Gas prices are continuing their downward slide, hitting the lowest average price since last December Friday. Gas prices are expected to continue to fall this year, and in many places, drivers are already paying less than $3 a gallon to fill up their gas tank.
The US is relying less and less on foreign suppliers to meet its energy needs, but US Energy Secretary Ernest Moniz says lauding those gains may be misguided in the drive for energy security.
North American oil markets are pulling away from foreign market because of increased domestic production. Still, OPEC producers should still hold a key stake in a changing oil game, according to the International Energy Agency.
Changing global energy dynamics loom large over the latest attempt to reconcile differences between the US and Iran. Production in the US and Saudi Arabia has boomed in recent years, eroding any leverage Iran might have in the ongoing debate over its nuclear ambitions.
Iranian President Hassan Rouhani addresses the UN General Assembly Tuesday in speech that may have wide-ranging repercussions across the global energy sector. Rouhani's speech may be heralded as a sea change for the Islamic Republic, its nuclear work, and the oil market's reaction, Graeber writes.
Gas prices are at the lowest they've been since late January despite continued unease across the Middle East. Much of the decline in gas prices is part of the seasonal change in supply and demand, but it also reflects a shifting global oil market.