HOUSTON — The benchmark American oil price fell below the symbolic $80-a-barrel threshold on Monday, swooning to two-year lows, after Saudi Arabia aimed to shore up its dwindling exports to the United States by cutting its selling price for the American market.
HOUSTON — In the sharpest challenge yet to the surge in flaring of natural gas in the Bakken shale oil field, North Dakota mineral owners this week filed 10 class-action lawsuits seeking millions of dollars in lost royalties from some of the nation’s largest oil companies.
Two years after local militias overthrew the Libyan dictator Moammar Gadhafi, many of those same fighters have brought Libya’s critical oil industry to a halt, as a challenge to the latest in a series of that country’s interim governments.
HOUSTON — A federal judge in New Orleans on Tuesday approved an agreement between BP and the Justice Department for the company to plead guilty to manslaughter and pay $4 billion in criminal penalties for the 2010 oil well blowout and spill in the Gulf of Mexico that left 11 workers dead.
BP, the British oil company, said Thursday that it would pay $4.5 billion in fines and other payments to the government and plead guilty to 14 criminal charges in connection with the giant oil spill in the Gulf of Mexico two years ago.
HOUSTON — With the prospect of rich new oil fields in tantalizing reach, Shell Oil announced on Monday that it was forced to put off exploration in the Alaskan Arctic for yet another year after a spill containment dome was damaged during a testing accident.
HOUSTON — Despite stiff industry lobbying against it, the Securities and Exchange Commission voted 2-1 on Wednesday to require U.S. oil and mining companies to disclose taxes and other fees they pay to foreign governments. The disclosures are aimed at curbing corruption, which is common in some major oil-producing nations.
WASHINGTON — The United States and Mexico reached agreement Monday on regulating oil and gas development along their maritime border in the Gulf of Mexico, ending years of negotiations and potentially opening more than a million acres to deepwater drilling.
BP is warning Congress that if lawmakers pass legislation that bars the company from getting new offshore drilling permits, it may not have the money to pay for all the damages caused by its oil spill in the Gulf of Mexico.
NEW ORLEANS — Oil continued to pour into the Gulf of Mexico on Monday as the authorities waited to see if the quickest possible method of stopping the leaks would bring an end to what was threatening to become an environmental disaster.
As Denny Fitzpatrick, a Chevrolet-Hummer dealer near Oakland, Calif., has watched the top Detroit auto executives plead for money from Congress, he has been rooting for them — but with no great conviction.
Oil prices headed in an unusual direction — down — for the second consecutive day on Tuesday, leaving energy experts to wonder whether the drop is the beginning of a lasting trend or just a brief pause before another surge.
The federal government and lawyers for immigrant children have announced an agreement to improve living conditions at the nation’s main family detention center for illegal immigrant suspects.