oil

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China Seeks Oil in Africa
China Seeks Oil in Africa
Aug 13, 2007 10:34 AM CDT

China Seeks Oil in Africa

Eschewing the West, Beijing touts mutual prosperity with developing nations

(Newser) - China is exploring the sweltering wilderness of Chad in search of lucrative pockets of oil and other materials, the New York Times reports. Chinese officials tout the strategy as a "win-win" situation as the country develops relationships with African nations to achieve mutual prosperity by capitalizing on natural resources...

Chavez Lavishes Oil Wealth on Neighbors

In bid to undercut IMF, Chavez becomes Latin America's banker

(Newser) - Venezuelan President Hugo Chavez is spreading hundreds of millions of oil dollars around South America in an effort to limit the influence of the International Monetary Fund and forge a strong alliance. Chavez began a four-nation tour in Argentina referring to the IMF as "Dracula" and called for a...

Climate Change Deniers Still Impeding Progress

Americans lost in haze of contradictory information

(Newser) - Scientists thought they'd convinced the world it was getting warmer, but a powerful, flush campaign of cynics is still successfully sowing doubt, Newsweek reports—and hobbling efforts to stave off disaster. From its humble beginnings ridiculing any warming, the "denial machine" has picked up funding from big oil and...

Sub Crew Plants Russian Flag
Sub Crew Plants Russian Flag
Aug 2, 2007 4:57 PM CDT

Sub Crew Plants Russian Flag

Expedition reaches North Pole seabed in quest to get jump on turf battle

(Newser) - A Russian expedition reached the North Pole today and symbolically called dibs on the Arctic in the race to secure the oil-rich territory. Explorers sank a titanium Russian flag into what the team leader called the "yellowish mud" of the sea floor 3 miles deep, which a spokesman likened...

Look Out, Santa: Russia Claims North Pole

Rich oil and gas reserves lie beneath ownership dispute

(Newser) - Russian ships will arrive at the North Pole today as part of Moscow's effort to claim a 1,240-mile area of the Arctic—and with it, more than $2 trillion in oil and gas reserves. The Telegraph reports that the fleet will deposit a Russian flag at the bottom of...

Markets Ignore Upbeat News, Head Down

Oil hits new record at $78; all major indexes down more than 1%

(Newser) - The Dow started was up triple digits in early trading today before plunging to close down 146.32 points at 13211.59. A report of improved consumer confidence and better-than-expected inflation data distracted traders from the ongoing credit earthquake and its tremors in the housing market, but the reentry of...

Ethanol More Mean Than Green
Ethanol More Mean Than Green
Jul 31, 2007 2:54 PM CDT

Ethanol More Mean Than Green

How biofuel steals from the hungry and hurts the environment

(Newser) - Far from the solution to America’s energy crisis, corn ethanol is “one if the great political boondoggles of our time,” Rolling Stone says in a scathing broadside. The “dangerous” and “delusional” hype over the corn biofuel raises the price of food for the needy because...

Kidnappers Threaten Toddler's Life
Kidnappers Threaten Toddler's Life
Jul 6, 2007 7:30 AM CDT

Kidnappers Threaten Toddler's Life

Nigerian officials launch talks with abductors of 3-year-old girl

(Newser) - Kidnappers in Nigeria have threatened to kill a 3-year-old girl unless her father takes her place, and negotiations for her release have begun. Margaret Hill's mother interrupted an interview today to join officials in bargaining for her safe return, Reuters reports, after recounting a chilling conversation in which an abductor...

UK Toddler Kidnapped in Nigeria
UK Toddler Kidnapped in Nigeria
Jul 5, 2007 7:06 AM CDT

UK Toddler Kidnapped in Nigeria

Five foreign workers were abducted yesterday

(Newser) - A three-year-old British girl was kidnapped by gunmen in the Niger Delta today. The abduction comes after five oil workers were kidnapped yesterday. Militant groups who want a larger share of Nigeria's oil profits to go to the poor have taken more than 100 foreign hostages this year, the BBC...

