Tag: Oil and gas

Obama Bans New Oil & Gas Drilling In Areas Of The Atlantic And Arctic

President Obama announced Tuesday he has indefinitely blocked offshore drilling along most of Alaska’s coast and from Norfolk, Virginia, to the Canadian border. Obama is rushing to protect his environmental policies before he leaves office in January, and he used an obscure provision of the 1953 Outer Continental Shelf Lands Act to enact the ban,…

GE Reached $30 Billion Deal With Baker Hughes [VIDEO]

General Electric Co (GE.N), banking on a recovery in oil prices, said on Monday it would merge its oil and gas business with No. 3 oilfield services provider Baker Hughes Inc (BHI.N). GE will own 62.5 percent of the new company, which will have combined revenue of $32 billion, while Baker Hughes shareholders will own…

Oil Exec Predicts $5 A Gallon Gas On The Way [VIDEO]

John Hofmeister attracted national attention in 2010 when he predicted that average U.S. gasoline prices would soar to $5 a gallon in 2012, thanks to rising crude oil prices. His forecast fell short, as the cost of filling up flirted with $4 in 2012, but never went higher. Now, with gasoline prices at $2.14, their…

Oil prices at 4-year lows on Saudi discount report

Oil prices sunk to four-year lows following reports Saudi Arabia, OPEC’s largest oil producer, is cutting its prices for customers in the U.S. By late Tuesday morning London time, a barrel of benchmark crude was down $2.07, or 2.6 percent, at $76.79, its lowest level since September 2010. Meanwhile, Brent crude, the international benchmark, was…

U.S. Agrees to Allow BP Back Into Gulf Waters to Seek Oil

Four years after the Deepwater Horizon rig explosion, BP is being welcomed back to seek new oil leases in the Gulf of Mexico. An agreement on Thursday with the Environmental Protection Agency lifts a 2012 ban that was imposed after the agency concluded that BP had not fully corrected problems that led to the well…

Oil Falls Toward $95 On US, Europe Growth Fears

The price of oil fell to near $95 a barrel Monday after U.S. industrial production weakened and Europe remained mired in recession. Benchmark crude for March delivery was down 28 cents to $95.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 to finish…