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TUESDAY, NOVEMBER 24, 2009
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NEWS ABOUT: oil

oil stories: 203 news summaries

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 Russia Warns 
 of Arctic War 

New document says Moscow should prepare for polar resources battle

May 14, 09 3:41 AM CDT
(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... More »

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Russia • oil • Arctic • natural resources • Lomonosov Ridge • Dmitry Medvedev • Arctic Circle • Russian foreign ministry

Exxon Mobil Profits Plunge 58% on Low Oil Prices

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

Apr 30, 09 7:57 AM CDT
(AP) - 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... More »

MORE ABOUT:
oil • earnings reports • gas prices • Exxon Mobil • oil prices

(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... More »

MORE ABOUT:
oil • biofuel • oil companies • gas stations • oil industry • gas consumption • oil demand

Big Oil Blows Off Obama's Clean-Energy Push

Firms say alternatives won't replace oil anytime soon

Apr 8, 09 8:18 AM CDT
(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... More »

MORE ABOUT:
oil • alternative energy • clean energy • Exxon Mobil • Big Oil • Obama administration

Economic
Woes Threaten
Iraq's Stability

Declining oil prices
and aid cancel urgently needed rebuilding

Feb 26, 09 7:56 AM CST
(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 ... More »

MORE ABOUT:
Iraq • oil • Iraqi Parliament • recession • Iraq reconstruction • economic downturn

ANALYSIS

Cheap Oil Keeps World Economy Off Balance

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

Feb 20, 09 5:18 AM CST
(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.... More »

MORE ABOUT:
Russia • oil • Venezuela • Canada • recession • Kuwait • oil price

(AP) - 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... More »

MORE ABOUT:
oil • Alaska • governor • Sarah Palin • budget shortfall • oil prices • Election 2012

ANALYSIS

 Bye, Bye, Petro-Czars 

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

Feb 15, 09 6:02 PM CST
(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... More »

MORE ABOUT:
Iran • Russia • oil • Venezuela • Mahmoud Ahmadinejad • Vladimir Putin • Hugo Chávez • petrodollar

Kenya Mourns Double Tragedy That Killed 136

Grieving kin blame
poor emergency
response in 2 fires

Feb 2, 09 6:23 AM CST
(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... More »

MORE ABOUT:
Africa • Kenya • oil • death • explosion • poverty • Raila Odinga • fire • mourning • public safety

Chavez Quietly Courts Western Oil Firms

Falling oil prices force Venezuelan prez to swallow his pride

Jan 15, 09 1:50 AM CST
(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... More »

MORE ABOUT:
oil • Venezuela • Hugo Chávez • oil company nationalization • Petroleos de Venezuela SA • oil companies


 Smart Money 
 Trickles Back Into Energy 

Those considered sectors 'smart money' see opportunity in sector

Jan 6, 09 11:51 AM CST
(Newser) - The energy sector is recharging, the Wall Street Journal reports, at least if a pair of deals by billionaire oil and gas investor George Kaiser is any indication. Kaiser, who built his fortune buying energy assets during downturns, is jumping back into the market, penning a $412 million natural gas... More »

MORE ABOUT:
oil • Kirk Kerkorian • investors • natural gas • energy markets • Chesapeake Energy • financial crisis

Oil Prices
Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

Dec 26, 08 7:44 AM CST
(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut... More »

MORE ABOUT:
oil • OPEC • United Arab Emirates • oil price • oil production • UAE

 OPEC Prepares to Slash Output 

Saudis lead push for record cut to pump prices to $75 a barrel

Dec 17, 08 1:46 AM CST
(Newser) - OPEC ministers are expected to back the biggest reduction in oil production in the history of the cartel when they meet today, Reuters reports. The exporters widely support a cut of 2 million barrels a day. Oil prices neared $43 per barrel yesterday, down over $100 from July. Officals from... More »

MORE ABOUT:
oil • Saudi Arabia • OPEC • Abdalla el Badri • oil price • oil production • oil industry


 Oil Slides 
 Into Its Own 
 Recession 

A weak global economy is dragging oil consumption down for the first time in 25 years

Dec 11, 08 9:13 AM CST
(Newser) - Oil is officially entering a recession of its own, as a foundering global economy has caused the first reduction in consumption in a quarter-century, the Wall Street Journal reports. The International Energy Agency estimates that 2008 demand for oil will finish down some 300,000 barrels a day, the first... More »

MORE ABOUT:
oil • recession • oil production • IEA • financial crisis

OPINION

 No Euphemisms: 
 Let's Nationalize GM 

Move would boost economy, environment

Dec 2, 08 8:18 AM CST
(Newser) - As Detroit extends its tin cup to DC, the government is making a lengthy list of preconditions and checking it twice. Why not keep things simple and nationalize the struggling GM? Any government loan wouldn’t be big enough, and despite all the misplaced anger directed at the Big Three,... More »

MORE ABOUT:
environment • oil • General Motors • vehicle emissions • nationalization • auto industry • Big Three • financial crisis

 Finish My 
 Fight With 
 Big 3: Gore 
 to Obama 

We need urgent action, Gore warns

Nov 30, 08 6:34 PM CST
(Newser) - Al Gore doesn't want a White House job, but he does have advice for Barack Obama: Use the bailout plan to transform the Big Three automakers. As vice-president, Gore rolled out a billion-dollar program to pay for fuel-efficient Detroit vehicles—"but as soon as they felt they were... More »

MORE ABOUT:
China • environment • oil • Al Gore • India • auto industry • hybrid car • oil crisis • clean coal • President Obama

 Medvedev Gets 
 Cozy With Castro 

Moscow seeks to extend influence in Latin America

Nov 28, 08 7:24 AM CST
(Newser) - Russian president Dmitry Medvedev is in Cuba strengthening ties with the Castro regime and attempting to broaden Russia's influence in Latin America, the BBC reports. Medvedev arrived in Havana yesterday from Venezuela where he and Hugo Chavez signed deals promoting nuclear energy and developing closer military ties. Russia is expected... More »

MORE ABOUT:
Russia • oil • Venezuela • Cuba • Brazil • Raul Castro • Hugo Chávez • Dmitry Medvedev • nuclear energy

 Islamic Militants 
 Vow to Take on 
 Tanker Pirates 

Promise to protect 'Muslim property'

Nov 23, 08 8:38 AM CST
(Newser) - Islamic militants have vowed to liberate a Saudi oil tanker seized a week ago by pirates off the Somali coast, reports CNN. Five armored vehicles arrived in the nearby Somali town of Harardhere filled with al-Shebab fighters, who told residents they would battle the pirates because the tanker, carrying $100... More »

MORE ABOUT:
Somalia • oil • Saudi Arabia • piracy • crude oil • pirates • al-shebab

 Gas Prices Plummet Below $2 

But low cost fuel isn't getting more people on the road

Nov 21, 08 5:41 AM CST
(Newser) - As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly,... More »

MORE ABOUT:
oil • gas • gas prices • oil price • gasoline prices

 Economy May Tank 
 Palin's $30B Pipeline 

Governor's much-touted initiative could be derailed as gas, oil prices fall

Nov 19, 08 2:50 PM CST
(Newser) - A sour economy and tumbling oil prices might sink Sarah Palin’s oft-touted Alaskan natural-gas pipeline, the Wall Street Journal reports. Low prices and increased natural-gas production in the lower 48 are causing energy companies to reconsider the $30 billion project. Without the revenue-generating pipeline, Alaskans who depend on the... More »

MORE ABOUT:
oil • Alaska • Exxon • ConocoPhillips • natural gas • gas pipelines • Sarah Palin • economic downturn

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