Houston’s gas prices will likely climb higher in the coming week after failed ceasefire talks in the war with Iran continue to snag oil transportation in the Middle East, according to a Texas-based petroleum analysis company.
A peace deal in the Middle East is key to restoring global energy flows, and the sooner it could be achieved, the less negative economic impact it would have on the global economy, according to HSBC group chairman Brendan Nelson.
Curious Minds Corner
Why did early oil drillers measure crude in 42-gallon whiskey barrels, and does that standard still rule today?
Barrels were reused whiskey containers that held 42 gallons without leaking; yes, it’s the global standard for pricing oil today.