US oil prices fall below $80 a barrel
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.
Oil companies are sued in waste of natural gas
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.
In Lybia, strikes and threats bring oil industry close to a standstill
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.
Judge approves BP criminal settlement
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 to admit crimes and pay $4.5 billion in Gulf settlement
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.
Shell delays arctic oil drilling until next year
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.
US oil and mining companies must disclose payments
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.
Mexico and US agree on oil and gas development in Gulf
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.
Bid to curb offshore drilling imperils payouts, BP says
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.
Robots labor to stanch flow of oil in 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 Dubai World and its creditors steel themselves for tough negotiations over the conglomerate’s debt, some foreign investors say they have enough support to force the company into default and lay claim to its most prized assets.
Car Dealers, Hoping for a Bailout, Brace for Closings
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 Plunge for Second Consecutive Day Yesterday
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.
Federal Gov’t Plans Improvements At Immigration Detention Center
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.