Tag: Oil (Petroleum) and Gasoline

Should Oil Money Fund the Arts? Leading British Artists Say No

LONDON — Accepting money from arms companies has long been unthinkable for most arts organizations in Europe. This year, taking money from the Sackler family, which has been linked to the opioid crisis, became taboo for many of them, too. Now, artists and activists say oil and gas money should be added to that list. […]

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Israel’s Energy Dilemma: More Natural Gas Than It Can Use or Export

TEL AVIV — For decades, Israel was an energy-starved country surrounded by hostile, oil-rich neighbors. Now it has a different problem. Thanks to major offshore discoveries over the last decade, it has more natural gas than it can use or readily export. Having plenty of gas is hardly a burden, and it offers a cleaner-burning […]

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Gibraltar Detains Syria-Bound Tanker Thought to Be Carrying Iranian Oil

LONDON — The authorities in Gibraltar on Thursday detained a supertanker that they said was carrying crude oil to Syria, in violation of European Union sanctions against Syria. Shipping experts said that the tanker, the Grace 1, appeared to be carrying Iranian cargo, in an apparent attempt to circumvent United States sanctions imposed by President […]

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To Evade Sanctions on Iran, Ships Vanish in Plain Sight

A week ago, a small tanker ship approached the Persian Gulf after a 19-day voyage from China. The captain, as required by international rules, reported the ship’s position, course, speed and another key detail: It was riding high in the water, meaning it was probably empty. Then the Chinese-owned ship, the Sino Energy 1, went […]

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OPEC to Keep Propping Up Oil Prices by Extending Production Cuts Into ’20

VIENNA — OPEC nations on Monday agreed to continue their production cuts until early next year, papering over their differences in order to continue an effort that analysts say is propping up prices while demand for oil is weakening. The cuts, by the Organization of the Petroleum Exporting Countries, equal about 1.2 million barrels a […]

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U.S. Oil Companies Find Energy Independence Isn’t So Profitable

HOUSTON — For decades, elected leaders and corporate executives have chased a dream of independence from unstable or unfriendly foreign oil producers. Mission accomplished: Oil companies are producing record amounts of crude oil and natural gas in the United States and have become major exporters. Yet the companies themselves are finding little to love about […]

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OPEC and Russia Seek to Support the Price of Oil

The Organization of the Petroleum Exporting Countries doesn’t stir as much fear in oil markets it once did, but it still has the power the shake up oil prices. On Monday, officials from OPEC and other oil producers including Russia will begin two days of meetings in Vienna. The producers are all but certain to […]

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Philadelphia Wakes Up to Huge Fire After Oil Refinery Explosion

An orange fireball filled the sky in Philadelphia early Friday after an explosion at an oil refinery in the southwest part of the city. From Pennsylvania to New Jersey, there were reports of homes shaking, as people awoke to a smoke-filled sky and orders to shelter in place. No significant injuries were reported, according to […]

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Trudeau’s Government Approves Expansion of Divisive Trans Mountain Pipeline

OTTAWA — Prime Minister Justin Trudeau’s government on Tuesday approved a pipeline project that has set Canadian provinces against each other, opened rifts among its Indigenous communities and prompted major protests. The project, a 9.3 billion Canadian dollar plan to expand the Trans Mountain pipeline, will link Alberta’s oil sands to a port near Vancouver, […]

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Iran and the U.S. Are on a Collision Course

What can be said with certainty about the explosions that rocked two oil tankers in the Gulf of Oman on Thursday is that attacks on civilian targets are reprehensible. Iran’s Islamic Revolutionary Guard Corps is a likely culprit, and a video taken by a United States Navy surveillance plane demands an explanation. It shows what […]

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Why Tanker Blasts in the Gulf of Oman Have Put the World on Edge

Mysterious explosions that crippled two commercial tankers in the Gulf of Oman on Thursday have set off a spike in oil prices, threats from President Trump and calls for calm from the secretary general of the United Nations. Even though both vessels were evacuated without serious injury, the incident raised immediate alarms about a potential […]

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Tanker Attacks Are Threatening the World’s Most Important Oil Route

The Strait of Hormuz, sometimes described as the world’s most important oil choke point, is a gateway for almost a third of all crude oil and other petroleum products carried by tanker. But it is also an increasingly dangerous place because of recent attacks on tankers, raising fears that the route is vulnerable to assaults […]

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Pompeo Says Intelligence Points to Iran in Tanker Attack in Gulf of Oman

WASHINGTON — Secretary of State Mike Pompeo said Thursday that intelligence reviewed by American officials showed that Iran was responsible for attacks on two oil tankers in the Gulf of Oman, a critical waterway for the transit of much of the world’s petroleum. Mr. Pompeo did not present any evidence of Iran’s involvement when announcing […]

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Saudi Oil Infrastructure at Risk as Small Attacks Raise Potential for Big Disruption

Updated June 13, 2019: On Thursday, two oil tankers were attacked in the Gulf of Oman, raising fears of wider conflict. Across the Arabian peninsula, thousands of miles of pipes run above and below the desert in one of the world’s most sophisticated production lines for pumping oil from the ground and distributing it around […]

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Another Sign of Economic Worry: Tumbling Oil Prices

A couple of months ago, the bulls ran the oil markets. Now the bears have taken over. Always volatile, oil prices have tumbled more than 20 percent since late April because of growing fears that demand is weaker than expected as the global economy slows. Investors are also worried that President Trump’s trade war with […]

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As Trade War Spreads to Mexico, Companies Lose a Safe Harbor

When trade tensions with China flared last year, many companies sought refuge in a country with a long, stable relationship with the United States: Mexico. Now, that alternative for production and materials may also be in jeopardy with President Trump’s threat to impose escalating tariffs on imports from Mexico, aimed at forcing action on illegal […]

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Mexico Charges Former Oil Official With Bribery in Anticorruption Drive

MEXICO CITY — The administration of President Andrés Manuel López Obrador of Mexico has launched its first major anticorruption prosecution, delivering on a central campaign promise by taking aim at corruption inside the ailing state-owned oil company. Bribery and tax fraud charges have been filed against Emilio Lozoya Austin, the former head of the state-run […]

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