oil industry

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BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,... More »

Oil Exec Uses Full-Page Ad to Apologize for Wife's Rant

Forrest Lucas of Lucas Oil says Facebook diatribe over minorities was 'hurtful'

(Newser) - Some Facebook posts are costlier than others. After the wife of a co-founder of Lucas Oil posted a diatribe against "minorities," her husband took out a full-page ad in the Indianapolis Star today to apologize, reports WRTV . This is the original post by Charlotte Lucas that prompted Forrest... More »

North Dakota Keeps 100s of Oil Spills Secret

Officials hushed up massive spill in September, records show

(Newser) - Oil spills usually make for big news —except in North Dakota, where officials have kept mum about hundreds of leaks involving thousands of barrels of oil, Grist reports. About 750 "oil field incidents" have occurred there since January of last year, according to records obtained by the AP... More »

EPA to Require Cleaner Gas Despite Big Oil's Objections

New rules will call for less sulfur in gasoline

(Newser) - Big oil's lobbyists have lost a fight over cleaner gasoline: The EPA will require refiners to reduce the amount of sulfur to cut down on smog, reports the Washington Post . The cut is a sizable one, dropping the allowable limit by two-thirds from 30 parts per million to 10.... More »

Most Dangerous Part of Oil Jobs: Driving Home

Exemptions allow drivers to head home after 20-hour shifts

(Newser) - You know what's more dangerous than working on an oil rig? Driving home from one. More than 300 oil and gas workers have died in car crashes in the past decade, making it the top cause of death in a dangerous industry, the New York Times reports. The probable... More »

Obama Vows to Speed Up Part of Pipeline

He says he'll cut red tape for Keystone's southern leg

(Newser) - President Obama defended his oil policy yesterday, pledging to speed up approval of the southern leg of the controversial Keystone pipeline project. "Anyone who says that we're somehow suppressing domestic oil production isn't paying attention," he said, adding that boosting production in the US won't... More »

Did Drilling Cause Oklahoma's Quakes?

Some blame fracking, amid sketchy evidence

(Newser) - Scientists aren’t entirely sure what caused the earthquakes that rocked Oklahoma last week , but many in the state are wondering whether it might have something to do with the oil wells and fracking operations that dot the state, the LA Times reports. Oil companies scoff at the notion—“... More »

Oil Giants Battle Over 5-Inch Lizard

Dune sagebrush lizard may be listed as endangered in New Mexico

(Newser) - To hear some politicians and lobbyists tell it, the fate of New Mexico’s oil industry rests on the fate of a five-inch lizard. The federal government is considering listing the dunes sagebrush lizard as an endangered species, the Wall Street Journal reports, and that spooks the industry, because Sceloporous ... More »

Big Oil Defends Profits

Industry executives say Congress shouldn't end tax breaks

(Newser) - Oil executives had to march up to Capitol Hill today amid $4 gas prices and huge profits to argue why their industry deserved to keep tax subsidies. In response to Democrats' criticism, the execs said ending their tax breaks would do nothing to bring down gas prices, hurt R&D,... More »

Gas Prices Drain Obama Approval Rating: Poll

Just 39% of hard-hit drivers approve of president's job performance

(Newser) - Gas prices are hurting Americans—and they’re hurting President Obama’s poll numbers, too, a Washington Post/ABC News survey finds. Some 60% of respondents said they are reducing their driving thanks to the prices, while 70% said the prices were causing money woes, the Post reports. Of those who... More »

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

(Newser) - Contrary to official denials, British oil firms were jockeying for a share of Iraq's oil wealth the year before Britain took a leading role in the 2003 invasion, newly released documents reveal. Government ministers held at least five top-level meetings with execs from BP and Shell in late 2002,... More »

Feds: Big Oil Not Using the Leases They Have

Interior Department issues report to push back against complaints

(Newser) - With oil companies and Republicans criticizing the Obama administration for being too slow to issue new offshore drilling permits in the wake of the Deepwater Horizon disaster, the Interior Department hit back with a report yesterday revealing that the industry isn’t using the majority of the leases it already... More »

Biotech Firm Says It Can Grow Diesel

Joule Unlimited's organism absorbs sunlight, carbon dioxide, secretes fuel

(Newser) - A Massachusetts biotech company says it has created an organism capable of radically transforming the energy business—and the world. Joule Unlimited claims its genetically-engineered organism can create diesel fuel or ethanol using only the same ingredients grass needs to grow: sunlight, water, and carbon dioxide. Skeptics, however, doubt whether... More »

Charles Koch: Why We're Against 'Crony Capitalism'

Koch brother stands up for his family's activism

(Newser) - With the heat intensifying around him and his brother, conservative fundraiser/oil tycoon Charles Koch penned an op-ed piece today to explain himself. “For many years, I, my family, and our company have contributed to a variety of intellectual and political causes,” he writes in the Wall Street Journal... 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 »

Chevron Fined $8B for Ecuador Pollution

Oil giant says plaintiffs unduly influenced ruling

(Newser) - An Ecuadorean judge ruled today that Chevron was responsible for oil contamination in a wide swath of Ecuador's northern jungle and fined it at least $8 billion, the plaintiffs' lead attorney says. Chevron said it would appeal and called the ruling "illegitimate and unenforceable" in a news release. The... More »

Deep-Water Drilling Could Resume in Weeks

13 companies to get the OK to resume work on 16 wells

(Newser) - It looks like the oil industry will be able to resume deep-water drilling in the Gulf of Mexico in the next month or two, reports the Wall Street Journal . Even though the Obama administration lifted the moratorium put into place after the Deepwater Horizon disaster in April, it hasn't issued... More »

What Nobel Feud? China, Norway Sign Oil Deal

Flap over dissident not enough to scuttle arrangement

(Newser) - So much for China's hissy fit over dissident Liu Xiaobo's Nobel Peace prize: A major Chinese oil company just inked a deal with Norway's StatOil, the Wall Street Journal reports. The five-year deal will see an advanced China Oilfield Services rig deployed in the North Sea and operated by StatOil.... More »

Gulf Blaze Rattles Oil Industry

Latest accident adds to calls for more regulation

(Newser) - The latest fire on an oil and gas platform in the Gulf of Mexico yesterday may not have spilled more oil into the Gulf , but it has further polluted the industry's image. The accident is going to make it harder for the industry to argue that the Deepwater Horizon disaster... More »

Venezuela Threatens to Cut US Oil Exports

Chavez says he'll cut off the oil if Colombia attacks

(Newser) - Hugo Chavez has again threatened to cut off Venezuela's oil exports to the US. The Venezuelan leader says he'll stop the flow of oil if his country is attacked by close US ally Colombia, the BBC reports. Chavez has cut off diplomatic relations with Colombia over accusations that Venezuela is... More »

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