The oil price has risen by 20% this year – far outstripping the stockmarkets. John Stepek looks at the reasons for its rise, and what might happen from here.
We're on the cusp of a revolution in the energy industry. It's one that could redraw the energy map of the world, give humanity the ability to tap essentially unlimited power sources, and – if you make the right investments – make a fortune for investors.
In short, we're living through a change in the way the world produces and consumes energy. It is a transition that's well under way. And it's being driven by the convergence of several key technological trends that are showing no sign of abating.
While you wouldn't be alone in thinking that solar power was further away than ever, you could be wrong. Solar is on the brink of becoming the world's dominant energy source.
Opec has joined forces with Russia to mop up much of the oil market glut by agreeing to curtail production.
US natural-gas production will hit a record in 2018. Output should exceed 80 billion cubic feet per day, marking a 60% increase since 2005.
US oil production eclipsed ten million barrels per day last December, and has nearly caught up with the record set during the Texas oil boom 47 years ago.
The price of oil has now reached $70 a barrel for the first time since early 2015, and is still rising. But unless there is a serious supply disruption, it’s unlikely to go much higher.
The oil price has made a steady recovery since it crashed in 2014. But that could have far reaching consequences for equity markets, says John Stepek.
Raw-materials prices rose sharply in 2017 – and they have made a strong start to 2018, too.
The price of Brent crude hit a two-year high yesterday. John Stepek looks at what that might mean for the global economy – and for inflation in particular.