oil companies

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Big Oil Takes Big Hit in Stocks' Dive

Demand slows, but company coffers plenty full ... for now

(Newser) - Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower...

House Passes Drill Bill
 House Passes Drill Bill 
Sep 17, 2008 2:18 AM CDT

House Passes Drill Bill

'Compromise' bill allowing limited new drilling passes without GOP backing

(Newser) - An energy bill including a partial lifting of the ban on new offshore drilling has passed the House, reports the Washington Post. The vote split largely along party lines, with most Republicans rejecting the package for not going far enough. The measure would allow new drilling beginning at 50 miles...

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

(Newser) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work...

Ex Halliburton Exec Pleads Guilty to $180M Bribery

Cheney man 'won' $6B Nigerian contracts

(Newser) - A fired Halliburton exec has pleaded guilty to bribing Nigerian government officials, the Wall Street Journal reports. Albert Stanley, CEO of KBR when it was a Halliburton subsidiary, faces up to 7 years in jail and a restitution payment of nearly $11 million. Stanley was appointed by Vice President Dick...

Supplies Drop as Big Oil's Power Shrivels

State-owned firms don't churn it out like Shell

(Newser) - A rapidly changing world order has left the giant oil companies all monied up with nowhere to drill, the New York Times reports. The Western oil giants' share of production has plummeted from over half in the 1970s to just 13% today. Production is falling as oil supplies remain in...

Iraq Needs Its No-Bid Oil Contracts
Iraq Needs Its No-Bid
Oil Contracts
Opinion
Jul 26, 2008 3:15 PM CDT

Iraq Needs Its No-Bid Oil Contracts

Deals aren't exploitative, argues energy adviser

(Newser) - US lawmakers have been raging against no-bid deals struck by foreign oil companies in Iraq—but impeding them would be pure folly, energy consultant Raad Alkadiri argues in the Washington Post. Most of these companies have already advised Iraq on its oil fields for free; Baghdad only sought to formalize...

Corn-Hungry Texas Calls for Cuts in Biofuel Mandates

Ethanol future in balance as governor pleads for livestock corn

(Newser) - The EPA is considering a proposal from the governor of Texas to slash the amount of ethanol that oil companies are required to blend into gasoline to meet quotas, the New York Times reports. Gov. Rick Perry is calling for the EPA to cut the ethanol mandate in half, from...

Gore Pounds Pols on Energy Plan

Sees role as facilitator; says 'baby steps no longer responsible'

(Newser) - Al Gore made his first appearance on Meet the Press since he sought the presidency 8 years ago, Politico reports, this time pushing his agenda as the nation's self-appointed energy czar. "My own best role is to try to bring about a sea change in public opinion" on environmental...

75% Blame Bush for Faltering Economy

Prez approval rating at all time low

(Newser) - A new poll paints a gloomy picture of a pessimistic America struggling with soaring gas prices and a deteriorating economy—and blaming President Bush. Three of four Americans—including a large number of Republicans—hold the president responsible for the economic downturn, according to a Los Angeles Times/Bloomberg poll. The...

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

(Newser) - A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional...

Oil Giants to Return to Iraq
 Oil Giants to Return to Iraq
Jun 19, 2008 4:20 AM CDT

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

(Newser) - Four big oil companies chucked out of Iraq by Saddam Hussein 36 years ago are ready to return, the New York Times reports. BP, Exxon Mobil, Shell and Total are about to announced winning coveted no-bid contracts to service Iraqi oil fields. The contracts are short-term, but the firms hope...

Airlines Forced to Front Cash for Fuel

Can't afford to pay in advance for fuel

(Newser) - Cash-strapped airlines are now being pressured to pay millions of dollars in advance for aviation fuel, reports the Times of London. Mandatory prepayment for fuel has become common in the US and is now moving to Europe as crude oil prices continue to rise and the solvency of the industry...

Guess What Oil Execs Make
 Guess What Oil Execs Make  
May 21, 2008 8:19 PM CDT

Guess What Oil Execs Make

Industry bigwigs are grilled by the Senate

(Newser) - Big Oil executives today were grilled by the Senate on soaring prices, and Sen. Patrick Leahy asked for their salaries, the AP reports. Here's what they said:
  • J. Stephen Simon, Exxon: $12.5 millon.
  • John Lowe, ConocoPhillips: Did not recall
  • Peter Robertson, Chevron: Did not recall.
  • John Hofmeister, Shell, $2.
...

Oil Lobby Pumps Cash Into Image Campaign

Industry fights back as rising gas prices damage its rep

(Newser) - As gas prices skyrocket—and oil company profits soar along with them—the chief US oil lobby has launched a massive campaign to improve its public image, the Washington Post reports. The American Petroleum Institute is spending millions on newspaper ads, a traveling museum, and tours for bloggers, to counter...

Oil Expected to Stay Above $100 This Year

Fed agency ups forecast as world laps up Texas tea

(Newser) - A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—...

Congress Grills Oil Execs Over Skyrocketing Prices

Honchos place some blame at legislators' feet

(Newser) - Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas...

Texas Tops US in CO2 Emissions
Texas Tops US
in CO2 Emissions
Feb 29, 2008 3:35 PM CST

Texas Tops US in CO2 Emissions

Activists fight to clean things up

(Newser) - Texas—the land of big oil, big agriculture, pickup trucks, wide-open spaces, and little mass transit—not only is the biggest emitter of CO2 among states, it ranks eighth in the world, a new study says. It’s also one of the few states without any climate plan in the...

Dems Take Aim at Big Business
Dems Take Aim at Big Business
Feb 16, 2008 1:07 PM CST

Dems Take Aim at Big Business

Obama and Clinton turn up the heat heading into Wisconsin, Ohio primaries

(Newser) - Hillary Clinton and Barack Obama, heading into primaries in states struggling with joblessness and the mortgage crisis, are sharpening their attacks on big business, the Wall Street Journal reports. Both are lambasting oil companies, corporate tax cuts, and health insurers. Tuesday’s Wisconsin primary will be a test of which...

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