The controversial Keystone XL pipeline project crossed a major hurdle when the Senate passed legislation approving its construction Monday. With the bill now well on its way to becoming law, the real question arises: with oil prices so low, is a pipeline needed anymore?
The US could fight back in an oil prices war with OPEC by employing one simple, big move. But, I can confidently predict that the country will not do it. Why? Because it involves a tax, a tariff actually.
Iraq and Gaza made the world financial markets nervous Friday, though Chinese stocks rose after surprisingly strong growth in exports. Investors fretted about Russia's decision to retaliate against sanctions with a ban on food imports from the West. Meanwhile, President Barack Obama authorized US airstrikes in northern Iraq.
Russia's ban on food and agricultural imports comes in retaliation for US and European sanctions over Ukraine. Russia is expected to release a full list of the products it is barring today.
Saudi Arabia, Russia, and the United States were the top oil producers in 2013, according to BP's latest report. At the same time, the US was also the biggest consumer of oil in the world, with China as the second-biggest oil consumer.