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Reality about oil imports, exports might surprise you

Oil imports to the United States steadily decreased from 2005 through 2011, with U.S. exports steadily increasing by lots more. Current-trend projections show the U.S. will be a net oil exporter by around 2017. Incredible. That has to be a shock for those who chant “Drill, Baby, Drill” and “Drill Here, Drill Now,” thinking more… Continue Reading Reality about oil imports, exports might surprise you

Colorado Springs politicians and business leaders are hoping to capitalize on the increasing global thirst for oil and gas, opening the way to many new local jobs. Continue Reading Drilling for jobs: Oil and gas industry will yield employment

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  The price of oil has dipped below $80 a barrel for the first time since October.   Benchmark U.S. crude, which has been tumbling since May, hit a low of $79.25 per barrel in morning trading on the New York Mercantile Exchange. That’s the lowest level since Oct. 6. It rose slightly, to $79.53… Continue Reading Oil price drops below $80 for 1st time since October

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  The price of oil dipped below $93 a barrel on Thursday, extending a sharp two-week sell-off, as traders monitored Europe’s debt crisis and its potential impact on global growth.   Benchmark oil for June delivery rose 8 cents to $92.89 a barrel in midday trading on the New York Mercantile Exchange. The contract hit… Continue Reading Oil trades below $93 on euro crisis concern

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The price of oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and some signs of a slowing world economy. Benchmark West Texas Intermediate crude fell as low as $97.83 Friday morning before edging back to $98.21 per barrel in New York. Crude prices are down… Continue Reading Oil drops below $100 first time since February

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Oil drops on Saudi supply promise

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The price of oil is falling after Saudi Arabia promised to keep markets well-stocked with petroleum. The world’s biggest oil producer made the announcement Tuesday in reaction to fears that a standoff over Iran’s nuclear program could hurt oil supplies from the Middle East. The Saudis say they’re ready to meet any shortfalls — perceived… Continue Reading Oil drops on Saudi supply promise

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Oil slides below $105

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Crude oil prices fell below $105 a barrel Tuesday on concerns about global economic growth and the prolonged tensions over Iran’s nuclear program. Benchmark oil for April delivery was down $1.87, or 1.7 percent, to $104.85 a barrel in early afternoon trading on the New York Mercantile Exchange. In London, Brent crude fell $1.49 to… Continue Reading Oil slides below $105

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Colo. investors settle oil lawsuit

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More than a dozen investors who put up between $4 million and $5 million have settled a lawsuit with a bankrupt company in southern Kentucky over accusations that the oil drilling business they invested in scammed them with big promises and no results. Whether the investors ever see any money is not clear. U.S. Bankruptcy… Continue Reading Colo. investors settle oil lawsuit

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Oil falls to $100 on growth in U.S. supplies

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Oil is falling to around $100 per barrel after a U.S. government report shows supplies grew unexpectedly as demand for gasoline and other petroleum products dropped. Benchmark West Texas Intermediate on Wednesday fell $1.22 to $100.06 per barrel in morning trading in New York while Brent crude lost $1.23 to $109.28 in London. Prices dropped… Continue Reading Oil falls to $100 on growth in U.S. supplies

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Oil jumps to $101 on int’l banking plan

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The price of oil surged to $101 per barrel Wednesday, as the U.S. and other countries tried to make it easier for banks to lend money and keep the global economy growing. The Federal Reserve said it will team up with the European Central Bank, the Bank of England and the central banks of Canada,… Continue Reading Oil jumps to $101 on int’l banking plan

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