Tag Archives: oil industry

Roll Call reports: The Dow Jones Industrial Average plunged more than 1,200 points, or 5 percent, in the first two days of trading this week amid turmoil in energy markets. On Tuesday, the Dow Jones closed down 631.6 points, or 2.7 percent, and the S&P 500 closed down 86.6, or 3.1 percent. The losses followed record lows for oil on …

Markets Insider reports: Oil plunged to a more than three-decade low on Monday. The commodity’s latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide. The price of West Texas Intermediate crude oil futures expiring in May plunged as much as 84% to …

CNN Business reports: Dan Salaja was a teenager with a new license last time he remembers gas selling for less than a dollar a few decades ago. “If I was a betting man, I would have bet a large amount of money we’d never see gas for less than a dollar again,” said the manager of Casey’s General Store in …

CNBC reports: Global oil prices spiked 20% when markets reopened on Monday, after a weekend attack on Saudi Arabia’s oil facilities suspended the production of 5.7 million barrels a day. That amounts to roughly 5% of the world’s total daily crude oil production. State-run oil company Aramco said in a statement that work was underway to restore production. The U.S. …

MarketWatch reports: Regulators in the Trump administration are proposing to roll back safety measures put in place after the 2010 Deepwater Horizon oil spill, a revision that would reduce the role of government in offshore oil production and return more responsibility to private companies. The Bureau of Safety and Environmental Enforcement, which regulates offshore oil and gas drilling, estimates its …

Vox reports: On the same day the Senate confirmed Rex Tillerson as Donald Trump’s secretary of state, the House voted to kill a transparency rule for oil companies that Tillerson once lobbied against while CEO of Exxon Mobil. So all in all, a good day for America’s largest oil and gas firm. Using the little-known Congressional Review Act, the House …

The A.V. Club recaps: The Deepwater Horizon oil spill of 2010 was the largest accidental marine oil spill in the history of the petroleum industry, and an ecological disaster. BP was ultimately held responsible by the U.S. justice system (well, as much as a huge corporation can be these days) but the first trailer for Peter Berg’s Deepwater Horizon offers …

Via the BBC: Denmark has presented a claim to the UN, arguing that the area surrounding the North Pole is connected to the continental shelf of Greenland, a Danish autonomous territory. Foreign Minister Martin Lidegaard said it was a “historic and important milestone” for Denmark. Canada and Russia have already asserted their own sovereignty over the energy-rich Arctic territory. Arctic …

Bloomberg News reports: BP acted with gross negligence in setting off the biggest offshore oil spill in U.S. history, a federal judge ruled, handing down a long-awaited decision that may force the energy company to pay billions of dollars more for the 2010 Gulf of Mexico disaster. U.S. District Judge Carl Barbier held a trial without a jury over who …

Via the Wire: Russian President Vladimir Putin is currently on a grand tour of Latin America. His first stop is in Havana, Cuba. Ahead of arriving in Cuba, Putin decided to bestow a gift upon the Cuban government. With one swift signature, he eliminated $32 billion of Cuba’s debt, left over from the Soviet era. Cuba isn’t completely off the …

Via the Washington Blade: For the 17th time, Exxon Mobil shareholders rejected a resolution that would have instituted new policy within the oil-and-gas giant to prohibit discrimination against LGBT workers. According to the company, only 19.5 percent of shareholders voted to approve the proposed resolution at their annual meeting on Wednesday, which this year took place in Dallas, Texas. The …

The GOP has appointed climate change denier Rep. David Schweikert (R-AZ) to head the House Science subcommittee on the environment. Schweikert will replace Rep. Chris Stewart (R-Utah), who moved to the House Appropriations Committee. He said he plans to use his new post to target the Obama administration’s regulatory agenda. “Too often, this Administration has tried to bypass Congress and …

“I have a wrist watch that cost $1 million. I wear expensive wrist watches, shoes and chains, all made of diamond. First and foremost, I am very creative and secondly, I emulate the style of our forefathers, wearing royal beads as an old style. You know these days, if you want to become a popular and flamboyant king, you have …