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July 24, 2008 1:19:09 PM CDT

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Stories related to: oil

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  • July 2008

    • Stocks Rise as Oil Drops

      newser  |  MarketWatch  |  Jul 22, 08 3:22 PM CDT

      Stocks Rise as Oil Drops

      Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the S&P 500 climbed 17.01 points to 1,277.01. More »

      Tags

      S&P 500  • Nasdaq  • oil  • Dow Jones Industrial Average  • earnings reports  • Wachovia  • American Express  • Caterpillar  • DuPont

    • Oil Tycoon Kicks Off Energy Campaign

      newser  |  Dallas Morning News  |  Jul 8, 08 3:51 PM CDT

      Oil Tycoon Kicks Off Energy Campaign

      Billionaire oilman T. Boone Pickens is fed up with America’s dependence on oil and today launched a huge ad campaign to persuade the nation to kick its crude addiction, the Dallas Morning News reports. His "Pickens Plan" proposes that Americans swap gasoline for natural gas, then replace natural gas power plants with wind, solar, and nuclear facilities. More »

    • Hunt Is On for Florida Oil

      newser  |  Associated Press  |  Jul 5, 08 10:01 AM CDT

      Hunt Is On for Florida Oil

      The record-breaking price of oil is shifting public opinion toward lifting a moratorium on new offshore drilling, reports the AP. Four companies acquired rights to explore parcels of land off the Florida coast in March, under a 2006 Congressional compromise that opened up 8.3 million acres off the Panhandle in exchange for a buffer along the rest of the state's beaches. More »

      Tags

      gas prices  • Florida  • oil  • oil production  • offshore oil  • oil reserves  • oil exploration  • Bill Nelson

    • The Good in $4 Gas

      newser  |  Time  |  Jul 2, 08 12:03 PM CDT

      The Good in $4 Gas

      The rest of the world may have thought it would never happen, but energy prices are beginning to change Americans' behavior. Time notes some positive aspects: Jobs lost to globalization return, because energy costs make international shipping unattractive. Suburban sprawl is slowing as people choose to live closer to cities. Many firms are switching to four-day workweeks—the practice saved Florida's Brevard College $268,000 over a summer session. Less pollution as motorists drive less … …and more frugally, both in how they drive and what they drive. More »

      Tags

      gas prices  • oil  • obesity  • gas  • traffic  • commute  • auto insurance

  • June 2008

    • N. Dakota's New Crop: Instant Millionaires

      newser  |  Associated Press  |  Jun 30, 08 8:57 PM CDT

      N. Dakota's New Crop: Instant Millionaires

      Many North Dakotans are enjoying their own milkshakes as oil makes landowners instant millionaires. Oil companies are drilling new wells at record rates, and those lucky enough to own the land above deposits are becoming wealthy overnight, the AP reports. "It's the easiest money we've ever made," says an ex-sales clerk. More »

      Tags

      oil  • millionaires  • North Dakota

    • What if Oil Hits $200?

      newser  |  Los Angeles Times  |  Jun 28, 08 3:35 PM CDT

      What if Oil Hits $200?

      Wall Street has predicted $200-per-barrel oil for months, but what if it really happens? Not only drivers would be hurt by such a spike, the Los Angeles Times reports: Inflation would skyrocket as oil-derived products turn pricey and "the purchasing power of the American people would be kicked in the teeth so darned hard that they won't have the ability to buy much of anything,” one energy expert predicted. More »

      Tags

      oil price  • oil  • inflation  • $100 a barrel oil  • commute

    • Oil Breaks Record, Climbs Above $141

      newser  |  Associated Press  |  Jun 27, 08 7:27 AM CDT

      Oil Breaks Record, Climbs Above $141

      Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production. More »

      Tags

      oil price  • oil  • crude oil  • broken records

    • Chavez: US Confrontation 'Inevitable'

      newser  |  New Yorker  |  Jun 23, 08 3:25 AM CDT

      Chavez: US Confrontation 'Inevitable'

      With the US distracted by the wars in Iraq and Afghanistan, Venezuelan President Hugo Chavez has been busy amassing a Latin American power bloc to blunt Washington’s influence. But the firebrand leader, who calls President Bush “the devil” and the US “the empire,” is receiving level-headed advice from none other than Fidel Castro, writes Jon Lee Anderson in a New Yorker profile. More »

      Tags

      George W. Bush  • United States  • oil  • Colombia  • Venezuela  • Cuba  • Fidel Castro  • Alvaro Uribe  • Hugo Chávez

    • Saudis May Boost Oil Supply Even Higher

      newser  |  Bloomberg  |  Jun 22, 08 4:11 PM CDT

      Saudis May Boost Oil Supply Even Higher

      A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day," a Saudi minister said. More »

      Tags

      oil price  • oil  • Saudi Arabia  • OPEC  • oil production  • oil companies  • oil crisis  • foreign oil  • oil industry

    • Nigerian Youths Blow Up Oil Pipeline

      newser  |  Reuters  |  Jun 22, 08 3:19 PM CDT

      Nigerian Youths Blow Up Oil Pipeline

      A youth gang blew up a Chevron pipeline in Nigeria yesterday, reducing output from the world's eighth-largest oil producer by 120,000 barrels a day. Such attacks are common in Nigeria, Reuters reports: Sparked by poverty and hatred of foreign companies, militants have cut oil production there by one-fifth over the past 2 years. More »

