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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 161 - 180 of 219

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September 2007
- Hunt Oil Signs Kurdish Deal, Slights Baghdad
  
  newser | Wall Street Journal | Sep 10, 07 2:20 PM CDT
  
  Dallas-based Hunt Oil has signed a deal to prospect for oil in in the northern Iraqi region of Kurdistan. Hunt is the latest of several small oil companies bypassing Baghdad to deal directly with regional authorities, underscoring Kurdistan's increasing independence from the Iraqi central government, which has been unable to pass a petroleum law drafted early last summer. More »
- Is Biggest Oilfield Running Dry?
  
  newser | Atlantic Monthly | Sep 8, 07 4:00 AM CDT
  
  The world’s most critical oil field might be nearing its end. Saudi Arabia, which accounts for 19% of all oil exports, doesn’t supply hard data about its production, but a little math sleuthing by a computer scientist shows the Ghawar reservoirs should be empty soon, the Atlantic reports. More »
- Oil Prices Approach All-Time High
  
  newser | Financial Times (UK) | Sep 7, 07 3:16 AM CDT
  
  The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very well balanced,” according to the Financial Times . More »
- US Gas Supplies Hit 2-Year Low
  
  newser | Reuters | Sep 6, 07 6:00 PM CDT
  
  The nation's gas inventory slipped last week to its lowest level since Hurricane Katrina decimated stockpiles 2 years ago, but officials aren't worried. "We're at the end of the summer and demand should start declining over the next several weeks," one analyst told Reuters. The current supply is enough to fuel the US for 19.83 days. More »
- Massive Ice Island Finds Itself in a Jam
  
  newser | BBC | Sep 2, 07 9:00 AM CDT
  
  An ice island that became a global warming icon when it separated from the Canadian Arctic mainland is now caught in a remote channel—and scientists believe it's stuck there indefinitely. The Ayles Ice Island, born two years ago and slightly larger than Manhattan, had been moving rapidly and was considered a threat to oil and gas installations off Alaska, the BBC reports. More »
- Big Business Fuels Green Boom
  
  newser | CNN | Sep 1, 07 5:17 PM CDT
  
  Greed and idealism are converging as big business propels today’s clean energy industry, CNN reports. Silicon Valley entrepreneurs are pulling in capital for oil and coal alternatives, while across the pond, London financiers swapped more than $30 billion last year in "pollution permits"—credits companies can sell if their factories produce less pollution than permitted. More »
August 2007
- Drilling Hits Norway's Conscience
  
  newser | Washington Post | Aug 21, 07 6:33 PM CDT
  
  A friendly little nation is facing the ethics of new economic power, as Norway asks itself whether to drill for 73 billion barrels of Arctic oil or leave it for others to uncover. The tiny country is the world's fifth largest exporter of oil, third largest of gas - and may have the world's biggest national conscience, too, the Washington Post reports. More »
- Jittery Market Stays Put; Oil Slides Below $70
  
  newser | Wall Street Journal | Aug 21, 07 3:30 PM CDT
  
  Major indexes hovered cautiously around their starting points, as a Washington meeting between Ben Bernanke, Chris Dodd and Hank Paulson allayed traders' concerns that an academic Fed is callous to Wall Street's ongoing credit crunch. Winners outnumbered losers 3 to 2, but the Dow was off 30.49 to close at 13,090.86. More »
- Hurricane Dean Heads for Mexico
  
  newser | Reuters | Aug 20, 07 5:06 PM CDT
  
  The Mayan Riviera emptied today as tens of thousands fled before Hurricane Dean, which has already killed nine and will likely be a Category 5 by the time it hits the Yucatan Peninsula tomorrow. Tourist destinations in the area are still recovering from 2005’s Hurricane Wilma, and beach resorts could see even worse damage this time, Reuters reports. More »
- 5 Signs That Augur the Fall of the Bull
  
  newser | CNN | Aug 20, 07 3:35 PM CDT
  
  After reaching a high in mid-July, the Dow has taken a sharp downturn. But how do you know when the bloom is off the rose? Here are Money magazine's five signs that usually precede a fall: Sudden surge in oil prices Treasury yields run up More »
- Chinese Seek Fortune in Africa
  
