They close a loophole that allowed Exxon to begin drilling Russia’s first exploratory well in the arctic Kara Sea – a well that might be shut down in two weeks.
Pipelines corrode and rupture, threatening workers, the environment, and nearby communities. In 2013, over 119,000 barrels of oil were spilled in 623 incidents.
Oil markets were dominated by Morgan Stanley, Goldman Sachs, JP Morgan, and other investment banks with their own proprietary trading operations and an army of participants on both sides of the trade. But now they’ve abandoned the oil market.