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  • HOUSTON, Jan 27- Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its...

  • Prison operator The Geo Group will spend $312 million in cash to buy eight correctional and detention locations from the privately held LCS Corrections Services. The deal price could rise to around $350 million, if the locations meet some performance targets, Geo Group said Monday. Geo Group said the deal will immediately increase its revenues by about $75...

  • U.S. Supreme Court rejects BP executive's appeal Monday, 26 Jan 2015 | 9:41 AM ET

    WASHINGTON, Jan 26- The U.S. Supreme Court on Monday declined to hear an appeal by a former BP Plc executive who contested whether he can be charged with obstruction of Congress for downplaying the severity of the 2010 Gulf of Mexico oil spill. Prosecutors say David Rainey misled members of Congress over the amount of oil spilled in the April 2010 Deepwater...

  • "They were very prepared," said Frank Paskewich, a retired Coast Guard captain and president of Clean Gulf Associates Inc., an oil spill response cooperative. And Justice Department attorney Brandon Robers noted that his cooperative is funded by oil companies and led in part by BP. BP PLC's overall market value is $122 billion, but its lawyers have said that paying...

  • The threats against Delta Air Lines flight 1156, coming from Portland, Oregon, and Southwest Airlines flight 2492, from Milwaukee, were deemed credible, said airport spokesman Reese McCranie. No bomb was found aboard the Delta flight while the Southwest flight was still being searched by explosives units, Federal Bureau of Investigation spokesman Special...

  • KANSAS CITY, Mo.— Twenty-eight oil companies and retailers have agreed to settle litigation claiming customers were knowingly overcharged when gas station fuel temperatures rose, plaintiffs announced Friday. Federal officials earlier consolidated about 50 lawsuits filed since 2006 from consumers across the country in the U.S. District Court in Kansas...

  • "It is unclear at this point whether or not this move up in the trend reflects issues seasonally adjusting the data around the holidays or if it represents a more meaningful deterioration in the labor market," said Daniel Silver, an economist at JP Morgan in New York. State-level data for the week ending Jan. 10 showed an increase in claims in the oil-producing...

  • The Brookings Institution and JPMorgan Chase ranked 300 major cities worldwide for economic performance last year.

  • WASHINGTON, Jan 21- Most U.S. states expect to hit their revenue targets this fiscal year, but at least six states say they could fall short, the National Conference of State Legislatures said on Wednesday. Alaska, Arizona, Kentucky, Massachusetts, Michigan, and Vermont all expect to miss their revenue forecasts, according to the report. New Mexico and Indiana are...

  • NEW YORK— Except for CBS, the broadcast networks mostly closed up shop last week. At least, that's the suggestion from Nielsen, which says the average prime-time audience for CBS matched the total viewership for ABC, Fox and NBC. Meanwhile, CBS logged a dozen of the week's Top 20 shows and Fox scored three, effectively shutting out ABC and NBC.

  • Past, future effects of oil argued in BP penalty trial Wednesday, 21 Jan 2015 | 10:33 AM ET

    NEW ORLEANS— Environmental researchers and BP attorneys sparred Wednesday over the potential effects of the 2010 Gulf oil spill in a trial aimed at determining whether the oil giant should be made to pay some $13.7 billion in Clean Water Act penalties. Stanley Rice, a retired National Oceanic and Atmospheric Administration toxicology expert, was critical of...

  • NEW ORLEANS— Images of oil-coated birds and testimony about "widespread sociocultural harm" opened the third phase of a trial to establish penalties BP must pay under the federal Clean Water Act for spilling millions of barrels of crude into the Gulf of Mexico in 2010.. The pollution caused by the Deepwater Horizon explosion not only killed wildlife, but...

  • US regulators close small Florida bank Friday, 16 Jan 2015 | 6:53 PM ET

    The Federal Deposit Insurance Corp. said Friday that it has taken over First National Bank of Crestview, in Crestview, Florida. First NBC Bank, based in New Orleans, agreed to assume all of First National Bank of Crestview's deposits and to buy about $62 million of the failed bank's assets. The failure of First National Bank of Crestview is expected to cost the...

  • US rig count plunges by 74 to 1,676 Friday, 16 Jan 2015 | 2:02 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. tumbled by 74 this week to 1,676.. Of the major oil- and gas-producing states, Texas' count dove by 44, North Dakota dropped six, Oklahoma fell five, California and Wyoming each lost four and New Mexico declined by three. Arkansas, Kansas and West...

  • HOUSTON/ LONDON, Jan 16- BP Plc will face a maximum fine of $13.7 billion under the Clean Water Act for its Gulf of Mexico oil spill, several billion dollars less than feared, after a judge ruled that it was smaller than the U.S. government claimed. BP's stock rose 2.4 percent in London by 0920 GMT on Friday, outperforming the broader energy index, as investors worried...

  • HOUSTON, Jan 15- BP Plc will face a maximum fine of $13.7 billion under the Clean Water Act for its Gulf of Mexico oil spill, several billion less than feared, after a judge found on Thursday the size of the spill was smaller than the U.S. government claimed. The ruling by federal magistrate Carl Barbier put the size of the worst offshore spill in U.S. history in 2010 at...

  • According to the survey, released Thursday by four regional Federal Reserve Banks, 52 percent of businesses with revenue under $250,000 a year said they were rejected for a loan during the first half of 2014. Half of businesses with revenue between $250,000 and $1 million also couldn't get a loan. Loans were approved for 80 percent of businesses that made $10...

  • Appeals court: Quarter horse group may reject clones Wednesday, 14 Jan 2015 | 7:54 PM ET

    AMARILLO, Texas— The United States' pre-eminent quarter horse organization may refuse to register cloned animals, an appeals court ruled Wednesday in a case brought by two Texas ranchers. In a 20- page opinion, a three-judge panel of the 5th U.S. Circuit Court of Appeals in New Orleans ruled that the ranchers failed to prove their antitrust case against the...

  • WASHINGTON, Jan 14- A plunge in energy prices is hitting America's oil and gas producers, leading some firms to lay off workers while others struggle to get loans, the Federal Reserve said on Wednesday. The Fed's monthly Beige Book report on business activity had some evidence of this economic boost, with firms telling the Fed that lower gasoline prices helped...

  • LONDON, Jan 13- How low must oil prices fall before production starts to level off and even decline to rebalance the market? Shut-in prices are as low as $15 per barrel in North Dakota's Bakken, according to North Dakota's Department of Mineral Resources. For example, across the United States there are around 400,000 stripper wells each producing less than 10...