Ramaphosa goes straight to the oil taps to bring down fuel prices

as declared in It's also clearly no coincidence that Ramaphosa's latest tour has included the world top two oil producers, the United Arab Emirates and Saudi Arabia. The president first touched down in Nigeria, then headed to Saudi Arabia and was scheduled to conclude his tour in the UAE. Nigeria could play a role to influence Opec to listen to Ramaphosa's plea for something to be done about the crude oil price. In the same vein, nobody would be surprised if he takes similar trips to other African oil producers such as Liberia, Libya, Gabon, Angola, Equatorial Guinea, and the Congo in future. Ramaphosa has to defend this now amid major unhappiness at the fuel price, which is largely out of his control.

Trump reportedly considers tapping emergency oil supplies to tame crude prices

President Donald Trump is reportedly considering tapping the nation's stockpile of emergency oil supplies as prices at the pump remain stubbornly elevated. The administration is actively considering selling 5 million to 30 million barrels from the Strategic Petroleum Reserve into the market, two sources with knowledge of the situation told Bloomberg News. The administration is also mulling a larger release that would be coordinated with other nations, the sources said. The Wall Street Journal later reported that some members of the Trump administration oppose the plan. However, Fatih Birol, director of the International Energy Agency, recently told attendees at a private dinner that his organization was considering a strategic release, the Journal reported, citing people who attended the event.

VW eGolf supply, rising oil prices in 2020, and an electric double-decker bus: Today's Car News

according to 2017 Volkswagen e-Golf, first drive, New York City, April 2017 Enlarge PhotoThe Volkswagen eGolf is in extremely short supply. The VW eGolf may be in short supply while the automaker gears up for the battery-electric ID Crozz. Oil prices could double by 2020, according to analysts, and it may be a boon to electric car sales. The subsidy gave electric car buyers up to $10,000 on their purchase. Finally, Uber is rethinking its self-driving car efforts in Pittsburgh in the wake of a fatal crash in Arizona.

Could oil prices spike above $150?

That's causing reserves at major producers to fall and the industry's reinvestment ratio to plunge to the lowest in a generation, paving the way for oil prices to surpass records reached last decade, according to Bernstein. RELATED: Oil prices slip, but it's likely just temporary"Investors who had egged on management teams to reign in capex and return cash will lament the underinvestment in the industry," the analysts wrote. The oversupply of crude globally in recent years has masked "chronic underinvestment," Bernstein said in the report. The producers aim now to pump more to help cool the market, but disruptions from Libya to Venezuela are keeping prices elevated. Proven reserves of the world's top oil companies have fallen by more than 30 percent on average since 2000, with only Exxon and BP showing an improvement, helped by acquisitions, Bernstein said.

collected by :Frank Ithan