WASHINGTON (AP) — Consumer prices increased in May by the largest amount in more than two years, reflecting the biggest one-month jump in gas prices in nearly six years. But outside of energy, price pressures remained modest.
The consumer price index rose 0.4 percent in May, the biggest advance since February 2013, the Labor Department reported Thursday. The increase was driven by a 10.4 percent rise in the cost of gasoline, which has started climbing after nearly a year of falling energy prices.
KUALA LUMPUR, Malaysia (AP) — A Malaysian navy ship is pursuing an oil tanker hijacked a week ago and trying to persuade armed pirates, believed to be Indonesians, to surrender, officials said Thursday.
Navy chief Abdul Aziz Jaafar said the naval ship is communicating with the captain, and all 22 crew members are safe.
PARIS (AP) — A French court has cleared 14 companies accused of bribing the Iraqi government under Saddam Hussein in exchange for contracts as part of the U.N. oil-for-food program.
French companies, including Renault Trucks, Schneider Electric and Legrand, and several managers were acquitted on Thursday of bribery, corruption and misuse of company assets. It was the second trial involving allegations that companies circumvented the embargo imposed on Saddam's government from 1990-2000.
MOSCOW (AP) — The Russian government on Thursday strongly condemned the freezing of Russian accounts in France and Belgium as part of an effort to enforce a $50 billion judgment for the destruction of the Yukos oil company.
An arbitration court in The Hague, Netherlands, ruled last year that Russia must compensate the former shareholders of Yukos, which was destroyed in a politically driven legal onslaught that also sent its chief executive, Mikhail Khodorkovsky, to prison for 10 years.
Oil prices gained early Thursday on the back of a weaker dollar and mixed data on inventories, according to The Wall Street Journal. U.S. benchmark crude for July delivery was up 64 cents to $60.56 a barrel in electronic trading on the Nymex, while in London Brent rose 92 cents, or 1.4 percent, to $64.79.
An oil rig fire that killed three people in Coalgate, Okla., in December was likely started by an open-flame heater on the floor of an oil rig, according to the Occupational Safety and Health Administration, which added that operator Dan D Drilling was cited two years ago for the practice, the McAlester News-Capital reports.
An uncertain stance from the Federal Reserve about its future plans for interest rates triggered volatile price swings in oil Wednesday. U.S. benchmark crude for July delivery ended the session 5 cents lower to $59.92 a barrel on the Nymex, while in London, August Brent gained 17 cents to $63.87, Reuters reports.
Lifting the long-standing ban on crude oil exports will lead to higher domestic crude prices and could stress the country's transportation infrastructure, hurting farmers, witnesses and lawmakers said at a House Small Business Committee hearing Wednesday.
While the effort to lift the ban appears to be gaining momentum, with bills set to get committee consideration in both chambers this year, the hearing highlighted that some lawmakers, including Republicans, still need some convincing.
The rebound in oil prices following Wednesday’s slump was wiped out late Thursday by news of a jump in the number of rigs drilling for oil in the U.S. Light, sweet crude for August delivery settled down 3 cents to $56.93 a barrel on the Nymex, while in London, Brent finished up 6 cents to $62.07, Dow Jones reports.
The Grain Belt Express, a $2.2 billion transmission line proposed by Clean Line Energy to bring wind power from Kansas to points east, through Missouri, has been rejected by the Missouri Public Service Commission, The Kansas City Star reports.
A $15,000 grant from the Environmental Protection Agency to fund research into cutting particulate emissions from barbecues has attracted criticism from Sen. Rob Portman, R-Ohio, who declared his constituents “should be able to grill in peace,” The Hill reports.
The U.S. role in Copenhagen climate talks in 2009, and media coverage of it, had Secretary of State Hillary Clinton’s attention, judging from the emails released by the State Department this week, E&E reports.
After last month’s pipeline leak near Santa Barbara, Calif., the Pipeline and Hazardous Materials Safety Administration is proposing a requirement that operators notify regulators within an hour of any problem, The Hill reports.