Uganda has found oil, and lots of it. But it lacks the ability to turn crude into needed oil products, like gasoline, diesel, jet fuel, and low-sulfur heating oil. Unless it can develop a local way to process the oil coming out of the ground, it must rely upon exporting that production as raw material […]
A federal judge in Louisiana today (Tuesday) blocked a White House moratorium on offshore drilling in the Gulf of Mexico, MarketWatch reported. The White House said it would appeal the decision immediately, according to reports.
Louisiana Gov. Bobby Jindal and state Attorney General Buddy Caldwell filed papers Sunday in a New Orleans federal court petitioning for the six-month deepwater oil drilling ban be lifted in 30 days. The papers said that lifting the ban would avoid "turning an environmental disaster into an economic catastrophe."
Before this month, chances are pretty good that you'd never even heard of Taiwan's Foxconn International Holdings (PINK ADR: FXCNY). And yet, Foxconn is one of the world's most important manufacturers.
Given that the formerly anonymous giant is now at the forefront of the zooming escalation in labor costs that's currently taking place in Mainland China – and given the enormous implications of the inflationary pressures that will result – chances are excellent that Foxconn will have a bigger effect on the world economy this year than even BP PLC (NYSE ADR: BP).
If that weren't enough, China's decision to let the yuan appreciate against the U.S. dollar will actually magnify this impact: If the Chinese currency strengthens, then the yuan-denominated wage increases will have an even-more-inflationary effect on the cost of China-made goods selling at your local Wal-Mart (NYSE: WMT).
The Louisiana government has asked a U.S. judge to lift a six-month deepwater oil drilling ban to prevent the demolishment of local livelihood and the collapse of the oil industry.
Louisiana Gov. Bobby Jindal and state Attorney General Buddy Caldwell filed papers Sunday in a New Orleans federal court petitioning for the moratorium to be lifted in 30 days. The papers noted that lifting the ban would avoid "turning an environmental disaster into an economic catastrophe."
The U.S. government requested to delay a hearing until July, but U.S. District Judge Martin Feldman ordered regulators and offshore companies to appear in court yesterday (Monday).
"The issues presented are of national significance and to delay resolution would be irresponsible," Feldman wrote on the order denying the government's request.
Feldman heard opening statements Monday and promised to rule on the ban by noon on Wednesday – though he could rule as early as today (Tuesday).
"The court has to decide if there is a rational basis for the choice the government has made," Judge Martin Feldman said during the case's opening statements.
Oil prices hit a wall this spring. But don't be fooled. The spring retreat simply set the stage for a second-half rally. Despite lingering fears over the global economy, demand for oil isn't slowing down at all. In fact, it's rising… and oil prices will rise right along with it. Read this report to find out why oil is poised to take off in the next six months… and how you can profit.
China's CNOOC. Ltd. (NYSE ADR: CEO) will step up its long-term deepwater oil exploration plans with a close eye on safety measures in the wake of the BP PLC (NYSE ADR: BP) Gulf oil spill that has halted U.S. deepwater drilling. The state-controlled oil company has exclusive rights to develop China's offshore resources and has […]
If there's one thing U.S. investors need to know about the future, it's this: Oil prices are headed higher – much higher, in fact, and could well double to reach $150 a barrel.
And if that's what the future holds, you may as well go along for the ride…
As the clock on the Gulf oil spill ticks past 60 days, the costs are approaching $22 billion, with no end in sight. Now, there is growing evidence that errors committed by both the U.S. government and BP PLC (NYSE ADR: BP) may have complicated efforts to clean up the mess. The Coast Guard and […]
Sometimes the very smallest part of a complicated piece of equipment can bring down the entire project. The part at issue here, a thin ring of rubberized plastic, costs about $7. Yet it may be responsible for forcing the U.S. to rethink its entire domestic energy strategy. Here's what happened. Clearfield County is a rural […]
The leaders of the three largest U.S. oil companies will testify before Congress today (Tuesday) about the Gulf oil spill's effect on U.S. energy policy, hoping to convince legislators to be cautious about introducing new regulations on the industry.
Chief Executive Officers Rex Tillerson of Exxon Mobile Corp. (NYSE: XOM), John Watson of Chevron Corp. (NYSE: CVX) and James Mulva of ConocoPhillips (NYSE: COP), are scheduled to appear before a House Energy and Commerce Committee panel examining offshore drilling safety and energy policies.
The review comes after a blowout at BP PLC's (NYSE ADR: BP) Deepwater Horizon drilling platform in the Gulf of Mexico caused a massive oil spill.