Fuel Fix

The Deepwater Horizon oil rig burns off the coast of Louisiana on April 21, 2010.  (AP file photo/Gerald Herbert)

BP has ability to pay more for spill with oil over $120

Oil prices close to the highest since 2008 are increasing BP Plc (BP/)’s available cash as it negotiates a final bill with the Obama administration to pay for damages caused by the worst U.S. spill.  More »
(Photo: Fotolia)

Oil trades near 1-week low on supply

Oil traded near the lowest price in more than a week as signs of rising U.S. stockpiles were balanced by concern that spare production capacity may be insufficient to cover any supply disruption in the Middle East.  More »
BPsign

BP expands in Namibia by joining Serica’s offshore exploration

BP Plc (BP/) is expanding investment in Namibia by buying into Serica Energy Plc (SQZ)’s offshore blocks as explorers seek oil under a layer of salt off the African coast.  More »

Mickal Vogt of Covington, La., uses a stick to place tar balls in a jar that washed up on the shore in Orange Beach, Ala., Saturday, June 12, 2010. Large amounts of the oil battered the Alabama coast, leaving deposits of the slick mess some 4-6 inches thick on the beach in some parts. (AP Photo/Dave Martin)

Senate passes highway bill with Gulf Coast restoration measure

The Senate approved a transportation bill on Wednesday that contained a bipartisan measure to direct certain civil penalties assessed against companies involved in the 2010 oil spill to the Gulf Coast for restoration purposes.  More »
(Photo: sheeshoo, Flickr)

Can gasoline get back to $2.50? We FuelFact it

Republican candidate Newt Gingrich said skyrocketing gasoline prices could be brought down to around $2.50 by doing four things: increasing domestic production, opening offshore drilling, approving the Keystone XL pipeline and removing bureaucratic red tape.  More »
Fire boat response crews battle the blazing remnants of the Deepwater Horizon rig in the Gulf of Mexico in April 2010.  (Photo: HO/AFP/Getty Images)

Obama spill panel members to press for safety progress

The seven members of President Obama’s commission on the 2010 Gulf of Mexico oil spill they have formed a group to monitor federal and industry progress on putting in place their safety recommendations, an environmental group said Wednesday.  More »
Oil from the Deepwater Horizon spill is seen floating on the surface of the water in Bay Jimmy, near where oil was spotted in June 2011. (AP Photo/Gerald Herbert, File)

Investors appear confident in BP settlement figure

BP’s estimate that it will pay $7.8 billion to settle thousands of Gulf oil spill claims has reassured investors even as lawyers for plaintiffs emphasize that the figure may be low.  More »
Chevron hired an investment banker to gauge buyer interest in its Hawaiian operations.
(AP Photo/Lynne Sladky)

Chevron predicts a jump in output

Chevron Corp. said today it is on track to increase production by 20 percent by 2017, boosted by major liquefied natural gas projects in Australia and shale plays worldwide.  More »
(AP file photo/Marco Garci)

Tesoro CEO optimistic about union negotiations

Tesoro Corp. CEO Greg Goff said Tuesday he’s “comfortable” believing his company can reach an agreement with the United Steelworkers on contract negotiations that affect five of Tesoro’s seven refineries.  More »
Nomac Drilling Corp. floorman Matthew Brown, right, steadies a section of drill pipe as floorman Richard Lane cleans the connection during natural gas drilling operations for Chesapeake Energy Corp. in Bradford County, Pennsylvania, U.S. (Photo: Daniel Acker/Bloomberg)

Sierra Club spurns $30 million gift after fracking turns toxic

Environmental and health groups are calling for tougher U.S. regulation of hydraulic fracturing for natural gas, turning on a one-time donor to their causes: Chesapeake Energy Corp. (CHK)  More »
The Valero Refining Company, in Corpus Christi. (AP Photo/Paul Iverson)

Refiners push EPA to scrap gasoline rule

Refiners are pushing the U.S. Environmental Protection Agency to delay tighter pollution rules for gasoline, while automakers say they need the cleaner fuel.  More »
(AP file photo/Elaine Thompson)

Houston drivers get free gas today

It might be a gimmick, but free gasoline isn’t a fantasy – at least for today.  More »
Oil pumps work at sunset Monday, Jan. 2, 2012, in the desert oil fields of Sakhir, Bahrain, in the Persian Gulf. (AP Photo/Hasan Jamali)

IEA predicts bumpy ride for oil amid world supply cuts

The International Energy Agency cut forecasts for oil supplies from outside OPEC this year because of lower exports from Sudan and Syria, cautioning that reduced spare output capacity raises the risk of a price surge.  More »
Petrobras workers walk on platform 51 "Majuro" in Angra dos Reis, Brazil. (AP Photo/Ricardo Moraes)

Brazil oil rig operated for Petrobras tilts, well is shut

An oil platform operated by Queiroz Galvao Oleo e Gas SA for Petroleo Brasileiro SA (PETR4) in Brazil’s southeastern Campos Basin tilted 3 degrees and the well it was drilling was shut for safety reasons, the country’s oil regulator said.  More »
(AP file photo/John Moore)

Saudi oil chief pledges to offset shortfalls

Saudi Arabia’s oil minister said Wednesday that his country and other oil exporters are ready to offset any shortfalls in supply because of market volatility — an apparent reference to showdowns with Iran over its nuclear program.  More »