The ban on crude oil exports can be lifted gradually by the Obama administration through the granting of exceptions, according to a white paper released by Sen. Lisa Murkowski, R-Alaska, at the CERAWeek energy conference, FuelFix reports.
OMAHA, Neb. (AP) — Investor Warren Buffett says the economy continues the steady improvement that began in fall of 2009 and he remains optimistic despite Russia's advance into Ukraine.
On energy issues, Buffett said it's clear that railroad tank cars carrying crude oil need to be updated, and he reiterated his support for the Keystone XL pipeline. On climate change, the chairman and CEO said he hadn't found that insurance companies under the umbrella of his Omaha-based Berkshire Hathaway Inc. conglomerate are having to pay out more these days because of extreme weather.
"I calculate the probabilities of catastrophes no different than a few years ago," he said. Buffett appeared on the business cable channel CNBC Monday morning after releasing an upbeat annual letter to his shareholders over the weekend.
NEW YORK (AP) — Citigroup and affiliate Banamex USA have disclosed grand jury subpoenas concerning compliance with the Bank Secrecy Act and anti-money laundering requirements under federal laws and banking regulations.
Citigroup Inc. said in a regulatory filing on Monday that the bank and Banamex USA received subpoenas from the U.S. Attorney's Office for the District of Massachusetts. Banamex USA also received a subpoena from the Federal Deposit Insurance Corp.
TRAVERSE CITY, Mich. (AP) — A freshwater channel that separates Michigan's upper and lower peninsulas is a premier Midwestern tourist attraction and a photographer's delight, offering spectacular vistas of two Great Lakes, several islands and one of the world's longest suspension bridges.
But nowadays the Straits of Mackinac is drawing attention for something that is out of sight and usually out of mind, and which some consider a symbol of the dangers lurking in the nation's sprawling web of buried oil and natural gas pipelines.
The Environmental Protection Agency on Monday finalized its planned Tier 3 rule to cut sulfur in gasoline. EPA said the rule would lower air pollution health risks from automobiles, but the oil industry contended the rule would raise consumer costs more than expected.
EPA Administrator Gina McCarthy said the rule, which goes into effect in 2017, will add less than 1 cent to the price of a gallon of gas at the pump. It will also add $72 to the price of a new car by 2025, about half of what EPA projected in its proposed rule.
The rule will go into place in tandem with higher federal mileage standards that raise auto efficiency to 54.5 miles per gallon by 2022. It was supported by the auto industry, which wanted a single national standard for gasoline to use in meeting the mileage mandate.
The oil industry had sought to stop or delay the rules, but EPA turned away those appeals. A representative of the American Petroleum Institute said the rule will provide minimal health improvements over sulfur limits already in place and raise gasoline prices up to 9 cents per gallon.
McCarthy told reporters that the industry's cost estimate was based on the proposed rule before taking into account provisions EPA included in the final version to address industry concerns.
The Environmental Protection Agency's new rule lowering the sulfur content in vehicle fuel, to be unveiled today, will increase the price of gasoline, but The New York Times reports that supporters and opponents of the measure disagree on how much.
BAGHDAD (AP) — Iraq's daily oil exports surged to 2.8 million barrels per day in February, some half million barrels more than in the previous month, as international oil companies developed fields and export infrastructure, a senior official said on Saturday.
The increase is crucial for Iraq, which sits atop the world's fourth largest proven reserves of conventional crude but has been struggling to rebuild the sector after years of war, sanctions, neglect and more recently, sabotage. Oil revenues make up nearly 95 percent of its budget.
Oil prices jumped by more than a dollar per barrel Monday as Russia's military advance into Ukraine raised fears of economic sanctions against one of the world's major energy producers. Natural gas prices also surged at the prospect of a decrease in global supplies.
Benchmark U.S. crude for April delivery was up $1.54 to $104.13 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 19 cents on Friday to close at $102.59. Brent crude, which is used to set prices for international varieties of crude, gained $1.62 to $110.69 on the ICE exchange in London.
Markets were responding as thousands of Russian troops solidified control over Crimea in the Ukraine. The U.S. warned Sunday that Moscow could face economic penalties unless it retreats.
WASHINGTON (AP) — Police arrested hundreds of people who strapped themselves to the White House fence on Sunday to protest the proposed Keystone XL oil pipeline.
The protesters were mostly college students who participated in a peaceful march that began at Georgetown University and ended outside the White House. They chanted "climate justice now" and carried signs such as "don't tarnish the Earth" in their efforts to convince President Barack Obama to reject the proposed Canada-to-Texas pipeline. They say it will contribute to global warming.
The European Union moved to suspend talks with Russia on plans to move ahead with completion of the South Stream natural gas pipeline and a plan to boost supplies flowing through the Nord Stream pipeline, Reuters reports.
A group of 26 Senate Democrats including Majority Leader Harry Reid, D-Nev., this evening will kick off an all-night talkathon to boost climate change urgency, with plans to keep speeches going until 9 a.m. Tuesday, The New York Times reports.
FuelCell Energy, Plug Power Inc. and Ballard Power, all manufacturers of fuel cells, posted significant gains on the Nasdaq today ahead of earnings reports expected to show the companies on the way to profitability, Bloomberg reports.
Energy Secretary Ernest Moniz is in India today in an effort to soothe tensions from a diplomatic issue and trade dispute over solar panels, and to renew coordination on climate change and energy policy, E&E reports.
The Senate Foreign Relations Committee led by Chairman Robert Menendez, D-N.J., will hold a hearing on the Keystone XL pipeline Thursday, but no Obama administration witnesses are set to testify, National Journal reports.
A coalition of environmental groups is looking to sway Secretary of State John Kerry against the Keystone XL pipeline through praise, with some touting him as a leader on environmental issues and climate change, Bloomberg reports.
As part of a set of proposals outlining his plan for economic growth, Sen. Marco Rubio, R-Fla., called for lifting the nation's decades-old ban on crude oil exports and streamlining the review process for new natural gas pipelines, The Wall Street Journal reports.
A white paper released by the Western Values Project argues the federal government must increase royalties for drilling on public land if it lifts the 39-year ban on crude oil exports, FuelFix reports.