extension of Production Cuts by Saudi Arabia and Russia
The move reflected renewed efforts by the two major exporters to bolster the price of crude.
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Tesla’s Profit Rose in the Second Quarter After Big Price Cuts
Elon Musk’s electric car company is facing intensifying competition from newer Chinese automakers and established Western car companies.