Yahoo Finance's Rick Newman breaks down the factors contributing to lower oil and gas prices and what it means for President Biden's approval.
Up until a few days ago, the leadership of British North Sea producer Siccar Point was negotiating the sale of a stake in the promising Cambo oil development to another private equity-backed company, NEO, sources told Reuters. But on Thursday Royal Dutch Shell, Siccar Point's partner in the project, pulled its support for Cambo amid a wider public debate about the future of fossil fuels development in the North Sea.
Shell U-turn on Cambo could mean end for big North Sea oil projects. Industry sources say Siccar Point will struggle to find new partner to take on Shell’s 30% stake in oilfield