oil industry

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US Oil Execs Lured to Venezuela Found Guilty

6 Americans sentenced to prison

(Newser) - Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, defense lawyers said, dashing hopes of a quick release that would send them home to their families in the United States. Some relatives had been...

As Storage Space Runs Out, Oil Prices Could Go Negative

Russia-Saudi Arabia price war contributes to the problem

(Newser) - Global demand for oil has disappeared during the pandemic, even as the supply side seems to ignore that reality and keep rolling along. There's still a price war going on between Russia and Saudi Arabia, CNN reports. Prices have plunged; a trading house bid negative 19 cents per barrel...

Big Case for Famous Trail Hits the Supreme Court

Justices to rule on whether an oil pipeline can cross the Appalachian Trail in Virginia

(Newser) - Arguments in a big environmental case were being heard at the Supreme Court on Monday, a dispute that pits builders of an oil pipeline versus supporters of the Appalachian Trail. We won't get a decision for months, but the ruling has the potential to snarl not just the construction...

BP Abandoning Alaska After 6 Decades

Company plans to sell assets to Texas firm

(Newser) - BP plans to sell its interests in Alaska's once prodigious North Slope to a company seen as having a reputation of giving new life to aging fields. The sale to Hilcorp Alaska, an affiliate of Texas-based Hilcorp Energy Co., would be worth $5.6 billion, and include interests in...

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....

US May Soon Be World's Biggest Oil Producer Again

Output on course to surpass Russia, Saudi Arabia

(Newser) - The US is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world's biggest oil producer for the first time since the 1970s. The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8...

Slow-Moving Harvey Is 'Virtually Stalled'

Harvey could pinch US gas supplies

(Newser) - The tropical storm formerly known as Hurricane Harvey is continuing to cause massive flooding in Texas , and analysts say the state's oil and gas industry has been hit very hard. Almost a third of US refining capacity is in the affected coastal areas, and experts say closures due to...

How Russia, OPEC May Have Just Driven Up Gas Prices

Deal cuts output for first time in 15 years

(Newser) - It's a victory for international agreement, but not for consumers: OPEC nations and Russia have managed to overcome their differences because of their common desire to drive up oil prices, Reuters reports. They have agreed on their first joint output cut since 2001, a move that sent the price...

Strong Quake Rattles 'Pipeline Crossroads of the World'

Parts of Oklahoma city cordoned off

(Newser) - A 5.0 magnitude earthquake centered near one of the world's key oil hubs brought down building facades and shattered windows, triggering fears the temblor may have damaged key infrastructure and rendered century-old buildings unsafe in Cushing, the latest Oklahoma town rattled by increasingly strong quakes . Cushing Assistant City...

Okla.'s 'Oilfield Prayer Day' Gets a Tweak

People of all faiths, not just Christians, now welcome to pray for blessings of the industry

(Newser) - Oklahoma Gov. Mary Fallin plans to revise a proclamation inviting Christians to pray for the "blessings created by the oil and natural gas industry" to be more inclusive. Fallin spokesman Michael McNutt said Monday the proclamation, issued last month, declaring Thursday "Oilfield Prayer Day" will be revised to...

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,...

Oil Exec Uses Full-Page Ad to Apologize for Wife's Rant

Forrest Lucas of Lucas Oil says Facebook diatribe over minorities was 'hurtful'

(Newser) - Some Facebook posts are costlier than others. After the wife of a co-founder of Lucas Oil posted a diatribe against "minorities," her husband took out a full-page ad in the Indianapolis Star today to apologize, reports WRTV . This is the original post by Charlotte Lucas that prompted Forrest...

North Dakota Keeps 100s of Oil Spills Secret

Officials hushed up massive spill in September, records show

(Newser) - Oil spills usually make for big news —except in North Dakota, where officials have kept mum about hundreds of leaks involving thousands of barrels of oil, Grist reports. About 750 "oil field incidents" have occurred there since January of last year, according to records obtained by the AP...

EPA to Require Cleaner Gas Despite Big Oil's Objections

New rules will call for less sulfur in gasoline

(Newser) - Big oil's lobbyists have lost a fight over cleaner gasoline: The EPA will require refiners to reduce the amount of sulfur to cut down on smog, reports the Washington Post . The cut is a sizable one, dropping the allowable limit by two-thirds from 30 parts per million to 10....

Most Dangerous Part of Oil Jobs: Driving Home

Exemptions allow drivers to head home after 20-hour shifts

(Newser) - You know what's more dangerous than working on an oil rig? Driving home from one. More than 300 oil and gas workers have died in car crashes in the past decade, making it the top cause of death in a dangerous industry, the New York Times reports. The probable...

Obama Vows to Speed Up Part of Pipeline

He says he'll cut red tape for Keystone's southern leg

(Newser) - President Obama defended his oil policy yesterday, pledging to speed up approval of the southern leg of the controversial Keystone pipeline project. "Anyone who says that we're somehow suppressing domestic oil production isn't paying attention," he said, adding that boosting production in the US won't...

Did Drilling Cause Oklahoma's Quakes?

Some blame fracking, amid sketchy evidence

(Newser) - Scientists aren’t entirely sure what caused the earthquakes that rocked Oklahoma last week , but many in the state are wondering whether it might have something to do with the oil wells and fracking operations that dot the state, the LA Times reports. Oil companies scoff at the notion—“...

Oil Giants Battle Over 5-Inch Lizard

Dune sagebrush lizard may be listed as endangered in New Mexico

(Newser) - To hear some politicians and lobbyists tell it, the fate of New Mexico’s oil industry rests on the fate of a five-inch lizard. The federal government is considering listing the dunes sagebrush lizard as an endangered species, the Wall Street Journal reports, and that spooks the industry, because Sceloporous ...

Big Oil Defends Profits

Industry executives say Congress shouldn't end tax breaks

(Newser) - Oil executives had to march up to Capitol Hill today amid $4 gas prices and huge profits to argue why their industry deserved to keep tax subsidies. In response to Democrats' criticism, the execs said ending their tax breaks would do nothing to bring down gas prices, hurt R&D,...

Gas Prices Drain Obama Approval Rating: Poll

Just 39% of hard-hit drivers approve of president's job performance

(Newser) - Gas prices are hurting Americans—and they’re hurting President Obama’s poll numbers, too, a Washington Post/ABC News survey finds. Some 60% of respondents said they are reducing their driving thanks to the prices, while 70% said the prices were causing money woes, the Post reports. Of those who...

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