NEW ORLEANS (AP) — The man who oversees settlement payments to people and businesses claiming economic losses as a result of BP's 2010 Gulf of Mexico oil spill says more than $5 billion has been paid out.
Patrick Juneau announced the milestone in a Wednesday news release, five days ahead of the disaster's fifth anniversary.
NEW YORK (AP) — Rising corporate profits and a jump in oil prices helped push the stock market to a modest gain on Wednesday. Delta and Intel led the way up after turning in results that beat Wall Street's forecasts. The price of oil soared to its highest level this year, driving up energy stocks.
Crude oil jumped $3.10 to settle at $56.39, after the Energy Department said that storage of crude rose by the smallest amount in three months. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $1.89 to close at $60.32 in London.
The crude oil price slide, rival Royal Dutch Shell’s merger moves and an attack on his own compensation will likely be among topics BP CEO Bob Dudley will have to deal with at the company’s annual meeting Thursday, The Wall Street Journal reports.
Opponents of the Enbridge Inc.’s Sandpiper pipeline haven’t produced a "reasonable and prudent alternative," according to a Minnesota administrative law judge who recommended that the state issue a certificate of need for the project, E&E reports.
House Republicans on Wednesday criticized the Interior Department's draft plan for offshore oil and gas development thru 2025, arguing it is too limited in scope for Atlantic Coast drilling. Their argument picked up backing from a key East Coast governor.
North Carolina Gov. Pat McCrory, a Republican and chairman of the Outer Continental Shelf Governors Coalition, was among the witnesses to testify at a hearing before the House Natural Resources Subcommittee on Energy and Mineral Resources.
NEWARK, N.J. (AP) — Exxon Mobil's top lawyer said Wednesday that a heavily criticized $225 million pollution settlement with New Jersey was reasonable and that the nearly $9 billion initially sought by the state shouldn't be used as a barometer because it was calculated using faulty methodology.
The settlement announced in March has drawn criticism from environmentalists and lawmakers in both parties who have said the state should have waited for a judge's ruling instead of settling for what they have a characterized as pennies on the dollar.
Oil prices gained early Wednesday as concerns about tensions in the Middle East and U.S. data suggesting a decline in production outweighed the impact of an IEA report predicting continuing strong supplies. U.S. benchmark crude rose 70 cents to $53.99 a barrel in electronic trading on the Nymex, while London Brent increased 68 cents to $59.11, Reuters reports.
The International Energy Agency says an increase in crude production from OPEC and the potential for Iran to ramp up exports are outweighing an increase in demand globally, possibly forestalling a recovery in prices, Reuters reports.
The number of oilfield workers looking for new jobs is mounting, with 91,000 positions already eliminated and plans for more cuts bringing the total over 100,000, The Wall Street Journal reports, citing data from consultants Graves & Co.
SEATTLE (AP) - The Coast Guard says protesters opposed to offshore drilling in the Arctic will have to stay in safety zones when a drill rig arrives in Seattle.
Chief Petty Officer Sara Mooers says a Seattle-bound drill rig and a heavy-lift vessel are expected to arrive in Port Angeles later this week, though an exact day wasn't known. She says when the rig and vessel enter Elliott Bay off Seattle protesters will have to stay 500 yards away from a moving vessel and 100 yards from one that is anchored.
A tweet by Environmental Protection Agency Administrator Gina McCarthy concerning the agency's carbon pollution rules was cited in a letter that 15 states sent to a court reviewing their request to throw out the regulations, The Hill reports.
Expectations that weekly data on U.S. crude inventories will show another stock build was pressuring oil prices early Tuesday. U.S. benchmark crude lost 40 cents to $56.59 a barrel in electronic trading on the Nymex, while in London Brent fell 43 cents to $64.60, Reuters reports.
The $86.8 billion in bonds issued by companies in the oil and gas sector globally is up 10 percent from a year ago, a trend which would keep the slump in energy prices going longer, according to The Wall Street Journal.