(oilprice.com) Oil briefly dropped below $40 per barrel this week but rebounded following the surprise drawdown in gasoline inventories, a robust decline of 3.3 million barrels. Oil traders were more than happy with that result, ignoring the 1.4 million barrel build in crude oil stocks. As a result, oil traded up 3 percent on Wednesday and posted an additional 2.5 percent gain on Thursday.
(NY Times) What would happen if the federal government ended its subsidies to companies that drill for oil and gas?
The American oil and gas industry has argued that such a move would leave the United States more dependent on foreign energy.
Many environmental activists counter that ending subsidies could move the United States toward a future free of fossil fuels — helping it curtail its emissions of heat-trapping carbon dioxide into the atmosphere.
Chances are, it wouldn’t do much of either.