Dec 30

Think you know how oil prices work?

A new working paper from the National Bureau of Economic Research remodels the relationship between oil prices and production, suggesting that the actual pressure inside the wells dictates the pace of extraction more than price swings.

President Obama on Wednesday announced a plan to expand offshore oil and gas drilling to parts of the mid-Atlantic coast, the eastern Gulf of Mexico and northern Alaska. The new rules would end a longstanding moratorium…

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