oil – News Stories About oil - Page 14

Oct 29, 2007 7:00 PM CDT

Progress in Sudan Has Eluded Prez

Why Bush passion hasn't translated into effective policy

(Newser) - President Bush has such a personal passion for Darfur that he’s been nicknamed the “Sudan desk officer”, but his zeal hasn't translated to results, reports the Washington Post. He’s insisted on consequences for genocide both publicly and among his aides, but has been unable to mobilize support...

Oil Rises to Record High, Again

Oct 29, 2007 6:28 AM CDT

Oil Rises to Record High, Again

Breaks $93 a barrel on news of Mexican storm

(Newser) - Oil prices topped $93 today, breaking another record on news that Mexican production would drop by 20% due to a storm. "This is on top of what has already been simmering,” said an analyst in Singapore. Prices have been breaking records for a week due to US-Iran tensions...

Oil Companies Fume as Canada Hikes Royalties

Oct 26, 2007 9:20 AM CDT

Oil Companies Fume as Canada Hikes Royalties

Alberta's move could slow development in world's No. 2 reserve

(Newser) - The booming North American oil industry got a rude wake-up call yesterday when the Alberta premier announced drastic royalty hikes that could cost $1.4 billion a year starting in 2009—a move the Wall Street Journal says could drastically slow crude development. The move irks both corporations who say...

Oil Hits $92 on Iran Anxieties

Oct 26, 2007 8:49 AM CDT

Oil Hits $92 on Iran Anxieties

Analyst: "The door is open to $100"

(Newser) - The price of oil surpassed $92 a barrel on US accusations that Iran supports terrorism and its attempt to apply pressure on other countries and companies to cut ties with the Mideastern nation. "The door is open to $100," an analyst tells Bloomberg, adding that the dispute will...

BP Pleads Guilty in '05 Texas Blast, Settles Price-Fixing Suit

Oct 24, 2007 5:26 AM CDT

BP Pleads Guilty in '05 Texas Blast, Settles Price-Fixing Suit

Struggling oil company also faces civil actions

(Newser) - BP has agreed to plead guilty to criminal charges and pay a fine in a 2005 Texas refinery explosion that killed 15 and injured 180, the Houston Chronicle reports. It's a tough moment for London's oil colossus, as the Washington Post reports that it simultaneously settled a $303 million price-fixing...

Oil Hits $90 a Barrel

Oct 19, 2007 6:57 AM CDT

Oil Hits $90 a Barrel

Weakening dollar and Mideast tensions bust a new record

(Newser) - After five straight days of record-breaking, oil prices smashed the $90-a-barrel mark in after-hours trading overnight, pumped up by the weakening dollar and fears that Turkish military strikes across the border in Iraq could disrupt supplies. Investors pushed the price of light, sweet crude to $90.02 before it fell...

Britain to Claim Antarctic Seabed

Oct 17, 2007 9:28 AM CDT

Britain to Claim Antarctic Seabed

Bid follows this summer's Arctic territory scramble

(Newser) - Britain will submit a claim to the UN for 386,000 square miles of Antarctica, its foreign office said today, joining the international race to grab a piece of the mineral- and oil-rich territory as global warming makes it more accessible. The move violates a 1959 treaty, which Britain signed,...

Resource-Rich Greenland Looks to Break Free

Oct 16, 2007 8:36 PM CDT

Resource-Rich Greenland Looks to Break Free

Another consequence of climate change may be independence

(Newser) - Global warming has put Greenland’s mineral and oil deposits within reach, raising the volume on long-simmering chatter about independence. Denmark supplies much of the island's budget—including a substantial welfare system—but the self-sufficiency offered by melting ice means Greenlanders may no longer need the Danes at all, reports...

US Oil Program Troubled: Report

Sep 26, 2007 4:58 PM CDT

US Oil Program Troubled: Report

Management issues plague Interior Dept. collection service

(Newser) - An Interior Department report has found that the internal program responsible for collecting $10 billion per year from companies that drill on US land is plagued by unethical practices and mismanagement. The report cited “profound failure,” and said the agency—which is years behind in its billing—wasn’...

The Arctic Is Ours: Kremlin

Sep 21, 2007 2:33 AM CDT

The Arctic Is Ours: Kremlin

Russia claims polar mineral wealth

(Newser) - In the latest audacious claim by Russia, the nation is insisting that rock samples taken 13,000 feet beneath the North Pole prove that a large part of the Arctic seabed is rightfully Russian territory. The US, Canada, Norway and Denmark also have territorial claims to the mineral-rich area that's...

