oil

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Iran Just Struck Oil Big Time

Find could bolster Tehran's known reserves by a third amid struggles with sanctions

(Newser) - Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over US sanctions. The announcement by Hassan... More »

Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year.... More »

Keystone's 2nd Big Spill in 2 Years: 'What's Going On?'

Nearly 400K gallons of crude oil leaked onto half-acre in North Dakota on Tuesday

(Newser) - "Two cracks on a fair­ly new pipe­line—geez, what’s going on?" That's a legitimate question to ask about the Keystone XL pipeline, a safety expert tells the Star Tribune , considering that an apparent rupture in the controversial pipeline Tuesday in North Dakota is the second... More »

US Military Rolls Back Into Syria

Washington hopes to secure oil fields from ISIS

(Newser) - Syria, we just can't quit you: As planned , US troops rolled back into the war-torn nation Saturday to help protect oil fields from ISIS, the Washington Post reports. Roughly a dozen Army vehicles with big American flags entered the Deir ez-Zor region to team up with Kurdish-led Syrian Democratic... More »

Pompeo: Saudi Oil Attack an 'Act of War' by Iran

As Trump hits Iran with new sanctions

(Newser) - President Trump may have hedged on officially naming Iran as the party responsible for the weekend attack on Saudi oil facilities, but he lowered the financial kibosh on Tehran on Wednesday morning, Bloomberg reports. "I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the... More »

Drones Strike Major Oil Facility

Iranian-backed Houthis strike in Saudi Arabia

(Newser) - Drones launched by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia and another major oil field Saturday, sparking huge fires at a vulnerable chokepoint for global energy supplies, the AP reports. It remained unclear hours later whether anyone was injured at the Abqaiq... More »

Saudi Oil Field Attacked

Yemen's Houthi rebels cause a fire at the Shaybah oil field

(Newser) - Drones launched by Yemen's Houthi rebels attacked a massive oil and gas field deep inside Saudi Arabia's sprawling desert on Saturday, causing what the kingdom described as a "limited fire" in the second such recent attack on its crucial energy industry, the AP reports. The attack on... More »

Oil Pipeline Stymied Despite Court Victory

Seems it's too late in the year to start building

(Newser) - An appeals court has lifted a judge's injunction that blocked construction of the Keystone XL oil pipeline from Canada to the US, but the developer has said it's too late to begin work this year and environmental groups vowed to keep fighting it, the AP reports. A three-judge... More »

Most Profitable Company in World Isn't What You Think

Saudi oil giant cleared $111 billion in 2018

(Newser) - Saudi Arabia has let the world see the financials for its national oil company for the first time, and they couldn't be much better. Saudi Aramco posted $111 billion in net income in 2018, making it the world's most profitable company by far. That $111 billion is more... More »

First a Blast, Then a Stampede. Now, Dozens Are Missing

Leaking oil pipeline explodes in Nigeria

(Newser) - More than 50 people are missing after a leaking oil pipeline exploded and caused a stampede in southern Nigeria, a local official said Saturday. The blast early Friday caused massive oil spillage in the Nembe kingdom in Bayelsa state, a Nembe Chiefs Council spokesman told the AP . The Nembe trunk... More »

A Huge BP Find: 1B Barrels of Crude

Besides the oil find, company is also investing $1.3B in a new expansion process

(Newser) - BP is investing a lot more money into the Gulf of Mexico, and into cutting-edge technology overall—and it looks like that investment is already paying off. CNBC and Reuters report the company just discovered two new oil fields, plus 1 billion barrels of crude oil at its existing Thunder... More »

A Big First for OPEC as One Nation Pulls Out

Qatar will be leaving the oil cartel in January, the first time a Mideast nation has done so

(Newser) - The tiny Arab nation of Qatar announced Monday it will withdraw from the Organization of the Petroleum Exporting Countries, or OPEC, in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha.... More »

Coast Guard Says No More to 14-Year-Old Oil Leak in Gulf

Taylor Energy has to start cleaning up mess that started in 2004 or risk fine of up to $40K per day

(Newser) - A massive cleanup effort has been ordered on a quietly devastating oil spill that's been contaminating the Gulf of Mexico for 14 years. The Washington Post reports the US Coast Guard has mandated Taylor Energy "institute a … system to capture, contain, or remove oil" from the affected... More »

Trump Stands by Saudis, Then He Thanks Them

For our low oil prices

(Newser) - President Trump on Tuesday expressed that, despite Jamal Khashoggi's murder, the US stands by Saudi Arabia. It's a sentiment that's not going over entirely well, both within his own party and without. And it's one that got amplified Wednesday, by way of a tweet in which... More »

Oil Prices Are Rising. Trump Claims He Made a Saudi Deal

In Saturday tweet, president says King Salman has vowed to boost oil production

(Newser) - After a couple of early morning tweets that defended ICE, President Trump followed that up Saturday with an unrelated announcement: that he'd received assurances from Saudi Arabia's King Salman that the kingdom will increase oil production, "maybe up to 2,000,000 barrels," in response to... More »

Alaskans Get a Yearly Check, Are Irked That It's Shrinking

State may have to dip into Alaska Permanent Fund's earnings

(Newser) - The joke has always been that Alaska is so wealthy it pays its residents to live there. But those yearly checks have gotten smaller and could undergo a massive change as Alaska struggles to pay state troopers and fix roads amid years of low oil prices. After oil started flowing... More »

Ship Seized, Accused of Transferring Oil To North Korea

South Korea says it seized the Lighthouse Winmore in November

(Newser) - On the heels of reports Chinese ships were transferring oil to North Korean vessels in violation of UN sanctions, South Korea has announced it seized a ship suspected of doing just that last month, the BBC reports. South Korean officials say the Lighthouse Winmore picked up oil supposedly bound for... More »

Report: Harvey Caused 145K Gallons of Fuel to Spill

Now all eyes are on Florida's petroleum storage facilities as Irma bears down

(Newser) - More than two dozen storage tanks holding crude oil, gasoline, and other contaminants ruptured or otherwise failed when Harvey slammed into the Texas coast, spilling at least 145,000 gallons of fuel and spewing toxic pollutants into the air, per an AP analysis of pollution reports submitted to state and... More »

US Hits North Korea on Coal, Oil, and ... Statues

New sanctions penalize Chinese and Russian firms for dealing with Pyongyang

(Newser) - The Treasury Department applied new sanctions Tuesday intended to squeeze North Korea even tighter. The sanctions were mostly against Chinese and Russian companies and individuals that the US accuses of conducting illegal business with Pyongyang and thus helping its nuclear weapons program, reports the Washington Post . The big hits were... More »

Want to Live Longer? Put the Fries Down

It's the frying and the salt that's the problem

(Newser) - Potatoes are a relatively healthy vegetable, packed with enough fiber, vitamins, and micronutrients to "counterbalance the detrimental effects of their high glycemic index," researchers note in the American Journal of Clinical Nutrition . Unfortunately, it is what we do to them before we eat them that drains all the... More »

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