Key Iraqi Oil Bill Stalls
Key Iraqi Oil
Bill Stalls
Jul 5, 2007 5:47 AM CDT

Key Iraqi Oil Bill Stalls

Sunni, Shia and Kurds still at odds; White House benchmark not being met

(Newser) - Bitter infighting among Iraq's ethnic and religious groups is holding up crucial legislation on Iraqi oil regulation and distribution, the AP reports. Despite heavy pressure from Washington to pass the bill, debate scheduled to start yesterday was delayed. Sunnis object to the bill because they fear most oil wealth will...

Russia Stakes Claim to Oil-Rich Arctic Territory

Kremlin claims underwater shelf links huge chunk to Russia

(Newser) - Russia has claimed a massive, oil-rich chunk of the Arctic, despite international laws that block ownership of the territory. The Kremlin based its move on scientists' insistence that an underwater shelf links Russia to 460,000 square miles of the North Pole, which contains 10 billion tons of oil and...

Iran Erupts Over Gas Rationing
Iran Erupts Over Gas Rationing
Jun 27, 2007 4:49 AM CDT

Iran Erupts Over Gas Rationing

Leaders fear West will cut fuel imports

(Newser) - Angry Iranians torched Tehran gas stations yesterday and smashed windows as protests against gas rationing turned violent, the BBC reports. Motorists formed huge lines to fill  tanks before new laws took effect limiting Iranians to 26 gallons of gas a month. Despite its oil reserves, Iran is short of refining...

Exxon, Conoco Pull Out of Venezuela
Exxon, Conoco
Pull Out
of Venezuela
Jun 26, 2007 8:04 AM CDT

Exxon, Conoco Pull Out of Venezuela

Firms reject Chavez demand for 60% stake in future projects

(Newser) - ExxonMobil and ConocoPhillips are bolting from lucrative operations in Venezuela in the wake of Hugo Chavez's demand that his state-run oil company receive at least a 60% share in projects. Talks over compensation fell apart hours before today's deadline to determine the future of four projects that produce as much...

OPEC Members May Seek More Foreign Funding

Soaring world demand breaks down resistance to international deals

(Newser) - OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage...

Cyclone Menaces Gulf Region, Oil Prices

Thousands flee Oman; storm may slow tankers

(Newser) - A cyclone that may be the most powerful storm ever to hit the Arabian Peninsula is heading toward the oil-rich Persian Gulf region, forcing thousands to evacuate and prompting fears of a spike in oil prices. Oman's coastal towns will take the brunt of Cyclone Gonu, which is producing winds...

Largest Oil Spill in US Seeps Under Brooklyn

Exxon owns up to a century of leaks and dumping over 55 acres

(Newser) - Underneath the ground of Greenpoint, Brooklyn, is a dark blob of gasoline, solvents, and associated poisons that composes the biggest oil spill in US history.  It's accumulated from a century's worth of smaller leaks and waste dumping, reports New York magazine, and ExxonMobil has quietly accepted the blame, but...

Nothing We Can Do About Those Prices, Says OPEC

It's not us, it's those stingy refiners

(Newser) - Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases...

Gas Spikes to All-Time Record
Gas Spikes to All-Time Record
May 21, 2007 12:01 PM CDT

Gas Spikes to All-Time Record

Pump pain hits consumer spending

(Newser) - Gas hit a record high of $3.18 yesterday, soaring past the previous all-time high, the inflation-adjusted 1981 price of $3.15 per gallon. A spate of fires and power outages have crippled the nation's refineries, sending prices soaring even as crude oil costs drop. That's turning consumers away from...

Buffett Holdings Tie Gates To Darfur Crisis

Berkshire owns $3.3B stake in firm said to fund militia

(Newser) - A Berkshire Hathaway investment in a Sudanese oil company is posing thorny problems for the Gates Foundation, the Los Angeles Times reports. Warren Buffet's investment outfit is the largest independent shareholder in PetroChina, whose parent company the U.N. and U.S. say funds Sudan's janjaweed militia—a stark contrast...

Venezuela to Leave IMF, World Bank
Venezuela to Leave IMF, World Bank
May 1, 2007 8:32 AM CDT

Venezuela to Leave IMF, World Bank

Chávez government exerts state control over privately owned oil projects

(Newser) - Hugo Chávez said yesterday he will pull Venezuela out of the International Monetary Fund and the World Bank, institutions the leftist leader blames for contributing to poverty in Latin America. Venezuela will also take control of foreign oil projects previously run by multinational companies, some U.S.-based, in...

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