crude oil

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Obama: Go Ahead, Shell, Drill Deeper for That Arctic Oil

Environmentalists lambast decision, saying it will 'worsen climate disruption'

(Newser) - President Obama has disappointed a slew of environmental activists by giving Shell the green light yesterday to drill deeper in the Arctic for oil, Quartz reports. The approval issued by the Bureau of Safety and Environmental Enforcement expands the oil company's current permissions, allowing it to drill even further... More »

Workers in 'Panic Mode' Over Low Price of Oil

Oil rigs have shut down, leaving well-paid degree-less workers short on options

(Newser) - Countries around the world continue to be impacted in various ways from the oil price crash over the last year, and there's one demographic that's definitely feeling the negative effects: oil workers now out of jobs that were "more or less an economic lottery ticket for an... More »

Good News for Your Summer Road Trip

Lowest prices in 6 years are predicted—a $2.45-per-gallon average

(Newser) - Not since 2009 have we seen the gas prices that industry experts are expecting this summer driving season—but in a good way. Per a US Energy Department forecast , gas will cost an average of $2.45 for a gallon of regular between April and September, typically the nation's... More »

Oil Cars Still Burning After W. Va. Derailment

Feds seeking tougher train cars as crude shipments soar

(Newser) - Train cars carrying crude oil were still burning last night, more than 24 hours after a derailment in West Virginia , and the New York Times describes the scene as a grim one, with "the dark plume of smoke visible from many miles away, and a bitter aroma of burning... More »

Oil Tanker 'Vanishes' With $100M Cargo

Kurdish ship carries crude that may legally belong to Iraq

(Newser) - The US Coast Guard has lost track of a Kurdish tanker carrying $100 million in disputed oil off the coast of Texas, the Independent reports. Headed for Galveston, the United Kalavyrvta was anchored at least 60 miles off-shore when it vanished from radar screens. The ship's haul fell under... More »

Toll Hits 5 in Train Derailment

Officials believe they'll discover more bodies in Quebec accident

(Newser) - Officials say two more bodies were discovered today after a runaway train carrying crude oil derailed in eastern Quebec, igniting explosions and fires that destroyed a town's center. That brings the confirmed death toll to five. A Quebec provincial police lieutenant said today that fires are preventing rescuers from... More »

Train With Crude Oil Derails, Explodes

Several missing, 1K evacuated in Quebec town

(Newser) - Train cars carrying crude oil through a small town in Quebec derailed last night, setting off huge explosions that forced the evacuation of 1,000 and left several people missing, reports the CBC . About 30 buildings in the heart of Lac Megantic were destroyed by the explosions and resulting fire,... More »

Blasts, Fire Rock California Oil Refinery

Residents ordered to stay indoors in SF Bay Area

(Newser) - Explosions tore through a Chevron oil refinery as it erupted in flames yesterday, driving toll takers from the Richmond Bridge and San Francisco Bay Area residents indoors. At least two fires were triggered when a diesel leak exploded at the Richmond refinery, one of the largest in the nation, reports... More »

Move Over, Keystone: 2 More Pipelines Planned

Calgary-based driller to send oil to Houston-based refinery

(Newser) - The Keystone XL pipeline may be mired in politics, but take heart, pipeline lovers: With Canadian crude oil production soaring, Houston-based Enterprise Products Partners and Calgary-based Enbridge hope to build two new pipelines to pump it to US refineries, the Wall Street Journal reports. The companies intend to build a... More »

Iran Tensions Could Mean $5 Gas

Recent posturing has already sent price up 20%

(Newser) - Going to war with Iran would be an expensive proposition for America's drivers. Tensions over the country's nuclear ambitions have already pushed crude oil prices up 20% to a record winter high, energy experts tell the New York Times . That's translated to an average $3.73 per... More »

Geithner Open to Using Oil Reserves

But warns there's no 'quick fix' to rising gas prices

(Newser) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices... More »

Iran: Hey, Wanna See Oil Hit $150 a Barrel?

Tehran says EU's embargo will spike global prices

(Newser) - Iran is getting ready to vote today on banning oil sales to the EU —you know, before the EU can enact an embargo on aforementioned oil —and Tehran is engaging in some typical sabre-rattling, with the head of Iran's state oil company predicting global crude prices will... More »

In Mideast Desert, a Risky, Costly Hunt for Heavy Crude

As easy oil supplies dwindle, project launched along Saudi-Kuwaiti border

(Newser) - Saudi Arabia and Kuwait have embarked on a risky, expensive hunt for heavy crude—and that might be a bad sign for global oil supplies. For decades these countries have fueled the world with its easy-to-drill light oil supply, but now those reserves are drying up, one Middle East energy... More »

Gas Prices Expected to ... Drop

Oil falls under $100 as Americans start driving less

(Newser) - It looks like gas prices will start heading down for once. Both AP and the New York Times quote experts saying the price has probably peaked and will begin ticking downward from the national average of just under $4. Skeptics can look to oil prices, which dropped below $100 a... More »

Trump: I Wish I Didn't Have to Consider Presidential Run

But he just loves this country too much not to

(Newser) - Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico:
  • Trump is better than Romney: “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and
... More »

Atlantic Oil Spill Coats Endangered Penguins

Nightingale Island surrounded by giant crude slick

(Newser) - An oil spill has covered thousands of endangered penguins in crude after a cargo ship ran aground on an island in the South Atlantic, the AP reports. The MS Olivia of Malta broke into two pieces after it hit Nightingale Island in the Tristan da Cunha chain. Its 1,650... More »

Just in Time for Christmas: $3 Gallons of Gas

If you aren't already paying that now, you likely will

(Newser) - The price at the pump edged up 3.9 cents in the last two weeks to an average of $2.91 per gallon, according to the latest Lundberg Survey, which sampled gas prices at 2,500 filling stations across the US. That's 28 cents higher than it was last December.... More »

Yours for $1,000: A Bottle of BP Gulf Oil

Relief group hopes to raise money for jobless fisherman

(Newser) - A relief organization is bottling up the gooey BP oil fouling the Gulf of Mexico and selling it—for $1,000 a pop. The nonprofit, brainchild of a Louisiana oyster company, is selling 1,000 of the souvenir bottles and promises to give proceeds to out-of-work oyster workers... More »

The Wealthiest Fictional Characters

'Twilight' vampire tops Forbes list; cartoon superheroes fare well

(Newser) - Upheaval in the financial sector has widespread implications—it even affects the annual Forbes rankings of the wealthiest fictional characters. Entering the list at No. 1 is Carlisle Cullen, the Twilight vampire patriarch, who has a serious advantage in that he's undead and has had 370 years to accumulate his... More »

Iran Seizes 5 British Yacht Crew Members

Vessel nabbed en route from Bahrain to race in Dubai

(Newser) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters,... More »

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