Political
Crude Oil Prices, Iran, U.S. covert operations and an Indian Pipeline
That’s a lot of title to swallow, but it’s such an interesting puzzle. The media tends to simplify things and lately that has manifested itself in the reporting on the booming oil industry. Oil prices are at all-time highs, producers are defending the price of crude oil, countries where oil is in high demand are complaining, [...]
Regulating Crude Oil Speculators - Is legislating prices the answer?
US Representative Bart Stupak (D - Michigan) cited the harmful impacts record high crude oil prices are having on consumers when introducing his bill to close regulatory loopholes that he said have allowed commodity speculators to push oil prices upward and profit from the increase.
Before introducing his gimmicky bill that pundits believe has no chance [...]
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 [...]
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 [...]
GAO asked to audit Iraqi oil revenue
WASHINGTON - The Democratic chairman and Republican former chairman of the Senate Armed Services Committee have asked government auditors to determine what Iraq is doing with the billions of dollars in oil revenue it generates.
“We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite [...]
Two decades on, US high court takes up Exxon Valdez oil spill case
WASHINGTON (AFP) — The US Supreme Court on Wednesday will hear arguments on whether ExxonMobil Corporation should pay 2.5 billion dollars in damages for a massive oil spill two decades ago that despoiled millions of acres of pristine Alaska wilderness.
The high court will hear ExxonMobil’s appeal, in the latest chapter in a long-running legal battle [...]
Judge: Exxon Mobil likely to win dispute
NEW YORK - A federal judge in Manhattan on Wednesday confirmed the freezing of $300 million in cash held by Venezuela’s state-run oil company, finding it probable that Exxon Mobil Corp. will win its legal battle against the company.
Exxon Mobil is challenging Petroleos de Venezuela SA, or PDVSA, over compensation for the nationalization of one [...]
Chavez Threatens US Oil Cutoff
CARACAS, Venezuela (AP) — President Hugo Chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.
“If you end up freezing (Venezuelan assets) and it harms us, we’re going to harm you,” Chavez said. “Do you know how? [...]
UPDATE: Venezuela to Fight Exxon’s $12 Billion Asset Freeze
Feb. 8 (Bloomberg) — Venezuelan Energy and Oil Minister Rafael Ramirez vowed to fight Exxon Mobil Corp.’s effort to freeze $12 billion of the state oil company’s foreign assets, calling the move “judicial terrorism.”
Exxon won court orders in the U.S., U.K., the Netherlands and the Caribbean freezing assets of Petroleos de Venezuela SA, or PDVSA, [...]
Exxon wins freeze on $12 billion worth of Venezuelan assets
NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to President Hugo Chavez’s nationalization drive.
The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro [...]
