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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: oil

oil stories: 203 news summaries

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analysis

 It May Be 'Mayday!' 
  for Commercial Aviation 

Fuel prices, environmental concerns could make that cheap seat a luxury

Aug 13, 08 9:05 PM CDT
(Newser) - The end of cheap oil means it’s “springtime for gloomy futurists,” Bradford Plumer writes in the New Republic, but we’re not headed for a Mad Max scenario just yet—unless you like cheap seats on airplanes. Jet fuel is approaching twice the price... More »

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oil • airline industry • migration • air travel • predicting the future • airplane

 OPEC Heads for
 Trillon-Dollar
 Payday

Oil cartel doubles its income on soaring prices, production

Aug 11, 08 11:17 AM CDT
(Newser) - OPEC nations have shattered records for income this year, earning as much money in the first 6 months of 2008 as they did in all of 2007, the Financial Times reports. The Saudi-led cartel of oil-exporting nations took home $645 billion in the first two quarters and is on course... More »

MORE ABOUT:
oil • Saudi Arabia • OPEC • oil production • oil prices

Oil Slips Below $120 a Barrel on Eroding Demand

Recession fears,
dollar gains continue price retreat

Aug 5, 08 9:16 AM CDT
(AP) - Oil prices fell below $120 a barrel today on expectations that the US economic downturn will erode consumer demand for crude products, the AP reports. The dollar's gains against the euro also contributed to lower prices. Crude futures have fallen about $27, or about 18%, since reaching a record high... More »

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oil

 Oil Costs Crimp
 Globalization

Biz 'goes local' to save transportation costs

Aug 3, 08 5:03 AM CDT
(Newser) - The soaring cost of oil is taking a toll on globalization, pushing companies to save on transportation by producing materials closer to home, the New York Times reports. The search for cheap production had been key for many firms—but now oil prices, as well as stricter import rules and... More »

MORE ABOUT:
oil • globalization • manufacturing • production • oil prices

Obama Shifts Tack on Offshore Drilling 

Candidate says he would accept drilling as part of energy package

Aug 2, 08 6:10 AM CDT
(Newser) - Barack Obama softened his opposition to offshore oil drilling yesterday, telling the Palm Beach Post in an interview  that he would be willing to accept  "a careful, well thought-out drilling strategy that was carefully circumscribed to avoid significant environmental damage"  it if necessary to avoid a deadlock on... More »

MORE ABOUT:
Barack Obama • oil • oil exploration • oil drilling • offshore oil • energy policy

Political Turf War Threatens Stability at Iraqi Oil Giant

Government wants to oust director of South Oil, but he's resisting

Jul 30, 08 3:44 PM CDT
(Newser) - The central government in Iraq is trying reassert its control over a huge state-owned oil company by forcing out its maverick—but highly effective—chief, the Wall Street Journal reports. He's refusing to go, however, and the resulting turf war could have huge implications not only for Iraq but the... More »

MORE ABOUT:
Iraq • oil • Nouri al-Maliki • Iraq government • political factions • Hussain al Shahristani • Iraqi elections • South Oil • Jabber el-Leaby

OPINION

Energy Crisis Requires a Global Agency

UN atomic watchdog argues for managed transition from oil

Jul 24, 08 4:08 PM CDT
(Newser) - A global agency is needed to deal with the developing energy crisis, Mohamed ElBaradei, director of the International Atomic Energy Agency, writes in the Financial Times. Demand for energy is rising fast and alternatives to fossil fuels remain largely hypothetical, and though there are international organizations to deal with everything... More »

MORE ABOUT:
oil • nuclear power • greenhouse gases • alternative energy • IAEA • fossil fuel • International Atomic Energy Agency • Mohamed ElBaradei

MARKETS

 Stocks Rise as Oil Drops 

Price of barrel drops to $126, a 7-week low

Jul 22, 08 3:22 PM CDT
(Newser) - 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... More »

MORE ABOUT:
oil • Dow Jones • Wachovia • earnings reports • American Express • Nasdaq • Caterpillar • DuPont • S&P 500

Oil Tycoon
Kicks Off Energy Campaign

Pickens wants to wean us from foreign supply with wind, natural gas

Jul 8, 08 3:51 PM CDT
(Newser) - 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... More »

MORE ABOUT:
oil • alternative energy • gas • solar power • oil price • energy dependence • natural gas • T. Boone Pickens • wind power • energy independence

 Hunt Is On for Florida Oil 

2006 compromise opened up protected area; others could soon follow

Jul 5, 08 10:01 AM CDT
(Newser) - 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... More »

MORE ABOUT:
Florida • oil • gas prices • Bill Nelson • oil production • oil exploration • oil reserves • offshore oil

GLOSSIES

 The Good in $4 Gas 

Less obesity, traffic, and accidents, for starters

Jul 2, 08 12:03 PM CDT
(Newser) - 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:
  1. Jobs lost to globalization return, because energy costs make international shipping unattractive.
  2. Suburban sprawl is slowing as people choose to live closer
... More »

MORE ABOUT:
obesity • oil • gas • traffic • commute • gas prices • auto insurance

N. Dakota's New Crop: Instant Millionaires

Oil far underground makes landowners
rich overnight

Jun 30, 08 8:57 PM CDT
(Newser) - 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... More »

MORE ABOUT:
oil • North Dakota • millionaires

 What if Oil Hits $200? 

Inflation would skyrocket as American society reorganizes

Jun 28, 08 3:35 PM CDT
(Newser) - 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... More »

MORE ABOUT:
inflation • oil • commute • oil price • $100 a barrel oil

Oil Breaks Record,
Climbs Above $141

Weak dollar sends investors into crude

Jun 27, 08 7:27 AM CDT
(AP) - 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... More »

MORE ABOUT:
oil • broken records • oil price • crude oil

GLOSSIES

Chavez: US Confrontation 'Inevitable'

But Venezuelan leader receives steadying advice from Castro

Jun 23, 08 3:25 AM CDT
(Newser) - 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... More »

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

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

Jun 22, 08 4:11 PM CDT
(Newser) - 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... More »

MORE ABOUT:
oil • Saudi Arabia • OPEC • oil price • oil production • foreign oil • oil companies • oil crisis • oil industry

Nigerian Youths Blow Up Oil Pipeline

Chevron output diminished by 120K barrels per day

Jun 22, 08 3:19 PM CDT
(Newser) - 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... More »

MORE ABOUT:
oil • Chevron • Nigeria • Niger Delta • oil price • pipelines

OPINION

Oil-Addicted Bush
Must Kick the Habit

High fuel prices offer chance to change our ways

Jun 22, 08 6:32 AM CDT
(Newser) - 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... More »

MORE ABOUT:
Congress • oil • alternative energy • gas prices • oil price • energy dependence • oil drilling • George W. Bush • energy independence

Supreme Court Sides With Workers on Age Discrimination

Ruling shifts burden of proof to employers

Jun 19, 08 4:33 PM CDT
(Newser) - 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’... More »

MORE ABOUT:
Congress • oil • age • discrimination • lawsuit • US Supreme Court • age discrimination

OPINION

When Good Pandering
Goes Bad

Bush goes and ruins McCain's opportunism on oil, writes Collins

Jun 19, 08 7:32 AM CDT
(Newser) - 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... More »

MORE ABOUT:
John McCain • oil • environmentalism • Republican candidate • oil drilling • George W. Bush • offshore oil

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