The price of oil jumped Thursday as an insurgency in Iraq raised the risk of disruptions to supplies at a time when other major oil-producing countries are already pumping near capacity. The al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad.
One of those two cities, Mosul, lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at over 3 million barrels a day, it adds to concerns over security and the country's plans to expand oil production.
West Texas Intermediate, the benchmark U.S. oil, rose $2.13, or 2 percent, to close at $106.53 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, rose more sharply, gaining $3.07, or 2.8 percent, to $113.02 a barrel on the ICE Futures exchange in London.
The price of oil fell slightly Monday and closed at a two-week low.
Benchmark U.S. oil for July delivery fell 24 cents to $102.47 a barrel on the New York Mercantile Exchange. Last week, the price of oil fell by 1.6 percent. Brent crude, a benchmark for international oils, slipped 58 cents to $108.83 a barrel on the ICE Futures exchange in London.
The price of oil remained above $104 a barrel Tuesday as investors weighed how the conflicts in Ukraine and Libya were likely to affect crude supplies.
Benchmark crude for July delivery fell 24 cents to $104.11 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, dropped 30 cents to $110.02 on the ICE Futures exchange in London.
A greater-than-expected increase in crude inventories, coupled with falling stock prices and a strong dollar, sent oil prices tumbling again Wednesday. U.S. benchmark crude for December delivery slid 2.5 percent, or $1.97, to settle at $80.52 a barrel on the Nymex, while in London Brent lost $1.51 to end the trading day at $84.71, Reuters reports.
A lawsuit filed by Citizens for Responsibility and Ethics in Washington -– or CREW -– alleges that the Environmental Protection Agency failed to comply with a Freedom of Information Act request to release documents relating to the biofuels mandate in the 2014 Renewable Fuel Standard, The Hill reports.
Duke Energy CEO Lynn Good told NPR in an interview that she is focusing on making sure that the company is taking the right steps to address the Dan River coal ash spill, but she hopes that in a year or two the utility can move beyond the matter.
Three states in New England and two on the West Coast headed the list when it came to energy efficiency in 2014, while North Dakota, home to the Bakken shale, brought up the rear, in a survey published Wednesday by the American Council for an Energy-Efficient Economy, according to U.S. News & World Report.
Insurance companies are covering less but losing more money as a result of natural disasters, and sustainability advocate Ceres found in a survey that many “show a profound lack of preparedness” when it comes to the impact of climate change, The New York Times reports.
Sen. Joe Manchin, D-W.Va., has cruised waters off the Rhode Island coast to view the impact of climate change on marine life, and now Sen. Sheldon Whitehouse, D-R.I., is visiting his colleague’s home state to learn first-hand about the impact of government policy on the lives of coal miners, the Los Angeles Times reports.
An analysis of state environmental data by the Natural Resources Defense Council found that 5 million people in California already live within a mile of an active oil or gas well, and expanding drilling could expose them to greater health risks, the Los Angeles Times reports.
Four major corporations announced Wednesday they will offer employees discounts on buying or leasing home solar systems through Geostellar, in what's called the Solar Community Initiative program, The New York Times reports.
In order to cope with Western sanctions, the state-owned oil giant Rosneft is asking the Russian government for more than 2 trillion rubles, the equivalent of nearly $50 billion, The Wall Street Journal reports.