OPEC and allies agree to gradually boost crude oil output

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic. The group is […]

Texas crisis has governor facing big backer: energy industry

AUSTIN, Texas (AP) — As frozen Texas reels under one of the worst electricity outages in U.S. history, Republican Gov. Greg Abbott has blamed grid operators and iced-over wind turbines but gone easier on another culprit: an oil and gas industry that is the state’s dominant business and his biggest political contributor. And as the […]

Biden stages broad attack on energy industry: ‘We can’t wait any longer’ to address climate crisis

The Golden Hammer Staff Reports and Associated Press Washington, D.C., January 28 – In one of the most sweeping attacks on the United States energy industry in history, President Joe Biden signed executive orders Wednesday to transform the nation’s heavily fossil-fuel powered economy into a clean-burning one, pausing oil and gas leasing on federal land […]

President Trump intensifies fracking assault on Biden in Pennsylvania

HARRISBURG, Pa. (AP) — In a late gambit to win the battleground state of Pennsylvania, President Donald Trump and his GOP allies have intensified attacks on Joe Biden over fracking, hoping to drive a wedge between the former vice president and the white, working-class voters tied to the state’s booming natural gas industry. That assault […]

US approves oil, gas leasing plan for Alaska wildlife refuge

ANCHORAGE, Alaska (AP) — The Trump administration gave final approval Monday for a contentious oil and gas leasing plan on the coastal plain of Alaska’s Arctic National Wildlife Refuge, where critics worry about the industry’s impact on polar bears, caribou and other wildlife. The next step, barring lawsuits, will be the actual sale of leases. […]

Stocks rebound on Wall Street, S&P 500 trades above record

New York (AP), August 13 – The S&P 500 briefly traded above its record closing high Wednesday, nearly erasing the last of the historic losses it took due to the coronavirus pandemic. The index ended up with a gain of 1.4%, just shy of its all-time high. Big technology stocks once again led way. At […]

S&P 500, other financial markets up on strong trading

NEW YORK (AP) — Wall Street’s big rally keeps rolling, and the S&P 500 rose for a fourth straight day Wednesday to sit just 1.7% below its record. The S&P 500 climbed 21.26 points, or 0.6%, to 3,327.77, echoing gains for stocks across Europe and Asia. If the U.S. market has just a few more […]

OPEC, oil nations agree to nearly 10M barrel cut amid virus

DUBAI, United Arab Emirates (AP) — OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico […]

Chaos and scrambling in the US oil patch as prices plummet

NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state’s savings as oil revenue dries up. […]

Oil plunges 25% as another virus-fueled trading week begins

NEW YORK (AP) — Oil prices are plunging amid concern a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude. Brent crude, the international standard, lost $11.44, or 25.3%, to $33.83 per barrel in electronic trading in London. Benchmark U.S. crude fell $10.77, or 26.1%, […]