Keyword: crude

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  • Australian Mining Giant BHP Just Told The Market Exactly Why Oil Prices Are Going Lower

    02/23/2015 6:40:23 PM PST · by blam · 17 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015 Oil prices have been volatile of late, but a number of banks and commenters have said that oil prices are going lower. In its half-year earnings release on Monday, Australian mining giant told the market exactly why: In response to weaker prices, [BHP] will reduce its Onshore US operated rig count from 26 at period end to 16 by the end of the 2015 financial year. The majority of the revised drilling program will be focused on our liquids rich Black Hawk acreage with activity in the Permian and Hawkville limited to the retention of...
  • Texas Business Leaders Say It All: 'Oil At $50 Per Barrel Is Painful'

    02/23/2015 9:39:52 AM PST · by blam · 8 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015Manufacturing activity in Texas is plunging and the crash in oil prices is to blame. The Dallas Fed's February manufacturing index fell to -11.2, down from -4.4 in January and well below the -4 reading that was expected. Expectations were for the headline index to come in at -4. In the last couple months, this report has been in focus as business owners in Texas take stock of how the decline in oil prices is weighing on that state's economy. And Monday's report was no different. One business executive in the primary metal manufacturing sector said...
  • Gary Shilling Says Oil Is Going To $10

    02/21/2015 10:06:40 PM PST · by blam · 31 replies
    BI ^ | 2-22-2015 | Shane Ferro
    Shane Ferro February. 17, 2015Gary Shilling thinks the price of oil is going way lower. The economist and financial analyst wrote an op-ed for Bloomberg View discussing the various reasons why he thinks the price could get down to $10-20 per barrel. Basically, supply keeps increasing while demand is shrinking. Here's an excerpt that pretty clearly lays it out: U.S. crude oil production is forecast to rise by 300,000 barrels a day during the next year from 9.1 million now. Sure, the drilling rig count is falling, but it’s the inefficient rigs that are being idled, not the horizontal rigs...
  • Crude Oil Markets Tread Water, Rally Losing Steam

    02/20/2015 11:29:27 PM PST · by Up Yours Marxists · 3 replies
    UPI ^ | February 21, 2015 14:58 GMT | Daniel J. Graeber
    NEW YORK, Feb. 20 (UPI) -- Oil prices were treading water early in the Friday session as markets weighed latest inventory data and production figures from the United States. The price for West Texas Intermediate crude oil, the U.S. benchmark, was relatively unchanged from the previous session to trade at $51.10 for the March contract. WTI has recovered from late January lows below $45 per barrel and have rallied for most of February.
  • Oil rallies for third day after OPEC sees greater crude demand

    02/09/2015 11:43:25 AM PST · by Star Traveler · 14 replies
    Reuters ^ | Monday, February 9, 2015 | Barani Krishnan
    (Reuters) - Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group. The Organization of the Petroleum Exporting Countries forecast demand for its oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous forecast, while slashing its outlook for crude supply growth in non-OPEC countries. Benchmark Brent oil futures LCOc1 were up 35 cents, or half a percent, at $58.15 a barrel by 11:40 a.m. EST, after revisiting Friday's one-week peak of $59.06.
  • U.S. Oil Well Shut-ins Start as Crude Rout Batters Small Producers

    01/27/2015 12:48:03 AM PST · by Up Yours Marxists · 27 replies
    Reuters ^ | January 27, 2015 06:16 GMT | Terry Wade and Anna Driver
    (Reuters) - Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans. Now, with U.S. crude around $46 a barrel, operators are already closing some small old wells, known as strippers, and tens of thousands of similar wells are on the verge of...
  • Things Are Bad In Texas

    01/26/2015 10:14:39 AM PST · by blam
    BI ^ | 1-26-2015 | Myles Udland
    Myles Udland January 26, 2015 The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results. One executive in the fabricated metal manufacturing sector said "multiple oil-related...
  • The Weekend Is Over And Crude Oil Is Getting Smoked Again ($44.45)

