Reuters reports that despite falling oil prices, wealthy oil-producing states in the Persian Gulf are on track to award $180 billion in new construction contracts this year, according to a new report from the Gulf Cooperation Council.
NEW YORK (AP) — A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.
The global price of oil is $84 per barrel, down $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.
NEW ORLEANS (AP) — A move by oil giant BP to have a court fire the administrator of a damage claims settlement arising from the 2010 BP oil spill was opposed Wednesday by the administrator as well as by lawyers for Gulf Coast interests claiming harm from the disaster.
BP had filed a federal court motion in September saying Patrick Juneau should be removed. Among the reasons: They said Juneau once represented Louisiana in talks setting up the claims process and had pushed for favorable terms for those with claims. According to BP's motion, Juneau worked for the state from July 2010 until July 21, 2011.
Citigroup Inc. projected oil prices falling to four-year lows will provide up to $1.1 trillion in stimulus to world economies by cutting prices for fuel and commodities like iron, coal and natural gas, Bloomberg reports.
Both BNP Paribas and Bank of America Corp. say the current decline in oil prices will end soon, projecting benchmark Brent won't fall below $80 a barrel on the assumption that OPEC will move to cut production, Bloomberg reports.
The American Chemistry Council in a report said there's enough waste plastic to power $6.6 billion in new plants and create thousands of job through plastics-to-oil conversion, though it notes industry is slow to embrace the technology, FuelFix reports.
While falling oil prices may help Asian countries cut business costs and lower interest rates to spur growth, they may also indicate China and Europe are cutting demand for exports crucial to Asian economies, The Wall Street Journal reports.
WASHINGTON (AP) — U.S. retail sales retreated in September as purchases of autos, gasoline, furniture and clothing slowed, a sign that recent job gains have yet to significantly boost consumer spending.
The Commerce Department said Wednesday that seasonally adjusted retail sales dropped 0.3 percent from the previous month. Sales have risen 4.3 percent in the past 12 months, slightly below their historical pace.
Though both Royal Dutch Shell and Exxon Mobil Corp. saw lower oil and gas output, their greenhouse gas emissions rose 10 percent since 2011 due to fuel-intensive production projects, The Wall Street Journal reports.
Oil prices continued to decline Wednesday, with Brent crude for November down $1.26 to close at $83.78 a barrel, the lowest since November 2010, Bloomberg reports. West Texas Intermediate fell slightly to $81.78 per barrel, the lowest price since June 2012.
Dominion Resources has filed papers with the Federal Energy Regulatory Commission, asking for a start to the review process for the proposed 550-mile natural gas Atlantic Coast Pipeline, The Associated Press reports.
Federal agencies have reduced their greenhouse gas emissions 17 percent compared to levels in 2008, according to the White House Council on Environmental Quality, but they also remain vulnerable to the effects of climate change in different ways, National Journal reports.
As part of their fight to become the top-ranking Democrat on the House Energy and Commerce Committee, Rep. Frank Pallone of New Jersey and Rep Anna Eshoo of California have raised and distributed more than $1.2 million to their colleagues during this election cycle, National Journal reports.
Scientists at the National Institute of Standards and Technology and the National Oceanic and Atmospheric Administration are working on a technique using lasers that would more accurately measure greenhouse gas concentrations, E&E reports.
News of production increases in the U.S. and among OPEC members weighed on oil prices Friday. West Texas Intermediate crude for December delivery finished the Nymex session down 58 cents to $80.54 a barrel, a drop of 12 percent over the whole of October, while in London Brent lost 38 cents to settle at $85.86, Bloomberg reports.
Increased demand is leading SolarWorld Americas to spend $10 million expanding its solar modules plant, and the company announced it will be hiring 200 additional workers as well, The New York Times reports.
To encourage the development of advanced nuclear reactors – anticipated to be more efficient – the Department of Energy is spending $13 million to help major companies including AREVA, GE Hitachi and Westinghouse in their research of the technology, The Hill reports.