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'Bourgeois' Golf Courses Tee Off Chávez

Venezuela shutting down the links—that happen to be near oil

(Newser) - Hugo Chávez has gone after oil conglomerates and media companies, and now he's hitting the capitalist pigs where it hurts: at the golf course. The Venezuelan president is trying to shut down the country's best-known courses, which he believes are part of an anti-Marxist conspiracy, the Independent reports. "...

Russia to Drill for Oil Off Cuba

(Newser) - A government-controlled Russian oil firm will be allowed to search for and extract oil from Cuba's portion of the Gulf of Mexico under a deal signed yesterday, the BBC reports. The Russian firm will work alongside Cuba's state-run oil monopoly a matter of miles off the coast of America. Cuba...

Rogue Trader Shocks Oil Market
Rogue Trader Shocks
Oil Market
Jul 3, 2009 7:20 AM CDT

Rogue Trader Shocks Oil Market

Crude hits highest level in a year on unauthorized trades

(Newser) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had...

In Televised Auction of Oil Contracts, Iraq Plays Hardball

Oil ministry plays hardball on prices

(Newser) - The Iraqi oil industry has been nationalized since 1972, but today the country is awarding the first contracts in decades to private petroleum companies—live on television. So far a joint bid by British Petroleum and a Chinese firm has won the first contract, for a 17 billion-barrel field in...

Wallop Iran Where It Hurts: Oil Revenues
Wallop Iran
Where It Hurts:
Oil Revenues
OPINION
Jun 24, 2009 7:58 AM CDT

Wallop Iran Where It Hurts: Oil Revenues

Two 'green' revolutions could bring down regime: Friedman

(Newser) - Pundits and politicians are wasting their time telling Barack Obama what he should be saying about the growing "green revolution" in Iran, writes Thomas L. Friedman. The country's reformers and protesters don't need American encouragement; they need a weakened theocracy—which will only happen when oil prices go into...

Big Oil Drooling Over Iraq Contracts

Firms booted out in '72 eye nation's vast untapped reserves

(Newser) - Iraq is preparing to welcome back the foreign oil companies it ejected over 30 years ago, and the firms are giddy with anticipation, the Wall Street Journal reports. Contracts to revive production at neglected oil fields go up for auction next week, and competition is expected to be fierce. Oil...

Shell Settles Nigeria Case for $15.5M

Saro-Wiwa settlement is milestone for international law

(Newser) - Royal Dutch Shell agreed to settle a lawsuit over the 1995 deaths of Ken Saro-Wiwa and other Nigerians for $15.5 million, reports the Financial Times. Saro-Wiwa and eight other activists against petroleum exploitation were executed by the Nigerian military government, allegedly at the behest of the oil giant. In...

Stocks Flat After Big Rally
 Stocks Flat After Big Rally 
MARKET Open
Jun 2, 2009 8:52 AM CDT

Stocks Flat After Big Rally

(Newser) - Stocks were essentially flat at today's open on the heels of yesterday’s huge rally. The Dow inched down 15 points, while the Nasdaq and S&P fell 0.5% and 0.3%, respectively. Commodity prices were backing off, though oil still hovered around $68 a barrel. Financials were mixed,...

Stocks Up Despite GM Filing
 Stocks Up Despite GM Filing 
MARKET Open
Jun 1, 2009 8:54 AM CDT

Stocks Up Despite GM Filing

(Newser) - Stocks shot higher at the open this morning, as rising oil prices and strong manufacturing data from China outweighed news of GM's bankruptcy. The Dow rose 102 points; as of next Monday, the index will no longer include GM and Citigroup. The Nasdaq and S&P were each up 1....

Shell Accused of Crimes Against Humanity

Family of Saro-Wiwa sues oil company in American court

(Newser) - Next week Royal Dutch Shell will finally appear in court to answer charges that it was complicit in the death of Ken Saro-Wiwa, the author and oil company critic executed by Nigeria's former military regime in 1995. Saro-Wiwa's family accuses the oil company of "a systemic campaign of human...

