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July 25, 2008 12:52:06 PM CDT

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Stories related to: oil production

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  • July 2008

    • Pickens Drills Into McCain Campaign

      newser  |  New York Times  |  Jul 24, 08 8:40 AM CDT

      Pickens Drills Into McCain Campaign

      The reinvention of oil billionaire T. Boone Pickens as an environmentalist represents a huge political about-face, writes Timothy Egan in the New York Times . Four years ago, Pickens bankrolled the Swift Boat campaign that derailed John Kerry's presidential bid. Now Pickens, "looking a bit like the John Huston character from Chinatown ," is attacking the efficacy of new drilling just when John McCain is pressing for it. More »

      Tags

      John McCain  • environment  • oil production  • oil drilling  • Swift Boat Veterans for Truth  • oil prices  • T. Boone Pickens

    • $6 Gas Possible by Year's End

      newser  |  Wall Street Journal  |  Jul 7, 08 7:38 AM CDT

      $6 Gas Possible by Year's End

      As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward pressure on crude prices, the Wall Street Journal reports. More »

      Tags

      oil price  • gas prices  • economy  • oil production  • $100 a barrel oil  • oil reserves  • strategic petroleum reserve

    • 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

  • June 2008

    • 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

    • Saudis Bumping Oil Flow 2% to Slow Soaring Prices

      newser  |  Associated Press  |  Jun 16, 08 7:02 AM CDT

      Saudis Bumping Oil Flow 2% to Slow Soaring Prices

      Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes. More »

      Tags

      United Nations  • oil price  • Saudi Arabia  • OPEC  • oil production

    • 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

    • Analysts Say Oil Price Drop Is Long Way Off

      newser  |  Reuters  |  Jun 9, 08 10:25 AM CDT

      Analysts Say Oil Price Drop Is Long Way Off

      A reining-in of Asia’s demand for oil could help the global crude supply rebound, eventually dropping prices sharply, analysts tell Reuters. But the price relief likely won’t show up until the end of this year or early next, as data needed to help traders set prices is slow to flow in from major Asian countries. More »

      Tags

      oil price  • gas prices  • crude oil  • Asian markets  • oil production

    • Oil Prices Threaten US-Saudi Relations

      newser  |  Los Angeles Times  |  Jun 8, 08 6:46 AM CDT

      Oil Prices Threaten US-Saudi Relations

      The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s certainly a perception that the power equation has changed,” said an oil analyst. More »

      Tags

      George W. Bush  • China  • oil price  • United States  • Saudi Arabia  • OPEC  • Asia  • oil production

  • May 2008

    • Sharp Decline Seen in Future Oil Supplies

      newser  |  Wall Street Journal  |  May 22, 08 11:50 AM CDT

      Sharp Decline Seen in Future Oil Supplies

      The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—growth, is revising that sharply downward, the Journal says, though the report won't be out until November. More »

      Tags

      oil price  • crude oil  • oil production  • oil supply  • solar energy

    • Bush, Stop Begging the Saudis

      newser  |  Wall Street Journal  |  May 17, 08 1:23 PM CDT

      Bush, Stop Begging the Saudis

      Whichever adviser sent President Bush to plead with the Saudi king to help bring down oil prices should be canned, the Wall Street Journal opines. Bush had the same request turned down during a visit in January, and the rebuff is even more humiliating the second time around. If Bush wants to go begging, he'd be better off turning to Fed chief Ben Bernanke, "creator of our current commodity-price spike." More »

      Tags

      George W. Bush  • oil price  • Ben Bernanke  • Saudi Arabia  • King Abdullah  • oil production

    • Saudis Won't Budge on Oil

      newser  |  Associated Press  |  May 16, 08 6:26 PM CDT

      Saudis Won't Budge on Oil

      Saudi Arabia's leaders today denied a request from visiting President Bush that they boost oil production to help ease rising gas prices, the AP reports. "Supply and demand are in balance today," the kingdom's oil minister said, with the commodity pushing $128 per barrel. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?" More »

      Tags

      George W. Bush  • oil price  • Saudi Arabia  • oil production

    • Congress Votes to Stop Stockpiling Oil

      newser  |  New York Times  |  May 13, 08 9:44 PM CDT

      Congress Votes to Stop Stockpiling Oil

      The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25. It is expected to be sent to Bush within days. More »

      Tags

      Barack Obama  • Hillary Clinton  • Congress  • Senate  • oil price  • oil  • oil production  • strategic petroleum reserve  • Byron Dorgan

    • OPEC May Boost Oil Output to Ease Prices

      newser  |  New York Times  |  May 9, 08 7:39 PM CDT

      OPEC May Boost Oil Output to Ease Prices

      As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options the possibility of increasing output as a way to ensure market stability,” Libya's top oil official said. More »

      Tags

      oil price  • gas prices  • Saudi Arabia  • OPEC  • Libya  • oil production  • investment  • speculation  • supply and demand

    • Speculation Not Driving Boom in Commodities

      newser  |  Wall Street Journal  |  May 8, 08 4:29 PM CDT

      Speculation Not Driving Boom in Commodities

      A majority of economists think the upswing in food and energy prices is due to fundamental issues of supply and demand—and not driven by speculation, a Wall Street Journal survey finds; 51% pegged demand from China and India as the chief cause of the oil boom. More »

      Tags

      China  • oil price  • India  • food prices  • investors  • oil production  • speculation  • economist

    • Exxon Profits Shoot Up 17%, But Still Miss Target

      newser  |  Bloomberg  |  May 1, 08 8:54 AM CDT

      Exxon Profits Shoot Up 17%, But Still Miss Target

      Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63% gains respectively. “Exxon is having trouble raising production, and that's not a good sign,” said one money manager. More »

      Tags

      oil price  • ExxonMobil  • earnings reports  • oil production  • first quarter earnings  • oil refineries

  • April 2008

    • Iraq to Net Record $70B Oil Windfall

      newser  |  Wall Street Journal  |  Apr 30, 08 2:58 AM CDT

      Iraq to Net Record $70B Oil Windfall

      US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of its reconstruction costs. But the White House has warned that slashing aid could prolong the war. More »

      Tags

      Iraq  • oil price  • oil production  • Iraq oil  • Iraq reconstruction

    • OPEC Head Warns Oil Could Hit $200 a Barrel

      newser  |  Daily Telegraph (UK)  |  Apr 29, 08 5:26 AM CDT

      OPEC Head Warns Oil Could Hit $200 a Barrel

      The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak dollar and investor speculation, will keep prices rising. More »

      Tags

      oil  • crude oil  • OPEC  • oil production

  • March 2008
  • February 2008

    • $100 Oil Fuels Recession Fears

      newser  |  Christian Science Monitor  |  Feb 21, 08 12:47 PM CST

      $100 Oil Fuels Recession Fears

      Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per barrel oil gushed to yesterday is attributed to cuts in production and fears that OPEC may trim output further at its meeting next month More »

      Tags

      oil price  • recession  • gas prices  • oil  • inflation  • crude oil  • OPEC  • oil production  • $100 a barrel oil  • energy prices

    • OPEC Holds Oil Production Steady

      newser  |  Bloomberg  |  Feb 1, 08 1:00 PM CST

      OPEC Holds Oil Production Steady

      OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world economy will reduce demand. More »

      Tags

      Iran  • oil price  • recession  • oil  • Saudi Arabia  • OPEC  • oil production

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