Exxon Valdez, Marking Anniversary of Famous Spill, Slated to Be Scrapped

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.

China To Raise Fuel Prices Amid Easing Inflation

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.

Gold Prices Edge Higher, Dollar Weakening

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 Prices Steady After Last Week's Fall

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.

Venezuela To End All Ventures With Exxon Mobil

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.

US, UK Agree To Emergency Oil Release

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.


US Wholesale Prices Up 0.4% In February

Surging gasoline prices raised wholesale prices in February by 0.4 percent, less than economists expected but generally in line with the U.S. central bank's broader outlook for inflation, the Commerce Department said Thursday.

FOMC Meeting: No QE3 For Now

The Federal Reserve officials decided to keep the near-term interest rates unchanged at ultra-low levels but offered few clues about plans for further easing, as highly anticipated, while the Fed noted recent strength in the labor market and that strains have eased in global financial markets.

US Asks Saudis To Boost Summer Oil Output

The U.S. is seeking additional oil output from Saudi Arabia to fill a lack of supply arising from upcoming Iranian sanctions, but likely won't need the boost until July, when the EU plans to embargo Iranian crude oil.