LOUISVILLE, Ky. (AP) — Two brothers who defrauded millions of dollars from thousands of investors in an oil and gas drilling scheme lost a bid Tuesday to have their convictions and sentences overturned.
The U.S. 6th Circuit Court of Appeals concluded that prosecutors presented enough evidence to back their contention that 53-year-old Christopher Cello Smith of Prestonsburg, Ky., and 58-year-old Michael D. Smith of Cookeville, Tenn., defrauded thousands of investors.
The Smiths ran a company called Target Oil and Gas. Prosecutors said the company asked investors to fund drilling projects in Kentucky, Texas, West Virginia and Tennessee but used fraudulent marketing materials and false geological surveys to persuade them.
The price of crude oil slipped Tuesday a day after zooming higher, with U.S. benchmark crude dropping 96 cents to $103.09 in electronic trading on Nymex, and Brent losing 36 cents in London to $108.71 in midday trading, Reuters reports.
French oil giant Total says it is setting a 2017 start date for the Kaombo ultradeepwater project off Angola after finding a way to slash the projected cost by $4 billion, down to $16 billion, The New York Times reports.
ALBANY, N.Y. (AP) — State and federal environmental officials in New York are changing the way they prepare for oil spills.
The state's Department of Environmental Conservation announced last week that it's working with the U.S. Environmental Protection Agency and the Coast Guard to revise and update its plans for preventing and responding to spills.
The oil refining sector faces potentially "profound" changes as it deals with the oil boom, uncertain demand at home and abroad and new regulatory costs, the Government Accountability Office said in a report issued Monday.
In the report, written at the request of Sen. David Vitter, R-La., and Sen. James Inhofe, R-Okla., GAO said the outlook for refiners profitability depends in part on their ability to sell more product overseas and action by the Environmental Protection Agency to end delays in setting annual Renewable Fuel Standard biofuels levels.
Oil prices gained gain Monday as unrest continued in Ukraine, with domestic WTI crude for May delivery up 31 cents to close at $104.05 a barrel on the New York Mercantile Exchange, while in London Brent crude jumped $1.74 to $109.07 a barrel, the highest settlement since March 4, Bloomberg reports.
Support for a review of any proposal to send Canadian oil sands crude through the Portland Montreal Pipe Line by Republican Sen. Kelly Ayotte of New Hampshire has environmentalists wondering if she will rethink her support for the Keystone XL project, E&E reports.
The Supreme Court heard arguments in a case that pits an electronics manufacturer against North Carolina landowners over groundwater pollution and whether a state statute takes precedence over federal law that exempts toxic waste cases from deadlines, E&E reports.
All four candidates vying for the Republican nomination to challenge Sen. Kay Hagan, D-N.C., in the November election said they didn’t think climate change was a fact, when asked the question in a debate Tuesday night, The Hill reports.
Arch Coal’s investment in DKRW’s proposed coal gasification plant has cost it $57 million, according to the annual report the company filed with the Securities and Exchange Commission, the Casper Star-Tribune reports.
The EU’s top energy official will discuss sending gas to Ukraine through Slovakia in negotiations Thursday, and on Monday Moscow hosts Kiev’s energy minister for talks on Russian gas prices for Ukraine, Reuters reports.
Phil Radford, who became the youngest person to head the American operation for Greenpeace, is departing after four years of working on broadening the environmental group’s reach, National Journal reports.
The Chinese Ministry of Environmental Protection has lifted an eight month ban on the country’s two biggest refiners starting new projects, after China National Petroleum Corp. and Sinopec met pollution targets, The Wall Street Journal reports.