Supply chain constraints and higher cost have forced energy companies to withdraw eight projects to build gas-fired power plants in Texas under a $5-billion state loan program, the Financial Times reported on Tuesday.
West Texas Intermediate closed above $60 for the first time in over a week. Prices rose three of five trading days on the New York Mercantile Exchange, highlighted by Tuesday’s $1.96 jump. Prices rose $1.11 Friday to end the week at $61.02, up from $58.29 at last Friday’s close.
Curious Minds Corner
How ancient is the oil we pump today?
Most oil formed during the Mesozoic Era (66-252 million years ago), primarily from buried plankton and algae, not dinosaurs.