Stung by lower oil and gasoline prices and raking in less from asset sales, Hess Corp. lost $8 million in the fourth quarter, compared to a profit of more than $1.9 billion in the period a year earlier, The Wall Street Journal reports.
NEW YORK (AP) — For small business owners who deliver goods and services via car, truck or SUV, lower gas prices have brought more customers within reach and put more money in their pockets.
As gas prices fell below $3 a gallon, Kristen Harris went back to delivering her desserts to Chicago-area neighborhoods she had abandoned. Harris was able to cut her delivery charge from 70 cents a mile to 60 cents, and win back customers who had balked at the higher fee.
Average gasoline prices across the country rose a fraction of a cent on Tuesday, the first time in more than four months that’s happened, according to the AAA, which added, however, that it doesn’t expect the development of any significant trend for higher costs at the pump, The New York Times reports.
Increased fuel efficiency standards, a major component of President Obama’s plan to fight climate change that he touted in last week's State of the Union address, could be threatened by continued low gasoline prices that encourage consumers to return to buying gas guzzling vehicles, National Journal reports.
DETROIT (AP) — Drivers trying to calculate whether it's practical to own an electric car are facing a new math.
U.S. gas prices have fallen more than $1 per gallon over the last 12 months, to a national average of $2.06, according to AAA. That makes electric cars — with their higher prices tags — a tougher sell.
Wary of the volatility of oil and gasoline, politicians on both sides of the party divide as well as Obama administration officials like Energy Secretary Ernest Moniz – who warned against considering the present situation “the new normal” -- are avoiding claiming credit for the recent fall of prices at the pump, National Journal reports.
Other attributes of the U.S. economic recovery – including stock market gains, rising home prices, lower borrowing rates and increasing corporate profits – have benefited those who are wealthier, but lower energy prices – for gasoline and home heating oil, in particular – give a big boost to lower income and working class people, The New York Times reports.
Even given the recent drop in oil prices, lifting the ban on U.S. crude exports would still give a boost to domestic producers trying to compete in other markets around the world, according to an analysis by Columbia’s Center on Global Energy Policy and The Rhodium Group, FuelFix reports.
New safety rules for oil trains don’t go far enough to address the risk of dangerous derailments, said lawmakers including Sens. Charles Schumer, D-N.Y., and Maria Cantwell, D-Wash., as well as Rep. Paul Tonko, D-N.Y., The Hill reports.
An environmental impact statement for the TransWest Express transmission line, which would run from Wyoming to Nevada, across the habitat of the sage grouse, has been published by the Bureau of Land Management in the Federal Register, starting a 30-day public comment period, E&E reports.
Toothpaste and other personal care items that contain synthetic microbeads would be banned under legislation introduced by House Energy and Commerce Chair Rep. Fred Upton, R-Mich. and Ranking Member Rep. Frank Pallone, D-N.J., who are concerned about the effect of the microbeads on bodies of water such as the Great Lakes, National Journal reports.
Sliding oil prices took Chevron’s profits down with them, as the company reported a 43 percent fall in profit in the first quarter, to $2.57 billion, despite an increase in production, Reuters reports.
Oil dropped off its 2015 highs Friday on news of record Iraqi exports in April, coupled with gains in the dollar. U.S. benchmark crude for June delivery settled 48 cents lower at $59.15 a barrel on the Nymex, while in London, Brent lost 32 cents to $66.46, Reuters reports.
Without ever directly linking California’s drought to the wider issue of climate change, Gov. Jerry Brown has folded one issue into the other to push for wider environmental reforms, The Atlantic reports.
Used Model S electric vehicles made by Tesla Motors can now be purchased on the company’s website, complete with an extended warranty that covers up to 4 years or 50,000 miles, The Wall Street Journal reports.
Plans for an LNG export facility in Warrenton, Oregon won’t be upset by Clatsop County's rejection of a construction permit for a pipeline connecting to it, because only the Federal Energy Regulatory Commission can make such a decision, Oregon LNG’s CEO told Platts.