Many states continue to grapple with the effects of falling fuel prices. Resource-heavy states like Alaska are particularly hard hit. Even states that do not produce gasoline are being affected. The lower fuel costs are bringing in less gas tax revenue in some states causing budget deficits. Taxing gasoline is controlled by the states, not the federal government, allowing states …
OPEC Pumps Up Oil Production – Oil Industry Update
As oil prices rebounded throughout May and June, drillers revived idle rigs at the prospect of catching higher prices as they evolved. Unfortunately, the upswing in production and drilling was accompanied by growing supplies and less consumption, thus resulting in a supply glut. As a group, OPEC represents the world’s largest producer of oil, with Saudi Arabia being the single …