    01/25/2015 5:10:15 PM PST · by blam · 51 replies
    BI ^ | 1-25-2015 | Myles Udland
    Myles UdlandJanuary 25, 2015 Good evening! The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $44.45 a barrel.(snip)(snip)
  • Crude Oil Is Crashing Again ($46.77)

    01/12/2015 5:47:20 AM PST · by blam · 51 replies
    BI ^ | 1-12-2015 | Myles Udland
    Myles UdlandJanuary 15, 2015Good morning! It is a new week and crude oil is making new lows.(snip)(snip)
  • Oil Prices Hit Fresh 5-And-A-Half-Year Lows ($51.70 Bl)

    01/05/2015 3:53:53 AM PST · by blam · 29 replies
    BI - Reuters ^ | 1-5-2015 | Stefano Pozzebon and Reuters
    Stefano Pozzebon and Reuters January 5, 2015 U.S. crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. At 11.30am GMT (6.30am ET) Brent was trading at $55.35 a barrel, losing 2%. Previously, it temporally slipped as low as $55.16, its the lowest values since May 2009. Here is a chart of how it looked at 11.30am GMT (6.30am ET): Brent 5.1.15 11.30am Investing.com U.S. crude slid as low as $51.40 a barrel, also its lowest since May 2009, and at 11.35am...
  • 2015 Starts As 2014 Ended: Crude Crumbles To Fresh Lows, WTI Tests $51 Handle

    01/02/2015 7:29:40 AM PST · by blam · 9 replies
    Zero Hedge ^ | 1-2-2015 | Tyler Durden
    Tyler Durden 01/02/2015 Reading headlines and social media commentary in last night's thin trading, one could have been excused for thinking the collapse of global crude oil prices was over and a new renaissance had begun as 'watchers' proclaimed WTI's spurt above $55 (for a nanosecond) as indicative of the lows being in. However, just hours later, following weak European data (and a recognition of massively offside speculative positioning), WTI has collapsed over $3 from the highs and is testing towards a $51 handle.(snip)
  • Exxon Mobil Shows Rising U.S. Output as Prices Fall

    12/18/2014 1:16:24 PM PST · by Up Yours Marxists · 29 replies
    Salt Lake Tribune ^ | December 18, 2014 14:15 GMT | Joe Carroll (Bloomberg News)
    Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting...
  • North Dakota to require every barrel of crude oil be filtered

    12/09/2014 1:33:41 PM PST · by thackney · 41 replies
    Reuters ^ | Dec 9, 2014 | ERNEST SCHEYDER
    North Dakota is poised to impose the strictest oil standards in its history on Tuesday, requiring every barrel of crude to be filtered for dangerous types of natural gas in an effort to make crude-by-rail transport safer. The new requirements come as federal, state and local officials grapple with how best to ensure the safe transport of North Dakota's crude oil, which has been linked to a string of fiery crude-by-rail explosions, including one last year in Quebec that killed 47 people. Governor Jack Dalrymple and the two other members of the North Dakota Industrial Commission (NDIC) are taking the...
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • Brent oil extends slump to 2-year low; U.S. crude bounces

    09/11/2014 9:31:34 AM PDT · by GonzoII · 4 replies
    Reuters ^ | Thu Sep 11, 2014 9:50pm IST | Robert Gibbons
    (Reuters) - Benchmark Brent crude dropped to a two-year low on Thursday, falling for a sixth straight session as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output. ... Brent for October was down 66 cents at $97.38 a barrel at 11:38 a.m. EDT (1538 GMT) It fell as low as $96.72, its weakest since July 2012. U.S. crude was up 35 cents at $92.17 a barrel, turning higher after sliding to $90.43, its lowest since May 2013. Brent hit a high above $115 in June as Islamist insurgents swept across...
  • Chrysler Vans Sitting Idle As Oil Boom Robs Rail Capacity

