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U.S. blames Iran for attack on Saudi facilities, and world oil price spikes

Benchmark oil prices are up by 10%

Global energy prices spiked on Monday after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record, an assault for which President Donald Trump warned that the U.S. was "locked and loaded" to respond. U.S. officials offered satellite images of the damage at the heart of the kingdom's crucial Abqaiq oil processing plant and a key oil field, alleging the pattern of destruction suggested the attack on Saturday came from either Iraq or Iran —

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Iranian hostilities could cause spike in global oil prices

Tensions in the Gulf have already pushed oil prices slightly higher

Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say. On Friday, Iran seized a British-flagged oil tanker in the narrow passageway that carries one-fifth of the world's crude exports and a second Liberian-flagged ship was briefly detained. "If

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NYT reveals Big Oil's secret effort to roll back car emissions regulations

From Congress to Facebook ads, Marathon Petroleum used every trick

From Congress to Facebook ads, Marathon Petroleum used every trick.

West-Saudi tensions lift safe havens; stocks slip

Al Arabiya op-ed warns that oil could jump 'to $100, or $200, or even double'

Al Arabiya op-ed warns that oil could jump "to $100, or $200, or even double."

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If automakers didn't lobby for mpg freeze, who did? Who do you think?

Consumers could pay an extra $193 billion or more for fuel by 2035

Consumers could pay an extra $193 billion for fuel by 2035, study suggests.

ETC
Gasoline prices surge as Harvey keeps refineries shut

National average pump price is up 17.5 cents per gallon so far.

National average pump price is up 17.5 cents per gallon so far.

ETC
Harvey hits Louisiana next, shuts more refineries — expect higher gas prices

Much refining capacity is offline, and pipelines have been throttled back

Much refining capacity is offline, and pipelines have been throttled back.

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Annual US fuel demand could fall 20% if EV sales surge

A more likely scenario, though, is a 5% drop.

US fuel consumption may "fall" to 7 million barrels a day by 2035 if EVs account for a third of new-car sales.

Low oil prices a win for producers thanks to helpful tax break

If you've got a marginal well, you almost can't lose.

For the first time since the law went into effect in 2005, a tax credit to help marginal well oil producers is paying out, thanks to low prices.

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Saudi Arabia looks beyond oil, easy profits

Low oil prices could run the country dry in five years.

A new plan called Vision 2030 includes selling a portion of the state-owned oil company Aramco.

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Electric vehicles will not cause oil 'crisis,' Navigant says

According to Navigant Research, EV adoption will be a relative drop in the bucket.

Navigant Research says better overall MPG, autonomous driving features, and alt-transportation programs will have a greater impact on oil demand than EVs.

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Why fuel prices will stay low for the next decade

"You have to believe that there is a possibility that you will not necessarily go back above $100, you know, ever," said Ian Taylor, CEO of the world's largest independent oil trader.

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Oil is now cheaper than the barrel it comes in

Crude trades for around $30 a barrel, but an oil drum will set you back about $99 each.

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OPEC: 94% of all cars will burn gas in 2040

Oil Producing Countries Dismiss Electric Cars, Other Alternatives

OPEC's latest World Oil Outlook one again gives the cold shoulder to alt-fuel vehicles, saying that EVs will likely, "not achieve mass market appeal."

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Oil prices headed up or down? Experts divided

Oil industry analysts can't decide how crude prices might change by the end of the year. With a huge inventory already in the stockpile, global demand is going to determine the price.

Ghosn: Low oil prices won't hurt EVs much

Renault-Nissan CEO Says Regulations Will Keeps EVs Coming

People will keep on buying EVs since various emissions regulations will mean automakers will continue to build them, no matter what happens to gas prices.

Gas Prices Tumble To Lowest Level In Nearly 4 Years

The national average for a gallon of unleaded regular gas dropped 18.2 cents to $3.05

AAA's predictions of cheap gas for the coming fall season are already being realized. Gas prices across the country are dipping to the lowest levels seen in almost four years.

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OPEC quietly telling oil market to get comfy with lower prices

If you haven't noticed, it has been a little cheaper to fill up at the gas station for the last few weeks. According to the US Energy Information Administration, the current national average cost for a gallon of gasoline is $3.299. That's down about a nickel from the previous week and around seven cents lower than this time last year. It doesn't look like this is just a temporary blip either because there's a strong possibility that Saudi Ara

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'Snake Oil' author says history should remind us of fracking's 'false promise'

At least one author is warning consumers not to be fooled by relatively steady gas prices and prognostications of plentiful petroleum. Richard Heinberg, in his book Snake Oil: How Fracking's False Promise of Plenty Imperils Our Future is warning people that any prediction that the world has staved off the prospect of diminishing returns on continued oil drilling is inaccurate, and that the recent increase in

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Gulf CEO says oil prices could halve by end of year, cause global instability [w/video]

It's just one in a laundry list of factors, but more fuel-efficient cars could make a difference in lowering oil prices dramatically to half their present levels, plunging to $50 a barrel by the end of the year. That's what Gulf Oil CEO Joe Petrowski is predicting in a new interview on CNBC's Squawk Box, though he is quick to point out that a halving of oil prices doesn't necessarily translate to a halving of fuel prices. And, Danny King

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