Category: Crude oil

Hess to spend $2.3 billion to develop Gulf of Mexico oil field

Hess Corp., the New York-based oil company, will develop its Tubular Bells deep-water field in the Gulf of Mexico at an estimated cost of $2.3 billion.  More »

BP “spirit coming back” as profits jump, record drilling planned for Gulf *updates*

Higher oil prices helped send BP to higher profits in the third quarter, signaling a “definite turning point,” said CEO Bob Dudley. “You can feel the spirit coming back.”  More »

Hedge funds raise bullish bets most in two months

Hedge funds increased bullish bets on commodities by the most since August on mounting optimism the global economy will avoid another recession, boosting prospects for raw-materials demand.  More »

House votes to bar U.S. airlines from EU emissions-trading scheme

The House of Representatives voted Monday to bar U.S. airlines from participating in the European Union’s emissions-trading scheme.  More »

Oil price rises above $91 on signs of growth

Investors are now trading with the expectation that Western economies will keep growing this year — albeit slowly. As the economy strengthens, demand for oil rises.  More »

Senators seek Pickens-style incentives for nat gas buses and trucks

A bipartisan group of senators is proposing to offer incentives to encourage individuals and businesses to buy natural gas-powered vehicles.  More »

North Dakota’s great oil rush

School bus driver Barb Russell heard there was good money to be made here in the oil fields of North Dakota, so last month she packed a bag, locked her Farmington, Minn., home, and headed west. She tripled her income.  More »

Shale attracts heavy hitters

Last week’s Kinder Morgan-El Paso pipeline merger announcement was the latest in a flurry of big-money deals that are ushering major energy corporations into the booming business of natural gas in North America’s complex shale rock formations.  More »

Shell wins U.S. air permit for oil exploration off Alaska

Royal Dutch Shell won a final U.S. air-pollution permit to operate an oil-exploration rig in Alaska’s Beaufort Sea beginning in 2012.  More »

U.S. rig count drops by 10 to 2,013

The U.S. rig count declined by 10 to 2,013 this week, Baker Hughes reported Friday. The rig count is up by 344 over a year ago.  More »

Oil prices rise on U.S., European economic news

Hopes are rising for stronger demand in the months to come.  More »

Schlumberger 3Q profit falls 25 percent

Schlumberger said Friday that its third-quarter profit fell 25 percent when compared with year-ago results fattened by a $1.27 billion investment gain.  More »