    04/24/2014 4:33:51 PM PDT · by nascarnation · 30 replies
    The Truth About Cars ^ | 4/24/2014 | Derek Kreindler
    Several hundred Chrysler minivans are stuck indefinitely on a piece of prime Detroit real estate, unable to be transported across America. The reason? The fossil fuel boom in Canada and the United States is hogging much of the available rail capacity needed to transport the vans. Citing a report by the Associated Press, the Windsor Star reports that railway capacity – which is normally transport new vehicles – is being eaten up by deliveries of oil from both the Alberta Oil Sands and the Bakken shale formation in the United States. According to the AP, just 9,500 railway carloads of...
  • Use That Pen To Approve Keystone XL Pipeline Jobs, Mr. President

    02/04/2014 9:03:10 AM PST · by SeekAndFind · 11 replies
    IBD ^ | 02/04/2014
    The shovel-ready pipeline from Canada gets yet another clean bill of health as yet another State Department review says it will have negligible environmental impact, unlike the crude-carrying trains that are replacing it. President Obama promised in the State of the Union that 2014, his sixth year in office, would be a "year of action" on jobs, unlike the first five that saw the labor force participation rate sink to its lowest level in decades. In his weekly radio address on Jan. 18, he said he wanted "to work with Congress this year on proven ways to create jobs, like...
  • First lady says girls aren’t interested when President gets his ‘butt kicked’

    01/30/2014 11:05:32 AM PST · by Sub-Driver · 34 replies
    January 30th, 2014 01:21 PM ET 38 minutes ago First lady says girls aren’t interested when President gets his ‘butt kicked’ Posted by CNN White House Producer Kevin Liptak Washington (CNN) - The end of 2013 may have been rough going for President Barack Obama, but political strife over Obamacare’s botched rollout and NSA spying didn’t cross over into his family life, according to the first lady. When Obama got his “butt kicked,” his daughters didn’t offer too much sympathy, Michelle Obama told Ryan Seacrest Thursday in a radio interview. “Oh dad, tough luck,” was Sasha and Malia’s response, the...
  • Michelle Obama to Hollywood actor: ‘B**ch, where’s my money?’

    12/04/2013 9:45:52 AM PST · by rktman · 32 replies
    The Daily Caller ^ | 12/4/2013 | Alex Pappas
    Hollywood comedian Will Ferrell says first lady Michelle Obama surprised him once by saying, “Bitch, where’s my money?”
  • God Pees on Liberal Media and Tells Them It’s Just a Tea Party

    05/15/2013 10:25:06 PM PDT · by servo1969 · 15 replies
    townhall.com ^ | 5-16-2013 | John Ransom
    For those of you who hate the Tea Party, I have a one word reply to you: Ha! Because they were right, and you were very, very wrong They were right about the IRS, right about Boston, right about Benghazi.   They were right about Eric Holder and the threat that our top law enforcement officer posed to the Bill of Rights; they were right about Obama and his smarmy, made-up, intellectual know-it-all-ism; they were right about the press being active advocates for partisan purposes while ignoring Obama’s smarmy, made-up, intellectual know-it-all-ism; they were right about the GOP being wrong on...
  • Agency Confirms: Obama Has Blocked Oil Production

    03/12/2013 5:35:32 PM PDT · by TurboZamboni · 11 replies
    IBD ^ | 3-11-13 | IBD editorial
    Empty Boast: As we have noted before in our Issues & Insights pages, President Obama has taken credit for an energy boom he had nothing to do with. A government agency now confirms what many have known to be true. The Congressional Research Service has released a report, "U.S. Crude Oil and Natural Gas Production in Federal and Non-Federal Areas," that corroborates what we've said. "All of the increase (in oil and natural gas production) from FY2007 to FY2012 took place on non-federal lands, and the federal share of total U.S. crude oil production fell by about seven percentage points,"...
  • Crude Oil Drops $3 In A Minute

