A growing consensus is emerging from the likes of BP Plc, the International Energy Agency, shale wildcatters and even the Saudis that a near-term recovery to $100-a-barrel crude isn't in the cards. Instead, expect a range of $50 to $60 for at least the next few years.
Defying the Republican-run Congress, President Barack Obama rejected a bill Tuesday to approve construction of the Keystone XL oil pipeline, wielding his veto power for only the third time in his presidency.
An Obama administration proposal to allow offshore oil and gas exploration drew hundreds of people to North Carolina's coast for two meetings: one where federal officials gathered comments, and another where drilling critics rallied to voice their opposition.
Waters along the eastern seaboard from Virginia to Georgia are included in a draft plan released by the Obama Administration at the end of last month. If the area is not, at some point, excluded from the proposal, lease sales could happen by 2021.
Falling oil prices threaten to slow the US drilling boom. The downturn has also increased calls to lift the ban on exporting oil and natural gas from the US - an outdated policy that should be changed.
The Obama administration floated a plan Tuesday that for the first time would open up a broad swath of the Atlantic Coast to drilling, even as it moved to restrict drilling indefinitely in environmentally-sensitive areas off Alaska.