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Senators ready dueling energy plans
WASHINGTON (Reuters) - Democrats and Republican lawmakers in the U.S. Senate on Thursday set the stage for a divisive energy policy debate with two dueling party-line bills to combat high gasoline prices.
With Senate Democrats promising to unveil a new proposal to tame record-high U.S. pump prices averaging $3.60 a gallon on Friday, Republicans rolled out [...]
Oil falls as Nigeria strike ends
Oil prices have fallen on expectations that oil giant Exxon will restart production following the resolution of a strike in Nigeria.
The eight day strike contributed to near-record high oil prices after the company was forced to almost completely shut down production in Nigeria.
US light, sweet crude was down $2.53 at $110.46 a barrel. In London, [...]
Oil prices drop below $112 on stronger dollar
SINGAPORE - Oil prices retreated further Friday from the early week record near $120 a barrel as a strengthening U.S. dollar prompted investors to exit the market.
As the greenback has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped $8 from its high [...]
Exxon profit soars, but misses forecasts
No. 1 U.S. oil company’s profit and revenue miss estimates, even as it posts second-largest earnings total on record.
NEW YORK — Record oil prices netted Exxon Mobil a $10.89 billion profit in the first three months of the year, sharply higher than a year earlier but short of Wall Street estimates and below what was [...]
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 [...]