    09/17/2012 12:02:16 PM PDT · by Kartographer · 18 replies
    Barron's via Yahoo Finance ^ | 9/17/12 | Brendan Conway
    Jittery afternoon in the oil markets, where crude futures plunged $3 in less than a minute shortly before 2 p.m., for no immediately obvious reason. In such cases, the chatter inevitably turns to the Strategic Petroleum Reserve. But we have no credible reports of a release at this point. Heck, we don’t even have a shady report to point to. CNBC’s befuddled anchors are just now floating the idea that options expiry may be playing a role. And CNBC has a White House spokesman saying there’s no change to the strategic petroleum reserve. “Fat finger” error? Probably not: Brent moved...
  • Petronas unit Engen suspends Iran oil imports (S. African importer)

    04/04/2012 6:53:06 PM PDT · by nuconvert · 4 replies
    The Star/Reuters ^ | Apr. 5, 2012
    Johannesburg: Petroliam Nasional Bhd's (Petronas) Engen unit, the biggest South African importer of Iranian crude, said it has suspended imports of oil from the Middle Eastern nation amid economic sanctions by the United States and the European Union. The company had contingency supplies in place, Engen spokeswoman Tania Landsberg said in an emailed response to questions. Engen, which operates the country's second biggest refinery based in Durban and with a capacity of 135,000 barrels a day, normally buys about 80% of its supplies from Iran. Engen was “under heavy pressure” to halt Iranian imports because of sanctions, Petronas chief executive...
  • Senate rejects plan to open Arctic refuge to drilling

    03/13/2012 3:09:05 PM PDT · by Free ThinkerNY · 37 replies · 1+ views
    Associated Press ^ | March 13, 2012 | Sean Cockerham
    WASHINGTON _ The Senate on Tuesday resoundingly rejected a sweeping measure to open the Arctic National Wildlife Refuge and other protected areas to oil drilling, as well as to approve construction of the Keystone pipeline project. Tuesday's vote was the first time in four years that the Senate has voted on a measure including ANWR drilling, and it failed miserably.
  • Pipeline Technology Creates Efficiency, Lower Costs for Heavy Crude

    01/11/2012 2:37:21 PM PST · by thackney · 4 replies
    Rig Zone ^ | January 11, 2012 | Karen Boman
    The global increase in production of heavier, more expensive crude oil has created the need for technology to reduce crude oil viscosity while allowing pipelines to operate more efficiently and at lower costs. Save The World Air (STWA), a Santa Barbara, Calif.-based developer of energy efficiency technology, in October conducted a successful field test of its Applied Oil Technology (AOT), which reduces the viscosity of crude oil. The field tests, conducted at the U.S. Department of Energy's Rocky Mountain Oilfield Testing Center near Casper, Wyo., showed that AOT delivered immediate pipeline efficiency gains of 13.14 percent to 13.55 percent when...
  • Environmental Scientist Caught Agreeing To Ignore Her Own Data, Make Up New Claims

    12/13/2011 12:19:01 PM PST · by Mount Athos · 12 replies
    Wizbang Blog ^ | December 12, 2011 | Kevin
    Dr. Ann Maest is a managing scientist at Straus Consulting, and she’s the go to expert on all things groundwater. In the press release announcing her reappointment to the National Academy of Sciences, they mention that she is focused on the environmental effects of mining and petroleum extraction and production, and, more recently, on the effects of climate change on water quality. Maest is in high demand as an expert for those looking to stop oil and mineral exploration. She’s also heavily used by the federal government, even though after new details about her past work are coming to light...
  • Coulter calls McCain a ‘douchebag,’ gets bleeped by MSNBC

