SAO PAULO (AP) — Brazil's Federal Police agency has asked prosecutors to file charges against 13 people suspected of involvement in the corruption scandal engulfing the state-owned oil company Petrobras.
Twelve suspects are executives of construction companies and one is a lobbyist.
BATTLE CREEK, Mich. (AP) — The Canadian company responsible for a 2010 oil spill in southwestern Michigan has agreed to pay about $6.8 million to settle a class-action lawsuit.
A federal judge must still approve the settlement reached last week by Enbridge Inc., based in Calgary, Alberta. The company has agreed to pay about $2.2 million to residents and land owners of properties within 1,000 feet of the Kalamazoo River. Those who lived within 200 feet of the river will split a total payment of $250,000 and those who lived further away from the river, will each receive several hundred dollars, depending on the proximity.
GENEVA (AP) — The global airline industry expects its profits to leap to a record high next year, boosted by a continued fall in jet fuel prices as well as strong passenger demand and cost cuts.
The International Air Transport Association said Wednesday it forecasts 2015 will bring $25 billion in net profit — well above the $19.9 billion this year and the $10.6 billion in 2013 and $6.1 billion made in 2012.
TEHRAN, Iran (AP) — Iran's President Hassan Rouhani says the sharp fall in oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts to lift prices.
Rouhani told a Cabinet meeting Wednesday that the fall in prices is "politically motivated" and a "conspiracy against the interests of the region, the Muslim people and the Muslim world."
A bearish short-term energy outlook from the Energy Information Administration and a prediction from the American Petroleum Institute that U.S. stockpiles increased last week saw oil prices drop early Wednesday. U.S. benchmark crude lost $1.07 to $62.75 a barrel in electronic trading on the Nymex, while in London Brent was 94 cents lower at $65.90, Reuters reports.
Accounting for a drop in demand for its crude alongside strong production from elsewhere, OPEC has cut its 2015 projections, predicting it will need to produce 28.9 million barrels a day next year, the lowest level in a dozen years and a drop of 300,000 barrels from its last forecast, Bloomberg reports.
Opponents are fighting ten pipeline projects proposed in the U.S. and Canada – half involving Alberta’s oil sands crude -- and the battles have forced delays to six of them, most prominently TransCanada’s Keystone XL, The Wall Street Journal reports.
Moves to simplify and readjust BP’s structure – which are serving the company well, according to CEO Bob Dudley – will cost the company $1 billion in restructuring charges even though they will save money in the long run, The Wall Street Journal reports.
The latest legal arguments between lawyers for BP and U.S. attorneys center on whether the Environmental Protection Agency and the Coast Guard are within their rights to adjust per barrel pollution fines upward for inflation, with a total of some $11 billion at stake, FuelFix reports.
BISMARCK, N.D. (AP) — North Dakota regulators set new rules Tuesday that will require oil companies that are sending out millions of gallons of crude a week by rail to reduce the oil's volatility before it's loaded onto train cars.
The rules, developed over several months, have been criticized by North Dakota's oil industry, which says the commodity is being unfairly singled out and warns that the new standards could slow production and increase costs.
Many residents and officials in the southern tier area of New York state, which borders Pennsylvania, reacted with shock and despair to the news that the government has rejected fracking, The New York Times reports.
Even as Halliburton prepares to take over rival oilfield services company Baker Hughes, CEO Dave Lesar, in an email to employees, said “2015 is going to be a tough year,” and warned of “reductions to our structure,” FuelFix reports.
H.R. 5705, sponsored by Rep. Robert Latta, R-Ohio, which calls for for more training about propane pricing and new data to be used by the Commerce Department in calculating prices, has been signed into law by President Obama, Platts reports.
Environmental activists marched to the governor’s office in Minnesota Thursday demanding he take action, following the decision by the Public Utilities Commission to stand behind its approval for expansion of Enbridge’s Line 67, commonly known as the Alberta Clipper pipeline, which would bring up to 800,000 barrels a day of oil sands crude across the Canadian border, Forum News Service reports.
In the wake of recent rainstorms, the portion of California under exceptional drought conditions dropped from 55 percent to 32 percent, according to figures made public by the U.S. drought monitor Thursday, the Los Angeles times reports.
The International Energy Agency – in its annual review of American energy strategy -- notes that the U.S. is operating many older nuclear power plants, and the government lacks a clear plan for the nuclear sector generally going forward, a problem that extends to carbon capture technology and renewable energy as well, The Hill reports.
During the week ending Dec. 13, the Association of American Railroads found that more than 119,000 carloads of coal were shipped in the U.S., an increase of nearly 8 percent on the period a year ago and the most in more than three months, Platts reports, noting that network congestion appears to be easing.
Federal agencies would have to assess the impact projects would have on climate change as part of their reviews under the National Environmental Policy Act, under draft guidelines the White House released Thursday, National Journal reports.