oil

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Rumors Swirl as Gas Shortage Hits N. Korea

Beijing may have tightened supply

(Newser) - An acute shortage of gasoline in the North Korean capital of Pyongyang that has sparked price hikes and hoarding is raising fears of potentially crippling pain at the pumps if things don't get better soon—and driving rumors that China is to blame. The shortage, which is extremely unusual...

Dakota Pipeline Oil Almost Ready to Start Flowing

Local tribes are still challenging project in court

(Newser) - Oil could be flowing through the $3.8 billion Dakota Access pipeline in less than two weeks, according to court documents filed by the developer just before police and soldiers started clearing a protest camp in North Dakota. Energy Transfer Partners has finished drilling under Lake Oahe and will soon...

GOP Control Brings the Return of 'Drill, Baby, Drill'

Lawmakers renew push for oil drilling in Arctic National Wildlife Refuge

(Newser) - Following in her father's footsteps, US Sen. Lisa Murkowski is sponsoring legislation to open Alaska's Arctic National Wildlife Refuge to oil drilling, the AP reports. With a Republican Congress and president, she's hopeful that the timing is right. The coastal plain is a nursery for polar bears,...

Mattis Breaks From Trump on Key Iraq Issue

Defense secretary assures Iraq we want to help beat ISIS, not take its oil

(Newser) - President Trump has noted more than once he thinks we should've taken Iraq's oil when we had the chance (and suggests that option may still be on the table), but his secretary of defense is pushing a different message—what the New York Times characterizes as comments that...

Wealthy Oil Heir Is Homeless in Florida
Homeless Florida Man
Is Wealthy Oil Heir
in case you missed it
Dec 24, 2016 4:18 PM CST

Homeless Florida Man Is Wealthy Oil Heir

William Tavoulareas arrested for stealing parking device

(Newser) - William Tavoulareas is a multimillionaire oil heir—but he's homeless and, to the chagrin of his relatives, apparently wants to stay that way. The 56-year-old Palm Beach man's story captured attention after he was arrested for allegedly stealing a parking boot last week. The Palm Beach Daily News...

Leak Reveals Another Tillerson-Russia Tie

He headed Exxon's Russian subsidiary

(Newser) - Documents leaked to a German newspaper have revealed that Rex Tillerson has even stronger ties to Russia than first thought, the Guardian reports. The ExxonMobil CEO spent years as a director of Exxon Neftegas, Exxon's Russian subsidiary based in the Bahamas for tax purposes, according to corporate documents leaked...

Biggest-Ever US Oil Find Made
Biggest-Ever US Oil Find Made
Nov 17, 2016 6:01 AM CST

Biggest-Ever US Oil Find Made

USGS says Texas formation could hold 20B barrels

(Newser) - Things are bigger in Texas, especially oil deposits: The United States Geological Survey announced this week that its assessment of the Wolfcamp formation in West Texas has identified the largest continuous oil and gas deposit ever found in the US, Bloomberg reports. The USGS says the formation holds 20 billion...

Strong Quake Rattles 'Pipeline Crossroads of the World'

Parts of Oklahoma city cordoned off

(Newser) - A 5.0 magnitude earthquake centered near one of the world's key oil hubs brought down building facades and shattered windows, triggering fears the temblor may have damaged key infrastructure and rendered century-old buildings unsafe in Cushing, the latest Oklahoma town rattled by increasingly strong quakes . Cushing Assistant City...

What the 7 Fastest-Shrinking US Companies Have in Common

In a word: oil

(Newser) - It's not terribly common for companies to see revenue drop by double-digit percentages, but in coming up with entries for its list of America's fastest-shrinking companies, 24/7 Wall St. found that sometimes the plunges came fast and furious, with revenue for a few companies falling more than one-third...

Government Sides With Tribe, Halts Pipeline Construction

The Standing Rock Sioux tribe says it's a 'game changer'

(Newser) - On the heels of major defeat comes surprising victory: Shortly after a federal judge denied a request from the Standing Rock Sioux to halt construction on the Dakota Access Pipeline, the federal government stepped in and did exactly that. ABC News reports the Department of Justice, Department of the Interior,...

ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into...

Saudi Prince's Plan: End Kingdom's 'Oil Addiction'

Prince Mohammed bin Salman wants to boost global investment, get away from reliance on oil

(Newser) - Saudi Arabia's 30-year-old deputy crown prince is looking toward the future with his new "Vision 2030" plan—a plan that includes pulling the kingdom out of its overreliance on oil and leaning more on non-oil investment to transform it into a global power, Reuters reports. "We will...

World's Biggest Traffic Jam May Be at Sea

125 oil-carrying supertankers are currently stuck in traffic

(Newser) - Current oil markets have turned the ocean into a Los Angeles freeway at rush hour for supertankers, Reuters reports. Approximately 125 supertankers carrying $7.5 billion worth of oil are currently anchored at sea while waiting in line at ports around the world. If put end-to-end, they would stretch for...

800K Barrels of Oil Disappeared Daily in 2015

And the answer to the mystery could have a big impact on oil prices

(Newser) - Approximately 800,000 barrels of oil went missing every day in 2015, and that could be bad news for anyone hoping to see a rise in global oil prices any time soon, the Wall Street Journal reports. It's the highest level of missing oil in 17 years, and it...

Eyeing Oil Prices, Russia, Saudis Agree to Freeze Output

OPEC members Qatar, Venezuela also on board—but they want Iran, Iraq as well

(Newser) - Russia's energy minister said Tuesday his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak following an unexpected, closed-door meeting in the Qatari capital of Doha. The Wall Street ...

One Salmon Now Costs More Than a Barrel of Oil

Weird times we're living in

(Newser) - It's seemingly simple supply and demand that has led us to this point: We now live in a world where a 10-pound salmon is worth more than a barrel of crude oil, a Norwegian seafood-industry site reports, via Bloomberg . This "collapse" in the cost of crude, as Bloomberg...

New Book: Koch Brothers' Dad Dealt With Third Reich

And wealthy family helped fund today's conservative movement, per Jane Mayer

(Newser) - There's been plenty written about the Koch brothers , but a new book offers a fresh take on the controversial family. Prominent among the pages of Jane Mayer's Dark Money is the claim the Koch clan was among a group of rich families that brought to fruition, through their...

Lit Cigarette Causes Deadly Oil Truck Blast: Officials

More than 100 may have been killed as they siphoned fuel from South Sudan tanker

(Newser) - Local officials say hospitals in the Western Equatoria of South Sudan are struggling to deal with the dead and wounded after an oil truck exploded yesterday, killing between 85 and 100 people so far and injuring at least 50, the AP and Reuters report. Why there were so many people...

Obama: Go Ahead, Shell, Drill Deeper for That Arctic Oil

Environmentalists lambast decision, saying it will 'worsen climate disruption'

(Newser) - President Obama has disappointed a slew of environmental activists by giving Shell the green light yesterday to drill deeper in the Arctic for oil, Quartz reports. The approval issued by the Bureau of Safety and Environmental Enforcement expands the oil company's current permissions, allowing it to drill even further...

Workers in 'Panic Mode' Over Low Price of Oil

Oil rigs have shut down, leaving well-paid degree-less workers short on options

(Newser) - Countries around the world continue to be impacted in various ways from the oil price crash over the last year, and there's one demographic that's definitely feeling the negative effects: oil workers now out of jobs that were "more or less an economic lottery ticket for an...

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