Oil

Oil

US gasoline prices drop 4 cents to $3.67 a gallon

CAMARILLO, Calif. (AP) — A survey says the average price of a gallon of regular gasoline in the U.S. has fallen 4 cents over the last three weeks to $3.67.

Industry analyst Trilby Lundberg said Sunday that crude oil prices fell over news that Libyan output has risen and Iraq's production was not substantially harmed by recent violence.

Near spill, reservation wrestles with oil's impact

MANDAREE, N.D. (AP) — Growing up, Ruth Anna Buffalo would follow the dirt track behind her house into the rugged North Dakota badlands, swimming in creeks picketed with beaver dams, finding artifacts and climbing bluffs overlooking Lake Sakakawea. For the young, the lake and the land around it were a wonderland.

Buffalo's grandfather, though, looked at the lake with pained eyes. Created by the U.S. Army Corps of Engineers' building of the Garrison Dam in the 1940s and '50s, it flooded out a significant portion of the Fort Berthold Indian Reservation and swallowed his town of Elbowoods. Families were forced to leave their homes for higher ground.

Oil

Iraqi Kurds take over 2 northern oil fields

BAGHDAD (AP) — Kurdish security forces took over two major oil fields outside the disputed northern city of Kirkuk before dawn Friday and said they would use some of the production for domestic purposes, further widening a split with the central government of Prime Minister Nouri al-Maliki.

The takeover of the Bai Hassan and Kirkuk oil fields were the latest land grabs by Kurds, who have responded to the Sunni militant insurgency that has overrun large parts of Iraq by seizing territory of their own, effectively expanding the Kurdish autonomous zone in the north. Those moves have infuriated al-Maliki's government while stoking independence sentiment among the Kurds.

Iraq parliament postpones decision on new leaders

BAGHDAD (AP) — Iraq's deadlocked parliament failed Sunday to overcome the deep divisions hampering the formation of a new government, making no progress on choosing new leaders who could help hold the nation together and confront the Sunni militant blitz that has overrun much of the country.

The legislature is under pressure to quickly choose a new speaker of parliament, president and prime minister — the first steps toward a new government. The international community has pressed lawmakers to put their differences aside, while the United Nations has warned of chaos if the political impasse drags on for too long.

Oil

Libya sees another protest-driven shutdown at port

Source: 
Reuters

Libya National Oil Corp. officials said Saturday that protesters shut down the eastern oil port of Brega, a development that came days after the country reopened several major ports following agreements with militiamen, Reuters reports.

Oil

Rebel attack cripples crucial Colombian oil pipeline

Source: 
Reuters

A rebel attack near Columbia's border with Venezuela has paralyzed the flow of oil through the Bicentenario, one of Colombia's most crucial fuel lines, Reuters reports.

Oil

Industry aims to keep Keystone in spotlight

Source: 
The Hill

Keystone XL pipeline supporters like the National Association of Manufacturers are lobbying officials and leading public campaigns in an effort to keep the proposed project in the national spotlight--even though the Obama administration likely won't make its decision until after the midterm elections, The Hill reports.

Oil

Noble, EIG launch partnership for energy buys

Source: 
The Wall Street Journal

Noble Group Ltd., an Asian commodity trader, and private-equity firm EIG Global Energy Partners are joining together to create Harbour Energy Ltd., a new venture tasked with raising and spending $2 billion for energy investments worldwide, The Wall Street Journal reports.

Oil

Oil price falls 2 pct, biggest drop since April

The price of oil plunged 2 percent Friday, the largest one-day drop since April, as Libyan oil appears poised to return to the market while global demand looks to be muted.

Benchmark U.S. crude for August delivery fell $2.10 cents to close at $100.83 a barrel on the New York Mercantile Exchange. It fell 3.1 percent this week, and is down $4.54 a barrel, or 4.3 percent, so far in July.

Oil

US appeals granting of new trial to ex-BP engineer

NEW ORLEANS (AP) — Federal prosecutors are appealing a judge's decision to grant a new trial to a former BP engineer convicted of obstructing justice in an investigation of the 2010 Gulf of Mexico oil spill.

The notice of appeal in the case of Kurt Mix was filed Friday in U.S. District Court, where Mix was tried, and at the 5th U.S. Circuit Court of Appeals.

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