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Engineer Arrested in BP Oil Spill Case

Posted April 24th, 2012 at 3:25 pm (UTC-5)
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The U.S. Justice Department says a former engineer for the oil giant BP has been arrested on charges of intentionally destroying evidence related to the 2010 oil rig explosion and massive spill in the Gulf of Mexico that killed 11 workers. Authorities said in a statement that 50-year-old Kurt Mix from Texas was arrested Tuesday […]

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World Bank President Calls Oil Company Nationalization “Mistake”

Posted April 19th, 2012 at 12:35 pm (UTC-5)
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The President of the World Bank, Robert Zoellick, criticized Argentina’s plans to nationalize its largest oil company. Robert Zoellick spoke Thursday in Washington at a news conference. He cautioned policymakers against moves based on populism and protectionism that could hurt the economy. The Argentine government announced plans earlier this week to take over YPF, an […]

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World Bank President Calls Oil Company Nationalization “Mistake”

Posted April 19th, 2012 at 12:10 pm (UTC-5)
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The President of the World Bank, Robert Zoellick, says Argentina’s plans to nationalize its largest oil company are “a mistake.” Robert Zoellick spoke Thursday in Washington at a news conference. He cautioned policymakers against moves based on populism and protectionism that could hurt the economy. The Argentine government announced plans earlier this week to take […]

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Obama Calls for ‘Crackdown’ on Oil Market Trading

Posted April 17th, 2012 at 1:25 pm (UTC-5)
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With American motorists facing high gas prices, U.S. President Barack Obama is calling for a government “crackdown” on manipulation of oil markets. Mr. Obama asked Congress Tuesday to approve a $52-million plan to expand the government’s regulation of oil trading and stiffen penalties against market manipulation. “We can’t afford a situation where speculators artificially manipulate […]

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Obama Calling for ‘Crackdown’ on Oil Market Trading

Posted April 17th, 2012 at 10:25 am (UTC-5)
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With American motorists facing high gas prices, U.S. President Barack Obama is set to call for a government “crackdown” on manipulation of oil markets. Mr. Obama is planning to ask Congress Tuesday to approve a $52 million request to regulate oil trading. The White House said it is “critically important” to make sure that “illegal […]

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Iraqi Kurdistan Halts Oil Exports, Defies Baghdad

Posted April 1st, 2012 at 6:05 pm (UTC-5)
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Iraq’s autonomous Kurdish region has halted oil exports, accusing the central government in Baghdad of failing to pay the oil companies working in the oil-rich area. Kurdistan’s Ministry of Natural Resources said Sunday that “there have been no payments for 10 months.” But officials in Baghdad have said more than $500 million have been approved […]

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Obama Approves Iranian Oil Sanctions

Posted March 30th, 2012 at 4:15 pm (UTC-5)
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U.S. President Barack Obama is moving ahead with sanctions against Iran’s vital oil exports, deciding there is enough crude on the world market so that U.S. allies won’t be hurt if they curtail their purchase of Tehran’s oil. Mr. Obama’s decision Friday will allow the U.S. — starting in late June — to impose sanctions […]

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France Considering Release of Oil Reserves

Posted March 28th, 2012 at 3:00 pm (UTC-5)
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France says it is ready to release some of its strategic oil reserves, possibly in a joint effort with the United States and Britain to curb the increase in crude oil prices and cut the cost of gasoline that motorists pay. French Energy Minister Eric Besson said Wednesday that the U.S. had asked it to […]

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President: Kenya Strikes Oil For First Time

Posted March 26th, 2012 at 11:30 am (UTC-5)
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Kenyan President Mwai Kibaki says oil has been discovered in his country for the first time, but he cautions it will take years to begin production. President Kibaki announced Monday the oil was discovered in the northwestern Turkana region over the weekend. He called the find a “major breakthrough in oil exploration” and added it […]

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China: High Oil Prices Could Cause Social Unrest

Posted March 21st, 2012 at 7:35 am (UTC-5)
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China is warning that rising domestic oil prices could threaten social stability, after Beijing raised the price of retail gasoline for the second time in two months. The government said earlier this week that it was raising gas prices by 6.5 percent and diesel by 7 percent — the biggest price hike in China in […]

Tags: , , , , Posted in East Asia Pacific