oil reserves

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China Fumes Over US Knock on South China Sea

Beijing calls in top US diplomat Robert Wang

(Newser) - Stung by comments from Washington over the South China Sea, China has summoned a top US diplomat and urged America to "mend the error of its ways." The US State Department said Friday that China's creation of a new city with a military garrison to oversee the... More »

Obama, Cameron Huddle on Oil Release

President testing leaders' pulse on lowering gas prices

(Newser) - With Americans facing spiraling prices at the gas pump that could threaten a nascent economic recovery, President Obama and British PM David Cameron yesterday chewed over the possibility of tapping the Strategic Petroleum Reserve. The president has taken a drubbing both in approval ratings and from Republicans quick to blame... More »

Oil Drops Below $91 on Release of Reserves

Investors optimistic Greece will approve austerity plan

(Newser) - Oil prices slipped below $91 a barrel today as markets grappled with Greece's debt crisis and the release of crude reserves by the International Energy Agency. By early afternoon in Europe, benchmark oil for August delivery was down 61 cents to $90.55 a barrel in electronic trading on... More »

IEA to Release 60M Oil Barrels

Move designed to counteract 'Libyan disruption'

(Newser) - The International Energy Agency will release 60 million barrels of oil over the next month, in a bid to “offset the Libyan disruption,” the group announced today. The oil will come from the strategic reserves of the IEA’s 28 member nations, and will be portioned out at... More »

Exxon: Oil Becoming Hard to Find

Company slowly shifting to gas as oil fields tap out

(Newser) - Exxon Mobil Corp. is having trouble finding more oil, it revealed yesterday in its earnings call. The company said it was depleting its reserves, replacing only 95 out of every 100 barrels it pumps. Though it tried to put a positive spin on things by saying it had made up... More »

Dow Up 61 After Shaky Day

(Newser) - Markets ended higher today after a dismal start, buoyed by an ascendant energy sector, the Wall Street Journal reports. The seesaw comes as no surprise to one strategist: “This market is highly vulnerable to get pushed around right now. That’s a factor of light volume.” The Dow,... More »

Russia Stops Supplying Gas to Ukraine

Europe worried about supply disruptions if dispute continues

(Newser) - Russia's gas export monopoly has cut off Ukraine's supply over a contract dispute, and has boosted European supply to head off worries about reliability, Reuters reports. The EU gets 20% of its gas from Ukrainian pipelines. Kiev has already tapped the country's reserves, and maintaining the pressure in the supply... More »

Arctic Holds 3 Years of Oil

A fifth of world's untapped reserves may be under melting ice

(Newser) - Enough oil is believed to lie under the rapidly thawing Arctic to last the world 3 years, Reuters reports. The USGS released a forecast yesterday estimating the region has 90 billion recoverable barrels of oil and vast natural gas reserves. The agency's director said the information was vital in order... More »

$6 Gas Possible by Year's End

With oil near $150 a barrel, experts say $200 is a very real number for 2008

(Newser) - 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... More »

Hunt Is On for Florida Oil

2006 compromise opened up protected area; others could soon follow

(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 »

Ship Shortage Stalls Offshore Oil Drilling

Oil companies frustrated by inability to exploit new discoveries

(Newser) - A severe shortage of deep-sea drilling rigs will hold up exploitation of offshore oil for years, the New York Times reports. Existing rigs are booked solid for five years, and shipbuilders around the world are scrambling to fill dozens of new orders. Oil companies are frustrated by their inability to... More »

Saudi Oil Boost Little More Than PR

Adding half-million barrels won't dent prices, analysts say

(Newser) - Saudi Arabia consenting to increase oil output is more public-relations ploy than problem-solver, Vivienne Walt writes in Time, since the half-million extra barrels a day won't make much of a dent, if the Saudis even have that much to spare. One analyst says the move is really an attempt “... More »

Oil Rockets to $135 on Surprise Supply Decline

Unexpected decline in US oil and gasoline supplies sparks surge

(Newser) - A surprise 5.32 million barrel decline in US crude oil stockpiles prompted oil prices to surge past a record $135 a barrel in after-hours New York trading this morning, extending oil's runup to 19% this month, reports Bloomberg. The Energy Department also said yesterday that gasoline stockpiles had declined... More »

Should Bush Tap Strategic Petroleum Reserve?

Rainy day supply draws debate

(Newser) - The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum... More »

Shell Profits Spike to a Record $27.6B

Critics say the oil giant's earnings are 'obscene' and want a windfall tax

(Newser) - Soaring crude prices and new oil and gas projects drove Royal Dutch Shell to 2007 profits of $27.6 billion—a new record for a British corporation—despite declining production. While critics branded the results “obscene” and called for a windfall tax, Shell’s CEO called them “satisfactory”... More »

15 Stories