A slowing global economy has sent oil prices down sharply. The price for benchmark West Texas Intermediate has fallen from over $100 a barrel to about $84 a barrel in the space of a month. Audie Cornish talks to John Ydstie for more.
Officials in northern Iraq caused a stir in Baghdad in May when they brought Turkey's oil minister to endorse a pipeline deal that would bring Kurdish-produced oil directly to Turkey and markets beyond. Outraged Baghdad officials said Ankara was playing a dangerous game, insisting on central government approval rights of all Kurdish oil exports. Analysts say Turkey may be enjoying a rare period of better ties with the Kurdish Regional Government than with Baghdad at the moment, but it's running the risk of cutting off lucrative economic opportunities in the rest of Iraq.
A five-year, $10 billion expansion in Port Arthur, Texas, has created the largest refinery in the country. But because the U.S. has become a net exporter of gasoline and the facility will contribute to that trend, analysts say the project won't have a big impact on national fuel prices.
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