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Saudi Oil Minister Welcomes New U.S. Bounty of Oil Supplies

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Saudi Arabia’s oil minister said on Tuesday he welcomes the new U.S. energy supplies as he expects the country to remain an importer of crude from the Middle East.

The United States is producing oil at the highest level in 20 years thanks to hydraulic fracturing and other advanced drilling techniques. “The United States is and will remain a major energy consumer,” Ali al-Naimi said at a speech at the Center for Strategic and International Studies in Washington.

“Talk of energy independence fails to recognize the interconnected nature of international energy markets. I believe this talk of ending reliance is a naive a rather simplistic view,” he said.

Published April 30, 2013 / Reuters

(Reporting by Timothy Gardner; Editing by Gerald E. McCormick)

 /  Published April 30, 2013 at 11:45 AM

Carnival Will Upgrade Ships’ Power Systems

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Carnival Corp., whose customers suffered through a high-profile nightmare cruise in February, said it will spend between $600 million and $700 million to upgrade its fleet’s power systems.

Earlier this year, a fire aboard the Carnival Triumph caused the ship to lose power in the middle of the Gulf of Mexico. It took five days to tow the ship to shore. During the ordeal, passengers said raw sewage from non-working toilets was sloshing through hallways and running down the walls of the cabins. They also reported stifling heat due to loss of air conditioning and limited food availability. A month later, another ship lost power when it was docked in the Caribbean, and Carnival had to fly all of its passengers home. Keep reading →

 /  Published April 17, 2013 at 3:30 PM

Brent Trades Below $100/Barrel, As Demand Worries Weigh

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North Sea Brent crude oil futures were lower for a fifth day on Tuesday, trading at a nine-month low below $100 a barrel.

U.S. benchmark crude, down for a fourth day, was at its lowest level so far in 2013, as the market remained under pressure from signs of weak oil demand growth. Keep reading →

 /  Published April 16, 2013 at 12:00 PM

Natural Gas Turns Higher After U.S. Supply Data

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Natural-gas futures turned higher Thursday, after the Energy Information Administration reported a 14 billion cubic foot decline in U.S. inventories for the week ended April 5. That was a bit below estimates. Analysts polled by Platts forecast a decline between 20 billion cubic feet and 24 billion.

 /  Published April 11, 2013 at 2:00 PM

Wall Street Sells Off as Oil, Gas Prices Tumble

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The markets fell on Wednesday, led by tumbling energy and financial shares, as traders responded to signs that the economic recovery might not be as strong as anticipated.

Today’s Markets Keep reading →

 /  Published April 3, 2013 at 3:00 PM

Tesla Expects its First-ever Profit

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Tesla Motors is expecting to report its first-ever quarterly profit after sales of its all-electric Model S exceeded expectations.

The announcement about the just-ended first quarter pushed Tesla (TSLA) shares up more than 5% in premarket trading. Keep reading →

 /  Published April 1, 2013 at 12:00 PM

Exxon Pipeline Leaks Thousands of Barrels of Canadian Oil in Arkansas

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Exxon Mobil was working to clean up thousands of barrels of oil in Mayflower, Arkansas, after a pipeline carrying heavy Canadian crude ruptured, a major spill likely to stoke debate over transporting Canada’s oil to the United States.

Exxon shut the Pegasus pipeline, which can carry more than 90,000 barrels per day (bpd) of crude oil from Pakota, Illinois, to Nederland, Texas, after the leak was discovered on Friday afternoon, the company said in a statement. Keep reading →

 /  Published April 1, 2013 at 10:30 AM

Royal Dutch Shell: Gearing To Repair Shutdown Louisiana Pipeline

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The Caillou to Houma pipeline was shut down late Saturday after a light sheen was seen near a pump station in Lake Barre, off the state’s coast. “We believe the origin of the sheen is a small release” from the 16-inch crude pipeline, spokeswoman Kimberly Windon said in an e-mail.

The sheen disappeared on Sunday, but the company deployed a response crew and boom around the point where the crude leaked. “Our response team will continue to closely monitor the release site while preparations are made to safely inspect and repair the pipeline, as soon as possible, weather permitting,” Ms. Windon said, adding that the cause of the incident is being investigated. Keep reading →

 /  Published March 26, 2013 at 11:05 AM

Solar Power has Record Year Despite Bankruptcies

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It was a record year for solar installations in the United States in 2012, boosting an industry still struggling with consolidation and bankruptcies.

Over 3.3 gigawatts of solar power were installed last year, according to a report Thursday from the Solar Energy Industries Association, a trade group. That’s enough to power about 500,000 homes, and it was a 76% increase from 2011. Keep reading →

 /  Published March 25, 2013 at 10:30 AM

Oil and Gas Boomtowns

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Rising oil and gas prices have brought big oil, plenty of workers and lots of housing headaches to the nation’s fastest-growing boomtowns. The small city of Williston, N.D., was once a sleepy farm town — until oil companies discovered ways to tap the vast Bakken formation believed to hold as many as 24 billion barrels of oil. “It’s a game-changer, a bonanza,” said Tom Rolfstad, executive director for the city economic development department.

 /  Published March 19, 2013 at 9:15 AM
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