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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: petroleum

petroleum stories: 9 news summaries

Rogue Trader Shocks
Oil Market

Crude hits highest
level in a year on unauthorized trades

Jul 3, 09 7:20 AM CDT
(Newser) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had... More »

MORE ABOUT:
oil • petroleum • oil price • crude oil • rogue trader • oil futures

 Shell Settles 
 Nigeria Case 
 for $15.5M 

Saro-Wiwa settlement is milestone for international law

Jun 9, 09 5:40 AM CDT
(Newser) - Royal Dutch Shell agreed to settle a lawsuit over the 1995 deaths of Ken Saro-Wiwa and other Nigerians for $15.5 million, reports the Financial Times. Saro-Wiwa and eight other activists against petroleum exploitation were executed by the Nigerian military government, allegedly at the behest of the oil giant. In... More »

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Africa • oil • human rights • Shell • Nigeria • petroleum • international law • Royal Dutch Shell • Ken Saro-Wiwa

(Newser) - Feeding cows parts of corn plants that farmers currently discard could eventually lead to American energy independence, Wired reports. An ammonia treatment applied to corn “stover” could make it palatable to cattle, freeing up more land for the production of ethanol, a Michigan State researcher says. That could,... More »

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environment • agriculture • ethanol • livestock • biofuel • cows • fossil fuel • petroleum

 Kenya Oil Tanker Blast Kills 111 

Explosion occurred as resident scramble for free fuel

Feb 1, 09 4:49 AM CST
(Newser) - At least 111 people were killed when a truck transporting oil crashed and exploded in central Kenya last night, reports Reuters. The explosion, one of the worst recent disasters in eastern Africa, occurred just as Rift Valley residents crowded around the crippled tanker to gather spilling fuel. Rescuers speculated that... More »

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Kenya • petroleum • explosion • emergency responders • Rift Valley

 OPEC Panics as Oil Plunges 

Cartel plans emergency meeting this week to cut production

Oct 22, 08 8:33 AM CDT
(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 »

MORE ABOUT:
Iran • oil • Venezuela • OPEC • recession • petroleum • oil price • oil production

 Gas Prices Lowest in Year 

Lower gas worth $1000 a year for families

Oct 21, 08 2:14 AM CDT
(Newser) - The price of gasoline has dropped to its lowest level in a year, Reuters reports. The national average price for a gallon of regular unleaded is $2.91, a drop of 57 cents per gallon in just the last two weeks. Gas is most expensive in San Francisco, at... More »

MORE ABOUT:
petroleum • gas prices • Department of Commerce • crude oil • Energy Information Administration • Diesel

 US May Seek World's 
 Emergency Fuel 

Feds still gauging disruption to supplies from Gulf hurricanes

Sep 17, 08 3:09 PM CDT
(Newser) - The Bush administration may ask the International Energy Agency to release emergency fuel stocks into the domestic market to cushion losses from hurricane-battered oil refineries, Reuters reports. Gustav and Ike temporarily closed a dozen Gulf Coast refineries, though all are in "reasonably good shape" according to an official, resulting... More »

MORE ABOUT:
Bush administration • fuel • petroleum • International Energy Agency • Hurricane Gustav • Hurricane Ike

Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

Mar 10, 08 8:50 AM CDT
(Newser) - Gas prices rocketed 64 cents in the last year to a national average of $3.20 per gallon of regular, CNN reports.  A survey of prices at 5,000 gas stations found the highest price, $3.58, in San Francisco and the lowest, $2.99, in Cheyenne, Wyoming. The... More »

MORE ABOUT:
ethanol • OPEC • petroleum • miles per gallon • gas prices • Daylight Saving Time • Lundberg Survey • Trilby Lundberg • Organization of Petroleum Exporting Countries • mileage penalty • diesel products

Iraqi Cabinet Approves Deal to Divide Oil Revenues

Every region would get a share of profits based on population

Mar 6, 07 11:04 AM CST
(Newser) - The Iraqi cabinet approved a law yesterday spelling out how revenue from the country's petroleum reserves will be doled out to provinces: based on population. The deal, which must be approved by the parliament, eases Sunni fears about being cut out of wealth generated by oil reserves in Shiite areas. More »

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Iraq • oil • Middle East • Sunni • Shiite • Kurds • foreign investment • petroleum

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