Archive for April, 2008
Record oil prices drive Shell 1Q profits up 25 percent
AMSTERDAM, Netherlands - Royal Dutch Shell PLC reported a 25 percent rise in first-quarter earnings on Tuesday, crediting strong increases in oil prices.
Europe’s largest oil company said its average selling price of crude oil leaped by 66 percent to more than $90 per barrel from the first quarter a year ago.
That sent net profit soaring [...]
Strike in Scotland closes major North Sea oil pipeline
EDINBURGH, Scotland - Hundreds of workers at Scotland’s only oil refinery on Sunday began a 48-hour strike that has forced BP PLC to shut a pipeline system that delivers almost a third of Britain’s North Sea oil.
BP said it had completed the closure of the Forties Pipeline System by 6 a.m., when 1,200 workers at [...]
Brazil oil field could contain 33 billion barrels. Find would become worlds 3rd largest known reserve.
SAO PAULO, Brazil - A deep-water exploration area could contain as much as 33 billion barrels of oil, an amount that would nearly triple Brazil’s reserves and make the offshore bloc the world’s third-largest known oil reserve, a top energy official said Monday.
National Petroleum Agency President Haroldo Lima cautioned that his information on the field [...]
Chevron sees higher 1st quarter upstream earnings
NEW YORK - Chevron Corp said on Wednesday its first-quarter exploration and production earnings should rise from the previous quarter on record oil prices, but profits from refining and marketing would remain weak.
The second-largest U.S. oil company said its oil and gas production in January and February was 2.61 million barrels of oil equivalent per [...]
More waters off California may be off limits to oil drilling
Los Angeles - A stretch of the Pacific Ocean off California’s wild north coast seems poised to get permanent federal protection from oil exploration and other development, in recognition that the area lies within one of the four richest marine feeding grounds in the world.
The US Senate is expected this week to vote in favor [...]
Calderon offers fix for Mexican oil
MEXICO CITY - A line on a map of the Gulf of Mexico clearly divides U.S. and Mexican claims to potentially vast pools of oil deep below the ocean floor, and multinational companies are busily extracting crude north of this maritime border.
South of the line, Mexico’s state-run oil company has hardly begun exploring — a [...]
Oil roars to record over $112 on U.S. inventory drop
NEW YORK - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.
U.S. crude settled up $2.37 at $110.87 a barrel after peaking at $112.21 and eclipsing the previous record of $111.80 hit March 17. London [...]
Updates on PRICE of CRUDE
The editors of PRICE of CRUDE have opted to selectively post new oil “price records”. Volatility in the markets would have us posting new price records every other day. We’re just not going to water down our site with records data. On occasion, we will post records that we see as milestones.
Thanks,
-Steven Biars
Summer gasoline use to drop for the first time since 1991
WASHINGTON (Reuters) - Record-high gasoline prices will reduce U.S. demand for the fuel this summer by 85,000 barrels per day compared with last summer, the first drop in summer motor fuel consumption since 1991, the government’s top energy forecaster said on Monday.
“We see a slowdown in gasoline demand,” Guy Caruso, head of the federal Energy [...]
Mexico Braces for an Oil War
Angelic children stare at rolling waves as a deep voice booms out the wonders of petroleum. “Mexico has a great treasure, a treasure hidden below the bottom of the sea,” the narrator says soothingly above joyous music. “But the world now confronts a new reality.” Suddenly, the watcher is bombarded with graphics explaining deep sea [...]
