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Russia Ramps Up Oil Exports as OPEC Cuts Back
Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse as Prime Minister Vladimir V. Putin exploits OPEC production cuts to gain market share.
Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the [...]
Oil Mine Exploration Investment Future, Extraordinary Potential of Oil Shale
Along the western slope of the Rocky Mountains lies a possible path toward energy independence.
The world’s largest deposit of oil shale is hidden here, beneath a landscape dotted by pinyon pines and twisted junipers.
If the oil industry can learn how to extract oil and gas from the oil shale in a cost-effective manner, the United [...]
Chevron’s Finance Reported 1Q Profit of $5.17B
Astounding profits in the oil industry are becoming as routine as the anguished looks of motorists filling up their gas tanks.
Chevron Corp. put yet another exclamation point on the oil patch’s long run of prosperity Friday with a first-quarter profit of $5.17 billion, or $2.48 per share. That was up 10 percent from net income [...]
Coal Price In World Market and Trade Higher
As consumers struggle to get used to $4-a-gallon gasoline, there’s another source of energy that is becoming more expensive: coal.
The price of a ton of Central Appalachian coal on the futures market was $42.65 a year ago and has risen to around $96, according to figures from the U.S. Energy Information Administration. That increase comes [...]
Oil Production from Iraq First Shipment to Jordania
The first shipment of Iraqi crude oil arrived in Jordan Friday after a four-year hiatus following the 2003 US-led invasion of Iraq, an energy ministry spokesman said.
Energy Ministry spokesman Maher al-Shawabkeh said eight trucks loaded with Iraqi crude oil arrived at the Iraqi-Jordanian border.
“It’s the first batch of an expected 166 tankers, which Iraq is [...]
Exxon Profit Slips As Production Falls
Exxon Mobil profit slipped about 1 percent in the second quarter, disappointing analysts as higher exploration and production costs, and lower oil and gas production offset big earnings in the refining and marketing end of the business.
Though the $10.26 billion in profit was the fourth-largest quarterly profit for a public company in U.S. history, Exxon’s [...]
Why Investors Should Be Interested in Shale Oil
Energy investment swings on the end of a clockwork pendulum. Oil prices high? All the alternative energy sources get funded. Oil prices low? It can wait.
With the continuing unrest in foreign oil producing countries and crude oil prices hanging around the $70/barrel mark, we’re on the investment part of the swing, and it looks like [...]
Oil company president comes out of his Shell
Despite jokes about the reception usually given to oil company executives, Shell Oil Co. President John Hofmeister was widely applauded during a lunchtime address to Cornerstone, the economic development arm of the Jacksonville Regional Chamber of Commerce.
Before the lunch, Hofmeister, who is touring 50 cities to talk about the future of the nation’s energy supply, [...]
Oil prices dropped nearly $2 a barrel
Oil prices dropped nearly $2 a barrel Tuesday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
A formal meeting over the weekend between U.S. and Iran officials also soothed traders’ concerns about a potential conflict between the two.
Light, sweet crude [...]
