crude oil

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In Mideast Desert, a Risky, Costly Hunt for Heavy Crude

As easy oil supplies dwindle, project launched along Saudi-Kuwaiti border

(Newser) - Saudi Arabia and Kuwait have embarked on a risky, expensive hunt for heavy crude—and that might be a bad sign for global oil supplies. For decades these countries have fueled the world with its easy-to-drill light oil supply, but now those reserves are drying up, one Middle East energy...

Oil Falls Below $100 a Barrel, and Gas Prices Expected to Drop as Well

 Gas Prices  
 Expected to ... Drop 
in case you missed it
May 8, 2011 12:13 PM CDT

Gas Prices Expected to ... Drop

Oil falls under $100 as Americans start driving less

(Newser) - It looks like gas prices will start heading down for once. Both AP and the New York Times quote experts saying the price has probably peaked and will begin ticking downward from the national average of just under $4. Skeptics can look to oil prices, which dropped below $100 a...

Trump: I Wish I Didn't Have to Consider Presidential Run

But he just loves this country too much not to

(Newser) - Donald Trump was quite the braggart on CNN’s State of the Union today. Highlights from Politico:
  • Trump is better than Romney: “Mitt Romney is a basically small-business guy, if you really think about it,” Trump said , adding that he is “much bigger than this man and
...

Atlantic Oil Spill Coats Endangered Penguins

Nightingale Island surrounded by giant crude slick

(Newser) - An oil spill has covered thousands of endangered penguins in crude after a cargo ship ran aground on an island in the South Atlantic, the AP reports. The MS Olivia of Malta broke into two pieces after it hit Nightingale Island in the Tristan da Cunha chain. Its 1,650...

Just in Time for Christmas: $3 Gallons of Gas

If you aren't already paying that now, you likely will

(Newser) - The price at the pump edged up 3.9 cents in the last two weeks to an average of $2.91 per gallon, according to the latest Lundberg Survey, which sampled gas prices at 2,500 filling stations across the US. That's 28 cents higher than it was last December....

Yours for $1,000: A Bottle of BP Gulf Oil

Relief group hopes to raise money for jobless fisherman

(Newser) - A relief organization is bottling up the gooey BP oil fouling the Gulf of Mexico and selling it—for $1,000 a pop. The nonprofit HorizonRelief.org, brainchild of a Louisiana oyster company, is selling 1,000 of the souvenir bottles and promises to give proceeds to out-of-work oyster workers...

The Wealthiest Fictional Characters

'Twilight' vampire tops Forbes list; cartoon superheroes fare well

(Newser) - Upheaval in the financial sector has widespread implications—it even affects the annual Forbes rankings of the wealthiest fictional characters. Entering the list at No. 1 is Carlisle Cullen, the Twilight vampire patriarch, who has a serious advantage in that he's undead and has had 370 years to accumulate his...

Iran Seizes 5 British Yacht Crew Members

Vessel nabbed en route from Bahrain to race in Dubai

(Newser) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters,...

Crude Makes Compelling Case Against Big Oil

Doc tells of disastrous effects of oil extraction

(Newser) - Crude is a hard-hitting documentary about the ravages of the oil industry—Chevron is the villain here—on indigenous people in Ecuador. Critics are wowed:
  • “Here’s a powerhouse of a documentary that makes you feel mad as hell and unwilling to take it anymore,” writes Peter Travers
...

Joe Kennedy's Links to Chávez Could Hobble Senate Bid

Venezuelan oil funds Joe II's charity

(Newser) - Joe Kennedy II’s chance of winning his uncle’s Senate seat may be complicated by his ties Hugo Chávez, the Boston Herald reports. Joe II’s Citizens Energy charity, which delivers oil to needy US households, is almost completely dependent on the Venezuelan leader’s largesse. Over the...

Rogue Trader Shocks Oil Market
Rogue Trader Shocks
Oil Market
Jul 3, 2009 7:20 AM CDT

Rogue Trader Shocks Oil Market

Crude hits highest level in a year on unauthorized trades

(Newser) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had...

20 Years On, Valdez Lessons Haven't Been Drilled In

(Newser) - It’s been 20 years to the day since the Exxon Valdez dumped about 11 million gallons of crude oil into Alaska’s Prince William Sound, and the area has still not recovered. Oil, particularly below the surface, persists, and marine animal populations have not recovered. Still, Time reports, the...

Oil Slips Below $35 a Barrel
 Oil Slips Below $35 a Barrel 
Feb 17, 2009 11:47 AM CST

Oil Slips Below $35 a Barrel

Prices drop almost 8%; stocks down early on Wall Street

(Newser) - A new batch of lousy economic news dragged oil prices down nearly 8% today as signs from across the globe pointed to a prolonged and painful recession. Light, sweet crude for March delivery fell $2.87 to $34.64 a barrel on the New York Mercantile Exchange after settling at...

Talk of Oil-Supply Cut Sends Prices Higher

(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member...

Dow Gains 49 Before Holiday
 Dow Gains 49 Before Holiday 
MARKETS
Dec 24, 2008 12:34 PM CST

Dow Gains 49 Before Holiday

(Newser) - Stocks posted modest gains today amid light holiday trading, the Wall Street Journal reports. Drops were reported in orders for durable goods and consumer spending, but they were smaller than expected. The Dow closed up 48.99 points at 8,468. The Nasdaq gained 3.36 points to settle at...

OPEC Slashes a Record 2.2M Barrels

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will...

Oil Prices Plunge to 5-Year Low
Oil Prices Plunge
to 5-Year Low 
Dec 5, 2008 2:43 AM CST

Oil Prices Plunge to 5-Year Low

OPEC expected to slash production to push up prices

(Newser) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as...

Islamic Militants Vow to Take on Tanker Pirates

Promise to protect 'Muslim property'

(Newser) - Islamic militants have vowed to liberate a Saudi oil tanker seized a week ago by pirates off the Somali coast, reports CNN. Five armored vehicles arrived in the nearby Somali town of Harardhere filled with al-Shebab fighters, who told residents they would battle the pirates because the tanker, carrying $100...

Pirates Hijack Saudi Oil Tanker
 Pirates Hijack Saudi Oil Tanker 
Nov 17, 2008 11:36 AM CST

Pirates Hijack Saudi Oil Tanker

Ship loaded with oil is taken to Somalian port

(Newser) - Pirates flying the Liberian flag hijacked a Saudi Arabian oil tanker today, the BBC reports. The Sirius Star is now bound for the port of Eyl, Somalia, a common destination for pirates to unload their booty. Currently holding its full load of 2 million barrels, the Sirius Star contains one-quarter...

Oil Dips Below $60 a Barrel
 Oil Dips Below $60 a Barrel 
Nov 6, 2008 8:26 PM CST

Oil Dips Below $60 a Barrel

(Newser) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level...

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