crude oil News

crude oil News From AOL News

Science May Be Murky in the Gulf for Years

Oil is still in a few places in the Gulf, but for the most part it looks pristine. Anecdotal evidence indicates a rapidly recovering area -- escaped crude oil itself is scarce, and regular tests by the Louisiana Department of Wildlife and Fisheries have yet to reveal any tainted seafood. But the Gulf of Mexico and its...

Strategic Petroleum Reserves: Should Obama Tap the Backup Oil Supply? [POLL]

Drill, baby, drill? With rising gas prices and ongoing unrest in North Africa and the Middle East, calls on Capitol Hill for President Barack Obama to tap America's 727-million barrel Strategic Petroleum Reserve are steadily mounting. But while some Democratic senators who fear a double-dip recession are urging Obama to...

Libyan Chaos Stirs Global Panic Over Oil Supplies

MADRID -- Libya's oil industry is in chaos - and there's no telling when that will end. Armed men loot equipment from oil field installations. British and German commandos execute secret raids in the Libyan desert to rescue stranded oil workers as security disintegrates rapidly in remote camps. Libyan port workers,...

Force Majeure: Libya Oil Exports Move Explained

It's in the contract. Global commodities traders are reporting disruptions of crude oil import and export activity in Libya, Reuters reports. According to the traders, Libya has declared force majeure on shipments in some ports, effectively halting some normal market activity. Force majeure (literally, superior force) is...

Thieves Set Off Mexico Pipeline Blast: Could It Happen in US?

In the wake of an oil pipeline explosion in Mexico that killed 28 people and sent hundreds fleeing their homes after thieves tried to siphon crude oil, oil safety experts said a similar disaster is unlikely but could nevertheless happen in the United States. They said that if thieves were determined to steal oil from a...