MEXICO CITY— A huge blaze twisted and blackened an oil platform in the Gulf of Mexico, but the state-run Pemex oil company said it managed to avert any significant oil spill. At least four workers died and two suffered life-threatening injuries in an explosion that engulfed the platform in flames Wednesday, forcing 300 people to abandon the facility.» Read More
Divers on Sunday began removing fuel from an oil field supply ship that sank in the Cook Inlet five months ago, but the work was soon halted when the inlet's extreme tides started rocking a vessel being used as a staging area.
Although GM and Chrysler’s bankruptcy may be playing into Ford Motor’s strong June numbers, "it’s really our products that are getting the best reviews they’ve ever gotten," said William Ford, executive chairman of Ford Motor in a live interview on CNBC.
The average price of a gallon of gasoline in the United States rose nearly 17 cents over the past two weeks as crude oil prices climbed to about $72 a barrel, according to an industry analyst.
Speculation that Airbus may have to ground its entire fleet of A330 aircraft due to safety fears is completely unfounded and the plane is among the world’s safest, Tom Enders, CEO of Airbus, told CNBC.
With auto sales in the doldrums, the House approved a plan Tuesday to provide vouchers of up to $4,500 for consumers who turn in their gas-guzzling cars and trucks for more fuel-efficient vehicles.
Edward Whitacre, former chairman and CEO of AT&T, will become chairman of General Motors when the company emerges from bankruptcy, said interim Chairman Kent Kresa Tuesday.
A Senate committee has approved opening the eastern Gulf of Mexico to oil and gas drilling within 10 miles (16 kilometers) of the Florida Panhandle and within 45 miles (72 kilometers) of the rest of the state's coastline.
Three Indiana state pension and construction funds want the Supreme Court to block Chrysler's sale to Fiat so they can pursue an appeal in hopes of getting a better deal.
Consumers should feel comfortable buying a General Motors car even as the automaker battles its way out of its stunning bankruptcy, company CEO Frederick "Fritz" Henderson told CNBC in a live interview Tuesday.
Some of the towns most threatened by GM's woes would not exist without the automaker. The company has been part of everyday life by contributing to orchestras, community colleges and ballparks.
Turnaround specialist Albert Koch is in for perhaps his biggest challenge yet as GM's chief restructuring officer. He'll be GM's primary representative while it is in bankruptcy court protection.
General Motors' bankruptcy filing on Monday comes at no surprise, said Bob Doll, BlackRock vice chairman.
AutoNation CEO Mike Jackson says buyers are coming to car showrooms, but the credit isn't there to make the sales.
Spot gasoline is dear. The market is screaming at the refiners to start processing gasoline and sell into the backwardation. Failure to take advantage today and the refiners run the risk of chasing the curve lower as we move out along the x-axis… not to mention they risk of the wrath of media savvy politicians should downstream inaction lead to higher prices at the pump for Americans through this summer and into hurricane season, writes Stephen Schork.
Investment is not economically plausible below $70 a barrel, OPEC’s Secretary General Abdalla El-Badri told CNBC Tuesday, ahead of Thursday's OPEC quarterly meeting in Vienna.
Here's some background on Sonia Sotomayor, who President Barack Obama chose to succeed Justice David Souter on the Supreme Court Tuesday, and her view of business issues: right/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__GOVERNMENT/supreme_court_building.jpg120015000righttruehttp://msnbcmedia.msn.comAP ASCOTUS ROBERTSWASHINGTONDCUSA632638944000000000false1DCMC105Pfalsefalsefalsefalse
OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.
Business leaders from across the world are meeting in Copenhagen this week to discuss tackling climate change. They hope to influence world leaders who will decide in December on a follow up to the Kyoto agreement.
For years, we've heard Detroit and other auto makers lobby against higher fuel economy standards because it would drive up costs and ultimately hurt sales of SUV's and pick-ups- vehicles Americans want.
President Barack Obama wants drivers to go farther on a gallon of gas and cause less damage to the environment—and be willing to pick up the tab.