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
Airlines must "change the rules" in order to survive high oil prices and the other challenges the industry faces, said Doug Parker, chairman and CEO of US Airways Group.
Tropical Storm Edouard strengthened late on Monday as it churned across the Gulf of Mexico and will likely hit the Texas coast with near-hurricane strength, U.S. forecasters said.
Delinquent U.S. commercial real estate loans rose in June, as property owners struggled with falling prices and tight credit conditions, according to a report from Moody's Investors Service released Monday.
Natural gas has many virutes, but recent proposals to encourage demand could boost prices for consumers and petroleum-dependent industries.
Tropical Storm Edouard forced shut a huge U.S. offshore oil port, a refinery, some oil production and disrupted shipping as the storm raced toward the Texas-Louisiana coast on Monday.
The U.S. said the U.N. Security Council will have to increase sanctions against Iran for ignoring demands that it freeze sensitive nuclear activities.
Automakers are expected to report on Friday that U.S. auto sales fell for a ninth consecutive month in July, as the industry hits its worst showing in 15 years.
General Motors is in talks with Indian automaker Mahindra & Mahindra to sell its iconic Hummer brand, sources familiar with the matter said.
Beijing has vowed the Olympic Games will take place under blue skies, not the murky "sauna" haze that has shrouded the city recently, but even on apparently clear days pollution levels may not be safe for athletes.
Beijing is ready to expand an already drastic pollution-cutting scheme by taking more cars off the roads and shutting more factories if air quality remains a problem during the Olympic Games, state media said on Monday.
Hurricane Dolly left more than 27,000 electric customers without power in South Texas by midmorning Wednesday as bands of heavy wind and rain came ashore near Brownsville, just north of the U.S.-Mexico border.
Protests against China's policies at home and abroad, as well as marketing techniques used by companies that are not official Olympic sponsors, have made the Beijing games a risky proposition for some sponsors.
"This is a challenging time for families across our nation," Bush said Saturday in his weekly radio address. "I know many families are worried about rising prices at the pump and declining home values."
One of Beijing's most important subway lines seized up on Monday when the mass of passengers forced workers to close off entrances for safety on the first working day of pre-Olympic traffic restrictions.
Some experts believe there will be a "renaissance" in nuclear power-plant construction in the next few years. So the need for uranium, the main fuel in such plants, is expected to grow sharply.
Delta Air Lines and AMR both swung to a hefty losses, but their shares took off as the results beat diminished forecasts.
Crude prices may have made or be close to making their highs, a technical report by PVM oil associates said Wednesday.
A massive algae bloom that threatened the Olympic Games sailing venue at the Chinese coastal resort of Qingdao has now almost been cleared, state media reported on Wednesday.
Australia, the world's biggest per head polluter, unveiled plans on Wednesday to rein-in greenhouse gas emissions, but said it would shield some companies and motorists from a carbon emissions trading scheme expected to drive up inflation.
Congress should follow President Bush’s lead in opening up the outer continental shelf to oil and gas exploration and seek other non-partisan solutions to fulfill the nation’s glowingly urgent energy needs, says John Hoffmeister. the former head of Shell Oil's US operations.