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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 61 - 80 of 240

<< Prev 1 2 3 4 5 6 7 8 ... 12 Next >>

June 2008
- GOP Blocks Profit Tax on Oil Companies
  
  Houston Chronicle | Jun 10, 08 1:59 PM CDT
  
  (Newser) - Senate Republicans today fended off a Democrat-sponsored bill that would have heaped a 25% tax on the five biggest US oil companies and rolled back other tax breaks for the industry, the Houston Chronicle reports. President Bush had threatened to veto the measure, hailed by Dems as "energy price relief" and for which Republicans predicted "abject failure." More »
- Fuel Prices Drive Spanish Truckers to Protest
  
  EiTB24 | Jun 9, 08 4:40 PM CDT
  
  (Newser) - Spanish truck drivers went on strike at midnight to protest skyrocketing fuel prices, erecting blockades across the country and snarling traffic on the border with France, the EiTB network reports. Drivers who attempted to continue operating found their tires slashed, windshields smashed and headlights destroyed. Fuel prices in Spain have risen more than 35% this year. More »
- High Gas Prices Are Good for Detroit
  
  Wall Street Journal | Jun 9, 08 12:25 PM CDT
  
  (Newser) - Sky-high gas prices are finally pushing top US auto-makers to turn out fuel-efficient vehicles, and both Detroit and Washington should keep the pedal down to make a permanent change in how, and what, Americans drive, the US top car salesman tells the Wall Street Journal . "You have to tell the American people the truth," the CEO of AutoNation says. "Energy costs will be higher." More »
- Oil Prices Threaten US-Saudi Relations
  
  Los Angeles Times | Jun 8, 08 6:46 AM CDT
  
  (Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s certainly a perception that the power equation has changed,” said an oil analyst. More »
- Diesel Thieves Plague Farmers
  
  CNN | Jun 6, 08 2:33 PM CDT
  
  (Newser) - With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In Kern County, California, alone the sheriff estimates that $300,000 worth of diesel was stolen in the past 3 months. More »
- Analysts See Oil Bust Ahead
  
  Wall Street Journal | Jun 4, 08 12:56 PM CDT
  
  (Newser) - The oil price surge is just like the dot-com boom, analysts at Lehman Brothers tell the Wall Street Journal , and costs will sharply decline once the US dollar strengthens and demand dips in certain countries. Lehman claims oil is experiencing the "classic ingredients of an asset bubble," and points to the "herd" instinct of financial investors in rising prices. More »
May 2008
- Ballooning Gas Costs Fuel Mass Protests in Europe
  
  Time | May 29, 08 9:29 AM CDT
  
  (Newser) - Skyrocketing fuel prices are hitting Americans hard, but drivers across the Atlantic are shelling out twice as much, Time reports. Europeans pay an average of $8.70 for a gallon of gas, and the hefty price hikes this year are leading to protests that threaten to shut down cities, ports, and whole sectors of the economy. Oil terminals have been blockaded by protesters. More »
- Greens Blast Arctic 'Carve Up'
  
  Guardian (UK) | May 29, 08 4:49 AM CDT
  
  (Newser) - Environmentalists are slamming an agreement reached at a closed-door meeting among nations with Arctic claims as a resource free-for-all, the Guardian reports. Ministers from the US, Canada, Russia, Denmark, and Norway insist they simply agreed to abide by the law of the sea—but green groups charge that the nations are arranging who'll get to grab resources as global warming melts the ice. More »
- Gas Prices Drive Americans Off the Road
  
  CNN | May 27, 08 3:31 AM CDT
  
  (Newser) - The summer driving season that kicked off over Memorial Day weekend will see significantly fewer Americans hitting the road, reports CNN: Figures from March released yesterday show the biggest decline in driving since the federal government began keeping records in 1942—down 4.3% or 11 billion miles from last year. Gas consumption for the first 3 months of 2008 is estimated to be about 0.6% lower than the previous year, and the summer consumption is projected to be down 0.4%. More »
- Speculators to Blame for Soaring Oil: Soros
  
