The American Petroleum Institute, the U.S. oil industry's main trade group, renewed its call Tuesday for President Barack Obama develop the country's untapped resources, saying that would lower national gasoline prices.
Major indexes across Europe were down Tuesday on negative news regarding an expected slowdown in Chinese economic growth.
Nearly 23 years to a day after an overworked mariner crashed it into a reef, causing it to spill hundreds of thousands of barrels of oil into the pristine Alaskan sea, the bulker formerly known as the 'Exxon Valdez' is being retired and sold for scrap. In an ironic twist, the ship at the center of one of the most infamous environmental disasters ever will be recycled in a process called one of the greenest by an executive in the vessel demolition world.
Saudi Arabia produced 9.87 million barrels of crude oil per day in January, the second-highest level in three decades, according to official data released Tuesday.
Apple Inc. (Nasdaq: AAPL) downloaded $45 billion, to borrow a phrase from the Financial Times, to its shareholders Monday, lifting both its own stock and the already buoyant broader market.
China will raise its heavily regulated retail gasoline and diesel prices Tuesday by 6.4 percent and 7 percent, respectively, marking the biggest increase in 33 months, according to the National Development and Reform Commission.
Sen. Bob Casey (D-Pa.) will chair a Congressional hearing next month to examine the effect closing of several refineries serving the East Coast has on gas prices.
Gold edged up on Monday, aided in part by evidence of investor and central bank demand, after having posted its largest weekly fall last week in three months, although greater optimism in the markets over global growth could temper gains in the longer-run.
Gold steadied above two-month lows on Monday, following its largest weekly fall last week in three months, as evidence of investor and central bank demand in recent weeks helped offset the negative impact of a weaker euro.
Consumers didn't get the escape velocity memo, the one that says economic and financial things are getting better and better. A Thomson Reuters/Univ. of Michigan survey released Friday found consumer sentiment down, especially on expectations for the next six months.
Venezuela's state-run oil company will terminate all ventures with Exxon Mobil (NYSE: XOM), the biggest U.S. oil company, when arbitration proceedings conclude, Oil Minister Rafael Ramirez said.
Given the lack of sufficient infrastructure and endless political instability, Sudan’s energy sector faces many monumental challenges.
David Cameron and Barack Obama agree deal to release strategic oil supplies from government-controlled reserves in UK and US.
Stocks surged Thursday, with the S&P 500 topping the 1,400 mark for the first time in nearly four years, propelled by firm readings on the jobs market and manufacturing activities.
The move comes amid a new wave of sanctions designed by the U.S. and EU to further pressure Tehran to halt its alleged development of nuclear weapons.
Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices from derailing economic growth in an election year.
