ANCHORAGE, Alaska (AP) — A federal appeals court on Thursday reinstated a shareholders lawsuit filed against BP Alaska in the wake of two oil spills in 2006 on the North Slope that exposed problems with the company's pipeline maintenance program.
A three-judge panel of the 9th U.S. Circuit Court of Appeals reversed the U.S. District Court of Western Washington on several claims.
Shareholders sued BP in 2008, claiming management made misleading statements about the conditions of the company's pipelines, and its maintenance and leak detection program after the first spill of 200,000 gallons onto the North Slope tundra two years earlier. The lawsuit claims BP made the statements knowingly or with deliberate recklessness.
The International Energy Agency lowered its projected oil consumption for emerging markets including Latin America and Asia this quarter, but the demand is expected to be made up by a growing U.S. economy, The Wall Street Journal reports.
Calgary-based Husky Energy Inc. on Wednesday shipped the first-ever supply of Canadian oil to India, marking the beginning move of a push among Canadian producers to send oil to markets beyond the U.S., The Wall Street Journal reports.
The debate over lifting the federal ban on crude-oil exports has set oil producers, who are pushing for a lift to the ban, against independent refiners who wish to keep the policy in place to maintain a steady flow of refinable crude, The New York Times reports.
OPEC predicted that rebounding economic growth in the United States and Europe will boost global oil demand in 2014, but continued conflict in emerging markets could threaten growth, The Wall Street Journal reports.
WASHINGTON (AP) — Two Hong Kong investment firms have agreed to pay a total of $10.9 million to settle U.S. regulators' allegations of insider trading prior to the takeover of a Canadian oil and gas producer by China's state-owned oil company CNOOC.
The Securities and Exchange Commission announced the settlement Tuesday with CITIC Securities International Investment Management and China Shenghai Investment Management.
The Energy Information Administration in its short-term energy outlook lowered its projections for U.S. crude oil and petroleum products growth and increased its expectations for U.S. oil consumption, The Wall Street Journal reports.
U.S. utilities are preparing to make expensive investments to improve nuclear plant safety to meet new post-Fukushima standards, with Exelon expected to spend as much as $500 million across its 17 reactors, The New York Times reports.
Despite increased calls for approving liquefied natural gas exports to Ukraine, a limited interest among energy companies and the current regulatory process means it would take years to make any significant impact on Russia's energy influence, Bloomberg reports.
Beyond urging imports of U.S. liquefied natural to Ukraine, European officials are considering reversing natural gas pipelines and limiting purchases of Russian energy in an effort to limit Russia's influence in Ukraine, The Wall Street Journal reports.
Despite a fall in average gasoline prices from recent years, the American Public Transportation Association said in an annual report that Americans used public transportation at the highest recorded rate since 1956, The New York Times reports.
The Edison Electric Institute is lobbying the Obama administration and state governments to limit new restrictions on coal-fired plants and nuclear generators, citing a need to keep electricity prices low during extremely cold weather, Bloomberg reports.
Renewable energy companies are increasing their interest in wind and wave energy projects off the coast of Oregon, but it's uncertain how much environmentalist resistance and regulatory processes will affect the trend, The Wall Street Journal reports.
The Transportation Department and the American Association of Railroads have released a list of urban areas where freight trains carrying crude oil will be required to slow down, but some lawmakers are urging a wider list of areas, National Journal reports.
The public comment period on the State Department's Keystone XL pipeline review ended on Friday, with opponents sending more than 2 million comments opposing the project, doubling the comments in support of the pipeline, The Washington Post reports.