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August 21, 2008 11:10:00 PM CDT

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The Prize: Oil track this thread

Started by S Goldstein; Last updated Feb 29, 08 5:09 AM CST by D Lim | View history

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The Prize: Oil

"Oil is like a wild animal. Whoever captures it has it." - Jean Paul Getty, founder of Getty Oil Company

The earth's dwindling supply of this major resource is heating up debate all over the globe.

Stories

Stories 201 - 220 of 234

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  • July 2007

    • North Korea Shuts Down Reactor

      Associated Press  |  Jul 14, 07 6:02 PM CDT

      North Korea Shuts Down Reactor

      (Newser) - North Korea claimed to have shut down the nuclear reactor at Yongbyon today, just hours after a ship arrived bearing the first installment of the fuel oil that  was promised in exchange for closing the reactor. UN inspectors are headed to the site to confirm the shutdown, the first major step towards disarmament in five years, the AP reports. More »

    • 'Reality' Guru Not Just Playing Games

      Salon  |  Jul 10, 07 8:50 AM CDT

      'Reality' Guru Not Just Playing Games

      (Newser) - News junkies may have missed the oil crisis that pushed gas prices beyond $7 and brought the US economy to a standstill. But nearly 2,000 alternative reality gamers  playing "World Without Oil" online lived every moment, reports Salon in a look at real-world uses of Alternative Reality Games and the genre's social mastermind, Jane McGonigal. More »

    • UK Toddler Kidnapped in Nigeria

      BBC  |  Jul 5, 07 7:06 AM CDT

      UK Toddler Kidnapped in Nigeria

      (Newser) - A three-year-old British girl was kidnapped by gunmen in the Niger Delta today. The abduction comes after five oil workers were kidnapped yesterday. Militant groups who want a larger share of Nigeria's oil profits to go to the poor have taken more than 100 foreign hostages this year, the BBC reports. More »

    • Key Iraqi Oil Bill Stalls

      Associated Press  |  Jul 5, 07 5:47 AM CDT

      Key Iraqi Oil Bill Stalls

      (Newser) - Bitter infighting among Iraq's ethnic and religious groups is holding up crucial legislation on Iraqi oil regulation and distribution, the AP reports. Despite heavy pressure from Washington to pass the bill, debate scheduled to start yesterday was delayed. Sunnis object to the bill because they fear most oil wealth will go to Kurds and Shia, while the Kurds are resisting concessions to the Sunnis. More »

    • 5 Kidnapped From Nigerian Oil Rig

      Bloomberg  |  Jul 5, 07 3:30 AM CDT

      5 Kidnapped From Nigerian Oil Rig

      (Newser) - Five expat contractors were taken abducted yesterday during an attack on a Shell oil rig in the Niger Delta, just as a rebel group responsible for many similar attacks called off a one-month truce. The hostages include two New Zealanders, one Australian, one Lebanese and one Venezuelan; more than 200 expats have been kidnapped since the start of 2006. More »

    • Oil Spill Worsens Floods

      Associated Press  |  Jul 3, 07 2:30 PM CDT

      Oil Spill Worsens Floods

      (Newser) - The floods overwhelming the Midwest worsened today as 42,000 gallons of crude oil accidentally released from a refinery on Sunday made its way farther downstream. A malfunction at a plant in Coffeyville, Kan., on the Oklahoma border, contaminated flood waters with a thick, pungent layer of sludge that threatens residents' health and the local economy, the AP reports. More »

    • Deals Excite Nervous Markets

      Wall Street Journal  |  Jul 2, 07 8:06 PM CDT

      Deals Excite Nervous Markets

      (Newser) - The Dow rose 126.81 points to 13535.43 today, as several big deals assuaged traders worried the recent LBO spate is coming to an end. Chief among them, the Journal 's Market Watch reports, was a $32.6B buyout of BCE, Canada's largest telecom, by a consortium including two US firms. More »

    • Billionaires Flee Putin's Russia

      Guardian (UK)  |  Jul 2, 07 4:08 PM CDT

      Billionaires Flee Putin's Russia

      (Newser) - A cadre of 50 or so Russian businessmen struck it rich when the USSR's state-owned industries went up for grabs. But most of these billionaire oligarchs are now in prison or have fled, hounded and hectored by the KGB-style tactics of president Putin. The Guardian profiles 7 deposed plutocrats, who've made their bones in oil, aluminum and everything in between. More »

  • June 2007

    • Stock Sell-Off Rings Out 2nd Quarter

      Associated Press  |  Jun 29, 07 5:07 PM CDT

      Stock Sell-Off Rings Out 2nd Quarter

      (Newser) - Stocks slipped slightly today as the tumultuous second quarter ended in a cloud of uncertainty and contradictory economic reports. The Dow fell 13.66 to close at 13,408.62, up over 1,000 points since April, after an early surge in response to optimistic inflation and construction-spending reports. But oil prices soon topped $70 a barrel, cooling things off. More »

    • Russia Stakes Claim to Oil-Rich Arctic Territory

      Guardian (UK)  |  Jun 28, 07 5:18 AM CDT

      Russia Stakes Claim to Oil-Rich Arctic Territory

      (Newser) - Russia has claimed a massive, oil-rich chunk of the Arctic, despite international laws that block ownership of the territory. The Kremlin based its move on scientists' insistence that an underwater shelf links Russia to 460,000 square miles of the North Pole, which contains 10 billion tons of oil and gas deposits which can be extracted relatively easily. More »

