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Obama Confident Oil Prices Will Stabilize
By not in system - AOL NewsWASHINGTON -- President Barack Obama said Thursday he's confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize. Obama made the brief comments during a discussion with a new council of business and labor leaders he's appointed to work on economic competitiveness. He said that energy costs are generally a source of uncertainty for businesses. But as for the spike in oil prices, the president said: "We think we'll be able to ride out the situation in Libya and it will stabilize." Oil prices, which had soared 18 percent since Feb. 15, dropped ...
Q&A: How Will the Libyan Crisis (and Its Oil) Affect the US?
By Dana Kennedy - AOL NewsLibya is different. Unlike the toppling of dictators in Tunisia and Egypt and the unrest roiling Bahrain and Iran, the violence gripping Libya, the 18th largest oil producer in the world, may have a more immediate impact on the American pocketbook. That became clear early Wednesday when the Financial Times reported that half of Libya's oil industry had shut down, causing oil prices to surge to $100 a barrel on fears that the turmoil could spread to other major oil producers like Saudi Arabia and Algeria. A defiant Col. Moammar Gadhafi also threatened to blow up energy pipelines, Time ...
Under the Northern Lights -- How Norway Sets Example for Oil Drilling
By Bob Reiss - Politics DailyHAMMERFEST, Norway -- The Northern Lights appeared in the night sky as the Dash 103 turboprop banked toward Hammerfest's snow-dusted airport last week. The glow didn't come from Aurora Borealis -- the famed celestial display -- but from flames venting from two stacks dominating a brightly lighted industrial complex below. It processes natural gas from the "Snow White" undersea reservoir more than 300 miles north of the Arctic Circle. Many Americans think of hot places like Iraq when envisioning oil or natural gas being pumped from the ground. Well, change that desert scene in your head to ...
Shell Oil's Gamble: Will It Be Able to Drill in the Beaufort Sea?
By Bob Reiss - Politics DailyIt's called a "controlled crash landing." The twin-engine Saab turboprop plane chartered by Shell Oil circled warily above the volcanic peaks of the Aleutian Islands Dutch Harbor last week. It dived through a tiny opening in the clouds and the wheels smacked down amid driving snow. Inside sat about two dozen Alaskan Eskimos and a handful of Shell oil executives. At stake on the trip may be America's next big oil find. Shell wants to drill at least one exploratory oil well north of Alaska in the Beaufort Sea in 2011. The company insists it can do it safely. Members of the Inupiat and Yupik ...
Obama Bans New East Coast Offshore Drilling: 3 Possible Reasons
By Steven Hoffer - AOL News(Dec. 1) -- Don't drill, baby, don't drill. Reversing its pre-BP oil spill disaster position, the Obama administration announced today that it will not engage in offshore drilling on the East Coast of the U.S. and the eastern Gulf of Mexico region, according to The Associated Press. The original policy, announced three weeks before the gulf oil spill, would have permitted authorized drilling from the Delaware coast to waters near central Florida, as well as in northern Alaska. The new policy, however, does maintain the possibility for drilling near Alaska. "Our revised strategy lays out a ...
Opinion: How California Dreamin' Became a Nightmare
By not in system - AOL News(Aug. 10) -- For most of its history, California served as a beacon for millions of Americans looking for a better place to live. The state enacted sensible policies that created one of the wealthiest and most innovative economies in human history. California fostered a huge middle class that, for the most part, owned their homes, sent their kids to public schools and found meaningful work connected to the state's amazingly diverse, innovative economy. Recently, though, the dream has been evaporating. David McNew, Getty Images People stand in line for a monthly food handout in El Centro, ...
BP Oil Spill: America Responds
By Robert and Donna Trussell - Politics Daily...
Gulf Oil Spill: Flow May Be 14 Times Greater Than First Thought
By David Sessions - Politics DailyThe government initially estimated that 5,000 barrels of oil per day are pouring into the Gulf of Mexico from the BP well that exploded April 20. That number came -- hastily -- from government scientists in Seattle, and quickly filtered through the media. Now, independent teams of analysts are using other technologies to calculate the size of the spill, and concluding that the government estimate is way off. In an analysis for NPR, Steven Wereley of Purdue University used particle image velocimetry, a scanning technology used to determine volume and movement of fluid. Wereley analyzed a video ...
Nigeria on Edge as Ailing President Stays Abroad
By Theunis Bates - AOL NewsLONDON (Jan. 12) – Nigeria has been in leaderless limbo since its president headed to what turned out to be Saudi Arabia for emergency medical treatment seven weeks ago. That long absence – during which President Umaru Yar'Adua was neither seen nor heard – led some Nigerians to suspect their head of state was dead or in a coma, and many to fear that their country could be thrown into chaos by the vacuum at the heart of government. In an attempt to quash these rumors, Yar'Adua gave a phone interview to the BBC on Tuesday and claimed he was quickly recovering from a heart ...
Iraq Inks Deals With Cautious Oil Majors
By Joseph Schuman - AOL News(Dec. 11) -- Is Iraqi oil ready to flow again? Two deals struck Friday with foreign energy companies to develop fields in Iraq demonstrate a renewed eagerness to exploit the country's vast petroleum reserves. But they also show the hurdles still hindering Baghdad's bid to again become a major oil producer. Oil has been the main source of hope for Iraq's economic future to a succession of Iraqi leaders and their U.S. counterparts since the Bush administration ousted Saddam Hussein more than six years ago. But sanctions against the Hussein regime, along with the war itself and widespread ...
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