Oil

Pipeline
6:38 pm
Mon November 17, 2014

What You Need To Know About The Keystone XL Oil Pipeline

Pipes for TransCanada's planned Keystone XL pipeline are stored in Gascoyne, N.D. The U.S. House has voted to approve the proposed project, which would allow crude oil to flow from Canada to the Gulf of Mexico. The Senate plans to vote Tuesday on legislation that would greenlight the project.
Andrew Cullen Reuters/Landov

Originally published on Tue November 18, 2014 7:36 pm

Update at 7:35 p.m. ET: The Senate voted against completing the Keystone pipeline.

The remaining portion of the Keystone pipeline project, if completed, will be fewer than 1,200 miles long — just a fraction of the existing 2.6 million miles of oil and gas pipelines running beneath our feet in the United States.

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Venezuela
4:49 pm
Thu October 23, 2014

How Bad Are Things In Venezuela? It's Rationing Food – And Importing Oil

Oil installation in Puerto la Cruz, Venezuela
Credit Flickr

Venezuela’s economic woes just won’t quit. Its currency recently hit an all-time low with black market traders. Now the South American country has to ration food – and, believe it or not, import oil.

Venezuela has the world’s largest oil reserves. But it produces mostly thick, heavy crude that has to be mixed with lighter oil to make it usable. Problem is, Venezuela’s seriously mismanaged state-run oil industry isn’t pumping enough light crude. So this weekend the country will receive its first ever shipment of foreign oil: two million barrels from Algeria.

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Americas
5:19 pm
Mon November 18, 2013

How Venezuela Won Miss Universe – And Lost Its Relevance

Miss Unvierse 2013, Venezuela's Gabriela Isler
Credit Wikipedia.org

What do Miss Universe and Miami Herald South America correspondent Jim Wyss have in common? Not a heck of a lot physically. But quite a bit symbolically: Left-wing Venezuelan President Nicolás Maduro would have liked to use both of them recently to distract voters from his so-far disastrous administration.

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Energy
5:20 pm
Wed October 16, 2013

The 1973 Arab Oil Embargo: The Old Rules No Longer Apply

On Dec. 23, 1973, cars formed a double line at a gas station in New York City. The Arab oil embargo caused gas shortages nationwide and shaped U.S. foreign policy to this day.
Marty Lederhandler AP

Originally published on Sun October 20, 2013 8:31 am

Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.

Arab oil producers cut off exports to the U.S. to protest American military support for Israel in its 1973 war with Egypt and Syria. This brought soaring gas prices and long lines at filling stations, and it contributed to a major economic downturn in the U.S.

The embargo made the U.S. feel heavily dependent on Middle Eastern oil, which in turn led the U.S. to focus on instability in that region, which has since included multiple wars and other U.S. military interventions.

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Environment
8:00 am
Tue October 8, 2013

Phase 2 Of BP Trial Focuses On Amount Of Spilled Oil

The Deepwater Horizon oil rig is seen burning in the Gulf of Mexico in April 2010. A second phase of the BP trial, which started this week, looks at just how much oil spilled into the Gulf.
Gerald Herbert AP

Originally published on Tue October 8, 2013 12:48 pm

In a New Orleans courtroom this week, BP and the federal government are arguing over how much oil gushed into the Gulf of Mexico after the Deepwater Horizon explosion in 2010.

Oil flowed from the out-of-control well for nearly three months. Just how much oil spilled will be key in determining the amount BP will have to pay in federal fines and penalties.

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Venezuelan Election
9:45 am
Thu April 11, 2013

Venezuela's Next Leader Faces Tough Choice On Oil Program

Venezuela's acting president, Nicolas Maduro, fist-bumps a worker of the state-run oil company, Petroleos de Venezuela, S.A., last month. Maduro faces opposition candidate Henrique Capriles in Sunday's presidential election. Whoever wins will have to tackle the legacy of Chavez's oil programs.
Miraflores Presidential Press Office AP

Originally published on Thu April 11, 2013 10:59 am

As Venezuela's president, Hugo Chavez thought in grandiose terms, and his country's vast oil riches enabled him to act on his vision. But Chavez died before he had to deal with the flaws in his model, and some hard choices await his successor.

Key to Chavez's notion of "21st Century Socialism" was the redistribution of Venezuela's oil earnings. The country's oil reserves — estimated by the Organization of Petroleum Exporting Countries to be the largest in the world — are worth tens of billions of dollars a year in potential revenue.

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Developing
12:38 pm
Fri November 16, 2012

Another Oil Rig Fire In The Gulf

Another oil rig in the Gulf has problems. Four people are sent to the hospital and 2 are presumed missing.
Credit SkyTruth /Flickr

Two years after the Deepwater Horizon oil spill in the Gulf of Mexico, another oil rig has caught fire in the Gulf just off the Louisiana shore today.

According to the Associated Press,

Coast Guard officials say an oil rig has exploded off the coast of Louisiana, sending four people to hospitals. Two are believed to be missing.

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