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Carbon Tax Looming, Big Business Gets Ready to Pay Up

Dozens of US companies factoring price into financial plans

(Newser) - First came news that 90 companies are to blame for the majority of greenhouse gas emissions. Now, more than two dozen big US corporations are planning for a future that involves paying for their pollution. A survey by green-data firm CDP shows that 29 companies, including Exxon, Chevron, and Walmart,... More »

90 Companies to Blame for 63% of Global Emissions

Chevron, BP, Exxon racked up 9% alone

(Newser) - Want to personally thank those largely responsible for putting greenhouse gases into the air? Fewer than 100 phone calls will do the trick. According to new research, 90 companies have produced 63% of the emissions of carbon dioxide and methane since the dawn of the industrial age. Chevron, BP, and... More »

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
... More »

West Coast: Steel Yourself for $4-Plus Gas

5 investigations planned in California refinery blast

(Newser) - California's refinery fire could take a toll on West Coast drivers: They can expect gas prices to break $4 per gallon as soon as today, the AP reports. The refinery supplies 16% of the region's gas, and prices have already jumped from an average of $3.86 to... More »

Blasts, Fire Rock California Oil Refinery

Residents ordered to stay indoors in SF Bay Area

(Newser) - Explosions tore through a Chevron oil refinery as it erupted in flames yesterday, driving toll takers from the Richmond Bridge and San Francisco Bay Area residents indoors. At least two fires were triggered when a diesel leak exploded at the Richmond refinery, one of the largest in the nation, reports... More »

Exxon Discovers Huge Oil Field in the Gulf

Company expects to get 700M barrels

(Newser) - Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount... More »

In Mideast Desert, a Risky, Costly Hunt for Heavy Crude

As easy oil supplies dwindle, project launched along Saudi-Kuwaiti border

(Newser) - Saudi Arabia and Kuwait have embarked on a risky, expensive hunt for heavy crude—and that might be a bad sign for global oil supplies. For decades these countries have fueled the world with its easy-to-drill light oil supply, but now those reserves are drying up, one Middle East energy... More »

How Much Tax Does Big Oil Actually Pay?

It comes down to how you crunch the numbers

(Newser) - If you ask Exxon Mobil, the firm will say last year’s taxes exceeded US income—but a Washington think tank will tell you the big oil company didn’t pay a cent the year before that. “It all depends on how you count,” writes Steven Mufson in... More »

Walmart Rules Fortune 500 List

Editors see huge disparity between businesses, ordinary Americans

(Newser) - Turns out, last year was a pretty good one for US businesses. Total revenue for Fortune 500 companies jumped 10.5% to $10.8 trillion, while profits surged 81%. "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans,"... 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 »

Chevron Appeals Massive Amazon Pollution Fine

Oil company claims indigenous supporters 'corrupted' trial

(Newser) - Chevron has launched an appeal challenging a whopping $9.5 billion penalty for polluting much of Ecuador's Amazon region. Company attorneys are accusing lawyers and supporters of the indigenous groups who brought the suit against Chevron of "corrupting" the trial, and claims that the finding against the corporation is... 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 »

Oil Giants (Minus BP) Create Spill Response System

Exxon, Chevron, others learn from BP's mistakes

(Newser) - Four oil giants are teaming up to create an early-response system to contain disasters like the Deepwater Horizon spill. Exxon, Chevron, Royal Dutch Shell, and ConocoPhillips are committing an initial $1 billion to create the nonprofit Marine Well Containment Co., though maintaining the "strike force" will cost more over... More »

Oil Giants All Have Same Lame Spill Plan: Dems

Companies argue spill was a fluke

(Newser) - Lord help us if there’s another deepwater spill, because the big oil companies all have a pretty much identical response plan to BP, congressional Democrats complained today, grilling executives from Chevron, Exxon, Shell, BP, and Conoco Phillips. All the companies hired the same third party to draft their plans,... More »

Big Oil to House: It Won't Happen to Us

Execs to tell hearing that America needs continued drilling

(Newser) - The biggest cheeses from the world’s biggest oil companies are on Capitol Hill today to try to convince Congress that the Deepwater Horizon spill was a freak occurrence, and that they can surely be trusted to drill safely. According to prepared testimony, Exxon Mobil’s chairman will also issue... More »

Crude Makes Compelling Case Against Big Oil

Doc tells of disastrous effects of oil extraction

(Newser) - Crude is a hard-hitting documentary about the ravages of the oil industry—Chevron is the villain here—on indigenous people in Ecuador. Critics are wowed:
  • “Here’s a powerhouse of a documentary that makes you feel mad as hell and unwilling to take it anymore,” writes Peter Travers
... More »

Dow Up 56 on Oil, Gold

Energy firms rise as oil adds $3.08

(Newser) - Stocks posted solid gains today as commodity prices rose, the Wall Street Journal reports. Oil jumped $3.08 to $71.28 a barrel and gold crossed the $1,000-an-ounce mark. Commodity-producing stocks Exxon, Chevron, and Alcoa all saw gains as a result. The Dow added 56 points to close at... More »

Dow Retreats 12 on Weak Data

Consumer confidence falls from last month

(Newser) - Stocks closed slightly lower today as falling crude prices and shares of energy firms weighed on the broader market, the Wall Street Journal reports. Exxon and Chevron both fell around 1% off a decline of $1.15 in crude oil prices, which stand at $67.32 a barrel. A new... More »

Energy Falters; Dow Off 37

A profit warning from Chevron highlights problems in the energy sector

(Newser) - The major stock indices finished mixed today, with the Dow trending down after Chevron issued a profit warning, the Wall Street Journal reports. Chevron was down 2.7% on news that a weak dollar and poor profits at refineries will cut into its second-quarter earnings. Exxon also fell 1.3%.... More »

Stocks, Oil Jump Together

(Newser) - Stocks jumped at the open today, with the Dow up 61 points, the Nasdaq adding 0.5%, and the S&P gaining 0.7%, powered by strong moves in its energy and basic materials sectors. That was due in part to the surge in fuel prices, with oil clearing $71... More »

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