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The Prize: Oil

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 41 - 60 of 253

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July 2008
- Bush Will Lift Ban on Offshore Drilling
  
  Associated Press | Jul 14, 08 10:24 AM CDT
  
  (Newser) - President Bush is about to lift the ban on offshore drilling that's stood since his father was in office, White House press secretary Dana Perino announced today. The move will be meaningless unless Congress follows suit, the AP reports. Two bans on the practice are in place: an executive order signed by Bush 41 and a law enacted by Congress. More »
- Why $8 Gas Would Be Awesome
  
  Los Angeles Times | Jul 11, 08 11:17 AM CDT
  
  (Newser) - Gas, as you may have heard, has topped $4 a gallon, and Joel Stein of the LA Times loves it. "Cheap gas is unfair," he argues, tongue mostly in cheek. Heck, why not make it $8 or even $10 a gallon, as in Europe, "where they have fewer road deaths even though they drive like complete idiots"? More »
- Arctic Boom Awash in Green Risk
  
  Yale Environment 360 | Jul 10, 08 1:42 PM CDT
  
  (Newser) - As the Arctic sea ice melts, it’s uncovering vast resources, leading to an international energy and mining rush. Companies are lining up to explore the region, and nations are reviving Arctic border disputes in hopes of tapping its wealth. But the exploitation of the area’s resources could have dire environmental consequences, Ed Struzik writes on Yale Environment 360. More »
- Would-Be Oil Barons Venture Into Kurdistan
  
  Wall Street Journal | Jul 9, 08 3:50 PM CDT
  
  (Newser) - Kurdistan, Iraq’s mostly autonomous northern region, is brimming with oil, but the big oil companies won’t touch it. The Kurdish government gladly hands out exploration contracts, but taking one invites the wrath of the central government in Baghdad. That’s left the forbidden fruit to “wildcatters,” old-fashioned, small-time oil explorers willing to take big risks, the Wall Street Journal reports. More »
- Furious Voters to Congress: Lower Gas Prices Now!
  
  New York Times | Jul 9, 08 2:29 AM CDT
  
  (Newser) - Lawmakers who returned to their districts for the 4th of July break have been pushed back to Congress with a resounding order to take action to lower gas prices . Angry and anxious taxpayers have made it clear that soaring energy prices are their chief concern, giving their representatives fresh impetus to work for bipartisan action, reports the New York Times. But compromise may be tough. More »
- Oil Tycoon Kicks Off Energy Campaign
  
  Dallas Morning News | Jul 8, 08 3:51 PM CDT
  
  (Newser) - Billionaire oilman T. Boone Pickens is fed up with America’s dependence on oil and today launched a huge ad campaign to persuade the nation to kick its crude addiction, the Dallas Morning News reports. His "Pickens Plan" proposes that Americans swap gasoline for natural gas, then replace natural gas power plants with wind, solar, and nuclear facilities. More »
- GOP Charts Offshore Drilling Compromise
  
  Politico | Jul 8, 08 11:12 AM CDT
  
  (Newser) - Senate Minority Leader Mitch McConnell is trying to forge a bipartisan coalition on domestic oil drilling, Politico reports. Republican senators believe they can sway enough moderate Democrats on an amendment to end a federal ban on coastline drilling—allowing a dramatic shift in US energy policy, and reaping a big victory for the GOP. More »
- High Prices Pound Gas Stations
  
  Wall Street Journal | Jul 7, 08 6:22 PM CDT
  
  (Newser) - Angry at gas stations for profiting on your financial misery? Think again, the Wall Street Journal reports: They're fast going out of business as oil prices rise. This year's 40% price hike has sent costs soaring, shuttering 3,000 US stations and causing Exxon Mobile to announce the sale of 2,200 more. Closings will also hurt consumers, creating less convenience, less competition, and possibly higher prices. More »
- $6 Gas Possible by Year's End
  
  Wall Street Journal | Jul 7, 08 7:38 AM CDT
  
  (Newser) - As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward pressure on crude prices, the Wall Street Journal reports. More »
- Easy St.: Thieves Having a Gas
  
  Washington Post | Jul 6, 08 9:28 AM CDT
  
  (Newser) - Stealing gas by siphoning it from vehicles is a simple crime that can reap big rewards—and as fuel prices soar, the crime is ever-more tempting for thieves, the Washington Post reports. A Maryland county reported zero or one thefts yearly from 2005 to 2007, but cops have already logged seven this year. Meanwhile, sales of locking gas caps have skyrocketed. More »
- Hunt Is On for Florida Oil
  
  Associated Press | Jul 5, 08 10:01 AM CDT
  
  (Newser) - The record-breaking price of oil is shifting public opinion toward lifting a moratorium on new offshore drilling, reports the AP. Four companies acquired rights to explore parcels of land off the Florida coast in March, under a 2006 Congressional compromise that opened up 8.3 million acres off the Panhandle in exchange for a buffer along the rest of the state's beaches. More »
- White House in Loop on Troubling Iraq Oil Deal
  
  New York Times | Jul 3, 08 3:04 AM CDT
  
  (Newser) - The State Department was fully aware that a Texas firm linked to President Bush planned to sign a controversial Kurdistan oil deal that undermined the Iraqi government, reports the New York Times . Documents released by a congressional committee yesterday reveal that Hunt Oil—run by a close associate of the president—kept the administration up to date on its plans, which some US officials appeared to welcome. More »
- In Drilling, Right May Find Gold Mine of Support
  
  Politico | Jul 1, 08 2:08 PM CDT
  
  (Newser) - Insiders warned it was risky for John McCain to reverse himself on offshore drilling, but the issue might yet prove the nucleus for a “right roots” movement to counter MoveOn, Politico reports. In the few weeks since the proposal entered the national conversation, 1.2 million people have signed a Newt Gingrich-sponsored petition favoring drilling, and conservative activists have been closing ranks. More »
June 2008
- N. Dakota's New Crop: Instant Millionaires
  
  Associated Press | Jun 30, 08 8:57 PM CDT
  
  (Newser) - Many North Dakotans are enjoying their own milkshakes as oil makes landowners instant millionaires. Oil companies are drilling new wells at record rates, and those lucky enough to own the land above deposits are becoming wealthy overnight, the AP reports. "It's the easiest money we've ever made," says an ex-sales clerk. More »
- 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 »
- Fighting Forces Get No Break on Fuel Price Hikes
  
  Associated Press | Jun 28, 08 7:37 AM CDT
  
  (AP) - Consumers at the gas pump aren't the only ones suffering sticker shock: Military units in Iraq and elsewhere will see another hike in fuel costs next week, the second increase this budget year amid soar