Oil and Gas

3:48am

Sun January 29, 2012
Europe

In Iran's Oil Gambit, EU Nations Have Much To Lose

The Europeans are in the midst of their most serious economic crisis in 60 years, and now they're hearing it's not just their own fate they have to consider: The whole global economy hangs in the balance.

The International Monetary Fund last week warned that if Europe's problems get any worse, it could push the entire world back into recession.

European Union leaders, meeting in Brussels on Monday, are said to be close to resolving some of their most difficult issues — and they'd better be.

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10:01pm

Tue January 24, 2012
Middle East

Can Sanctions Alone Get Iran To Negotiate?

Originally published on Wed January 25, 2012 8:44 am

Fishing boats are seen in front of oil tankers on the Persian Gulf waters, south of the Strait of Hormuz. The European Union has announced plans to join U.S. efforts to slow the flow of oil from Iran, the world's third largest exporter.
Kamran Jebreili AP

In an effort to bring Iran to the negotiating table over its nuclear program through economic pain, both the U.S. and the European Union have imposed sanctions that should make it harder for Iran to sell its oil. But the global oil business is unpredictable, and sanctions are no guarantee.

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10:01pm

Tue January 24, 2012
Energy

Is The Booming Natural Gas Industry Overproducing?

Originally published on Wed January 25, 2012 10:25 am

Hydraulic fracturing wells have been producing a tremendous amount of natural gas — far more than the current demand. Above, a Cabot Oil & Gas natural gas drill at a fracking site in South Montrose, Pa.
Spencer Platt Getty Images

The practice of hydraulic fracturing — pumping fluid into underground rock to push up natural gas — has its detractors, especially among environmentalists. But it's becoming clear that whatever its drawbacks, "fracking," as it's called, is producing a lot of gas — maybe too much gas.

Fracking was once a small part of the natural gas industry, a technique to get hard-to-reach deposits in underground shale. Then the technology improved, and the dinner bell rang. Everybody wanted in. Now there's so much gas on the market that the price is at a 10-year low.

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2:15pm

Tue January 24, 2012
Energy

Foreign Oil Imports Drop As U.S. Drilling Ramps Up

Originally published on Tue January 24, 2012 4:07 pm

Natural gas is burned off next to an oil well being drilled at a site near Tioga, N.D., in August. U.S. oil production started increasing a few years ago and is predicted to continue to rise, reducing the country's dependence on oil imports.
Karen Bleier AFP/Getty Images

Since President Obama took office, the U.S. has made considerable progress in overcoming a problem that has bedeviled presidents since Richard Nixon — dependence on foreign oil.

When U.S. oil dependence peaked at 60 percent in 2005, then-President George W. Bush said the country had a serious problem and was "addicted to oil."

Oil imports were down to 49 percent in 2010, and the Energy Information Agency predicted Tuesday that imports would drop to 36 percent by 2035.

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4:22pm

Mon January 23, 2012
Europe

EU Squeezes Iran With New Oil Sanctions

The EU has agreed to an embargo on buying oil from Iran in the latest sanction against that country for its nuclear program. Catherine Ashton, the EU foreign policy chief, speaks here in Brussels on Monday following a meeting of EU foreign ministers.
Virginia Mayo AP

The battle over Iran's nuclear program escalated Monday as the European Union announced an embargo on importing oil from Iran.

For years, Europe has been reluctant to join the United States in imposing tough sanctions on Iran. The United States years ago stopped buying Iranian oil, while European nations including France, Spain, Italy, and Greece kept up their purchases. European countries right now buy about 600,000 barrels of oil per day from Iran.

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