    11/29/2011 11:56:23 AM PST · by AngelesCrestHighway · 88 replies
    Yahoo News ^ | 11/29/11 | Yahoo News
    Ann Coulter, conservative author and preferred provocateur among cable news bookers, was repeatedly bleeped during a recent appearance on "Morning Joe" on Tuesday. In the bleeped asides, Coulter apparently called John McCain a "douchebag." Coulter was also cut for several seconds while discussing the consistency of current and former GOP candidates, including Newt Gingrich, Mitt Romney and McCain. "What did I say, 'douchebag'?" Coulter, realizing she had been bleeped, asked Joe Scarborough. "We'll just blur it all out," Scarborough said. "Well, they got the general drift," Coulter added.
  • Obama erases oil tax breaks in deficit plan

    09/19/2011 10:24:14 AM PDT · by jazusamo · 20 replies
    The Hill ^ | September 19, 2011 | Andrew Restuccia & Ben Geman
    President Obama is reviving his battle to kill oil-and-gas industry tax breaks and seeking billions of dollars in other energy-related revenues as part of his wider deficit-cutting and jobs proposals . The White House on Monday sent Congress a plan to pay for Obama’s $447 billion “American Jobs Act” and also cut the deficit by over $3 trillion in 10 years. Several of Obama’s energy tax proposals have sputtered in the past amid resistance from Republicans and oil-state Democrats. But they are part of a White House effort to sharpen the contrast between the president and Republicans over raising...
  • U.S. Orders TransCanada to Shut Pipeline

    06/04/2011 1:41:37 PM PDT · by Palter · 62 replies
    The New York Times ^ | 03 June 2011 | ELISABETH ROSENTHAL
    After a series of spills, the United States Department of Transportation has ordered the TransCanada Corporation to suspend operation of its one-year-old Keystone 1 pipeline, which carries oil extracted from oil sands in the Canadian province of Alberta to the United States. The order was issued by the department’s Pipelines and Hazardous Materials Safety Administration.“Effective immediately, this order prevents TransCanada from restarting operations on their Keystone crude oil pipeline until P.H.M.S.A. is satisfied with the ongoing repairs and is confident that all immediate safety concerns have been addressed,” the agency said. It issued the order in response to two incidents...
  • Commodity Corner: Crude Tumbles on S&P Debt Outlook

    04/18/2011 7:15:49 PM PDT · by Rabin · 19 replies
    Rigzone ^ | Monday, April 18, 2011 | Saaniya Bangee
    Front-month crude futures plummeted Monday after Standard & Poor (S&P) changed its outlook for U.S. debt from stable to negative... the greenback rose against the euro and other currencies further pressuring prices... Saudi Arabia's Oil Minister Ali al-Naimi said Sunday that the kingdom has reduced oil production by 800,000 barrels due to lack of demand.
  • Did Trump just telegraph to the world that he has Obama's college papers and grade?

    04/15/2011 6:26:03 PM PDT · by The Magical Mischief Tour · 236 replies
    04/15/2011 | TMMT
    Did I read what Trump just told Hannity right? That he has Osama's college grades and papers? Now that would be a treasure trove, cuz I firmly believe that regardless of where Osama was born be attended college as a foreign student, lied all thru college and claimed various affiliations which he benefited from. Did I hear Trump right?
  • Crude futures push toward $110 a barrel

    04/07/2011 11:50:37 AM PDT · by Signalman · 14 replies
    Market Watch ^ | 4/7/2011 | Claudi Assis, Steve Gelsi
    Light, sweet crude for May delivery rose $1.07, or 1%, to $109.90 a barrel on the New York Mercantile Exchange. It traded as high as $109.99 a barrel, according to FactSet Research. Prices had traded in the red off and on, however, as some investors judged current prices overdone. A better-than-expected data on U.S. jobless claims underpinned oil’s run, but prices also felt the pinch of a stronger dollar and falling U.S. equities. News out of the Middle East and North Africa didn’t make that many headlines. “The U.S. so far has not shown the weakness that people had been...
  • Crude Oil Prices Falling On Japanese Economic Worries

