When the next hurricane hits Texas
OPEC deal, if finalized, could quickly boost oil prices
Energy fellow Jim Krane comments on OPEC's preliminary agreement to cut the cartel's oil production for the first time in eight years. One Saudi oil minister suggested the country's price war with U.S. shale drillers had not completely succeeded.
Krane said that "shale has been stubborn. Saudi Arabia accomplished some if its goals, but it's also made shale a more formidable competitor."
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Developing nations will drive fossil fuel demand for decades
The idea that renewable energy sources can eliminate fossil fuels in the foreseeable future is a myopic view that does not see beyond major Western economies, said Ken Medlock, senior director of the Center for Energy Studies, at a recent industry conference. Energy use in developing countries will ensure that "oil and gas are going to have to play a role in the next 30 years."