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Economy May Tank Palin's $30B Pipeline

Governor's much-touted initiative could be derailed as gas, oil prices fall

(Newser) - A sour economy and tumbling oil prices might sink Sarah Palin’s oft-touted Alaskan natural-gas pipeline, the Wall Street Journal reports. Low prices and increased natural-gas production in the lower 48 are causing energy companies to reconsider the $30 billion project. Without the revenue-generating pipeline, Alaskans who depend on the...

Saudi Tanker Owners in Talks With Pirates

Saudi foreign minister pledges to eradicate Somali maritime threat

(Newser) - Negotiations are under way between Somali pirates and the shipping company that owns the Saudi Arabian oil supertanker they hijacked over the weekend, the BBC reports. The Saudi foreign minister could not say whether Vela International might agree to a ransom.

Cheaper Oil Likely to Stay Awhile
 Cheaper Oil 
 Likely to 
 Stay Awhile 
ANALYSIS
Nov 18, 2008 4:02 PM CST

Cheaper Oil Likely to Stay Awhile

Demand won't quickly return to old levels, and new tech, exploration keeps pressure off

(Newser) - Oil prices are down, and they’re likely to stay that way for now, writes Ronald Bailey for Reason. Not only did the recent spike in gas prices drive down demand in the US; it also heightened the effect of domestic and local production. Government mandates, made in response to...

Want to Stop Iran, President Obama? Cut Its Gas Supply

Limited refining capacity is chink in Tehran's armor—and opportunity for US

(Newser) - Could Barack Obama petro-blackmail Iran on its nuclear ambitions? Former State Department official Orde Kittrie thinks so. Despite abundant crude oil, limited refining capacity forces Iran to import 40% of its gasoline, Kittrie explains in the Wall Street Journal. And though none of its main suppliers are based in the...

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

(Newser) - If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at...

Iran Faces Its Nightmare: Falling Oil
Iran Faces Its Nightmare:
Falling Oil
OPINION
Oct 29, 2008 9:24 AM CDT

Iran Faces Its Nightmare: Falling Oil

Suddenly negotiating is starting to look pretty smart, says Friedman

(Newser) - Barack Obama's promise to negotiate with Iran once seemed like a dubious idea to Thomas Friedman—pre-conditions or not, the US had no leverage. But everything's changed now that the price of oil is at $57 and falling, writes the New York Times columnist. Once the mullahs went on a...

OPEC Panics as Oil Plunges
 OPEC Panics as Oil Plunges 
Oct 22, 2008 8:33 AM CDT

OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

(Newser) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the...

Oil Sinks Below $70 as Economy Tanks

Price oil halves in 3 months as demand takes a dive

(Newser) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that...

Gas Prices Plunge in Biggest Drop Ever

Demand and recession drive price down

(Newser) - The Dow isn't the only thing plummeting. Amid falling demand, the average price of a gallon of gasoline has dropped over 35 cents in the last two weeks. The nationwide Lundberg Survey of 5,000 gas stations shows the cost of gas has slid more than 80 cents since March—...

Oil Sinks to $83 on Global Panic

(Newser) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and...

Dems Ditch Ban on Offshore Drilling

Current moratorium expires Oct. 1, GOP hails victory

(Newser) - Democrats are removing a ban on offshore drilling from the budget resolution to avoid a White House veto, Politico reports. The move aims "to take a budget standoff of the table so we can address the larger Bush financial crisis," said a spokesman for House Speaker Nancy Pelos....

Oil, Politics Swirl in Stevens' Trial

Key witness in Alaskan senator's alleged corruption an oilman who 'owned' pols

(Newser) - As the corruption trial against Alaska Sen.Ted Stevens gets started today, the politician is preparing to face off against a gritty oilman who has bragged about "owning" state lawmakers, reports the New York Times. The chief defense witness in Stevens' corruption trial is Bill Allen, a high-school dropout...

Why McCain Longs for 19th Century Fuels
Why McCain Longs for 19th Century Fuels
OPINION
Sep 14, 2008 3:00 PM CDT

Why McCain Longs for 19th Century Fuels

He's making every debate, even energy, a 'cultural wedge issue'

(Newser) - Why are Republicans chanting "drill, baby, drill," a call for an outdated, 19th-century technology like fossil fuels? Because they are turning every political debate into a cultural "wedge Issue," Thomas Friedman writes in the New York Times—"including even energy policy, no matter how stupid...

Chavez Boots US Envoy: 'Go to Hell, Yankees!'

Threatens to cut oil shipments

(Newser) - In a dramatic move in support of Bolivia, Venezuela President Hugo Chavez yesterday slashed diplomatic ties with the US, booting the American ambassador and calling home his envoy from Washington, reports Reuters. The socialist leader has also threatened to stop all oil shipments to the US—Venezuela’s largest customer—...

Democrats Switch Policy to Back Offshore Drilling

GOP pressure, $4 gas behind sea change on energy position

(Newser) - The Democrats are tossing a big part of their environmental policy overboard to reach a compromise on offshore drilling, reports the New York Times. A shift in public opinion, coupled with Republican pressure on the issue, has convinced the party to reverse its long-held opposition to back a deal allowing...

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

(Newser) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work...

Palin's Fiscal Claims a Fraud
Palin's Fiscal Claims a Fraud
OPINION
Sep 9, 2008 9:59 AM CDT

Palin's Fiscal Claims a Fraud

Alaska shamelessly sucks money from Lower 48, behaves like OPEC: Kinsley

(Newser) - Maybe Sarah Palin is better than all the rest of us because she's a small-town hockey mom, Michael Kinsley writes in Time, but “spare us, please, any talk about how she is a tough fiscal conservative.” Palin’s state ranks first in the nation in taxes and spending...

Feds Think Bad Data May Feed Oil Spikes

Broad market probe focuses on price-fixing weak spots

(Newser) - Commodity regulators, worried that some companies are manipulating crude oil prices by reporting false numbers on supplies and sales, are conducting a wide-ranging probe focused on energy traders, the Wall Street Journal reports. Sources say a big worry is that firms are falsely reporting oil inventories to create the perception...

Save Oil for When It's Really Needed
 Save Oil for When 
 It's Really Needed 
OPINION
Sep 2, 2008 12:36 PM CDT

Save Oil for When It's Really Needed

Drilling won't make a difference in gas prices: Horne

(Newser) - Perhaps Americans could spare some domestic oil for the descendants they plan to saddle with a heavy federal debt, New Orleans-based author Jed Horne writes in the Boston Globe. Offshore oil reserves are "not something that should be plundered to keep all-American SUVs running," he says. Horne says...

Small Cadre of Speculators Control Oil

81% of NYMEX contracts held by a few firms, one holds 11%

(Newser) - A surprisingly small group of investors and oil traders control the vast majority of the world’s oil contracts, and they are exerting tremendous influence over the market, reports the Washington Post. Regulators have found that a few financial firms speculating for themselves or their clients hold 81% of the...

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