The tentative agreement to end the war in Iran and reopen the Strait of Hormuz would be good news for the global economy. But even as the price of oil dropped Monday, many questions remain.

Oil production was once a major industry in Illinois, but it has steadily declined since the 1950s. Most active wells in Illinois are “stripper” wells that produce less than 1.5 barrels per day.

Venezuela’s oil industry has been in the spotlight since President Donald Trump used military force to capture the country’s leader, President Nicolas Maduro.

Seemingly contradictory statements from Trump and Secretary of State Marco Rubio have suggested at once that the U.S. now controls the levers of Venezuelan power or that the U.S. has no intention of assuming day-to-day governance and will allow Maduro’s subordinates to remain in leadership positions for now.

While portions of the pipeline’s plan have yet to be finalized, it was generally proposed to run from two ethanol production facilities owned by Archer Daniels Midland in Iowa and terminate near Decatur, home to ADM’s North American headquarters.

The plan included several hundred miles of pipeline in Illinois which terminated at sequestration sites designed to store carbon dioxide underground. The project was met with significant pushback from environmentalists and landowners.

The proposed 1,300-mile project would carry planet-warming carbon dioxide emissions from more than 20 industrial plants across South Dakota, Nebraska, Iowa, Minnesota and Illinois. The Illinois permit is crucial because that’s where the company planned to store the carbon dioxide underground.

The president will also open the door to additional releases this winter in an effort to keep prices down. But administration officials would not detail how much the president would be willing to tap, nor by how much they want domestic production to increase to end the withdrawals.

According to AAA, the current price of a gallon of regular gas in the Chicago Metro area is now $5.56, up from $3.37 one year ago. The price of premium is well over $6.00.

It’s a new front as the U.S. attempts from afar to influence what’s happening in Ukraine. President Biden Tuesday announced a ban on all imports of oil from Russia. What consequences that may have abroad and here at home.

What's behind the plunging price of gas and how low can it go? An oil industry analyst gives us some insights.

The steel mills may be gone, but the south side is again under threat from a growing source of air and water pollution. It's referred to a "petcoke," and is a byproduct of refining heavy tar sands oil. We share what you had to say about it in tonight’s viewer feedback.

Should a 1,900 mile pipeline be built to transport oil sand petroleum from Canada to the United States? Eddie Arruza and his panel take up the controversial proposal.