Oil

Brazil charges 35 in Petrobras scandal

SAO PAULO (AP) — Prosecutors investigating a sprawling kickback scheme at Brazil's state-run oil company Petrobras filed charges Thursday against 35 people, including executives from some of the nation's biggest construction firms.

The formal charges cap a months-long investigation dubbed "Operation Car Wash," which is proving to be one of Brazil's biggest corruption schemes yet uncovered with authorizes saying they'll seek the return of nearly $400 million from the accused.

Isaac Wedin photo

Analysis: Crude exports pitch gets tepid response

The hearing Thursday in the House Energy and Commerce Committee's energy panel could be seen seen as a major advance for oil companies seeking to repeal the U.S. crude export ban.

They got House Republians to at least take testimony on the ban. But the unease displayed by GOP lawmakers and energy-state Democrats, worried that lifting the ban might be seen by the public as a move that could also raise gasoline prices, was evident.

If oil producers are to win a repeal, they'll be in the unusual position of having to win over their traditional Republican allies and having to overcome qualms by some refiners. The industry has acknowledged there won't be a quick victory on the issue, and that was confirmed on Thursday.

Oil

Oil under $60 mark

Source: 
Reuters

Bear market pressures dragged oil prices lower Thursday, with oil settling under $60 a barrel for the first time in more than five years. U.S. benchmark crude lost 1.6 percent, or 99 cents to finish at $59.95 a barrel on the Nymex, while in London Brent ended 56 cents lower at $63.68, Reuters reports.

Oil

Falling oil prices raise new concerns for states

Plummeting oil prices may add a little jingle in the pockets of holiday shoppers and travelers but are raising financial worries in some states that had been tapping into surging oil tax revenues to pay for roads and other government services.

With oil prices now around a five-year low, budget officials in about a half-dozen states already have begun paring back projections for a continued gusher of revenues. Spending cuts have started in some places, and more could be necessary if oil prices stay at lower levels.

Oil

Mexico opens bidding for oil exploration

MEXICO CITY (AP) — The Mexican government has announced the start of bidding for oil exploration rights in 14 areas in the Gulf of Mexico open to domestic and international companies.

Bidding will be open until July 15, and marks an important step following Mexico's energy reforms that broke a seven-decade state monopoly.

Oil

U.S. to talk oil train safety with Canada

Source: 
Reuters

U.S. and Canadian officials are to meet next week to discuss their respective efforts to improve the safety of oil trains, sources familiar with the subject told Reuters.

Oil

Southwest Airlines figures 2015 fuel costs to $2.40

Source: 
Reuters

Fuel for Southwest Airlines jets should cost between $2.30 and $2.40 a gallon in 2015, CEO Gary Kelly told Reuters Thursday, adding that the recent volatility in oil prices is “unsettling.”

Oil

Companies liable for $134 million from offshore spill: BOEM

Source: 
The Hill

Companies will be liable for $134 million in damages from any offshore oil spill, up from the previous limit of $75 million, the Interior Department’s Bureau of Ocean Energy Management announced Thursday, The Hill reports.

Oil

Ecuador case against Chevron before Canadian court

TORONTO (AP) — Lawyers for a group of Ecuadoran villagers are asking Canada's high court on Thursday to grant their clients access to Canadian courts to enforce a US$9.5-billion Ecuadorian judgment against Chevron Corp for rainforest damage.

Lawyers have fought in several countries over who's responsible for pollution in the rain forest. They are arguing that the case should be heard in Canada because Chevron has a Canadian subsidiary.

Oil

Lower oil prices prompt Norway interest rate cut

HELSINKI (AP) — In a surprise move, Norway's central bank on Thursday cut its key lending rate as it frets over the impact of the sharp fall in oil prices on the country's economy.

In the first adjustment since March 2012, Norges Bank cut the rate by a quarter of a percentage point to 1.25 percent.

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