oil production

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ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into... More »

Obama Wants New $10-a-Barrel Oil Tax

Nobody expects it to get past Congress

(Newser) - President Obama, apparently embracing his position as a Democratic president with no elections left to fight, is proposing a hefty new tax on oil to fund cleaner energy and transportation. The White House says Obama's budget request to Congress will include a $10-per-barrel tax on oil companies, which would... More »

US Oil Workers Launch Biggest Strike Since 1980

USW strike could hit 64% of US capacity

(Newser) - Oil workers across America started walking off the job at midnight yesterday in their first nationwide strike since Jimmy Carter was president. United Steelworkers union members are striking at nine refineries, accounting for more than 10% of US capacity, after rejecting five proposals for a new three-year contract, the BBC... More »

Traders Using Supertankers to Stockpile Oil

They turn to supertankers amid 'contango'

(Newser) - Commodity brokers call it a "contango"—a situation where the current price of a commodity is lower than prices for future delivery—and it could make a lot of money for traders who can find somewhere to store huge amounts of oil. The recent plunge in oil prices... More »

Iran: We're Going to Produce Way More Oil

Even if it means tanking global crude prices

(Newser) - Following an initial nuclear deal between Tehran and the West, Iran is planning to ramp up its oil production, its oil minister says. "We will produce 4 million even if the price drops to $20," says Bijan Namdar Zanganeh. That's about a sixth of the current price,... More »

US Nearly World's New No. 1 Oil-and-Gas Producer

Combined output set to overtake Russia

(Newser) - The shale oil and gas boom has transformed energy markets so much that the US is on course to become the world's biggest combined oil-and-gas producer this year—if it hasn't already overtaken Russia. In July, America produced around 22 million barrels a day of oil, natural gas... More »

US Will Be World's Top Oil Producer by 2020: Report

And green energy could surpass fossil fuels by 2035

(Newser) - Hello, energy independence: The US will become the world's top oil producer by 2020 and require almost no foreign energy by 2035, according to a new International Energy Agency report. The agency bases its daring prediction on the rise in output caused by new technologies like fracking, the LA ... More »

Sand Mining Craze Stirs Up Health Fears

But fracking companies love the tiny particles

(Newser) - The upper Midwest is home to the latest craze in American mining: sand. Mining companies are knocking on doors in Wisconsin, Minnesota, and nearby states to dig up tons of the stuff so oil and gas producers can inject it into the ground in a process known as fracking. Sand... More »

US Imports 1M Fewer Barrels of Oil Daily

White House report says we're closer to achieving energy security goals

(Newser) - The US is well on its way toward achieving President Obama's energy security goals as laid out a year ago, says an administration report out today. The White House is looking to cut oil imports by a third over the next decade, boost domestic oil and natural gas production,... More »

White House to Reject Keystone Pipeline

Obama won't issue permit, but company can reapply with alternate route

(Newser) - The White House will not allow the controversial Keystone XL pipeline to be built as is: The State Department is expected to make the announcement official this afternoon, but it's spreading the word in the meantime via anonymous sources in the big news outlets, including the Washington Post , Politico... More »

'Peak Oil' Looms: Saudi Supply Overstated

Cable argues that kingdom can't pump enough crude to control prices

(Newser) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country... More »

Fiber-Optic Mics Eavesdrop on Thieves

OptaSense can identify footsteps, vehicles from miles away

(Newser) - Major oil companies are relying on a new fiber-optic technology to keep an underground ear on intruders, the Independent reports. Devised by a British defense firm, the OptaSense system consists of microphones placed along sensitive fiber-optic cables already laid underground. The cables sense vibrations, the mics pick it up, and... More »

With Oil Supplies Dropping, Look for Prices to Soar Again

Firms are delaying projects; millions of barrels a day face 'risk'

(Newser) - A tough economy and falling prices have hit oil firms hard, forcing them to cut back capital spending and delay projects. So when demand again increases, supply could be short, the Wall Street Journal reports, driving prices back up. Slowing investment could hamper future supply growth by some 8 million... More »

Oil-Rich Abu Dhabi Plans Nuke Plants

Emirates expected to sign nuclear co-operation deal with US today

(Newser) - Abu Dhabi is planning a shift away from fossil fuels despite being one of the world's major oil producers, BusinessWeek reports. The UAE territory, faced with surging demand for electricity and dwindling natural gas reserves, aims to build nuclear plants to supply a quarter of its power. A cooperation deal... More »

Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

(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 »

OPEC Slashes a Record 2.2M Barrels

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will... More »

OPEC Prepares to Slash Output

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

(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 »

Oil Slides Into Its Own Recession

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

(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 »

OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

(Newser) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the... More »

Southeastern Gas Shortage Wreaks Havoc

Lines reach 60 cars after hurricanes disrupt supplies

(Newser) - Gas is in short supply throughout the Southeast this week after oil production was hit hard by hurricanes Gustav and Ike, the Washington Post reports. Some didn’t make it to work as gas station lines grew to 60 cars long; half the stations in Atlanta were closed. “I... More »

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