Stories related to: oil companies

A new poll paints a gloomy picture of a pessimistic America struggling with soaring gas prices and a deteriorating economy—and blaming President Bush. Three of four Americans—including a large number of Republicans—hold the president responsible for the economic downturn, according to a Los Angeles Times/Bloomberg poll. The president's approval rating has sunk to an all-time low of just 23%. His constituency is particularly irritated about his lack of action to stem rocketing gas prices. More »

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 »

Four big oil companies chucked out of Iraq by Saddam Hussein 36 years ago are ready to return, the New York Time s reports. BP, Exxon Mobil, Shell and Total are about to announced winning coveted no-bid contracts to service Iraqi oil fields. The contracts are short-term, but the firms hope to significantly boost the country's oil production and win even bigger deals to develop huge new fields. More »

Cash-strapped airlines are now being pressured to pay millions of dollars in advance for aviation fuel, reports the Times of London. Mandatory prepayment for fuel has become common in the US and is now moving to Europe as crude oil prices continue to rise and the solvency of the industry is uncertain. Jet fuel costs have soared 60% since January. More »

Big Oil executives today were grilled by the Senate on soaring prices, and Sen. Patrick Leahy asked for their salaries, the AP reports. Here's what they said: J. Stephen Simon, Exxon: $12.5 millon. John Lowe, ConocoPhillips: Did not recall Peter Robertson, Chevron: Did not recall. John Hofmeister, Shell, $2.2 million. Robert Malone, BP America, $2 million. More »

As gas prices skyrocket—and oil company profits soar along with them—the chief US oil lobby has launched a massive campaign to improve its public image, the Washington Post reports. The American Petroleum Institute is spending millions on newspaper ads, a traveling museum, and tours for bloggers, to counter rising hostility among consumers and moves in Congress to punish the industry. More »

A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—and last month’s record close of $110.33 might not be the worst of it. More »

Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas are broken and completely malfunctioning.” Another congressman referenced April Fools’ Day, hoping that “soaring gas prices are just part of some elaborate hoax.” More »

Texas—the land of big oil, big agriculture, pickup trucks, wide-open spaces, and little mass transit—not only is the biggest emitter of CO2 among states, it ranks eighth in the world, a new study says. It’s also one of the few states without any climate plan in the works. "Oil companies run the show,” an activist tells Newsweek. More »

Hillary Clinton and Barack Obama, heading into primaries in states struggling with joblessness and the mortgage crisis, are sharpening their attacks on big business, the Wall Street Journal reports. Both are lambasting oil companies, corporate tax cuts, and health insurers. Tuesday’s Wisconsin primary will be a test of which candidate has gained the populist high ground once held by John Edwards. A bigger test comes March 4 in Ohio. More »