Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Oil companies and many lawmakers are pressing to open up more U.S. areas for drilling. But the industry is drilling on just a fraction of areas it already has access to.
We rely on it to power our everyday lives, and it drives the economy worldwide, but oil faces an uncertain future in the 21st century. Black gold is increasingly expensive, environmentally damaging and, in the view of some experts, increasingly scarce.
Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Oil companies and many lawmakers are pressing to open up more U.S. areas for drilling. But the industry is drilling on just a fraction of areas it already has access to.
We rely on it to power our everyday lives, and it drives the economy worldwide, but oil faces an uncertain future in the 21st century. Black gold is increasingly expensive, environmentally damaging and, in the view of some experts, increasingly scarce.
Oil prices edged higher Tuesday as traders remained wary of potential supply disruptions in Nigeria and held back ahead of an upcoming inventory report.
Oil prices steadied near US$137 a barrel Tuesday, supported by concerns over supply disruptions out of Nigeria and new European Union sanctions against Iran.
Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production from 9 million barrels to 9.7 million in the near future to counter the sharp rise in international oil prices.
Days after both men reversed course on major issues, the presidential campaigns of Sen. Barack Obama and Sen. John McCain spent much of Sunday's talk-show circuit working to ensure accusations of "flip-flopping" don't stick.
The reason for record-high oil prices, which are putting the squeeze on the United States and others worldwide, is that oil production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman said Saturday.
Oil production was shut down at an offshore Nigerian facility after an armed attack Thursday by a powerful militant group from the Delta region, Shell said.
In a nearly $5 swing from its lows, crude prices ended sharply higher Wednesday following a report that Nigerian oil workers are threatening to go on strike.
The United States can no longer afford to put off serious energy reform, presumptive Republican presidential candidate John McCain said Wednesday, advocating such moves as building nuclear plants and increased offshore oil drilling.
Batten down the hatches: hurricane season starts on June 1. It's expected to be a rough one, threatening to upend refineries and disrupt pipelines in the southern United States.
On a futuristic battlefield littered with broken oil wells, burnt-out electric cars and dilapidated wind turbines, you are leading crack military unit on a mission to secure the world's last remaining oil supplies.
Oil is selling for nearly $100 a barrel. Gasoline is near $3 a gallon. Oil companies are swimming in cash. But these record-high prices are both a boom and a burden for Big Oil.
While officials from some of the world's biggest oil producers holed up in private meetings in Vienna Monday night, to decide whether to increase Opec's oil production, Iraq's Oil Minister Hussain Al-Shahristani retreated to his hotel suite, and watched television instead. Specifically, he tuned into the broadcast of Gen. Petraeus's testimony in Washington about the war.
Transocean Inc., the world's largest offshore driller, said Monday it would buy GlobalSantaFe Corp. for nearly $18 billion, adding shallow-water drilling rigs to its deepwater fleet.
Oil rose Monday as a string of U.S. refining outages again sparked concerns of a supply shortfall in the midst of the top consumer's peak driving season.
Despite falling oil prices that hobbled the competition, Exxon Mobil posted higher first-quarter profit Thursday that topped Wall Street estimates, relying on robust refining and chemical earnings to make even more money on lower revenue.
If OPEC follows through on the talk that it will cut oil production by a million barrels a day, it will send a clear signal that the cartel feels the world can handle $60 oil.
An interconnected set of domestic and international factors have pushed gas prices steadily higher over the past few years, and an almost unquenchable global demand for energy may keep them there for at least the short term, industry observers say.
N'DJAMENA (Reuters) - Chad will stop its oil production from Tuesday unless it reaches an agreement with the World Bank to end a dispute over the use of oil revenues, a government minister said on Friday.
Two security guards who helped thwart Friday's attempted bombings at a Saudi Arabian oil-processing complex died at a hospital, the Interior Ministry said Saturday, confirming reports from the previous day.
The petroleum age dawned on a Texas hill called Spindletop more than 100 years ago. The first predictions of the demise of oil weren't far behind. Today's talk of looming oil scarcity and permanent...
Two major refineries reported damage from Hurricane Rita Saturday, but Texas Gov. Rick Perry said overall damage to oil facilities appeared to be modest.
Prosecutors and regulators are investigating several U.S.-based companies for their dealings with Iraq under the U.N.-administered oil-for-food program.
