petroleum News

petroleum News From AOL News

Blowout Could Spill 58 Million Gallons in Arctic

ANCHORAGE, Alaska -- The federal agency overseeing offshore drilling in Alaska says the worst-case scenario for a blowout in the Chukchi Sea lease could result in a spill of more than 58 million gallons of oil into Arctic waters. That's about a quarter of the Deepwater Horizon spill, which put 206 million gallons of oil...

Obama Says He Wants Oil Producers to Boost Output

WASHINGTON -- As the high cost of gasoline takes a toll on politics and pocket books, President Barack Obama said Tuesday he is calling on major oil producers such as Saudi Arabia to increase their oil supplies to help stabilize prices, warning starkly that lack of relief would harm the global economy. "We are in a lot of...

Greenpeace Occupies Rig in Arctic Drilling Protest

ANKARA, Turkey -- Greenpeace activists climbed aboard an oil rig off Istanbul on Friday in a bid to prevent it from reaching Greenland to begin deep-water drilling in the Arctic, but the vessel continued on its course undeterred. The environmental group said eleven activists, some in rock-climbing gear, used speedboats to...

Obama Says New Task Force Will Examine Gas Prices

LOS ANGELES -- President Barack Obama said Thursday that the Justice Department will try to "root out" cases of fraud or manipulation in oil markets, even as Attorney General Eric Holder suggested a variety of legal reasons may be behind gasoline's surge to $4 a gallon. "We are going to make sure that no one is taking...

BP, Gulf Spill Partners Sue Each Other

MIAMI -- After being hammered for a year over the Gulf of Mexico oil spill, BP is going on the offensive with multibillion-dollar lawsuits seeking to shift at least part of the blame to those who owned the ill-fated rig or designed a failed safety device or supplied cement that didn't hold. Those companies - Transocean,...

petroleum News From AOL

THE HUFFINGTON POST - BUSINESS

Pennsylvania House Sends Major Gas-Drilling Bill To Governor

HARRISBURG, Pa. Gov. Tom Corbett is expected to sign a sweeping bill that could force Pennsylvania's booming natural gas industry to help pay for a wide range of state and local government programs, toughen safety standards and limit the ability of local officials to keep drilling out of their towns.

AOL MONEY & FINANCE

Oil below $99 as US crude demand lags economy

NEW YORK -Oil prices are slightly higher Wednesday following government reports that U.S. supplies didn't grow as much as expected last week.

AOL MONEY & FINANCE

Repsol YPF ups Argentine shale deposit potential

SANTIAGO, Chile -Repsol YPF on Wednesday raised the estimate for potentially recoverable oil and gas in its part of Argentina's "Vaca Muerta" (Dead Cow) basin to the equivalent of nearly 23 billion barrels, indicating a total shale deposit big enough to enable Argentina to challenge the United States in non-conventional...

POPEATER.CA

Barry Levinson: Don't Know Much About Oil

I don't know much about the business world, I don't know much about economics.

AOL MONEY & FINANCE

APNewsBreak: Dems hit lax drilling oversight lax

WASHINGTON -A report by House Democrats finds lax and inconsistent federal oversight of oil and natural gas drilling on public lands.

petroleum News From the Web

02/10/12 Merced awarded millions in groundwater contamination... Source: The Modesto Bee - Modesto CA The contamination was caused by methyl tertiary butyl ether, a fuel additive that was used in the 1990s to help fuel burn cleaner and cut down on air pollution.
02/10/12 Local oil companies brace for US-sanctions fallout Source: Mail & Guardian - Johannesburg - South Africa New United States sanctions on oil exports from Iran could impact local refiners as multinationals seek to ensure that American markets and financial institutions are not closed to them.
02/10/12 Oil below $100 amid signs of improving US economy Source: The How-To Travel Guru - CBS News (AP) SINGAPORE — Oil prices hovered below $100 a barrel Friday in Asia as encouraging news about the U.S. economy was tempered by European demands for Greece to make further spending cuts before getting a new bailout.
02/10/12 OPEC sees world oil demand slowing in 2012 Source: ArabianBusiness.com World oil demand will rise more slowly than expected this year, OPEC has said, hit by the euro-zone debt crisis and high retail prices.
02/10/12 Seoul shares close down but set 6-week winning streak Source: Reuters Seoul shares dipped lower on Friday, weighed down by technicals after a ten percent rally this year so far, with foreign investors curbing more aggressive bets and institutions continuing to cash out and take profits.