    • Iran Erupts Over Gas Rationing

      BBC  |  Jun 27, 07 4:49 AM CDT

      Iran Erupts Over Gas Rationing

      (Newser) - Angry Iranians torched Tehran gas stations yesterday and smashed windows as protests against gas rationing turned violent, the BBC reports. Motorists formed huge lines to fill  tanks before new laws took effect limiting Iranians to 26 gallons of gas a month. Despite its oil reserves, Iran is short of refining capacity and must import 40% of its fuel. More »

    • Exxon, Conoco Pull Out of Venezuela

      Reuters  |  Jun 26, 07 8:04 AM CDT

      Exxon, Conoco Pull Out of Venezuela

      (Newser) - ExxonMobil and ConocoPhillips are bolting from lucrative operations in Venezuela in the wake of Hugo Chavez's demand that his state-run oil company receive at least a 60% share in projects. Talks over compensation fell apart hours before today's deadline to determine the future of four projects that produce as much as a quarter of the country's daily output. More »

    • Senate Passes Energy Bill

      CNN  |  Jun 22, 07 5:00 AM CDT

      Senate Passes Energy Bill

      (Newser) - The Senate gave a green light to an energy plan that would pump total fuel-economy standards to 35 mpg by 2020, and require vehicles to run on 85% ethanol by 2015. Democrats say the bill will reduce America's reliance on foreign oil, help control gas prices and counteract the effects of global warming, while analysts say it's a blow to Detroit. More »

    • Clintons Sell Stock to Avoid Bonds

      New York Times  |  Jun 15, 07 8:57 AM CDT

      Clintons Sell Stock to Avoid Bonds

      (Newser) - Nobody wants to see Whitewater II, least of all the Clintons. As Hillary barrels towards the White House, they've liquidated a blind trust worth $5 million to $25 million in an effort to avoid potential conflict-of-interest charges. The fund, invested on their behalf since Bill took office, included live-wire investments in oil companies, military contractors, and Arkansas favorite Wal-Mart. More »

    • Iraq Misses Mark on US Demands

      New York Times  |  Jun 13, 07 8:13 AM CDT

      Iraq Misses Mark on US Demands

      (Newser) - The Iraqi government has flubbed virtually all of the legal benchmarks proscribed by the US occupation. Sunni, Shia, and Kurdish blocs in Iraq's legislature have so far failed to agree on watershed issues like distributing oil wealth, debaathification, and curbing sectarian violence; now scorekeepers are saying no major legislation will make it through this year. More »

    • OPEC Members May Seek More Foreign Funding

      Wall Street Journal  |  Jun 6, 07 10:23 AM CDT

      OPEC Members May Seek More Foreign Funding

      (Newser) - OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage when it comes to technology. More »

    • Cyclone Menaces Gulf Region, Oil Prices

      Associated Press  |  Jun 5, 07 5:06 PM CDT

      Cyclone Menaces Gulf Region, Oil Prices

      (Newser) - A cyclone that may be the most powerful storm ever to hit the Arabian Peninsula is heading toward the oil-rich Persian Gulf region, forcing thousands to evacuate and prompting fears of a spike in oil prices. Oman's coastal towns will take the brunt of Cyclone Gonu, which is producing winds equivalent to those of a Category 5 hurricane. More »

    • Peasants Booted for Biofuel Bucks

      Guardian (UK)  |  Jun 5, 07 4:40 PM CDT

      Peasants Booted for Biofuel Bucks

      (Newser) - Paramilitary gangs are driving thousands of Colombian farmers from their land to make way for the nation's latest lucrative crop: palm oil to produce biofuel, the Guardian reports. The violent land grabs have helped create some 3 million displaced Colombians. "It's the dark side of biofuel," said a spokesman for Christian Aid. More »

    • Largest Oil Spill in US Seeps Under Brooklyn

      New York  |  Jun 4, 07 5:54 PM CDT

      Largest Oil Spill in US Seeps Under Brooklyn

      (Newser) - Underneath the ground of Greenpoint, Brooklyn, is a dark blob of gasoline, solvents, and associated poisons that composes the biggest oil spill in US history.  It's accumulated from a century's worth of smaller leaks and waste dumping, reports New York magazine, and ExxonMobil has quietly accepted the blame, but done little to clean it up. More »

  • May 2007

    • BP Snags Libyan Gas Fields

      BusinessWeek  |  May 30, 07 10:00 AM CDT

      BP Snags Libyan Gas Fields

      (Newser) - The deal BP made with Libya this week for rights to huge gas fields demonstrates the new attraction North Africa has for investors. Once controlled by what Business Week calls "pariahs and basket cases," the area now looks stable (compared to the Middle East, that is) and is a good deal closer to Western Europe than the Persian Gulf.   More »

Stories 201 - 220 of 234

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Prices at a gas station are shown Tuesday Nov. 6, 2007 in North Miami Beach, Fla. Oil futures jumped to a new record above $97 a barrel Tuesday and the national average price of a gallon of gas jumped...   (Associated Press)
In this undated file photo provided by Mexico's national oil company, Pemex, on June 13, 2006, an offshore oil installation is seen in the gulf of Mexico near the coast of Campeche, Mexico. Petrobras...   (Associated Press)
  (Index Open (http://www.indexopen.com))
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Background

oil industry
The Columbia Encyclopedia, Sixth Edition

oil industry the business of discovering oil ( petroleum ), extracting it from the ground, refining it into a variety of products, and distributing it to the public. The development of the oil industry in the 19th and 20th cent. provided a source of energy that now supplies about two fifths of ...

» Read more about oil industry at Encyclopedia.com

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