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.
The U.S. Court of Appeals for the District of Columbia Circuit on Thursday lifted a stay on the Environmental Protection Agency’s implementation of its Cross-State Air Pollution Rule, although legal arguments on challenges to some aspects of the regulation are set to take place next March, E&E reports.
Producers for American Crude Exports, or PACE, for short, is made up of more than a dozen independent oil companies who would like to see the decades-old U.S. ban on crude exports overturned, Reuters reports.
The Federal Energy Regulatory Commission staff has cleared the Constitution pipeline on its environmental impact, leaving Commissioners to make the final decision on the project, which is intended to add some 650 million cubic feet of natural gas capacity in New York and New England, FuelFix reports.
If the Federal Energy Regulatory Commission approves changes that PJM Interconnection will suggest to the rules, it’s possible the wholesale electricity market manager might find a way to keep a demand response program going despite legal challenges, E&E reports.
Rising global supply and sluggish demand were continuing to weigh on oil prices. U.S. benchmark crude for December delivery dropped $1.08 to settle at $81.01 a barrel on the Nymex, $1.74 lower than the price a week ago, while Brent finished at $86.13, a loss of 70 cents on the day and 3 cents less than last Friday’s settlement price, Reuters reports.
ConocoPhillips, alongside partners including BP and Exxon Mobil, has announced what it says is the first new drilling in the North Slope’s Kuparuk River Field in nearly a dozen years, a well to come on line in 2016 that will add 8,000 barrels a day of production, Platts reports.
In one of the most hotly contested and expensive House races in the country, Rep. Nick Rahall, D-W.Va., is battling against Republican candidate Evan Jenkins and powerful conservative groups backed by the Koch brothers, The New York Times reports.
Kristin Jacobs – who has turned in a strong performance in her campaign to be elected to the Florida House of Representatives in a flood-prone Miami district – is one of a number of candidates who are successfully pressing climate change as an issue even when polls say it’s not a top voter concern, The New York Times reports.
Opower says pilot programs run in Vermont and Southern California over the summer, which involved contacting customers to ask them to go easier on their air conditioning and then reporting back to them on how much electricity they saved compared to their neighbors, cut usage by nearly 3 percent on a number of hot days, The Washington Post reports.