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Marathon Oil will cut capital expenditures by about $1 billion in 2010, the company said Thursday, with a larger percentage of funds going toward exploration and production and a smaller percentage toward its hard-hit refining business.
Natural gas prices have dropped by more than 12 percent in the past month as the country continues to sip at its energy reserves and a balmy November allowed homeowners to leave the heat off.
A Colorado regulator has entered a cease-and-desist order against a Texas oil and gas company accused of offering unregistered securities in Colorado.
OPEC on Wednesday cautioned that a sustained increase in oil prices above their current level could erode crude demand next year amid a shaky global economic recovery.
A Connecticut businessman was sentenced to a year and a day in prison Tuesday for conspiring with others to corrupt the oil privatization process in Azerbaijan.
Oil prices fell Tuesday as workers headed back to deep sea platforms that were bypassed by a rapidly weakening storm in the Gulf of Mexico.
North Dakota's already burgeoning oil production could soar another 50 percent next year as the state's capacity to export crude catches up with its ability to pump it, state regulators and industry officials say.
Oil refiner Frontier Oil Corp. on Thursday posted a third-quarter loss driven by continued weak demand and squeezed refining margins.
Iraq's Cabinet will meet next week to ratify a deal with a consortium led by Italy's Eni SpA to develop a prized southern oil field, the prime minister said Tuesday.
Marathon Oil on Tuesday followed a pattern established by peers during the third quarter, reporting a plunge in profit compared with the same period last year but improving conditions that have led to some healthy production numbers.
Crude prices bounced above $80 per barrel once again on Wednesday, a level that even OPEC leaders have said is too high given the fragile state of the global economy.
Crews are working to contain a fuel leak in San Francisco Bay after an oil tanker spilled hundreds of gallons into the water, creating a slick at least a mile long.
Thousands of dead fish and clumps of oil have been found drifting near Indonesia's coastline more than two months after an underwater well began leaking in the Timor Sea, officials and fishermen said.
Oil companies have begun to pump more petroleum and bring in more profits as they recover from an otherwise miserable year. None of the world's biggest producers, however, see a quick return to boom times of last year.
North Dakota has surpassed Louisiana as the fourth-largest oil-producing state in the nation, the U.S. Energy Department says.
Ecuador's president is in London this week to promote a unique proposal: pay his country $3 billion not to drill for oil in a pristine Amazon reserve.
Retail gasoline prices chugged higher Friday to a new peak for the year, forcing consumers to dig deeper into already-thin wallets to pay for fuel.
The Obama administration is urging China, Japan and other countries to scale down their Iranian petroleum purchases to put pressure on Iran while the U.S. and others consider toughening economic sanctions on the regime.
With oil prices surging, petroleum drillers have dusted off idled rigs and kick-started a global production network that thrives on high energy prices.
NEW YORK - The U.S. Coast Guard on Wednesday responded to a tanker collision in the Gulf of Mexico 40 miles off Texas that the ship's captain said led to an 18,000 gallon oil spill.
Oil prices fell to near $79 a barrel Wednesday in Asia amid mixed signals about the strength of the U.S. economic recovery.
North Dakota is again setting monthly oil production records and may be on pace to set a record for the year, state and industry officials said Tuesday.
The Iraqi government said Saturday it has approved a contract with a British-Chinese consortium to develop a prized oil field in southern Iraq, a significant achievement for a country that has struggled to attract foreign investors despite its vast natural resource wealth.
Oil prices surged 25 percent in less than a month, dredging up memories of last year's spike and gas prices could soon eclipse summer highs.
Colorado Gov. Bill Ritter says his state's efforts to build a new energy economy can provide a model for addressing climate change and other challenges facing the country and world.
Nigeria budget delayed by squabbling politiciansNigerian President Umaru Yar'Adua has refused to present next year's budget because of a row between the House of Representatives and the Senate. The two groups were meant to gather in the House of Representatives to hear the budget speech - but the senators refused to go.
Taint of Corruption Is No Barrier to U.S. Visa - NYTimes.comSeveral times a year, Teodoro Nguema Obiang arrives at the doorstep of the United States from his home in Equatorial Guinea, on his way to his $35 million estate in Malibu, Calif., his fleet of luxury cars, his speedboats and private jet. And he is always let into the country.
A Fulbright in Nigeria That Turned Into a ShowMany things have happened since Dan Hoyle performed in the premiere of "Tings Dey Happen," his incendiary and brilliant solo show about Nigerian oil politics, nearly three years ago at the compact theater the Marsh in San Francisco.
Former ambassador defends actions on oil interestsMONTPELIER, Vt.—A former U.S. ambassador is disputing allegations that he kept secret his financial interest in Iraqi oil fields.
