oil

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Nigerian Youths Blow Up Oil Pipeline

Chevron output diminished by 120K barrels per day

(Newser) - A youth gang blew up a Chevron pipeline in Nigeria yesterday, reducing output from the world's eighth-largest oil producer by 120,000 barrels a day. Such attacks are common in Nigeria, Reuters reports: Sparked by poverty and hatred of foreign companies, militants have cut oil production there by one-fifth over...

Oil-Addicted Bush Must Kick the Habit
Oil-Addicted Bush
Must Kick the Habit
OPINION
Jun 22, 2008 6:32 AM CDT

Oil-Addicted Bush Must Kick the Habit

High fuel prices offer chance to change our ways

(Newser) - The American thirst for oil is like a drug addiction, and George Bush wants another hit, writes Thomas Friedman in the New York Times. Bush’s irresponsible energy plan involves getting a little more oil from Saudi Arabia to keep prices low, and then drilling in Alaska—simply prolonging our...

Supreme Court Sides With Workers on Age Discrimination

Ruling shifts burden of proof to employers

(Newser) - The Supreme Court ruled today that it is up to employers in age-discrimination lawsuits to prove that their actions resulted from “reasonable factors other than age,” the New York Times reports. With the opinion making it easier for employees to sue, the court explained to opponents that Congress’...

When Good Pandering Goes Bad
When Good Pandering
Goes Bad
OPINION
Jun 19, 2008 7:32 AM CDT

When Good Pandering Goes Bad

Bush goes and ruins McCain's opportunism on oil, writes Collins

(Newser) - The offshore drilling ban has been in place since 1981, but George W. Bush—who is still the president, Gail Collins reminds us in the New York Times—wants it overturned in two weeks. Watching his speech in the Rose Garden, where he said Democrats would be to blame for...

Let's Not Kid Ourselves: Oil's Going Higher
Let's Not Kid Ourselves: Oil's Going Higher
Opinion
Jun 18, 2008 12:09 PM CDT

Let's Not Kid Ourselves: Oil's Going Higher

Why prices will keep rising, and what that will mean

(Newser) - Yes, $4 a gallon seems steep, but the worst is surely yet to come, Robert J. Samuelson writes in the Washington Post. Gas is on pace to rise to $7 a gallon by 2012, with oil rising to $225 a barrel, according to one economist. Oil-rich nations are acting as...

Bush to Congress: Lift Offshore Drilling Ban

Also, open Alaska refuge to oil companies

(Newser) - Bush formally asked Congress today to allow drilling for oil in the deep water off America's coasts, as well as repeating his demand that Alaska's Arctic National Wildlife Refuge be opened for drilling, CNN reports. "In the short run, the American economy will continue to rely largely on oil,...

Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

(Newser) - Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the...

McCain Pays Price of Soaring Gas
 McCain Pays Price
 of Soaring Gas 
ANALYSIS
Jun 10, 2008 2:13 PM CDT

McCain Pays Price of Soaring Gas

Voters giving issue ever-more importance; holding Mac responsible for Bush

(Newser) - The party in power always suffers during an election year in which the economy is poor, and high gas prices are often the biggest barb. John McCain is suffering the most from high prices at the pump, a Politico analysis of Gallup polls show, with voters putting him behind the...

GOP Blocks Profit Tax on Oil Companies

Senators favor new US drilling over Dems' plan for 'energy relief'

(Newser) - Senate Republicans today fended off a Democrat-sponsored bill that would have heaped a 25% tax on the five biggest US oil companies and rolled back other tax breaks for the industry, the Houston Chronicle reports. President Bush had threatened to veto the measure, hailed by Dems as "energy price...

Blip or Deeper Trouble? More Economists Grow Gloomy

Analysts speculate if gloomy figures have sparked fundamental change

(Newser) - Optimists can easily chalk up Friday's disastrous day on Wall Street to a skittish market overreacting to lousy news about oil prices and unemployment. The problem, writes Ben Steverman in BusinessWeek, is that many analysts are lining up in the pessimists' camp, which holds that something more "fundamental" is...

Diesel Thieves Plague Farmers
 Diesel Thieves Plague Farmers 
Jun 6, 2008 2:33 PM CDT

Diesel Thieves Plague Farmers

Irrigation systems are also caches of diesel fuel

(Newser) - With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In...

World Price Tag to Fix Energy Mess: $45T

IAE advises G-8 to invest big in emissions 'revolution'

(Newser) - The world needs to pump $45 trillion into developing green technologies if it hopes to reach its goal of cutting emissions in half by 2050, the International Energy Agency said today. Otherwise, emissions will rise 130% over that period, and oil demand will climb 70%. The $45 trillion represents 1....

As Oil Spikes, Airlines Rethink Business Model

Expect to pay more for less as 'cheap and plentiful' era ends

(Newser) - In the 30 years since Congress deregulated airline travel, the country's major carriers have operated on a bigger-is-better strategy: fly more planes to more routes and you'll come out on top. But with fuel twice as expensive as a year ago, airlines are not just raising prices, they're radically changing...

Greens Blast Arctic 'Carve Up'
 Greens Blast Arctic 'Carve Up' 
May 29, 2008 4:49 AM CDT

Greens Blast Arctic 'Carve Up'

Environmentalists rip pending 'resource grab' after nations meet

(Newser) - Environmentalists are slamming an agreement reached at a closed-door meeting among nations with Arctic claims as a resource free-for-all, the Guardian reports. Ministers from the US, Canada, Russia, Denmark, and Norway insist they simply agreed to abide by the law of the sea—but green groups charge that the nations...

Rockefellers Pump Exxon Execs for Changes

Family wants independent chairman, climate change initiatives

(Newser) - Executives at Exxon are bracing for an onslaught from the Rockefeller family, whose patriarch founded the oil firm’s predecessor a century ago, the Wall Street Journal reports. Led by John D. Rockefeller’s great-granddaughter, the family wants Exxon to pursue renewable forms of energy and appoint an independent chairman.

Who Cares Who We Talk to?
Who Cares Who We Talk to?
OPINION
May 21, 2008 1:42 PM CDT

Who Cares Who We Talk to?

The only way to revive US influence is to stop empowering our foes with oil dollars

(Newser) - Though politicians and pundits alike are caught up in which foes the US should or shouldn't be reaching out to, Thomas Friedman, in the New York Times, points out that few world leaders of any stripe are sitting by the phone waiting for our call. Waning American influence and the...

Oil Tops $130
 Oil Tops $130 
May 21, 2008 8:30 AM CDT

Oil Tops $130

Supply concerns drive crude

(Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled...

Oil Surges; Markets Record Weekly Gains

Consumer confidence hits 28-year low

(Newser) - Stocks fell, then climbed back almost to opening levels today to wrap up a generally strong week. Yet another record oil price—almost $128 a barrel—drove early losses, and a report of the lowest consumer-confidence rating in 28 years did not help. The Dow closed down 5.86 at...

Congress Turns on Speculators in Oil Bubble

Legislators push regulation in effort to slow gushing prices

(Newser) - It’s not OPEC pulling oil prices to ever greater-heights—it’s speculators. That’s the theory behind the Consumer-First Energy Act, a bill sponsored by Senate Democrats aimed at clamping down on runaway oil futures trading. As stocks fall, investors are fleeing to commodities, especially oil. But even the...

Congress Votes to Stop Stockpiling Oil
Congress
Votes to Stop Stockpiling Oil
updated
May 13, 2008 9:44 PM CDT

Congress Votes to Stop Stockpiling Oil

House and Senate want no more sent to national reserve

(Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25....

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