oil production

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Fiber-Optic Mics Eavesdrop on Thieves

OptaSense can identify footsteps, vehicles from miles away

(Newser) - Major oil companies are relying on a new fiber-optic technology to keep an underground ear on intruders, the Independent reports. Devised by a British defense firm, the OptaSense system consists of microphones placed along sensitive fiber-optic cables already laid underground. The cables sense vibrations, the mics pick it up, and...

With Oil Supplies Dropping, Look for Prices to Soar Again

Firms are delaying projects; millions of barrels a day face 'risk'

(Newser) - A tough economy and falling prices have hit oil firms hard, forcing them to cut back capital spending and delay projects. So when demand again increases, supply could be short, the Wall Street Journal reports, driving prices back up. Slowing investment could hamper future supply growth by some 8 million...

Oil-Rich Abu Dhabi Plans Nuke Plants

Emirates expected to sign nuclear co-operation deal with US today

(Newser) - Abu Dhabi is planning a shift away from fossil fuels despite being one of the world's major oil producers, BusinessWeek reports. The UAE territory, faced with surging demand for electricity and dwindling natural gas reserves, aims to build nuclear plants to supply a quarter of its power. A cooperation deal...

Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut...

OPEC Slashes a Record 2.2M Barrels

(Newser) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will...

OPEC Prepares to Slash Output
 OPEC Prepares to Slash Output 

OPEC Prepares to Slash Output

Saudis lead push for record cut to pump prices to $75 a barrel

(Newser) - OPEC ministers are expected to back the biggest reduction in oil production in the history of the cartel when they meet today, Reuters reports. The exporters widely support a cut of 2 million barrels a day. Oil prices neared $43 per barrel yesterday, down over $100 from July. Officals from...

Oil Slides Into Its Own Recession

A weak global economy is dragging oil consumption down for the first time in 25 years

(Newser) - Oil is officially entering a recession of its own, as a foundering global economy has caused the first reduction in consumption in a quarter-century, the Wall Street Journal reports. The International Energy Agency estimates that 2008 demand for oil will finish down some 300,000 barrels a day, the first...

OPEC Panics as Oil Plunges
 OPEC Panics as Oil Plunges 

OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

(Newser) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the...

Southeastern Gas Shortage Wreaks Havoc

Lines reach 60 cars after hurricanes disrupt supplies

(Newser) - Gas is in short supply throughout the Southeast this week after oil production was hit hard by hurricanes Gustav and Ike, the Washington Post reports. Some didn’t make it to work as gas station lines grew to 60 cars long; half the stations in Atlanta were closed. “I...

Oil's Slide as Chaotic as Its Rise

Plunging crude prices can be almost as disruptive as their rise

(Newser) - Crude oil prices have fallen 38% from their July high of $147.27 a barrel, and the decline is causing nearly as much consternation around the world as its meteoric rise in the first half of the year, reports the Washington Post. Oil-dependent governments are worried about revenues and forecasters...

Ike Boosts Gas Prices Up to $5

Prices jump 5 cents nationwide as Gulf shuts down nearly 100% oil production

(Newser) - Gas prices have shot up an average of 5 cents nationwide in the wake of Hurricane Ike, which has shut down almost 100% of oil and natural gas production in the Gulf Coast region. Gas prices in the Gulf area have risen as high as $5 per gallon, and an...

Ike Hits Fuel Production, May Cause Shortages

Experts warn of shortage for 'extended period'

(Newser) - Hurricane Ike’s assault on the Gulf Coast has closed over 19% of US refinery capacity and may hurt delivery nationwide, Bloomberg reports. At least 13 Texas refineries have shut down operations, which may trigger a gasoline shortage in the southern and eastern US—and it may last a while,...

Oil Prices Jump $1 as Gustav Shuts Down Gulf Operations

Investors react to storm threat

(Newser) - Hurricane Gustav helped boost oil prices today by more than $1 a barrel as energy companies shut down production facilities in the storm's path, reports Reuters. US crude rose $1.54 to $117 per barrel this morning, after briefly surging to over $118 when NYMEX opened for electronic trading hours...

China Makes $3B Deal to Develop Iraqi Oil

First Saddam-era oil deal to be revived since invasion

(Newser) - China and Iraq have dusted off an oil deal that was in the works before the 2003 US invasion of Iraq, giving China the rights to develop the Ahdab field, reports the AP. The agreement—which has grown from an estimated $1.2 billion to $3 billion—was originally struck...

OPEC Heads for Trillon-Dollar Payday

Oil cartel doubles its income on soaring prices, production

(Newser) - OPEC nations have shattered records for income this year, earning as much money in the first 6 months of 2008 as they did in all of 2007, the Financial Times reports. The Saudi-led cartel of oil-exporting nations took home $645 billion in the first two quarters and is on course...

Pickens Drills Into McCain Campaign
Pickens Drills Into McCain Campaign

Pickens Drills Into McCain Campaign

Oilman's environmental turn enrages GOP, writes columnist

(Newser) - The reinvention of oil billionaire T. Boone Pickens as an environmentalist represents a huge political about-face, writes Timothy Egan in the New York Times. Four years ago, Pickens bankrolled the Swift Boat campaign that derailed John Kerry's presidential bid. Now Pickens, "looking a bit like the John Huston character...

$6 Gas Possible by Year's End
 $6 Gas Possible by Year's End 

$6 Gas Possible by Year's End

With oil near $150 a barrel, experts say $200 is a very real number for 2008

(Newser) - As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward...

Hunt Is On for Florida Oil
 Hunt Is On for Florida Oil 

Hunt Is On for Florida Oil

2006 compromise opened up protected area; others could soon follow

(Newser) - The record-breaking price of oil is shifting public opinion toward lifting a moratorium on new offshore drilling, reports the AP. Four companies acquired rights to explore parcels of land off the Florida coast in March, under a 2006 Congressional compromise that opened up 8.3 million acres off the Panhandle...

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

(Newser) - A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional...

Saudis Bumping Oil Flow 2% to Slow Soaring Prices

July increase adds 200,000 barrels a day to pipeline

(Newser) - Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes.

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