big oil

Oil tug-of-war featured in New York Times article

Jun 20, 2017
HITCHHACKING / FLICKR CREATIVE COMMONS

The oil market is featured in a New York Times article that highlights the years-long tug-of-war between the Organization of the Petroleum Exporting Countries (OPEC) - which has attempted one failed tactic after another to conquer the oil glut that is expected to suppress prices for at least another year - and companies continuing to tap into shale reserves across the U.S., driving oversupply and low prices.

Joe Raedle / Getty Images

An increase in oil prices is likely a precursor to higher gas prices over the holidays.

Following an agreement by OPEC, the Organization of Petroleum Exporting Countries, last week to cut global oil production by 1.2 million barrels per day, the price of crude oil rose to $55 per barrel, a 16-month high, as Yahoo News reports.

Following last week’s move by the Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 1.2 million barrels per day (bpd), crude oil prices rose above the $55 per barrel mark Monday, hitting a 16-month high, Reuters reports.

Scotty J. Ferrell / Congressional Quarterly/The Guardian/Getty

In 1999, the federal government found big tobacco companies guilty of racketeering under the US’s RICO law, traditionally used to go after organized crime syndicates. The Feds found that big tobacco had knowingly funneled money to fake research groups whose job it was to disseminate “science” claiming that smoking wasn’t, in fact, bad for you.