NEW ORLEANS (AP) — Energy giant BP is ending its effort to recoup money it paid in economic damage claims to businesses and individuals under a settlement arising from the 2010 Gulf of Mexico oil spill.
On Friday, the company filed a motion to withdraw an appeal over what it said were overpayments worth hundreds of millions of dollars and involving more than 790 businesses. The appeal was before the 5th U.S. Circuit Court of Appeals in New Orleans.
News that U.S. producers took 16 oil rigs out of service in the past week drove slight gains for crude prices on Friday, The Wall Street Journal reports. U.S. crude closed up 53 cents, to $46.59 a barrel, while Brent crude picked up 76 cents, to $49.56 a barrel.
Standard & Poor's on Friday said it would downgrade its debt rating for Saudi Arabia as weak oil prices drive the kingdom to an expected budget deficit of 16 percent of GDP this year, Business Insider reports.
After posting a $3.11 billion loss in the third quarter and eliminating 1,400 positions, Canada's Husky Energy said it would continue to cut jobs and would consider selling off assets, Bloomberg reports.
Six of 16 pipeline safety allegations against TransCanada are "partially substantiated," Canada's National Energy Board said in a report, but none of the allegations pose an imminent threat to workers, the public, or the environment, Reuters reports.
Baker Hughes said that 16 oil rigs dropped out of service in the past week, leaving 578 still active in the U.S. and marking nine straight weeks of declines. Natural gas rigs rose by four to 197, The Wall Street Journal reports.
Crude prices were mixed at midday Friday as investors remained concerned about the continued oversupply, The Wall Street Journal reports. U.S. crude fell 18 cents to $45.88 per barrel while Brent crude gained 25 cents to $49.05 a barrel.
BEIJING (AP) — A Chinese court on Friday ordered ConocoPhillips to pay 1.68 million yuan ($265,000) to 21 fishermen who claimed their livelihoods suffered from oil spills in northern China in 2011, state media reported.
The verdict from a court in Tianjin city followed nearly four years of haggling between the fishermen and the company, the official Xinhua News Agency said.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.