      Tags

      oil price  • oil  • Nigeria  • Chevron  • Niger Delta  • pipelines

    • Oil-Addicted Bush Must Kick the Habit

      newser  |  New York Times  |  Jun 22, 08 6:32 AM CDT

      Oil-Addicted Bush Must Kick the Habit

      The American thirst for oil is like a drug addiction, and George Bush wants another hit, writes Thomas Friedman in the New York Times . Bush’s irresponsible energy plan involves getting a little more oil from Saudi Arabia to keep prices low, and then drilling in Alaska—simply prolonging our addiction instead of allowing high fuel prices to push us toward better sources of energy, adds Friedman. More »

    • Supreme Court Sides With Workers on Age Discrimination

      newser  |  New York Times  |  Jun 19, 08 4:33 PM CDT

      Supreme Court Sides With Workers on Age Discrimination

      The Supreme Court ruled today that it is up to employers in age-discrimination lawsuits to prove that their actions resulted from “reasonable factors other than age,” the New York Times reports. With the opinion making it easier for employees to sue, the court explained to opponents that Congress’ wording of the law “set the balance where it is.” More »

      Tags

      Congress  • lawsuit  • US Supreme Court  • oil  • discrimination  • age  • age discrimination

    • When Good Pandering Goes Bad

      newser  |  New York Times  |  Jun 19, 08 7:32 AM CDT

      When Good Pandering Goes Bad

      The offshore drilling ban has been in place since 1981, but George W. Bush—who is still the president, Gail Collins reminds us in the New York Times —wants it overturned in two weeks. Watching his speech in the Rose Garden, where he said Democrats would be to blame for high gas prices if drilling in heretofore verboten places was not immediately authorized, the columnist wonders why the president waited until now to call the Dems' bluff, and how unfortunate it is for John McCain. More »

    • Let's Not Kid Ourselves: Oil's Going Higher

      newser  |  Washington Post  |  Jun 18, 08 12:09 PM CDT

      Let's Not Kid Ourselves: Oil's Going Higher

      Yes, $4 a gallon seems steep, but the worst is surely yet to come, Robert J. Samuelson writes in the Washington Post . Gas is on pace to rise to $7 a gallon by 2012, with oil rising to $225 a barrel, according to one economist. Oil-rich nations are acting as though we’ve already hit “peak oil,” and fast-growing nations in Asia and elsewhere are keeping demand steady. More »

      Tags

      oil price  • gas prices  • oil  • energy  • biofuel  • oil drilling

    • Bush to Congress: Lift Offshore Drilling Ban

      newser  |  CNN  |  Jun 18, 08 11:08 AM CDT

      Bush to Congress: Lift Offshore Drilling Ban

      Bush formally asked Congress today to allow drilling for oil in the deep water off America's coasts, as well as repeating his demand that Alaska's Arctic National Wildlife Refuge be opened for drilling, CNN reports. "In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," Bush said. More »

    • Saudis to Boost Oil Output to Record Level

      newser  |  New York Times  |  Jun 14, 08 6:14 AM CDT

      Saudis to Boost Oil Output to Record Level

      Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the long term by cutting economic growth and making alternative fuels more viable. More »

      Tags

      oil price  • oil  • Saudi Arabia  • OPEC  • King Abdullah  • oil production

    • McCain Pays Price of Soaring Gas

      newser  |  Politico  |  Jun 10, 08 2:13 PM CDT

      McCain Pays Price of Soaring Gas

      The party in power always suffers during an election year in which the economy is poor, and high gas prices are often the biggest barb. John McCain is suffering the most from high prices at the pump, a Politico analysis of Gallup polls show, with voters putting him behind the GOP at large on the question of who will give “greater priority” to energy. More »

    • GOP Blocks Profit Tax on Oil Companies

      newser  |  Houston Chronicle  |  Jun 10, 08 1:59 PM CDT

      GOP Blocks Profit Tax on Oil Companies

      Senate Republicans today fended off a Democrat-sponsored bill that would have heaped a 25% tax on the five biggest US oil companies and rolled back other tax breaks for the industry, the Houston Chronicle reports. President Bush had threatened to veto the measure, hailed by Dems as "energy price relief" and for which Republicans predicted "abject failure." More »

      Tags

      Democrats  • Republicans  • Senate  • oil  • GOP  • energy  • Arctic National Wildlife Refuge

    • Blip or Deeper Trouble? More Economists Grow Gloomy

      newser  |  BusinessWeek  |  Jun 7, 08 10:01 PM CDT

      Blip or Deeper Trouble? More Economists Grow Gloomy

      Optimists can easily chalk up Friday's disastrous day on Wall Street to a skittish market overreacting to lousy news about oil prices and unemployment. The problem, writes Ben Steverman in BusinessWeek , is that many analysts are lining up in the pessimists' camp, which holds that something more "fundamental" is awry. The credit crunch is easing, but rising inflation and an increasingly "fragile" economy could spell long-term trouble. More »

      Tags

      gas prices  • oil  • inflation  • economy  • interest rate  • crude oil

    • Diesel Thieves Plague Farmers

      newser  |  CNN  |  Jun 6, 08 2:33 PM CDT

      Diesel Thieves Plague Farmers

      With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In Kern County, California, alone the sheriff estimates that $300,000 worth of diesel was stolen in the past 3 months. More »

      Tags

      oil price  • gas prices  • oil  • farmer  • theft  • diesel  • farm  • thief

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