MINNEAPOLIS— Minnesota Pipe Line Co. announced plans Thursday to nearly double the capacity of a crude oil pipeline that carries oil from Canada and North Dakota to the two refineries in the Twin Cities that produce most of Minnesota's and much of Wisconsin's transportation fuels.» Read More
Tom Bergin, Author of Spills and Spin, tells CNBC that the BP pay-out to the US government is the worst case scenario according to what analysts had previously envisaged.
Crude oil had its worst day in three months, with John Kilduff, Again Capital, and :Nan Hayworth, (R) Fmr. New York Representative.
Johannes Benigni, managing director at JBC Energy, explains why the US retail gas prices climb while the NYMEX crude oil is down, saying the underlying international market price is the Brent.
Best Buy was upgraded at Barclays and Stifel Nicolaus, with the FMHR traders; and a closer look at an opportunity in refining stocks.
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BP said the U.S. Department of Justice has backed its claim that oil it recovered at the 2010 spill site should be excluded from certain penalties it could face, potentially cutting its final fine by as much as $3.5 billion.
Canada remains cautiously optimistic that Washington will approve the Keystone XL oil pipeline even though President Barack Obama made no mention of it in his State of the Union speech.
Christophe De Margerie, CEO of Total, sees oil prices staying around $100-110 per barrel in 2013.
The storm pounding the Northeast is pushing fuel prices higher, hitting consumers with a one-two punch that may send some of over the financial brink.
Gas prices are at their highest level on record for the month of February, with CNBC's Sharon Epperson.
Guy Wolf, global head of market analytics at Marex Spectron, tells CNBC that the demand environment generally for gas is on the wane.
Iran's crude exports to its biggest customer, Asia, fell by a quarter in 2012 and shipments this year are expected to drop by at least 12 percent under U.S. sanctions pressure, but ample alternative supplies will keep refiners flush with oil.
Rio Tinto's Sam Walsh faces his first difficult decision as chief executive -- whether to shut the 1,400-staff Gove alumina refinery in Australia -- as under-performing units come under tougher scrutiny following $14 billion in writedowns this month.
Majid Jafar, CEO of Crescent Petroleum, tells CNBC that a general sense of instability post the Arab Spring has already been factored in to the oil price but there has been no direct impact from the Algerian hostage attack.
It has been a harrowing start to 2013 for the global energy industry. BP, Statoil and the joint operators of the In Amenas natural gas plant in Algeria are slowly coming to terms with last week's brutal 4-day occupation of the isolated desert facility where 38 mainly foreign hostages were killed by Islamist militants.
U.S. crude futures may test $100 a barrel this week - possibly breaching triple digits - after an attack against a gas facility in OPEC member Algeria on Wednesday escalated into an international hostage crisis, leading to renewed fears that supply may be disrupted in other politically-unstable parts of North and West Africa.
Twenty-five foreign hostages escaped and six were killed on Thursday when Algerian forces launched an operation to free them at a remote desert gas plant, Algerian sources said, as one of the biggest international hostage crises in decades unfolded.
Christof Ruhl, chief economist at BP, forecast strong growth in alternative energy sources like oil sands and bio fuel.
Three IPOs this week are MLPs - part of a long string of MLPs that have gone public recently.
Oil overcame early selling pressure, inching above $110 a barrel on Thursday, as investors reacted to mixed U.S. economic data and the ongoing stalemate on U.S. budget talks.