13 Stories

Coming Soon: Tires Made With Soybean Oil?

Goodyear says the prototypes' tread life lasts 10% longer

(Newser) - All hail the mighty soybean. Turns out that oil extracted from it could be strong enough to support your ride. Goodyear is in the midst of testing tires partially made with soybean oil, and the results thus far are encouraging: Not only do they work, they extend the tire's... More »

Americas Replacing Mideast as World's Oil Source

Production is up from Canada to the US to Brazil

(Newser) - Gas and oil production is booming from Canada to Argentina, and that shift away from the Middle East has the potential to change the United States' geopolitical calculations significantly, reports the Washington Post . Even the US has been able to boost its petroleum production by 1.7 million barrels per... More »

US Becoming Net Fuel Exporter

More going out than coming in for first time since 1949

(Newser) - This is going to be the first year since 1949 in which America exports more fuel than it imports, thanks to sagging demand at home and booming economies elsewhere. The US still imports around 9 million barrels of crude oil every day, but soaring exports of refined petroleum products are... More »

Petroleum Is Everywhere ... Including Your Shower

Chemicals touch on every aspect of modern life

(Newser) - Before you vow to exact revenge for the BP oil catastrophe by swearing off petroleum, take a look around: It's everywhere. Not just in the gas tank of your car, but all over the car, in your closet, in your kitchen, even in your shower. "A bottle of shampoo... More »

Rogue Trader Shocks Oil Market

Crude hits highest level in a year on unauthorized trades

(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 »

Shell Settles Nigeria Case for $15.5M

Saro-Wiwa settlement is milestone for international law

(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 »

Ammonia + Corn = Energy Independence

(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, in... More »

Kenya Oil Tanker Blast Kills 111

Explosion occurred as resident scramble for free fuel

(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 »

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 »

Gas Prices Lowest in Year

Lower gas worth $1000 a year for families

(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 »

US May Seek World's Emergency Fuel

Feds still gauging disruption to supplies from Gulf hurricanes

(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 »

Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

(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 »

Iraqi Cabinet Approves Deal to Divide Oil Revenues

Every region would get a share of profits based on population

(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 »

13 Stories