A gas pump is seen at a Chevron gas station on June 9 in Houston, Texas. Gas prices nationally hit an average of $5 a gallon, according to AAA. Brandon Bell/Getty Images hide caption
crude oil crude oil
Stories About
crude oil
CNBC's anchor and session moderator Hadley Gamble, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Iraqi Kurdistan Regional Government Premier Masrour Barzani, and the United Arab Emirates' Energy and Infrastructure Minister Suhail al-Mazrouei attend a session titled "Is the World Ready for A Future Beyond Oil?" at the World Government Summit in Dubai on March 29. Karim Sahib/AFP via Getty Images hide caption
Getting more oil from Saudi Arabia or the UAE could require U.S. concessions
Gas prices are seen at a gas station in Vernon Hills, Ill., on June 11, 2021. Crude prices continued to gain on Thursday even after the U.S. and 30 other countries announced a coordinated release of oil from their reserves. Nam Y. Huh/AP hide caption
Workers clean oil from the sand, south of the pier, in Newport Beach, Calif., Tuesday, Oct. 5, 2021. A leak in an oil pipeline caused a spill off the coast of Southern California, sending about 126,000 gallons of oil into the ocean, some ending up on beaches in Orange County. Jeff Gritchen/AP hide caption
A pumpjack operates in the desert oil fields in southern Bahrain on April 22, 2020. Bahrain and other members of the OPEC+ alliance decided Thursday to keep output largely unchanged as they hope to push crude prices even higher after a recent rally. Mazen Mahdi/AFP via Getty Images hide caption
The oil tanker Pegasus Voyager sits off the coast as a man sits and watches in a park in Long Beach, Calif., on April 22. Many vessels are parked between Long Beach and the San Francisco Bay Area with nowhere to go due to lack of demand and nowhere to store the oil. Mark J. Terrill/AP hide caption
An oil tanker sits at the port of Ras al-Khair in Saudi Arabia in December. The world is approaching the limits of its capacity to store and ship oil, thanks to an unprecedented glut. Giuseppe Cacace/AFP via Getty Images hide caption
Journalists interview oil ministers on the sidelines of the 176th meeting of the Organization of the Petroleum Exporting Countries conference on Monday in Vienna. Joe Klamar/AFP/Getty Images hide caption
Much of the nearly 180,000 gallons of crude oil spilled went into the Ash Coulee Creek, just 150 miles from the Dakota Access pipeline protest camp. Jennifer Skjod/North Dakota Department of Health hide caption
Native Americans march to a sacred site on Sunday that they say was disturbed by bulldozers working on the Dakota Access Pipeline, near the encampment where hundreds of people have gathered to join the Standing Rock Sioux tribe's protest. Robyn Beck/AFP/Getty Images hide caption
Native Americans march on Sunday to a sacred site they say was disturbed by bulldozers working on the Dakota Access Pipeline, near an encampment where hundreds of people have gathered to join the Standing Rock Sioux Tribe's protest. Robyn Beck/AFP/Getty Images hide caption
A worker removes oil at California's Refugio State Beach on May 21, 2015. Jae C. Hong/AP hide caption
The freighter American Mariner discharges its load of iron ore in Cleveland last November. Prices for iron ore and other commodities have plunged amid economic uncertainty in China and Europe. Mark Duncan/AP hide caption
Cushing, Okla., is a major oil storage site. Amid record oil production, some analysts worry the U.S. will run out of places to put it all. Daniel Acker/Bloomberg via Getty Images hide caption
Quinault Indian Nation President Fawn Sharp stands on the docks as tribal crabbers unload their catch. The tribe has vowed to fight the oil train-to-ship terminals proposed for Grays Harbor. Ashley Ahearn/KUOW hide caption