Stocks Dip After Two-Day Spike

Sep 20, 2007 3:34 PM CDT

Stocks Dip After Two-Day Spike

Goldman’s success can’t stop dollar jitters

(Newser) - Stocks fell today after two days of bullish investing set off by the Fed’s interest rate cuts; one trader told the Journal profit-taking would have taken its toll "even if there was no news whatsoever.” But there was news: FedEx cut its profit forecast; the dollar continued...

Agreement on Key Iraq Oil Law Hits the Skids

Sep 13, 2007 1:30 PM CDT

Agreement on Key Iraq Oil Law Hits the Skids

Sectarian schism again undermines top political objective

(Newser) - Agreements forged in February over a law regulating the distribution of revenue from Iraq's oil fields are dissolving, the New York Times reports. Hussain al-Shahristani, oil minister for the Shiite-controlled federal government, held meetings yesterday to try to save the compromise, but the northern Kurdish areas have already made deals...

OPEC Surprises Market With Boost in Oil

Sep 11, 2007 8:36 PM CDT

OPEC Surprises Market With Boost in Oil

Lends hand to world economy dragged by US credit-market crisis

(Newser) - OPEC surprised traders today by boosting oil production for the first time in a year, Bloomberg reports. Concerns over the U.S. market crisis dragging down the world economy inspired the spike of 500,000 barrels a day. The US reportedly prodded Saudi Arabia to overcome the opposition of other...

Hunt Oil Signs Kurdish Deal, Slights Baghdad

Sep 10, 2007 2:20 PM CDT

Hunt Oil Signs Kurdish Deal, Slights Baghdad

Company will explore in northern Iraq without central approval

(Newser) - Dallas-based Hunt Oil has signed a deal to prospect for oil in in the northern Iraqi region of Kurdistan. Hunt is the latest of several small oil companies bypassing Baghdad to deal directly with regional authorities, underscoring Kurdistan's increasing independence from the Iraqi central government, which has been unable to...

Is Biggest Oilfield Running Dry?

Sep 8, 2007 4:00 AM CDT

Is Biggest Oilfield Running Dry?

Saudis may be hiding fact that world's largest reservoir is drying up

(Newser) - The world’s most critical oil field might be nearing its end. Saudi Arabia, which accounts for 19% of all oil exports, doesn’t supply hard data about its production, but a little math sleuthing by a computer scientist shows the Ghawar reservoirs should be empty soon, the Atlantic reports.

Oil Prices Approach All-Time High

Sep 7, 2007 3:16 AM CDT

Oil Prices Approach All-Time High

Hopes set on sign from OPEC meeting that production will increase

(Newser) - The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very...

Drilling Hits Norway's Conscience

Aug 21, 2007 6:33 PM CDT

Drilling Hits Norway's Conscience

Concern over climate change has stalled Scandinavian nation's government

(Newser) - A friendly little nation is facing the ethics of new economic power, as Norway asks itself whether to drill for 73 billion barrels of Arctic oil or leave it for others to uncover. The tiny country is the world's fifth largest exporter of oil, third largest of gas - and...

Dean Could Become Category 5

Aug 18, 2007 11:00 AM CDT

Dean Could Become Category 5

Storm tears across Caribbean, homes in on Jamaica, Mexico

(Newser) - Hurricane Dean is now expected to strengthen into a Category 5 as it barrels toward Jamaica and Mexico. Forecasters say Dean, powered by 150-mph winds, will hit the Dominican Republic and Haiti today, after ploughing through homes and banana plantations on St. Lucia and Martinique yesterday.

Chinese Seek Fortune in Africa

Aug 17, 2007 3:22 PM CDT

Chinese Seek Fortune in Africa

To satisfy country's thirst for oil, emigrants strike it rich out west

(Newser) - A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector...

Scot Separatists Publish Plans for Independence

Aug 15, 2007 6:56 AM CDT

Scot Separatists Publish Plans for Independence

In challenge to Brown, seek army, taxation, control of oil reserves

(Newser) - The August lull in British politics has given way to a national debate on an unexpected topic: Scottish independence. The separatist leader of Scotland's regional parliament has published a white paper outlining plans for a referendum and suggesting features of an independent Scotland: its own army, its own EU membership,...