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Traffic moves through downtown Anchorage, Alaska, U.S., on Wednesday, Nov. 5, 2014. (David Ryder/Bloomberg)

Alaska money blizzard may end as oil’s plunge threatens payouts

Alaska is poised to alter its social contract with people like Paul Alexie for the first time in its 56-year statehood. Oil riches have ensured that the 23-year-old Yupik Eskimo from Bethel doesn’t pay state sales or income taxes. Instead, Alaska pays him. He’ll use $2,072 that lands in his bank account today to defray […]
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran aims to boost oil output by 2 million barrels from projects

Iran will need $30 billion of investment over five years to boost oil production, starting with about 350,000 barrels of new output next year, Goldman Sachs Group Inc. said in a report Thursday.
A well is drilled at an Apache Energy site in the Permian Basin in Midland, Texas, Feb. 14, 2012. (Jim Wilson/The New York Times)

Obama administration’s new fracking rules blocked by U.S. judge in Wyoming

The ruling by U.S. District Judge Scott Skavdahl puts on hold the most closely-watched effort by the Obama administration to ensure that fracking doesn’t contaminate water supplies.
FILE - In this Dec. 22, 2014 file photo, Iranian oil workers gather at the Tehran's oil refinery south of the capital Tehran, Iran. Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market.(AP Photo/Vahid Salemi, File)

Iran approves model oil contract aimed at ramping up production

Iran is preparing to bounce back from sanctions that strangled its economy and choked off investment in its oil and gas industry.
A crude oil drill rig stands in the distance of a single family home under construction in Williston, North Dakota, U.S., on Monday, Feb. 13, 2012. North Dakota will hold its Republican presidential caucus on March 6. Photographer: Daniel Acker/Bloomberg

Real estate crisis emerging in North Dakota’s man camps

The frenzied drilling that made North Dakota No. 1 in personal-income growth and job creation for five consecutive years hasn’t lasted long enough to support the oil-fueled building explosion.
A  2010 file photo shows a sign at a BP  station in London. (AP Photo/Alastair Grant, File)

BP has big defense against hostile takeover attempt

potential buyer might be forced to accelerate the payment of up to two thirds of the $18.7 billion in penalties the company agreed to pay the U.S. and several states, according to company filings. As it stands, BP has more than 15 years.
Petrobras, which operates this deep-water platform, is at the center of a corruption probe. Photographer: Rich Press.

Transocean mentioned in Petrobras probe

A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract.
Categories: General, Latin America
(Daniel Acker/Bloomberg)

TransCanada says its cutting one-fifth of its senior management positions

The reduction in management positions, partly achieved by not replacing retiring workers, follows 185 job cuts announced by the company in June. The company said more reductions are ahead.
(Kristian Helgesen/Bloomberg)

Norway cuts rates to record low to save economy from oil slump

Governor Oeystein Olsen is easing to unprecedented levels, following colleagues in Stockholm and Frankfurt, as the collapse in oil prices is taking its toll on the $500 billion economy.
BHP Chief Executive Officer Andrew Mackenzie speaks during a news conference in Sydney, Australia. (Ian Waldie/Bloomberg)

BHP CEO Mackenzie sees pay cut nearly in half after commodities collapse

Supply gluts and forecasts for the slowest growth since 1990 in China have sent the price of raw materials plunging.