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.
Oil companies ExxonMobil and BP defy the United States by collaborating with Russia in the energy sector. ExxonMobil and BP have separately signed agreements with Rosneft, Russia's state-owned oil company.
The standoff between Russia and the West will likely take twists and turns for some time in the future. Investors in energy may need to brace themselves for a bumpy ride.
Oil supermajor BP took its first step Wednesday toward returning to offshore oil drilling in the Gulf of Mexico after a drilling moratorium put in place following the 2010 BP Gulf of Mexico oil spill. Four years after that tragedy, officials say the region is still a centerpiece of the US energy portfolio.
Russia’s upper house of parliament is considering measures that would allow it to seize the property and assets of European and US companies in the event of sanctions against Russia. The economic damage of such a self-defeating move should give the Russian leadership pause.
Like ethanol, butanol can be produced from corn or sugar cane, but it has a far higher energy density and is easier for refiners to mix with gasoline.