oil

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Oil Slips Under $88 as US Economy Fuels Concern

Dropping prices come as Fed set to meet Tuesday

(Newser) - Weaker than anticipated US job growth reported Friday helped extend a decline in crude oil prices today, with futures dipping below $88 on Asian markets, reports the AP. Fears of a slowing economy and reduced demand are driving the decline. Investors had bet better employment figures would prompt the Fed...

Korea Struggles to Clean Spill
Korea Struggles to Clean Spill
Dec 9, 2007 5:00 PM CST

Korea Struggles to Clean Spill

Government declares state of disaster

(Newser) - A crew of 7,000 struggled to contain the worst oil spill in South Korean history today, the New York Times reports. The government declared a state of disaster as volunteers hauled buckets of oil from a 12-mile shore, fighting headaches and nausea from the stench. The coast guard set...

Oil Slick Reaches South Korean Shore

Worst spill in country's history threatens scenic coastline, maritime park

(Newser) - Emergency workers in South Korea are struggling to contain a 12-mile-long oil slick that has reached an ecologically sensitive shoreline on the Korean west coast. The oil spilled when a barge broke loose from the tug that was pulling it, and slammed into a Hong Kong-registered supertanker. The spill threatens...

OPEC Declines to Boost Oil Output
OPEC Declines to Boost
Oil Output
Dec 6, 2007 10:33 AM CST

OPEC Declines to Boost Oil Output

$80 crude seems to be producers' new target; $3 gas isn't going anywhere soon

(Newser) - OPEC’s decision yesterday not to boost oil production, despite prices hovering around $90 a barrel, underscores a new reality, the New York Times observes: the oil producers aim to keep prices nearly that high—say around $80 a barrel—a target unthinkable a few years ago. In the US,...

Chavez Threatens Oil Cutoff
Chavez Threatens Oil Cutoff
Dec 1, 2007 7:46 AM CST

Chavez Threatens Oil Cutoff

Warns US against trying to sabotage vote

(Newser) - Hugo Chavez has threatened to cut off oil to the US if it tries to sabotage tomorrow's referendum, which will allow the Venezuelan president to run for re-election indefinitely, Reuters reports. He's sent the army to protect oil fields in case violence follows the vote to change the constitution and...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up...

Oil Tops $99 as Dollar Sinks
Oil Tops $99 as Dollar Sinks
Nov 21, 2007 4:05 AM CST

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

(Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil...

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(Newser) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical...

Kerry Takes $1M Swift Boat Challenge

Senator vows to face Texas billionaire and blast allegations

(Newser) - John Kerry accepted a $1 million challenge today to back his military record against claims by the Swift Boat Veterans for Truth, the AP reports. The former Dem nom answered an open challenge by oilman T. Boone Pickens, a key funder of the group that claimed Kerry fudged his military...

US Crude Eases Below $96
US Crude Eases Below $96
Nov 12, 2007 7:52 AM CST

US Crude Eases Below $96

Oil prices drop as Saudi Arabia says OPEC will discuss hiking output

(Newser) - Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96...

SF Oil Cleanup Gases Up, Volunteers Rebuffed

Coast Guard sends eager residents home

(Newser) - As cleanup of the San Francisco oil spill intensifies, so does the frustration of volunteers blocked from pitching in. At least one organizer ended up in handcuffs when his group ignored a park ranger's order to get off a beach and instead scooped up globs of oil. Hundreds of residents...

Why Sam Zell Is Still High on Tribune

Ducati-riding magnate tells the New Yorker his deal's golden

(Newser) - Billionaire real estate magnate Sam Zell, legendary for turning around distressed properties, is likely to have his riskiest play—the struggling media giant Tribune—in his hands by year’s end. The financials have only gotten worse since he made the deal, but the "extravagantly confident" Zell isn't showing...

Brazil Discovers Huge Offshore Oil Field

Find could make country major exporter but will be expensive to drill

(Newser) - A huge offshore oil field found off the coast of Rio de Janeiro has the potential to make Brazil one of the world's top oil exporters, the AP reports. The Tupi field could hold 8 billion barrels, but it's very deep and will be difficult and expensive to drill. The...

Slow Response Slammed in SF Bay Oil Disaster

Cleanup lags as contamination sprawls, area residents try to rescue seabirds

(Newser) - As Bay Area residents braved noxious oil to rescue oil-covered seabirds, officials asked why the emergency response to Wednesday's spill had been "unusually slow." The oil slick spread dozens of miles along the San Francisco and Marin coastlines, contaminating beaches and coating marine life, in the hours before...

Daylight Saving May Not Save Much, After All

Statistics on supposed energy savings are from the Nixon era

(Newser) - One of the much-publicized reasons for turning back our clocks—the supposed savings of 100,000 barrels of oil a day—turns out to be a stat based on the behaviors of Americans three decades ago, the Wall Street Journal reports. In fact, most of the studies that revolve around...

Oil Jumps Again, Cracks $96 a Barrel

Supply shortage spooks market into 'unknown territory'

(Newser) - The price of oil smashed yet another record yesterday, rising more than $96 a barrel after a surprise announcement of diminished US crude stockpiles. The unexpected shortfall in American petroleum before winter worried investors and sent prices soaring. The Fed's rate cut also helped push prices higher, since a drop...

Progress in Sudan Has Eluded Prez
Progress in Sudan Has Eluded Prez
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
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

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...

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