oil prices

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Halliburton Earnings Shoot Up 54%

Oil giant credits strong demand

(Newser) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with...

Barron's Projects $150 Oil and $4.50 Gas Next Spring
 Brace for $150 Oil 
 —and $4.50 Gas 
analysis
Jul 2, 2011 11:12 AM CDT

Brace for $150 Oil —and $4.50 Gas

Barron's projects those averages for next spring

(Newser) - Enjoy the relative lull in gas prices while it lasts: Barron's cover story projects $4.50 a gallon "will become the norm" by next spring. "That will put a huge dent in consumer wallets, while ramping up the desirability of fuel-efficient cars," writes Gene Epstein. He...

IEA to Release 60M Oil Barrels
  IEA to Release 60M Oil Barrels 
Jun 23, 2011 9:26 AM CDT

IEA to Release 60M Oil Barrels

Move designed to counteract 'Libyan disruption'

(Newser) - The International Energy Agency will release 60 million barrels of oil over the next month, in a bid to “offset the Libyan disruption,” the group announced today. The oil will come from the strategic reserves of the IEA’s 28 member nations, and will be portioned out at...

OPEC Shocks Market, Leaves Production Flat

Investors had been expecting a rise

(Newser) - Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that...

Feds Sue Big Oil Traders for Goosing Prices

Regulators say they scored $50M by manipulating '08 spike

(Newser) - Federal regulators have charged a pair of big-time traders and their firms with illegally manipulating oil prices during the 2008 oil crisis. According to the Commodity Futures Trading Commission, the firms made $50 million in “unlawful profits” by hoarding nearly two-thirds of the oil available in one major US...

Stocks Up, Oil Down on bin Laden News

Dow up 50

(Newser) - News of Osama bin Laden’s death cheered markets today, with the Dow gaining 50 points, and the S&P and Nasdaq rising 4 points and 8.5 points, respectively, Politico reports. Oil futures meanwhile, fell 2%, and the dollar rose. The gains followed similar increases in Japan and South...

Exxon Scores $11B in Profits
 Exxon Scores $11B in Profits 
Apr 28, 2011 10:37 AM CDT

Exxon Scores $11B in Profits

It's oil giant's best quarter since 2008

(Newser) - Gas prices are soaring, and so are Exxon Mobil's profits. The oil giant raked in $10.65 billion in profits in the first quarter of 2011, its best performance since the gas price spike of 2008. The $2.14-per-share profit well exceeded analysts' $2.04 estimates, the AP reports....

Trump: Let's Just Seize Iraq's Oil

'We're reimbursing ourselves'

(Newser) - Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s...

Halliburton More Than Doubles Its Profits in Q1

North American drilling, high oil prices help

(Newser) - Despite challenges arising from political unrest in the Arab world, Halliburton's net income has more than doubled during the first quarter of 2011. The oil-field services company credits the soaring earnings to an increase in unconventional North American oil and natural-gas drilling; the AP reports that North American revenue...

Libya Rebels Sell Oil
 New Oil Peddlers: Libya Rebels 
Mar 29, 2011 7:13 AM CDT

New Oil Peddlers: Libya Rebels

Qatar is first reported buyer

(Newser) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times...

Gas Prices Are Insane &mdash;Everywhere Else
 Gas Prices Are Insane 
 —Everywhere Else 
IN CASE YOU MISSED IT
Mar 12, 2011 12:10 PM CST

Gas Prices Are Insane —Everywhere Else

As US drivers complain, those overseas think we're lucky

(Newser) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :
  • US: $3.53
  • Norway: $9.28
  • Europe: Between $7.50
...

Let's Label Oil Like Calories
 Let's Label Oil Like Calories 
OPINION
Mar 9, 2011 12:14 PM CST

Let's Label Oil Like Calories

US needs to go on an energy diet as prices rise

(Newser) - With oil prices soaring once more, America’s in for a shock. After all, we use more fossil fuels than any other developed country, using them not just in our cars, but to make, power, and transport nearly everything we buy, observes Amanda Little in the New York Times . This...

Stop Panicking About Gas Prices

 Stop Panicking About 
 Gas Prices 
OPINION
Mar 8, 2011 1:59 PM CST

Stop Panicking About Gas Prices

We survived three years ago, and we'll survive now: 'Chicago Tribune'

(Newser) - Everyone is freaking out about $5 gas , but the Chicago Tribune has an idea: Take a chill pill, it asserts in an editorial. "All those bad memories of oil soaring to $147 a barrel three years ago tend to crowd out the vague recollection that, oh yeah, prices came...

Libya Chaos Pushes Oil Over $100 a Barrel

Concerns over global supply

(Newser) - Oil prices topped the $100 per barrel threshold today, as investors hedged their bets against a supply disruption caused by the turmoil in Libya. Crude for April delivery hit $100.01 and then retreated, MarketWatch reports.

Libya Unrest Could Push Gas to $5

BP, Statoil have pulled out of country

(Newser) - Trips to the gas station could get a whole lot more painful soon, now that the unrest sweeping the Middle East has hit an oil-producing nation. Crude prices shot up 7% yesterday, and were still rising this morning, after BP and Norway’s Statoil evacuated workers from Libya, USA Today...

Oil Volatility Doubles, Price Hits $105 a Barrel

Middle East unrest sends prices soaring

(Newser) - Oil futures are bubbling upward thanks to the unrest in the Middle East, sending crude’s 20-day volatility rating skyrocketing to 29.4—more than double the all-time-low of 12.6 it set at the end of December, Bloomberg reports. In London, Brent crude sold for more than $105 a...

'Peak Oil' Looms: Saudi Supply Overstated
 'Peak Oil' Looms: 
 Saudi Supply 
 Overstated 
wikileaks reveal
Feb 9, 2011 11:07 AM CST

'Peak Oil' Looms: Saudi Supply Overstated

Cable argues that kingdom can't pump enough crude to control prices

(Newser) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country...

Egypt Strife Looks Like Bad News for Global Markets

Especially if unrest spreads, or oil prices continue to climb

(Newser) - The political unrest in Egypt is sending shockwaves through the rest of the world, and causing widespread uncertainty in global markets. Though the US stock market has largely shrugged off other, similar unexpected events—the European debt crisis, rising interest rates in China—the situation in Egypt could have take...

Expect $5 Gas in 2012: Former Shell Oil Chief

Economic recovery, developing nations will push petrol demand

(Newser) - Gasoline prices will hit $5 per gallon within the next year, the former president of Shell Oil predicts. John Hofmeister says oil demand will ramp up as developed economies approach a full recovery from the shocks of 2008 and developing economies increase their demand. "I'm predicting actually the worst...

Brace Yourself, $3 Gas Is Coming Back
Brace Yourself, $3 Gas
Is Coming Back 
Analysis
Mar 2, 2010 1:46 PM CST

Brace Yourself, $3 Gas Is Coming Back

Average national price climbs, even though driving is down

(Newser) - Remember the good old days when gas was over $3? Well, get ready for some déjà vu. The average national price of a gallon climbed 4.7 cents last week alone, to $2.702, continuing a trend that saw it rise 76.8 cents over the past year, while...

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