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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 81 - 100 of 220

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February 2008
- Dollar's Slide Pushing Oil Prices Higher
  
  newser | Bloomberg | Feb 29, 08 7:21 AM CST
  
  The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103.05 in Asian trading before closing at $102.92. More »
- Oil Insanity Pinned to Speculators
  
  newser | Der Spiegel | Feb 28, 08 5:54 PM CST
  
  Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel , to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by pension funds and big banks has made the market volatile and distorted. More »
- House Passes Bill to Halt Big Oil Tax Breaks
  
  newser | Washington Post | Feb 28, 08 5:36 AM CST
  
  Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday.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 »
- Exxon Asks Court to Toss $2.5B Payout
  
  newser | USA Today | Feb 27, 08 8:52 PM CST
  
  Nearly 20 years after the Exxon Valdez spilled 11 million gallons of crude oil in Prince William Sound, the company asked the Supreme Court to reject a ruling that it pay $2.5 billion in punitive damages. Judges appeared split in today's arguments, USA Today reports, making a tie possible because Samuel Alito has recused himself. If that happens, the punitive damages stand. The court also could reduce the amount. More »
- Seabed Rights Add Up to Long Division
  
  newser | Wall Street Journal | Feb 22, 08 3:01 PM CST
  
  The UN Commission on the Limits of the Continental Shelf has a big job. As some 60 countries rush to claim the ocean seabed—and the oil reserves beneath—the 21-person team of part-time scientists must settle disputes, relying on geology and the sometimes arcane Law of the Sea. “Are we up to the task? Not really, to be honest,” says the commissioner. More »
- $100 Oil Fuels Recession Fears
  
  newser | Christian Science Monitor | Feb 21, 08 12:47 PM CST
  
  Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per barrel oil gushed to yesterday is attributed to cuts in production and fears that OPEC may trim output further at its meeting next month More »
- Soaring Prices Lure Oilmen Back to Oil City
  
  newser | Wall Street Journal | Feb 19, 08 1:30 PM CST
  
  The world’s first commercial oil well was in Oil City, Pa., which saw its fortunes fall along with the crude supply. Now that prices are at historic highs, Oil City is part of a renaissance. The easy crude is long gone, but a motley assortment of would-be barons is using everything from nuclear scanners to dynamite to churn up those last few drops. The Wall Street Journal pays a visit. More »
- Want Oil? Try Saturn's Titan
  
  newser | Space.com | Feb 14, 08 5:09 PM CST
  
  Titan, one of Saturn's dozens of moons, has supplies of natural gas and liquid hydrocarbons hundreds of times greater than Earth’s oil reserves, Space.com reports. The unmanned Cassini spacecraft has mapped only 20% of Titan’s surface with radar, and has already discovered dozens of bodies of hydrocarbon liquid, each one of which more volume than Earth’s entire oil supply. More »
- Brazil Oil Data Stolen From State Company
  
  newser | Associated Press | Feb 14, 08 4:35 PM CST
  
  Petrobras, Brazil’s state-owned oil company, today announced that important information had gone missing, and one Brazilian site says the data concerns two large, important new gas and oil finds, the Associated Press reports. The new fields are so large, Terra reports, that they could earn Brazil a seat with the OPEC oil cartel. More »
- Venezuelan Prez Threatens to Cut Off US Oil
  
  newser | Associated Press | Feb 11, 08 3:00 AM CST
  
  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 »
- OPEC Holds Oil Production Steady
  
  newser | Bloomberg | Feb 1, 08 1:00 PM CST
  
  OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world economy will reduce demand. More »
- Exxon Posts Historic Profits
  
  newser | Wall Street Journal | Feb 1, 08 8:00 AM CST
  
  Exxon Mobil today reported the biggest quarterly and annual profit in US history, the Wall Street Journal reports, as record oil prices propelled net income up 14%, to $11.66 billion, or $2.13 per share. That topped analyst estimates, and investors rushed to the stock in pre-market trading. Annually, the company posted profits of $40.6 billion, again besting its own record. More »
January 2008
- Shell Profits Spike to a Record $27.6B
  
  newser | Guardian (UK) | Jan 31, 08 7:55 AM CST
  
  Soaring crude prices and new oil and gas projects drove Royal Dutch Shell to 2007 profits of $27.6 billion—a new record for a British corporation—despite declining production. While critics branded the results “obscene” and called for a windfall tax, Shell’s CEO called them “satisfactory” and warned that 2008 would be a tougher year for the company as production costs soar and reserves dwindle, reports the Guardian . More »
- Clock's Ticking on World Oil Supply: Shell CEO
  
  newser | Times (UK) | Jan 25, 08 9:33 AM CST
  
  World oil demand will outpace supply in 7 years, Shell's CEO warned in an email sent to employees in advance of the World Economic Forum in Davos, Switzerland. Jeroen van der Veer sees nuclear power, oil sands, and other unconventional energy sources replacing oil and gas out of necessity, whether or not world governments embrace renewable energy, the London Times reports. More »
- US Blunts Arctic Oil Warning
  
  newser | Der Spiegel | Jan 23, 08 2:18 PM CST
  
  A top researcher for the US National Oceanic and Atmospheric Administration was poised this week to deliver a stern warning against the oil drilling operations sweeping the Arctic—until politicians pulled the teeth from his report, Der Spiegel reports. The report needed approval from the Arctic council that commissioned it—but the US and Sweden insisted on watering down the document. More »
- For Sale: These United States
  
  newser | New York Times | Jan 20, 08 10:41 AM CST
  
  Some Americans are outraged about illegal immigrants crossing the Mexican border, but the New York Times' Maureen Dowd thinks that the breech of some financial boundaries are of greater concern. "Who’s going to own the American economy?" she asks, pointing to oil-rich countries taking advantage of the weak dollar to snap up US assets. More »
- There's Plenty of Oil Left: Study
  
  newser | Wall Street Journal | Jan 17, 08 9:37 AM CST
  
  New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal. Researchers, however, had little access to fields controlled by OPEC and Russia. More »
- Bush Begs Saudi King for Oil
  
  newser | ABC News | Jan 16, 08 2:31 PM CST
  
  After his public request for increased oil production and the resulting price drop was rejected yesterday, President Bush made a personal appeal to Saudi Arabia's King Abdullah to be more generous with his wells, ABC News reports. Only an hour after Bush’s public plea, the Saudi oil minister announced the country would increase production “when the market justifies it.”—a polite refusal. More »
- US Slump, Oil Trouble Could Rock World: Report
  
  newser | Associated Press | Jan 9, 08 8:48 PM CST
  
  The world economy may be in for some shocks this year because of a potential US recession, record-setting oil prices and food shortages, warns a report by the World Economic Forum. Worries about terrorism, disease, and natural disasters have taken a back seat to world business leaders' concerns about an economic implosion. Slower growth in China and Middle East volatility are also on the watch list this year. More »
- Sky-High Oil Will Reshape World Power, Dent US Clout
  
  newser | Wall Street Journal | Jan 3, 08 6:39 AM CST
  
  The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal . If oil prices continue to climb, as many experts predict, US political power will decline as the economic clout of oil producers increases exponentially. The price of oil was holding near $100 today, driven by concerns about US fuel supplies and the dollar, Reuters reports. More »

Stories 81 - 100 of 220

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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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