The stock prices of two of China’s oil industry giants soared Monday on speculation that the government might call for consolidation in the oil business. Continue reading
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Sinopec, PetroChina deny merger rumours
The Gulf of Mexico still struggles after Deepwater Horizon spill
The oil business has always struggled to cope with the impact of accidents that can have deep effects on the area they occur in, which is why the struggle to help the Gulf of Mexico to its pre-oil spill days has become such a major concern for many environmentalists. Continue reading
Posted in News, Oil Resources
Tagged Gulf of Mexico oil spill, gulf oil spill, Oil, oil disaster
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Payout from BP oil spill deal tops $5 billion
Patrick Juneau, the administrator manager who oversees the BP oil spill settlement payments, announced in a Wednesday news release that the company has paid out more than $5 billion to people and businesses professing economic losses as a result of BP’s 2010 Gulf of Mexico oil spill. Continue reading
Remarkable Technological Innovations in Oil and Gas Industry
It is no surprise that the oil business has a variety of oil extraction methods and that newer, safer and more effective methods are being devised on a regular basis. Staying on the cutting edge can be what sets oil producers apart as well what helps lower oil prices in the long term. Here are a few of the newest technological innovations in oil production. Continue reading
Posted in Oil Resources
Tagged oil business, oil extration, Oil Prices, Oil production, prices of oil
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Why Air Passengers Don’t Benefit from Oil Price Slump
Creative Commons / Eluveitie
In the past few weeks many motorists were enjoying the full benefits of the oil price slump, but air travelers were paying the same prices for tickets as they were before the oil slump. This makes us wonder, are airlines keeping the fuel benefits for themselves? Continue reading
Posted in Oil Prices
Tagged air fares, air tickets, air travel, airline prices, Fuel Prices, Oil Prices, oil slump, Prices on oil
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US Oil Prices Fall to a Six-Year Low
US Coastguard / USCG photo by PA2 Chad Saylor
Oil prices fell to six-year low on Monday, bringing smiles to millions of Americans who have seen a steep rise in gasoline prices in recent weeks. Crude oil dived as low as $42.85 a barrel, which is the lowest since March 2009 and stamps the fifth successive day of losses. The Organization of the Petroleum Exporting Countries (OPEC) pointed the reason to a continued glut in the United States that was exceeding already-overflowing storage facilities. Continue reading
Posted in News, Oil Prices
Tagged Crude oil, Oil Prices, OPEC, Prices on oil, US oil prices
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Top 5 Oil-Producing States of America
In less than two decades, the United States will turn out to be a net exporter of oil in the world. By 2025, North America will become an oil exporter as well because of increasing production and energy efficiencies as predicted by Exxon Mobil Corp. Also, by 2025 the US is expected to become a leading exporter of natural gas as well as by 2035 it will develop into a self-reliant in energy. Therefore, up to 90% of Middle Eastern Oil will go to Asia by 2035. Continue reading
Posted in News, Oil Prices
Tagged America, Energy Information Administration, natural gas, Oil, United States
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India Announces Stake in ConocoPhillips Kashagan Project
ConocoPhillips (COP) who was looking to sell its 8.4% interest in the troubled Kashagan oil field in Kazakhstan has finally found an Indian buyer. Oil & Natural Gas Corp. (ONGC), the Indian oil state group has announced its biggest overseas acquisition yesterday – ConocoPhillips $5.5 billion asset stake in the Caspian sea discovery. Continue reading
Scientists Discover Effective Way to Absorb Oil Spills
Even after two years of the Deepwater Horizon oil platform explored in the Gulf of Mexico, plenty of restoration efforts are going on. Continue reading
Posted in News, Oil Prices
Tagged Deepwater Horizon, Gulf of Mexico, Oil, oil spills, super-absorbent, thermodegradable polyolefin
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Oil Falls Prior to the US Election
Ahead of the US presidential election, the prices on oil drops a little bit low as investors looked forward to watch the final result. Continue reading