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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...

Oil Hits $92 on Iran Anxieties
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

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
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
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

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
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
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
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

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...

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