CARACAS, Venezuela - U.S. oil giant ConocoPhillips is pressing for control of Venezuela's key offshore operations in the Caribbean, seeking to recoup $2 billion from a decade-old dispute with the nation struggling to feed its people, a source confirmed Monday. The Houston-based ConocoPhillips is asking a court in the Dutch Antilles for control of facilities that Venezuela's state-run oil firm PDVSA operates, a person familiar with the claim confirmed to The Associated Press. The person was [Read more]
US oil prices top $70 a barrel for the first time since 2014
DALLAS - U.S. oil prices crashed through the $70-a-barrel mark for the first time since late 2014, foreshadowing costlier gasoline and consumer goods. It's not clear that pricey crude will slow down the economy, however. The stock market moved higher in midday trading Monday, as investors bet that companies and consumers can cope with the increase. Benchmark U.S. crude is up 74 cents, more than 1 per cent, to $70.46 a barrel on the futures market in New York. The international [Read more]
Airplane and oil deals at risk in Trump pullout of Iran deal
DUBAI, United Arab Emirates - From airplanes to oilfields, billions of dollars are on the line for international corporations as President Donald Trump weighs whether to pull America out of Iran's nuclear deal with world powers. Regardless of where they are headquartered, virtually all multinational corporations do business or banking in the U.S., meaning any return to pre-deal sanctions could torpedo deals made after the 2015 agreement came into force. That threat alone has been enough to [Read more]
Lawsuit targeting oil, gas lease sales cites imperiled bird
BILLINGS, Mont. - Environmental groups are suing the Trump administration for selling oil and gas leases on huge swaths of Western U.S. public lands while allegedly ignoring policies meant to protect an imperiled bird. The lawsuit filed Monday in U.S. District Court seeks to reverse lease sales across 475 square miles (1,230 square kilometres) in Montana, Wyoming, Utah and Nevada. Western Watersheds Project and Center for Biological Diversity also want to block upcoming sales [Read more]
Marathon bids big for Andeavor and a far-reaching fuel realm
SAN ANTONIO - With drivers beginning to take note of rising prices at the pump, Marathon Petroleum is buying the refiner and pipeline owner Andeavor for more than $23 billion, creating a refiner with an extensive reach across the U.S. Crude oil prices are hovering at the levels not seen in three years and are expected to climb further still, pushing up gasoline prices along the way. Gasoline prices are up 15 per cent compared with last year at this time and the daily U.S. average price [Read more]
Oklahoma gains 6 rigs as US rig count rises to 1,021
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 1,021. At this time a year ago there were 870 active rigs. Houston oilfield services company Baker Hughes reported Friday that 825 rigs drilled for oil this week and 195 for gas. One was listed as miscellaneous. Among major oil- and gas-producing states, Oklahoma added six rigs, Texas gained four, North Dakota added three, Louisiana and Ohio each gained two and [Read more]
Mayor: Evacuation order lifted following refinery blast
An evacuation order was lifted early Friday in northwest Wisconsin where a refinery plant explosion injured at least 11 people and sent billowing plumes of black smoke into the air. Superior Mayor Jim Paine said all indications are that the refinery site is now safe and stable, and that the air quality is normal. He said he lifted the evacuation order just before 6 a.m. Authorities said the fire at the Husky Energy oil refinery was extinguished late Thursday but that the evacuation order [Read more]
Appeals court allows necessity defence in pipeline protest
MINNEAPOLIS - The Minnesota Court of Appeals says four protesters can use an unusual "necessity defence" against criminal charges related to efforts to shut down two Enbridge Energy oil pipelines. The protesters admit that they turned the emergency shut-off valves on two pipelines in 2016 in Clearwater County of northwestern Minnesota as part of a multi-state protest. They want to tell jurors that the threat of climate change from Canadian tar sands crude is so imminent that they were [Read more]
Minnesota judge to rule on Enbridge Energy’s Line 3 project
MINNEAPOLIS - An administrative law judge faced a Monday deadline for recommending whether Minnesota regulators should approve Enbridge Inc.'s proposal for replacing its aging Line 3 crude oil pipeline across northern Minnesota. The proposal has drawn strong opposition because the line would carry oilsands crude from Alberta across environmentally sensitive areas in the Mississippi River headwaters region where American Indians harvest wild rice and hold treaty rights. Administrative Law [Read more]
New Jersey governor signs drill ban to thwart Trump plan
POINT PLEASANT BEACH, N.J. - On the anniversary of the largest marine oil spill in the petroleum industry, New Jersey Gov. Phil Murphy signed a bill Friday prohibiting oil and natural gas drilling in state waters, as well as preventing infrastructure like pipelines that could support drilling in more distant federal waters. It is one of numerous coastal states using state-level laws to try to thwart President Donald Trump's proposal to allow drilling in federal waters more than 3 miles [Read more]
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