BOE Report

Oil rises as U.S. economy improves

BANGKOK (AP) - Oil rose Thursday after new U.S. indicators underlined a modest recovery in the world's biggest economy.Benchmark oil for October delivery was up 72 cents to US$107.95 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell Wednesday by $1.31, or 1.2 per cent, to close at $107.23 a barrel on the Nymex.A jump in U.S. auto sales helped brighten the outlook for oil consumption. General Motors and other U.S. carmakers posted strong [Read more]

Mideast Oil Loses Some of its Power

On his way back from the Yalta conference in February 1945 where US President Franklin D. Roosevelt met with Great Britain's Winston Churchill and the Soviet Union's Stalin, the American president made an unscheduled stop in Egypt where he met with Saudi Arabia's King Abdel Aziz ibn Saud aboard the USS Quincy, in the Suez Canal's Great Bitter Lake. The basis of the meeting was to ensure that Americans would have an uninterrupted supply of oil. Oil in fact was the only thing that these two [Read more]

Keystone decision not likely until 2014

WASHINGTON (AP) - The fate of TransCanada's Keystone XL pipeline isn't likely to be determined until 2014, almost a decade after the Calgary-based energy giant first conceived of the project.The U.S. State Department said in a recent statement to the media that it won't release its final environmental assessment of the $7 billion pipeline until it's pored over and published more than a million public comments on its draft ecological analysis. Those efforts, ongoing since March, could be [Read more]

Oil prices remain above US$107 on Syria

(AP) - Oil prices were down slightly but still above $107 a barrel Tuesday as President Barack Obama's struggle to win support for U.S. military intervention in Syria diminished expectations of an imminent attack. By early afternoon in Europe, benchmark crude for October delivery was down 35 cents to $107.30 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.15 to close at $107.65 on Friday and Nymex floor trading was closed Monday because of Labor [Read more]

See what energy merger ranks in the Top 10 deals

(AP) - On Monday, Verizon Communications Inc. agreed to pay $130 billion in cash, stock and other considerations to acquire Vodafone Group’s 45 percent stake in the Verizon Wireless business. The deal, if finalized, will be the second largest acquisition on record. According to research firm Dealogic, here are the other top 10 merger and acquisition deals on record. Dates reflect when the deals were announced, not when they closed. — Vodafone AirTouch PLC acquisition of Mannesmann AG, $172 [Read more]

Obama seeks authorization to strike Syria

WASHINGTON (AP) -- Short on support at home and allies abroad, President Barack Obama unexpectedly stepped back from a missile attack against Syria on Saturday and instead asked Congress to support a strike punishing Bashar Assad's regime for the alleged use of chemical weapons. With Navy ships on standby in the Mediterranean Sea ready to launch their cruise missiles, Obama said he had decided the United States should take military action and that he believes that as commander in chief, he [Read more]

Apache And Sinopec Enter Upstream Oil And Gas Partnership

Apache to receive $3.1 billion in exchange for 33 percent interest in Apache Egypt HOUSTON, Aug. 29, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) and Sinopec International Petroleum Exploration and Production Corporation today announced they have launched a global strategic partnership to pursue joint upstream oil and gas projects. As the first step in this partnership, Apache will receive $3.1 billion in cash, subject to customary closing adjustments, in exchange for Sinopec [Read more]

Why gas is edging higher ahead of Labor Day

  Gas is getting a bit pricier ahead of Labor Day weekend.The average U.S. price for a gallon of gasoline rose by 1.8 cents to $3.56 a gallon Thursday, its biggest overnight jump in six weeks, according to auto club AAA.Gas is starting to track the rising price of oil, which reached a two-year high this week on fears of supply disruptions in the Middle East. Oil has risen 5 per cent in August on worries about escalating violence in Egypt and the possibility of U.S. strike against [Read more]

REALLY? Quebec premier has positive words for Enbridge pipeline project

  CARLETON-SUR-MER, Que. - Quebec Premier Pauline Marois has defended a pipeline project that would see Western Canadian oil pumped across her province.Marois says the controversial Enbridge Inc. proposal to reverse the flow of one of its pipelines could be a boon for Quebec — particularly since it would supply oil refineries in Montreal.Speaking to reporters today, she said the Alberta crude would be cheaper than oil purchased from abroad.Marois says her government will begin a formal [Read more]

Stats show Americans not that into driving anymore

WASHINGTON (AP) -- Driving in America has stalled, leading researchers to ask: Is the national love affair with the automobile over? After rising for decades, total vehicle use in the U.S. - the collective miles people drive - peaked in August 2007. It then dropped sharply during the Great Recession and has largely plateaued since, even though the economy is recovering and the population growing. Just this week the Federal Highway Administration reported vehicle miles traveled during the [Read more]