"Drill Baby Drill" Is a Deadend Policy and Would Result in the Total Economic Collapse of the United States. Here's WhyFrom the World's most widely read Energy -related site. The IEA and World Oil Supply Projections by David MacLeod A front page report November 9, 2009 in The Guardian tells us that "Key oil figures were distorted by US pressure, says whistleblower."
U.S. Adviser to Kurds Stands to Reap Oil Profits Peter W. Galbraith, an influential former American ambassador, is a powerful voice on Iraq who helped shape the views of policy makers like Joseph R. Biden Jr. and John Kerry.
Igor Sechin: The Kremlin's Oil Man, Russia's Darth VaderVladimir Putin keeps a close eye on Russia's vital oil sector through a man who has proved his loyalty--but also has his own interests at heart.
Afghanistan, Iraq: 22 Gallons of Fuel Per Soldier Per Day, At $300-400 Per GallonThe U.S. military consumes 22 gallons of fuel per soldier, per day. And each gallon costs $45 or more to haul to the battlefield. That's according to a new Deloitte study. Actually, $45 per gallon is a lowball estimate; according to the Navy, it's more like $300 to $400.
Apple - Movie Trailers - CollapseAmericans generally like to hear good news. They like to believe that a new President will right old wrongs, that clean energy will replace dirty oil, and that fresh thinking will set the economy straight. American pundits tend to restrain their pessimism and to hope for the best.
'We have already entered peak oil,' IEA source reportedly claimsTwo International Energy Agency whistleblowers have come forward with startling claims about the world's supply of crude oil, according to a report published Tuesday.
Key oil figures were distorted by US pressure, says whistleblowerWith the debate on "Cap and Trade" just around the corner, the leaks are starting... The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a l …
Why is Newsweek Lobbying for the Oil Industry?I guess the oil industry really can buy whatever it wants.
Exposed: The Worldwide Efforts Of The Global Energy Lobby To Kill Progress On Climate ChangeThe Center For Public Integrity just released a blockbuster investigative report that details the intense corporate pressure to block an effective global treaty from being reached at the UN Climate Talks in Copenhagen in December, and to halt efforts in individual countries to li …
Chinese giant to buy US oil assets: companyNorwegian energy group Statoil said on Wednesday it was selling some of its oil assets in the United States to China's state-owned CNOOC, marking the first step by a Chinese energy major into the US market.
Wages falling; the prices of imported goods are rising Everyone remembers oil prices near $150 per barrel (July 2008). The price of natural gas peaked about then (June 2008) at $61.90/million BTUs. By mid-February, the prices of both of these commodities had fallen about 70 percent. But, since then, their prices have diverged.
Worsening Australian Timor Sea oil spill disaster - fire breaks out on leaking Oz oil rigFire broke out yesterday on the oil rig, which has been leaking oil into the Timor Sea for 10 weeks (100x100 km) . Oil field operator PTTEP Australasia said the West Atlas rig and Montara well-head platform were on fire.
Nigerian MP's election 'rigged'An election appeals tribunal in Nigeria has sacked a senator, ruling that his election two years ago was rigged. A new election must be held within 90 days to replace Iyiola Omisore, who represented part of Osun state in the south-east for the ruling PDP.
The Peak Oil Crisis: $80 a Barrel Last week oil broke out of a months-long trading range and surged to $82 a barrel.
Omega-3 deficiency may be hurting our heartsA growing body of scientific literature touts the benefits of omega-3 supplementation. Studies show that these special fatty acids accumulate in the brain and can aid children with learning disabilities, reduce violence in prison, and even improve everyday mood.
China To Bid Dollar Good-by ?China, with it's huge US dollar reserve, is beginning to dump the dollar, moving into gold and oil.
Omega-3 deficiency may be hurting our heartsA growing body of scientific literature touts the benefits of omega-3 supplementation. Studies show that these special fatty acids accumulate in the brain and can aid children with learning disabilities, reduce violence in prison, and even improve everyday mood.
Cap and Trade Changing Everything--Dr. Daniel Fine explainsCap and trade legislation may be one of the biggest issues facing the oil and gas industry according to Dr. Daniel Fine, Associate of Policy, Strategy and Development at New Mexico Tech.
I just had to get this off my chest, so please bear with me.
Crude Oil Prices: Oil Settles at 2009 High Above $81 on Inventory Report - Futures Commodities Overview * News * Story - CNBC.comOil speculators are attempting to drive up the price of oil without market fundamentals support; they are gambling that President Barack Obama's team is impotent to control their skullduggery.
This is part II of my article on the myth of a strong economic recovery, as both the mainstream media and financial media (for the most part, now really part of the mainstream media) misreport the economic news--after misreporting the economic news exactly the opposite way when a …
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