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NEWS ABOUT: oil refineries

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Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%... More »

BP Strike Shuts Down Top UK Oil Refinery

London urges drivers not to hoard gas as prices rise

(Newser) - Britain is facing an oil pinch after workers walked off a Scottish oil refinery today over pension issues, the AP reports. The 48-hour BP strike will halt 700,000 barrels of UK oil a day, nearly one-third of its North Sea supply. But 10 Downing St. is urging drivers not... More »

SF Bay Area Businesses Face Penalties for Pollution

Fines would range from $1 to $195K per year

(Newser) - San Francisco Bay Area businesses could face major fines—the first ever imposed by a local government—based on the amount of climate-changing emissions they produce annually, the New York Times reports. The move, which the Bay Area Air Quality Management District could make official May 21, would skirt plodding... More »

Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

(Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an... More »

Demand for Oil May Pass Output by 2012

Experts see prolonged crisis as producers max out pumping ability

(Newser) - Production limits, not supply, could prompt an oil crisis in less than a decade as efforts to reduce demand and introduce alternative fuels trail growth in the world’s oil needs, the Journal reports. Oil companies currently produce 85 million barrels daily; some experts say they'll hit a wall at... More »

China Hikes Domestic Oil Prices 10%

Move to lower demand spurs crude prices to record highs

(Newser) - China raised its domestic oil prices 10% yesterday, one of the key factors in crude’s surge to over $95 per barrel. The move was actually designed to decrease global oil prices, the Wall Street Journal explains, by lowering demand. But Chinese refineries, usually stuck with low government-set prices for... More »

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... More »

US Gas Supplies Hit 2-Year Low

Drop coincides with end of summer vacation season

(Newser) - The nation's gas inventory slipped last week to its lowest level since Hurricane Katrina decimated stockpiles 2 years ago, but officials aren't worried. "We're at the end of the summer and demand should start declining over the next several weeks," one analyst told Reuters. The current supply is... More »

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