  newser | International Herald Tribune | Aug 17, 07 3:22 PM CDT
  
  A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector of the African market—from diamonds to ice cream—but oil is particularly piquing their interest. More »
- Texas Braces for Tropical Storm Erin
  
  newser | CNN | Aug 15, 07 7:15 PM CDT
  
  National Guard teams are hunkering down on the Texas coast as Tropical Storm Erin moves in, carrying a “high risk of dangerous flash flooding,” the governor has warned. CNN reports that Erin intensified in the Gulf of Mexico today and will strike the Lone Star State tomorrow morning with 40 mph winds and 8 inches of rain. But it will not reach hurricane strength before hitting the shore. More »
- Scot Separatists Publish Plans for Independence
  
  newser | Scotsman (UK) | Aug 15, 07 6:56 AM CDT
  
  The August lull in British politics has given way to a national debate on an unexpected topic: Scottish independence. The separatist leader of Scotland's regional parliament has published a white paper outlining plans for a referendum and suggesting features of an independent Scotland: its own army, its own EU membership, and especially its own governance of huge North Sea oil reserves. More »
- Bombers Butcher 120+ in Iraq
  
  newser | CNN | Aug 14, 07 6:03 PM CDT
  
  US helicopters are swooping down to rescue survivors of bomb attacks that butchered at least 120 villagers in northern Iraq today. CNN reports that at least three trucks detonated in residential areas and injured upwards of 150 people, mostly Kurds. TV stations are beseeching townspeople to donate blood as US troops help out victims on the ground. More »
- China Seeks Oil in Africa
  
  newser | New York Times | Aug 13, 07 10:34 AM CDT
  
  China is exploring the sweltering wilderness of Chad in search of lucrative pockets of oil and other materials, the New York Times reports. Chinese officials tout the strategy as a "win-win" situation as the country develops relationships with African nations to achieve mutual prosperity by capitalizing on natural resources out of the shadow of Western influence. More »
- Washington: 'Do As I Say, Not As I Do'
  
  newser | Los Angeles Times | Aug 12, 07 3:37 PM CDT
  
  While Bush asks others to reduce emissions, Washington is promising to pay for a state-of-the-art oil refinery in India that will pump out 9 million metric tons of carbon dioxide a year. The Los Angeles Times says that this is only some of the smoke covering Washington’s tracks, as it backs energy and oil projects worldwide spewing out the equivalent of 30 million cars' worth of emissions. More »
- Chavez Lavishes Oil Wealth on Neighbors
  
  newser | Guardian (UK) | Aug 9, 07 8:53 AM CDT
  
  Venezuelan President Hugo Chavez is spreading hundreds of millions of oil dollars around South America in an effort to limit the influence of the International Monetary Fund and forge a strong alliance. Chavez began a four-nation tour in Argentina referring to the IMF as "Dracula" and called for a united front against the US. More »
- Climate Change Deniers Still Impeding Progress
  
  newser | MSNBC | Aug 7, 07 5:06 AM CDT
  
  Scientists thought they'd convinced the world it was getting warmer, but a powerful, flush campaign of cynics is still successfully sowing doubt, Newsweek reports—and hobbling efforts to stave off disaster. From its humble beginnings ridiculing any warming, the "denial machine" has picked up funding from big oil and developed a more nuanced strategy: make Americans believe climate change is still an open question. More »
- House OKs Renewable Energy Bill
  
  newser | Washington Post | Aug 5, 07 1:55 PM CDT
  
  The House passed a broad-based clean energy bill yesterday that redirects $16 billion in tax incentives from big oil and gas companies to renewable energy sources like wind and solar power. Democrats hailed the legislation as the first big step toward making the US a more environmentally friendly nation, but Republicans say the bill will increase dependence on foreign oil. More »
- Sub Crew Plants Russian Flag
  
  newser | Christian Science Monitor | Aug 2, 07 4:57 PM CDT
  
  A Russian expedition reached the North Pole today and symbolically called dibs on the Arctic in the race to secure the oil-rich territory. Explorers sank a titanium Russian flag into what the team leader called the "yellowish mud" of the sea floor 3 miles deep, which a spokesman likened to "raising a flag on the moon." More »

Stories 161 - 180 of 219

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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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