Although oil prices have retreated from their record highs of October, a terrorist attack on oil installations in Saudi Arabia could send them soaring to new highs, according to a leading industry analyst.
Though oil prices have retreated from their record highs of October, a terrorist attack on oil installations in Saudi Arabia could send them soaring to new heights, according to a leading industry analyst.
Crude oil prices breached the $54 mark Tuesday to reach a new all-time high, fueled by continuing worries over supply in Nigeria and reduced output in the hurricane-hobbled Gulf of Mexico.
When the price of oil crossed $40 a barrel earlier this year, it generated nervous headlines and anxiety on Wall Street and likely threw cold water on the U.S. economy.
Oil prices have soared to new heights following an attack on an Iraqi pipeline and a warning from OPEC that there is little it can do to ease the supply crunch.
Oil prices have slipped below $40 a barrels after OPEC decided Thursday to raise its output limits to stem the surge in prices that followed terror attacks in Saudi Arabia, the world biggest oil producer.
Saudi security forces killed two militants and wounded two others Tuesday as they pursued three terrorists who killed 22 people in an attack on an oil workers' compound in Khobar over the weekend, Saudi sources said.
Going against the opinion of some oil analysts, the U.S. government's Energy Information Administration says that the Saudi offer to increase crude oil production "should lower prices."
The world's richest economies - the Group of Seven -- have called on oil producers to pump enough oil to support the world's current rapid economic growth pace.
The recent controversy over an alleged coup attempt in Equatorial Guinea has focused attention on a rapidly growing oil sector and the jinx that seems to accompany Africa's mineral wealth.
Iraq's oil production has reached 2.53 million barrels per day, the highest output since the war began last March, a senior Coalition Provisional Authority (CPA) official says.
Even by the rarified standards of London society, it was an extraordinary event. To introduce his Open Russia Foundation, Mikhail Khodorkovsky, then the 38-year-old chairman and principal owner of ...
The CEO and principal owner of Yukos, Russia's most profitable oil company, was sitting in his Moscow home on the evening of Sept. 11, thinking he was watching a disaster flick. "It took me a littl...
When Saddam Hussein went on Iraqi TV in early April to announce that he was suspending oil production for a month to protest U.S. and Israeli policies toward the Palestinians, all this writer could...
Richard Rainwater was trying to kick back and retire in 1996--really he was. The Texas investor and dealmaker, then 51, was not trying to make his next $400 million, or burnish his reputation as a ...
Does your wallet run on empty after you've filled up the tank on your minivan? Recapture some of that green by investing in top energy stocks. With prices up 20% for crude oil and 48% for natural g...
EVER SINCE crude was discovered at Titusville, Pennsylvania, 134 years ago, U.S. oil producers have been a source and symbol of American industrial prowess. Five of the great Seven Sisters were Ame...
THE OLD SOVIET UNION is still a potential superpower -- in oil. The independent republics, particularly Russia, may well have up to a quarter of the world's undiscovered oil, about equal to what's ...
REBUILDING Kuwait's once thriving, Western-style capital of one million people and its immense oil drilling, refining, and petrochemical industry could spell years of prosperity for American engine...
After the last bombs have fallen and the shooting stops, the sounds of war in Kuwait will be replaced by the happier din of construction crews, belching tractors, and rumbling cement trucks. Milita...
THE ARCTIC National Wildlife Refuge is almost as big as Indiana. It begins as a phalanx of magnificent rocky peaks high in the Brooks Range in Alaska's northeast corner, from there tumbling down a ...
MANY HOPES will accompany Secretary of State James A. Baker to Baghdad, but the possibility of fighting in the Middle East remains stark. If negotiations fail, the questions that have rightly domin...
Iraq's blitzkrieg on the Arabian Peninsula rudely reminds us that, even after the Cold War has ended, we live in a dangerous world. And the remarkable vision of the U.S. and the Soviet Union quickl...
What's wrong with Canada? It is richer in resources on a per capita basis than the United States, spends much less on defense, and has no large underclass. Yet Canada's standard of living is only a...
A YEAR OF Texas-size swings in the price of crude has turned the oil patch into the trenches. Like the survivors of Verdun after the shelling stopped, the U.S. petroleum industry is spooked. True, ...
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