oil

The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. TC Energy already had suspended construction in January when President Biden revoked a key cross-border presidential permit. The announcement ends a more than decade-long battle that came to signify the debate over whether fossil fuels should be left in the ground to address climate change.

Oil prices have risen sharply over the last few months. Normally, that's a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening.

OPEC and its allies said Thursday they are keeping oil production largely steady, even as crude prices stage a remarkable recovery, betting that a restrained approach will lay the groundwork for prices to climb even more.

As part of his ambitious plan to address climate change, President Biden is revoking a key, cross-border presidential permit needed to finish the controversial Keystone XL pipeline

Set aside the pandemic. Ignore the collapse in demand. Forget about the time oil prices went negative. Look at everything else that happened this year, and — Well. Oil still had a pretty terrible year.

Just two weeks before President-elect Joe Biden takes office, the Trump administration is trying to lock-in oil and gas drilling in Alaska's Arctic National Wildlife Refuge with a hastily scheduled and controversial lease sale. But despite the high stakes, uncertainty looms over how much oil is actually trapped under the million acres of tundra up for leasing, and how much industry interest there is to go find it.

A train carrying crude oil derailed and caught fire in Whatcom County Tuesday morning, prompting officials to evacuate all nearby residents and businesses for several hours.

The Jan. 6 auction was set before the end of the comment and nominations period. If leases are finalized before Joe Biden takes office, they could be difficult to revoke.

When the price of oil crashes, oil companies often merge and big oil gets even bigger. So this crisis could be an opportunity for companies, but it comes with a tremendous amount of uncertainty.

A federal judge has ordered the Army Corps of Engineers to produce a full environmental review. Until then, oil must stop flowing through the controversial pipeline.