    03/15/2011 1:30:16 PM PDT · by La Enchiladita · 10 replies · 1+ views
    NIKKEI ^ | March 16, 2011 | Staff
    TOKYO (Nikkei)--International crude oil prices are inching lower on concern that economic conditions in Japan may deteriorate following last Friday's earthquake and tsunami. Prices briefly soared to a two-and-a-half year high when political unrest escalated in the Middle East and North Africa. But since the massive temblor, they have faced downward pressure on speculation about a worsening economic outlook for Japan. North Sea Brent crude closed at 113.67 dollars a barrel in London on Monday, down 1.76 dollars from last Thursday. And in after-hours trading Tuesday, it fell to the 108-dollar level as share prices also fell, following a fire...
  • Oil refineries sue EPA over ethanol plan

    01/04/2011 8:03:13 PM PST · by Tolerance Sucks Rocks · 131 replies
    GOPUSA ^ | January 4, 2011 | Ken Thomas (Associated Press)
    WASHINGTON (AP) — A ruling by the Obama administration allowing the sale of gasoline containing 15 percent ethanol is running into legal hurdles from trade groups opposing the plan. The National Petrochemical and Refiners Association sued the Environmental Protection Agency on Monday over the decision to allow the sale of gasoline containing higher blends of corn-based ethanol, the second major group to protest the ruling. The Obama administration said in October that gas stations could start selling the ethanol blend for vehicles built since the 2007 model year, increasing it from the current blend of 10 percent ethanol.
  • Tophat Has Come Off BP Well

    06/23/2010 7:34:05 AM PDT · by illiac · 94 replies · 2+ views
    BP ^ | 6/23/10 | BP
    It appears that the top hat on the BP well has been blown off. It also appears that they riser has been further damaged. Except for the flow to the ship Q4000, the flow from the well is currently unabated.
  • Our Classy President Wants to Know Whose 'A**es to Kick'

    06/07/2010 6:17:09 PM PDT · by NY Hockey Mom · 52 replies · 202+ views
    The Lonely Conservative ^ | 6/7/10 | The Lonely Conservative
    The liberals demanded that Dear Leader show some emotion over the Gulf oil gush. Rather than show real emotion, he instead chose language that I wouldn’t use in front of my children. How Chicago of him. Matt Lauer was reportedly thrilled, according to NewsBusters. "Williams announced Monday night: “Before we get to our correspondents, some late news tonight. Late today, Matt Lauer sat down with President Obama in Michigan for an interview to air tomorrow morning on Today. This is just into us. In this bit you are about to see the President showed some anger on the topic of...
  • Oil Spill Only the Beginning

    06/06/2010 6:50:04 AM PDT · by Bowtie52 · 57 replies · 1,357+ views
    6/6/10
    Oil Spill Only the Beginning Has anyone stopped to realize that the administration that is orchestrating the response to the oil spill is the same one who has hijacked your health care? Residents and the local governments of the Gulf States begged, pleaded and did everything within their power, to get the attention of this administration yet it took a full 34 days to garner any appreciable response from the Federal government. How much attention do you think an individual, in need of medical attention, will get from government officials charged with distributing health care? Take note that this administration...
  • (Obama's) Killing The Drilling

    06/04/2010 7:08:42 PM PDT · by raptor22 · 63 replies · 1,353+ views
    Investors.com ^ | June 4, 2010 | Investor's Business Daily staff
    The Economy: As if the latest measly numbers on our jobless recovery weren't bad enough, along comes the administration to pile disaster upon disaster by slapping a six-month ban on deep-water drilling. When President Obama visited Louisiana on May 1, he talked about the possibility that the oil gushing from BP's Deepwater Horizon well could "jeopardize the livelihoods of thousands of Americans who call this place home." Now the administration's response could jeopardize the livelihoods of tens of thousands more. In a letter sent to Obama on Wednesday, Louisiana Gov. Bobby Jindal challenged the president's decision to suspend deepwater drilling...
  • Environmentalists Also To Blame For Exxon Valdez And Gulf Spills (Duh)

