Gulf Coast News
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Updated 1 hour, 14 minutes ago
Oil’s 4.8-percent price swing yesterday on reports of a fire in Saudi Arabia, the world’s biggest crude exporter, show the market’s vulnerability to supply disruptions as sanctions hamper sales from Iran.
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BP Plc, Transocean Ltd. and Halliburton Co., with billions of dollars on the line, are set to find out from a federal judge who among them is to blame for the April 20, 2010, explosion and sinking of the Deepwater Horizon oil rig in the Gulf of Mexico.
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The trial that will determine the extent of any liability U.K.-based energy company BP Plc and its partners face for the April 2010 Gulf of Mexico oil spill is scheduled to begin next week in New Orleans federal court.
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“I’ll get us that oil from Canada,” Mitt Romney said in his victory speech after the Michigan primary. He was referring to Keystone XL, the crude-oil pipeline that has become a top-tier campaign issue for Republicans.
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The discount for Syncrude narrowed after Suncor Energy Inc. said it will shut units at its oil- sands upgraders in the next two quarters for maintenance.
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Following is the text of the weekly U.S. Drought Monitor as released by the National Drought Mitigation Center in Lincoln, Nebraska:
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Following is the text of the U.S. Seasonal Drought Outlook as released by the National Weather Service in Camp Springs, Maryland:
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When Warren Buffett bought North America’s second-biggest railroad, he called it an “all-in wager” on the U.S. economy. It’s turning out to be a pretty good bet on the oil industry, too.
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TransCanada Corp.’s Keystone XL oil pipeline, a project backers including Republican Presidential candidate Rick Santorum say will create cheaper U.S. gasoline, instead risks raising prices as much as 20 cents a gallon in the Midwest, Great Plains and Rocky Mountains.
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The U.S. exported more gasoline, diesel and other fuels than it imported in 2011 for the first time since 1949, the Energy Department said.
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