energy markets

8 Stories

JPMorgan May Pay $500M Fine in Energy Con: Report

Company would make a profit by not selling electricity

(Newser) - JPMorgan is considering paying a record $500 million settlement over allegations that California and other states paid its power plants to not produce electricity, the Wall Street Journal reports. The alleged scheme is simple: The states promise to give energy providers "make whole" payments whenever they lose money firing... More »

EU Slaps Gas Firms With $1.5B Fine for Price-Fixing

(Newser) - The European Union's powerful competition commissioner slapped two energy companies with record fines of $1.53 billion today for cartel misbehavior. GDF Suez and E.ON, two of the world's biggest gas producers, colluded to avoid competition in French and German energy markets and drive up prices. It's the first... More »

Stocks Sink on World Bank Report

(Newser) - Stocks tumbled this morning after the release of a grim forecast by the World Bank. The Dow tumbled about 100 points, while the Nasdaq and S&P each dropped 1.6%. The World Bank predicted the economy would shrink 2.9% this year, a big downward revision from its previous... More »

Smart Money Trickles Back Into Energy

Those considered sectors 'smart money' see opportunity in sector

(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 »

OPEC Slashes 1.5M Barrels a Day to Boost Oil Prices

(Newser) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a... More »

Buffett Strikes as Investors Flee; Buys Energy Firm

In his first move of the current market crisis, the Oracle collects more energy

(Newser) - Warren Buffett swooped in yesterday with one of his patented moves, his first during the current market turmoil. He purchased Constellation Energy Group, Baltimore’s large hometown energy supplier, after its stock plummeted by 60 percent since Monday, the Sun reports. As investors fled the company, Buffett saw opportunity, adding... More »

Oil Prices Jump $1 as Gustav Shuts Down Gulf Operations

Investors react to storm threat

(Newser) - Hurricane Gustav helped boost oil prices today by more than $1 a barrel as energy companies shut down production facilities in the storm's path, reports Reuters. US crude rose $1.54 to $117 per barrel this morning, after briefly surging to over $118 when NYMEX opened for electronic trading hours... More »

McCain's Energy Record Reveals Muddled Mess

Some see pragmatism, others inconsistency in GOP candidate's votes

(Newser) - John McCain can’t seem to settle on a comprehensible energy policy, Noam Levey writes in the Los Angeles Times, noting that the Republican has been on both sides of issues from oil drilling to ethanol. He favors fuel-efficiency standards while rejecting renewable-sources guidelines and rejects tax breaks on renewables... More »

8 Stories