    06/01/2010 5:02:16 PM PDT · by Kaslin · 13 replies · 686+ views
    IBD Editorials ^ | June 1, 2010 | Investors Business Daily staff
    Energy Policy: To save the environment, a senator from Pennsylvania wants to shut off a major source of natural gas. Weren't the roads to the Exxon Valdez and Deepwater Horizon disasters paved with equally good intentions? Environmentalism did not cause the Deepwater Horizon oil disaster, but it did help make it possible, just as 1989's Exxon Valdez disaster, which the Gulf Oil spill has now eclipsed, was also ironically made possible by a desire to protect the environment. The original plan when oil was discovered at Prudhoe Bay on Alaska's North Slope was to build a pipeline directly to the...
  • Louisiana's Jindal: Where's Obama?

    05/25/2010 4:42:45 PM PDT · by Kaslin · 34 replies · 1,299+ views
    IBD Editorials ^ | May 25, 2010 | Investors Business Daily staff
    Emergencies: As frustration with the federal response grows, Louisiana's governor lashes out at the feds for doing little except blame BP for the Gulf oil spill. Meanwhile, Congress sees a chance to raise your gas taxes. While the Obama administration continues on its quest to fundamentally transform America, the largely unabated Deepwater Horizon spill in the Gulf of Mexico threatens to fundamentally transform the ecosystems and economy of Louisiana and the Gulf region. The federal government's response so far has consisted largely of scapegoating BP and ignoring its own responsibilities and lack of preparation, railing against Big Oil, while Congress...
  • Gulf Oil Disaster "Looks Very Scary", Says Astronaut [Pics]

    05/19/2010 8:18:33 PM PDT · by James C. Bennett · 55 replies · 3,658+ views
    Gizmodo ^ | 19 May 2010 | Gizmodo
    " It looks very scary. It's not good. I really feel... not good about that." That's what the International Space Station Commander, cosmonaut Oleg Kotov, says about the Gulf's oil disaster. This is the last satellite image. Update: New image added.Captured by NASA's Aqua satellite, the image shows only part of the oil surface, with the Sun shining over. I've exaggerated the image contrast so you can clearly see the extend of the damage:Oleg is right: It is very scary. [NASA and Space.com] 
  • OIL FUTURES: Nymex Crude Hits 2010 Low On Demand Concerns

    05/17/2010 10:55:33 AM PDT · by SeekAndFind · 14 replies · 443+ views
    Wall Street Journal ^ | May 17,2010
    NEW YORK (Dow Jones)--Crude futures dropped Wednesday as doubts about future oil demand sent prices to a 2010 low. Light, sweet crude for June delivery traded $1.83, or 2.6%, lower at $69.78 a barrel on the New York Mercantile Exchange after dropping to $69.27 a barrel, the cheapest the front-month contract has traded since December. Brent crude on the ICE futures exchange traded $2.54, or 3.3%, lower at $75.39 a barrel.
  • Underwater Video of the Main Gulf Oil Leak

    05/12/2010 8:02:48 PM PDT · by James C. Bennett · 7 replies · 969+ views
    Gizmodo ^ | 12 May 2010 | Gizmodo
    WATCH: http://www.youtube.com/watch?v=EJ91G3e0OBQ&feature=player_embedded
  • Drilling Oil Execs For Answers

    05/11/2010 4:26:22 PM PDT · by Kaslin · 13 replies · 455+ views
    Investors.com ^ | May 11, 2010 | Investors Business Daily staff
    The BP Spill: Tuesday on Capitol Hill, oil executives were subjected to the Senate's latest show trial. Senators did not say the accident in federal waters was a federal responsibility or that nature spills more oil every day. The morning hearing by the Energy and Natural Resources Committee chaired by Sen. Jeff Bingaman of New Mexico and the afternoon session before California Sen. Barbara Boxer's Environmental and Public Works Committee prove White House Chief of Staff Rahm Emanuel's dictum that a good crisis is a terrible thing to waste — especially when your goal is exploiting the Deepwater Horizon disaster...
  • The Coming Oil Price Shock

