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14 Stories

September 2008
- Bailout, Oil Send Dow Down 372
  
  MarketWatch | Sep 22, 08 3:26 PM CDT
  
  (Newser) - Stocks plummeted today as uncertainty over the cost and long-term impact of the Wall Street bailout plan spread and oil surged, MarketWatch reports. Treasuries and the dollar fell as traders worried the bailout’s cost could affect the government’s status as a borrower. The Dow closed down 372.75, at 11,015.69. The Nasdaq lost 94.92, closing at 2,178.98, and the S&P 500 lost 47.99, closing at 1,207.09. More »
  
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  Microsoft • S&P 500 • Nasdaq • bailout • Dow Jones Industrial Average • American Express • Exxon • Chevron • crude oil prices • JP Morgan
- Iraq Dumps Western Oil Deals
  
  New York Times | Sep 11, 08 3:04 AM CDT
  
  (Newser) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work to boost planned production by 500,000 barrels a day within the allotted year, he said. More »
  
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  Iraq • oil • oil companies • Chevron • Iraq oil • Exxon Mobil • Shell • Hussain al Shahristani • China National Petroleum Corp.
- Industrial Firms Lead Recovery
  
  MarketWatch | Sep 10, 08 3:42 PM CDT
  
  (Newser) - Stocks rebounded from yesterday's miserable day to close with mild gains, MarketWatch reports. Energy and industrial firms did well after yesterday's huge sell-off, but concerns about Lehman Brothers continued to weigh on the financial sector. The Dow closed up 38.19 points at 11,268.92, the Nasdaq rose 18.89 to 2,228.70, and the S&P 500 gained 7.53 to 1,232.04. More »
  
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  S&P 500 • Nasdaq • Dow Jones Industrial Average • General Motors • oil prices • commodities • Chevron • Caterpillar
August 2008
- Dow Skyrockets as Oil Retreats
  
  MarketWatch | Aug 5, 08 3:23 PM CDT
  
  (Newser) - Stocks rallied today after the Fed said it would keep money cheap for the time being and crude prices fell to below $120 a barrel, a 3-month low. The Dow gained 330.80 to close at 11,614.95, the Nasdaq rose 64.27 to 2,349.83, and the S&P 500 climbed 35.72 to settle at 1,284.77. More »
  
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  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • Ben Bernanke • interest rate • oil prices • Chevron
- Oil Drops; Stocks Follow
  
  Wall Street Journal | Aug 4, 08 3:35 PM CDT
  
  (Newser) - Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and finished at 2,285.56, and the S&P 500 shed 11.29 points to settle at 1,249.02. More »
  
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  Federal Reserve • S&P 500 • Nasdaq • Dow Jones Industrial Average • inflation • economic growth • financial stocks • Chevron • Exxon Mobil • HSBC
June 2008
- Big Oil Deals Absent as Iraq Opens for Bids
  
  Associated Press | Jun 30, 08 11:13 AM CDT
  
  (Newser) - The Iraqi government opened six oil fields to bidding today, without mention of expected no-bid contracts with big Western oil companies, the AP notes; it had been reported that several big companies were close to signing short-term deals with Iraq's government. "There is no preferential treatment for anyone, no matter who," a spokesman said. More »
  
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  Iraq • Chevron • BP • Iraq oil • Exxon Mobil • Royal Dutch Shell • Total SA
- Nigerian Youths Blow Up Oil Pipeline
  
  Reuters | Jun 22, 08 3:19 PM CDT
  
  (Newser) - A youth gang blew up a Chevron pipeline in Nigeria yesterday, reducing output from the world's eighth-largest oil producer by 120,000 barrels a day. Such attacks are common in Nigeria, Reuters reports: Sparked by poverty and hatred of foreign companies, militants have cut oil production there by one-fifth over the past 2 years. More »
  
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  oil price • oil • Nigeria • Chevron • Niger Delta • pipelines
- Oil Giants to Return to Iraq
  
  New York Times | Jun 19, 08 4:20 AM CDT
  
  (Newser) - 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 »
  
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  Iraq • oil companies • Chevron • Iraq oil • Exxon Mobil • Shell
May 2008
- Guess What Oil Execs Make
  
  Associated Press | May 21, 08 8:19 PM CDT
  
  (Newser) - 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 »
  
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  Patrick Leahy • oil companies • Exxon • Chevron • ConocoPhillips • Shell
April 2008
- Wal-Mart Tops Fortune 500
  
  Fortune Magazine | Apr 21, 08 4:07 PM CDT
  
  (Newser) - Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports. ChevronTexaco (No. 3) and GM (No. 4) swapped places, and ConocoPhillips again rounded out the top 5. More »
  
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  General Motors • Citigroup • Wal-Mart • Ford • Bank of America • AT&T • ExxonMobil • General Electric • Chevron • ConocoPhillips • Fortune 500
February 2008
- House Passes Bill to Halt Big Oil Tax Breaks
  
  Washington Post | Feb 28, 08 5:36 AM CST
  
  (Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the oil giants Exxon Mobil, Chevron, ConocoPhillips, BP and Shell. More »
  
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  gas prices • oil • ExxonMobil • $100 a barrel oil • tax breaks • Exxon • Chevron • BP • foreign oil • ConocoPhillips • corporate tax cuts
- Venezuelan Prez Threatens to Cut Off US Oil
  
  Associated Press | Feb 11, 08 3:00 AM CST
  
  (Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an "economic war" if a decision goes against his nation. A British court has already frozen some $12 billion in assets. More »
  
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  George W. Bush • oil price • oil • Venezuela • Hugo Chavez • ExxonMobil • oil refineries • Chevron • ConocoPhillips
December 2007
- Stocks Fall on Credit Worries
  
  Bloomberg | Dec 4, 07 3:39 PM CST
  
  (Newser) - Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65.84 to 13,248.73, the Nasdaq 17.3 to 2,619.83, and the S&P 500 9.63 to 1,462.79. More »
  
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  stock market • Federal Reserve • Lehman Brothers • Merrill Lynch • Goldman Sachs • JPMorgan Chase • Morgan Stanley • Exxon • Chevron
April 2007
- Big Oil Shut Out Of Iraq Deals
  
  CNN | Apr 6, 07 8:24 AM CDT
  
  (Newser) - U.S. oil companies are far from first in line as Iraq doles out its initial oil contracts. China, India—even Vietnam and Indonesia—have the inside track instead, thanks to contracts and infrastructure dating back to the Saddam regime, and more positive Iraqi sentiment. "They have no involvement with the secular or ethnic people," an Iraqi energy analyst says. "The conditions favor them." More »
  
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  Iraq • China • India • United States • oil • business • Indonesia • Vietnam • ExxonMobil • fuel • Chevron • Exxon • BP • Iraq oil • Shell