MIAMI— One of the most prolific oil and gas basins on the planet sits just off Cuba's northwest coast, and the thaw in relations with the United States is giving rise to hopes that Cuba can now get in on the action. As a result, Cuba produces just 55,000 barrels of oil per day. Cuba needs 155,000 barrels per day, and it fills the gap with oil from Venezuela, part of a trade...» Read More
The average retail price for a gallon of gasoline in the United States fell 4.31 cents in the last two weeks, but is not expected to drop much more, according to an industry analyst.
Italian Prime Minister Romano Prodi, arriving in Kazakhstan on Sunday, said specialists were working on potential solutions to a dispute between Kazakh authorities and Italian oil company Eni.
General Electric said Thursday it will close a number of lighting plants in Brazil and the U.S., as part of a plan to restructure its consumer and industrial division, potentially cutting more than 1,400 jobs in the process.
ConocoPhillips Chief Executive James Mulva said on Wednesday he was "encouraged" by talks with Venezuela on reaching a compensation deal over the seizure of the oil company's assets there.
Amid soaring oil prices and ballooning global fuel demand, the Bush Administration is calling on Americans to help conserve energy on a personal level.
Indonesia wants to boost its share of the revenues from a disputed offshore natural gas block held by U.S. oil giant Exxon Mobil, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said late Tuesday.
Kazakhstan softened its rhetoric on Wednesday in a row over production delays with a group of oil companies led by Italy's Eni, saying it hoped to resolve environmental concerns at the offshore oilfield.
General Motors said U.S. sales rose nearly 4% in September, boosted by incentives on its pickup trucks, while Ford Motor and Toyota Motor posted declines.
September auto sales are expected to be weak due to a credit crunch, high gas prices and the troubled housing market, reflecting an overall slowdown for the year but little effect from the brief strike against General Motors, industry analysts say.
Russia's resources ministry asked the new prime minister on Friday to approve its plan to make oil firms spend billions of dollars on cutting the amount of gas wastefully flared off during oil production.
Record high coal prices and tight supply are piling the pressure on electricity generators already hit by soaring oil markets and high gas prices, industry players say.
The world's biggest greenhouse gas polluters -- including the United States and China -- sent envoys to the U.S. State Department Thursday for discussions on climate change and what to do about it.
Kazakh lawmakers passed a bill Wednesday allowing the government to unilaterally break contracts with foreign companies, potentially threatening an Italian-led consortium developing a giant oilfield.
Philips Electronics said on Tuesday it plans to spend 1 billion euros ($1.41 billion) over the next five years to increase sales of environment-friendly products.
Wal-Mart Stores has formed a partnership with the Carbon Disclosure Project to look for ways for its suppliers to better manage their energy efficiency, as part of its environmental push, the company said on Monday.
Oil companies increased oil and natural gas output from the offshore Gulf of Mexico on Saturday, recovering from a tropical depression that dealt the biggest blow to the region's energy production in two years.
Here are notes of interest from the political front. The first one on Newt Gingrich is from a breakfast meeting I attended this week with other journalists. The former Speaker sees a bleak Republican outlook but keeps a potential 2008 candidacy alive.
The European Union will press ahead with plans to include aviation in its emissions trading system despite United States' efforts through a U.N. body to discourage it, a spokeswoman for the EU executive said on Friday.
Oil major BP has complained to Alaska state officials about the description of at least two oil production disruptions posted on an official state website, a BP spokesman said Wednesday night.
Russian Sakhalin-2's first year-round exports of Vityaz crude will be pushed back to next year due to delays in pipeline commissioning, sources said on Wednesday.