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Asia Stocks Plunge
 Asia Stocks Plunge 
May 21, 2010 3:42 AM CDT

Asia Stocks Plunge

Markets down on US unemployment, Europe debt

(Newser) - Following a dismal day on Wall Street, Asian markets fell sharply today on news of an unexpectedly high US unemployment rate and worries about the growing debt crisis in Europe. The MCSI Asia Pacific Index was down 1.6 percent at 111.79, a 9-month low. Japan's Nikkei 225 stock...

Blaze Erupts on Aussie Oil Rig
 Blaze Erupts on Aussie Oil Rig 
Nov 2, 2009 1:44 AM CST

Blaze Erupts on Aussie Oil Rig

Leak spewing 400 barrels of oil daily

(Newser) - A massive blaze has erupted from an oil rig in the Timor Sea off northwest Australia. The fire was sparked as workers battled to plug an undersea leak that has spewed 400 barrels of oil a day for the past 10 weeks. No one was injured in the fire and...

Energy Lobby Split on Climate, Thrilling Greens

Natural gas companies squabble with Big Oil as Senate negotiates

(Newser) - With the Senate set to consider legislation to tax carbon and rein in global warming, a split has emerged among the energy lobby that may make it easier to pass a clean-energy law. Natural gas producers favor a bill, while their colleagues in the oil industry oppose it; electric companies...

Drill, Baby, Drill!: Palin
 Drill, Baby, Drill!: Palin
OPINION
Oct 16, 2009 5:15 PM CDT

Drill, Baby, Drill!: Palin

Renewable energy, domestic oil development are complementary

(Newser) - Even as the US develops renewable-energy sources and cars that don’t need gas, it’s important to recognize that petroleum will be a part of our lives for some time, writes Sarah Palin. And as long as we need it, we should be getting as much as possible from...

Oil States Plot to Ditch Dollar

Gulf Arabs in talks to replace greenback with mix of currencies

(Newser) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end...

China Sells Gas to Iran Despite US Pressure

Provides 1/3 of its fuel imports

(Newser) - Chinese state oil companies began selling gasoline to Iran this month and now provide 30,000 to 40,000 barrels a day, or as much as a third of the country's imports. The development comes despite US-led attempts to block gas shipments to Iran, which has seen oil giants BP ...

Crude Makes Compelling Case Against Big Oil

Doc tells of disastrous effects of oil extraction

(Newser) - Crude is a hard-hitting documentary about the ravages of the oil industry—Chevron is the villain here—on indigenous people in Ecuador. Critics are wowed:
  • “Here’s a powerhouse of a documentary that makes you feel mad as hell and unwilling to take it anymore,” writes Peter Travers
...

Minister Who Freed Lockerbie Bomber Has Bro in Oil Biz

Kenny MacAskill's brother has pitched oil business to Libya

(Newser) - The Scottish government minister who freed the Lockerbie bomber has a brother who works in the oil industry and has pitched oil business to Libya, reports the Wall Street Journal. Kenny MacAskill's brother, Allan, spent 20 years at BP, which admits that it lobbied for a prisoner-transfer agreement between the...

Gadhafi Son: Why the Fuss Over Bomber's Release?
Gadhafi Son: Why the Fuss Over Bomber's Release?
INTERVIEW
Aug 28, 2009 3:48 PM CDT

Gadhafi Son: Why the Fuss Over Bomber's Release?

Celebration of Megrahi's return made possible by Brit TV coverage

(Newser) - The release of convicted Lockerbie bomber Abdelbaset Ali al-Megrahi had nothing to do with commerce, Moammar Gadhafi's son tells the Scotland Herald. What's more, he blames the celebration of Megrahi's return on the British news media—“Everyone knew from Sky and the BBC that he was going to land...

Gadhafi Son to Bomber: We Cut Deal With UK for You

Business sec. eyed over ties to younger Gadhafi

(Newser) - Even as Scotland insists its decision to release the Lockerbie bomber was a compassionate one, a conversation between Moammar Gadhafi’s son and the bomber suggests some backroom wheeling and dealing, the Sunday Telegraph reports. A transcript has Saif Gadhafi telling the bomber, “You were on the table in...

Fiber-Optic Mics Eavesdrop on Thieves

OptaSense can identify footsteps, vehicles from miles away

(Newser) - Major oil companies are relying on a new fiber-optic technology to keep an underground ear on intruders, the Independent reports. Devised by a British defense firm, the OptaSense system consists of microphones placed along sensitive fiber-optic cables already laid underground. The cables sense vibrations, the mics pick it up, and...

'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....

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