    05/09/2010 1:18:29 PM PDT · by blam · 36 replies · 1,603+ views
    The Market Oracle ^ | 5-8-2010 | Andrew McKillop
    The Coming Oil Price Shock Commodities / Crude Oil May 08, 2010 - 05:20 PM By: Andrew McKillop Fatal Difference - Fatal Indifference - We need only to recap the experience of the 1970s and 1980s to understand why massive public national deficit financing of Keynesian-type spending to restore global economic growth will almost surely end with a 1970s style oil shock. That is oil price explosion, falling consumer confidence and corporate investment, falling economic growth, finance sector panic, competitive devaluation of world moneys and a catastrophic slump back into recession. Like the 1970s experience, the recession will be very...
  • Chevron Request for 'CRUDE' Footage Approved

    05/06/2010 1:58:22 PM PDT · by BobMcCartyWrites · 6 replies · 253+ views
    Bob McCarty Writes ^ | 5-6-10 | Bob McCarty
    Federal District Judge Lewis A. Kaplan granted Chevron's request and ordered the release of outtakes from Joseph Berlinger's anti-Chevron documentary, "CRUDE". The court decision could have a big impact on the $27 billion lawsuit entangling the oil giant in Ecuador.
  • NYPD: device thought to be a crude car bomb (MSNBC on live)

    05/01/2010 10:08:19 PM PDT · by STARWISE · 51 replies · 2,359+ views
    MSNBC ^ | 5-2-10
    *snip* New York Police Department spokesman Paul Browne said the device was found after a mounted policeman spotted a box smoking in the back of a sport utility vehicle about 6:30 p.m. "This appears to be a car bomb that the bomb squad is in the process of dismantling," police spokesman Paul Browne said. "We do not know the motive."
  • Louisiana Spill: Big Oil's Chernobyl?

    04/30/2010 5:18:32 PM PDT · by Kaslin · 87 replies · 2,100+ views
    Investors.com ^ | April 30, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy: The administration has banned new offshore drilling until the Gulf oil spill is investigated. Was its heart in it anyway? It seems environmental concerns apply only to certain forms of energy. No one pays much attention to the aquatic "dead zones" that have appeared off our shores at the mouths of our rivers due to agricultural runoff created by mandates for corn-based ethanol. Ethanol is green energy, good energy — never mind that such biofuels drive up food prices, increase hunger around the world and damage the environment in their own way. The explosion that blew apart an oil...
  • Drill, Mr. President, Drill

    03/31/2010 4:23:57 PM PDT · by Kaslin · 29 replies · 1,007+ views
    Investors.com ^ | March 31, 2010 | INVESTORS BUSINESS DAYLY Staff
    Energy: As the administration loosens restrictions on domestic energy development and offshore drilling, a reviled company develops technology to unlock America's vast shale resources. Drill, baby, drill. We have been among President Obama's harshest critics when it comes to the administration's overly restrictive energy policy, so we were pleasantly surprised to see him announce on Wednesday some light at the end of the pipeline. Some light, for many restrictions will remain in an energy policy best termed schizophrenic. Speaking at Andrews Air Force Base near Washington, D.C., Obama announced the welcome news that his administration will let lease sales go...
  • Chortling At Chu

    03/12/2010 5:07:46 PM PST · by Kaslin · 18 replies · 957+ views
    Investors.com ^ | March 12, 2010 | INVESTORS BUSINESS DAILY Staff
    Future Fuels: Our secretary of energy pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide. They don't qualify as an official group of victims, but carbon-Americans, as they have been called, did not have much to cheer about last week, when Energy Secretary Steven Chu addressed CERAWeek 2010, a premier industry conference hosted by IHS Cambridge Energy Research Associates. With an economy struggling to regain sound footing, Chu advocated a starvation diet devoid of additional fossil fuels that are to remain under...