Russia Warns of Arctic War
 Russia Warns 
 of Arctic War 
May 14, 2009 3:41 AM CDT

Russia Warns of Arctic War

New document says Moscow should prepare for polar resources battle

(Newser) - A document released by the Russian government suggests that the country should prepare for war in the Arctic within the next decade, as rising temperatures intensify the scramble for the region's vast oil and gas fields. Russia claims sovereignty over a 465,000-square-mile ridge, which the US and other northern...

Exxon Mobil Profits Plunge 58% on Low Oil Prices

Low year-over-year pump prices, oil demand drive revenue down

(Newser) - Exxon Mobil’s first-quarter profit fell 58% from the previous year to $4.6 billion—its lowest profit in more than 5 years—as the world's largest publicly traded oil company, along with the rest of the industry, saw gas prices deflate dramatically. This time last year crude was in...

Oil Industry Squeezed as US Demand Tanks

(Newser) - Big oil execs, analysts, and government sources say a century-old American tradition is waning: after years of increasing oil consumption, US guzzling has peaked, they believe. Last year, demand plunged 7.1% for gas, diesel, and jet fuel—the biggest drop since 1950, when dependable records began. And major changes...

Big Oil Blows Off Obama's Clean-Energy Push

Firms say alternatives won't replace oil anytime soon

(Newser) - As the Obama administration seeks to spearhead a $150 million clean-energy overhaul, oil firms are conspicuously not getting on board—they're staying on the sidelines and, in many cases, betting against it, the New York Times reports. Shell is freezing its development work on wind, solar and hydrogen power, after...

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

(Newser) - Countries around the world are suffering budget shortfalls and declining exports, but few nations have seen as calamitous a fall in revenues as Iraq. As oil prices have plummeted and American financial support has dried up, Iraq is canceling projects and struggling to pay government employees. As the New York ...

Cheap Oil Keeps World Economy Off Balance
Cheap Oil Keeps World Economy Off Balance
ANALYSIS
Feb 20, 2009 5:18 AM CST

Cheap Oil Keeps World Economy Off Balance

With crude under $40, investment dries up, nations lose revenue

(Newser) - Oil surged 13% yesterday in New York trading—and still closed at less than $40 a barrel, reports the Washington Post. Cheap oil has been a boon for consumers in the recession, but the collapse in crude prices has contributed to further havoc in international markets from Canada to Kuwait....

Oil's Plunge Trouble for Palin

(Newser) - Sarah Palin's first two years as Alaska's governor were a time of milk, honey, and crude, with sky-high oil prices pumping wealth into the state. The second half of her term isn't looking so rosy. The rapid decline of oil prices has left the state with a looming budget shortfall...

Bye, Bye, Petro-Czars
 Bye, Bye, Petro-Czars 
ANALYSIS
Feb 15, 2009 6:02 PM CST

Bye, Bye, Petro-Czars

The power of petro-czars has slumped as oil prices have fallen

(Newser) - There is one silver lining to the global recession: The economic and political fortunes of America’s oil-rich antagonists have been tarnished, Rana Foroohar writes in Newsweek. Russia’s Vladimir Putin, Iran’s Mahmoud Ahmadinejad, and Venezuela’s Hugo Chávez have all been humbled by the falling price of...

Kenya Mourns Double Tragedy That Killed 136

Grieving kin blame poor emergency response in 2 fires

(Newser) - Kenyans are blaming the government for poor public safety and emergency response as they mourn the loss of 136 people in back-to-back fires at a Nairobi supermarket and on a rural highway. Emergency crews were slow to respond to yesterday's fuel tanker explosion, which came as they were still searching...

Chavez Quietly Courts Western Oil Firms

Falling oil prices force Venezuelan prez to swallow his pride

(Newser) - The falling price of oil is forcing Venezuelan President Hugo Chavez to quietly make overtures to the Western oil companies he used to harass and shun, reports the New York Times. Chavez needs the foreign expertise and purchasing power to help boost Venezuela's declining production and income. The lure of...

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