  Daily Telegraph (UK) | May 26, 08 4:40 AM CDT
  
  (Newser) - Billionaire investor George Soros blames soaring oil prices that reached a record $135 a barrel last week largely on speculation that’s causing a “bubble” in numbers, the Daily Telegraph reports. The weak US dollar, slipping Middle East oil supply, and rising Chinese demand all play a role, but “speculation is increasingly affecting the price," he said, adding that the "bubble" will burst when both the US and UK are in recession. More »
- Sharp Decline Seen in Future Oil Supplies
  
  Wall Street Journal | May 22, 08 11:50 AM CDT
  
  (Newser) - The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—growth, is revising that sharply downward, the Journal says, though the report won't be out until November. More »
- Who Cares Who We Talk to?
  
  New York Times | May 21, 08 1:42 PM CDT
  
  (Newser) - Though politicians and pundits alike are caught up in which foes the US should or shouldn't be reaching out to, Thomas Friedman, in the New York Times , points out that few world leaders of any stripe are sitting by the phone waiting for our call. Waning American influence and the rise of new powers in the developing world and outside the state system worry Friedman much more. More »
- Military at War With Rising Fuel Costs
  
  Wall Street Journal | May 21, 08 10:12 AM CDT
  
  (Newser) - Fuel costs are hitting the US military harder than most, the Wall Street Journal reports, and it's moving forward with efforts to switch to synthetic, and greener, alternatives. Chugging 340,000 barrels of oil per day, the military is the nation's largest consumer; synthetic fuels and massive solar arrays are already in use, and the military is considering nuclear plants on some remote bases. More »
- Dear Yanks: Time to Snap Out of Oil Coma
  
  Times (UK) | May 20, 08 2:37 PM CDT
  
  (Newser) - Romancing the Saudis and railing against speculators won’t accomplish anything, Gerard Baker tells American pols in the Guardian : A second industrial revolution is driving oil prices up and there’s no turning back. Stop the populism— the "economically illiterate idea for a gas tax holiday," for instance—and the saber-rattling, and instead focus on areas, like energy efficiency, where progress is being made. More »
- Bush, Stop Begging the Saudis
  
  Wall Street Journal | May 17, 08 1:23 PM CDT
  
  (Newser) - Whichever adviser sent President Bush to plead with the Saudi king to help bring down oil prices should be canned, the Wall Street Journal opines. Bush had the same request turned down during a visit in January, and the rebuff is even more humiliating the second time around. If Bush wants to go begging, he'd be better off turning to Fed chief Ben Bernanke, "creator of our current commodity-price spike." More »
- Saudis Won't Budge on Oil
  
  Associated Press | May 16, 08 6:26 PM CDT
  
  (Newser) - Saudi Arabia's leaders today denied a request from visiting President Bush that they boost oil production to help ease rising gas prices, the AP reports. "Supply and demand are in balance today," the kingdom's oil minister said, with the commodity pushing $128 per barrel. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?" More »
- Congress Votes to Stop Stockpiling Oil
  
  New York Times | May 13, 08 9:44 PM CDT
  
  (Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25. It is expected to be sent to Bush within days. More »
- OPEC May Boost Oil Output to Ease Prices
  
  New York Times | May 9, 08 7:39 PM CDT
  
  (Newser) - As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options the possibility of increasing output as a way to ensure market stability,” Libya's top oil official said. More »
- Oil Lobby Pumps Cash Into Image Campaign
  
  Washington Post | May 9, 08 3:15 PM CDT
  
  (Newser) - As gas prices skyrocket—and oil company profits soar along with them—the chief US oil lobby has launched a massive campaign to improve its public image, the Washington Post reports. The American Petroleum Institute is spending millions on newspaper ads, a traveling museum, and tours for bloggers, to counter rising hostility among consumers and moves in Congress to punish the industry. More »
- Oil Breaks $125 a Barrel
  
  Associated Press | May 9, 08 8:46 AM CDT
  
  (Newser) - Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe. More »

Stories 61 - 80 of 240

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Images (4)
Videos (1)

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)

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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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