Dubai and Abu Dhabi stocks close at lowest of year

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Dubai and Abu Dhabi stocks close at lowest of year

DUBAI, United Arab Emirates (AP) — Dubai’s main stock market and Abu Dhabi’s index closed on Tuesday at their lowest points of the year amid mounting anxiety over plunging oil prices.

Dubai’s stock market lost 7.3 percent on the day, while Abu Dhabi’s slid 6.9 percent. Also Tuesday, Saudi Arabia’s stock market fell 7.3 percent.

Despite boom, higher costs push Big Oil into slump

NEW YORK (AP) — New troves of oil have been found all over the globe, and oil companies are taking in around $100 for every barrel they produce. But these seemingly prosperous conditions aren’t doing much for Big Oil: Profit and production at the world’s largest oil companies are slumping badly.

Extended slump in oil taking toll on industry, economy

NEW YORK (AP) — As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.

Low oil and gas prices are good for the overall economy because they reduce costs for consumers and business. U.S. economic growth was higher in the second quarter, and economists say that was partly fueled by consumers spending some of their savings on gasoline at stores and restaurants.

Interior: Keystone XL could disturb national parks, wildlife

The Interior Department has raised fresh environmental concerns about TransCanada’s proposed Keystone XL pipeline, suggesting the project could harm national parks and wildlife by increasing man-made light and noise pollution.

The department outlined the concerns in written comments by the Office of Environmental Policy and Compliance, filed on April 29 to the State Department, on its draft supplemental environmental impact statement. The comments were made public late last week.

Keystone XL opponents want Kerry to overhaul analysis

Environmental groups on Thursday called on the State Department to reverse what it said were “flawed assumptions” in its recent environmental review of the Keystone XL pipeline that asserted the project is not the key driver of Canadian oil sands crude production.

The 12 groups said in a letter to Secretary of State John Kerry that the department’s supplemental environmental impact statement should be corrected to link the development of oil sands directly to the $5.4 billion line — and that the project should in turn be rejected because it would contribute directly to climate change.

McConnell: Keystone XL up first in GOP Senate

Senate Republicans have given Keystone XL pipeline the highly symbolic place as first in line for a vote under their new majority, Sen. Mitch McConnell announced Tuesday, as GOP lawmakers push to make good on a key jobs-related campaign promise.

McConnell, R-Ky., the incoming Senate majority leader, called the measure by Sen. John Hoeven, R-N.D., a “job-creating bill that enjoys significant bipartisan support.”

NC officials host closed meeting on oil drilling

RALEIGH, N.C. (AP) — Officials from North Carolina, South Carolina and Virginia met privately Thursday with federal regulators and groups funded by oil and gas companies to discuss plans for drilling off the Atlantic coast.

A coalition of environmental groups sought to be allowed inside the Mid-Atlantic Outer Continental Shelf Oil and Gas Five-Year Program meeting, which was held at the North Carolina Museum of Natural Sciences in Raleigh.

Shell official says 2012 Arctic drilling carried out ‘successfully’

Shell’s top official in Alaska declined on Wednesday to address the problems it encountered during its initial exploration for oil in the Arctic Ocean last year, but stressed that the company’s drilling program was carried out “safely and successfully.”

At a Senate Commerce oceans subcommittee field hearing in Anchorage chaired by Chairman Mark Begich, D-Alaska, Shell Alaska Vice President Pete Slaiby also maintained that its mishaps were maritime problems. He said the grounding of the Kulluk drilling platform during towing in December had “minimal impact to the environment.”

Exxon profit falls by half but production rises

NEW YORK (AP) — Exxon Mobil Corp. profit dropped by half in the second quarter on sharply lower oil and gas prices around the world, but the company’s oil and gas production, which has been generally declining in recent years, surged.

The company posted net income for the second quarter of $4.19 billion, down 52 percent from $8.78 billion in the second quarter of last year. It was Exxon’s lowest quarterly profit since June of 2009, when the nation was in recession and oil and gas prices had plummeted.

Arctic-bound ship leaves Portland after oil drilling protest

PORTLAND, Ore. (AP) — Authorities used boats, personal watercraft, poles and their bare hands to remove protesters in kayaks and hanging from bridges who had tried to block a Royal Dutch Shell icebreaker bound for an Arctic drilling operation.

The Fennica left dry dock Thursday afternoon and made its way down the Willamette River toward the Pacific Ocean soon after authorities forced the demonstrators from the river and the St. Johns Bridge.