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BP closer to drilling new Gulf wells

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BP is a step closer to being allowed to drill new deepwater wells in the Gulf of Mexico. The agency that regulates offshore drilling said Friday it has approved a supplemental exploration plan submitted by BP. The British firm still must obtain permits to be able to start drilling. BP is seeking to drill up… Continue Reading BP closer to drilling new Gulf wells

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Oil up 4.5 percent on hope for Europe debt deal

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Oil prices rose 4.5 percent Tuesday on hopes that European leaders are closer to drafting a plan to contain the region’s debt crisis. Investors are encouraged that another recession can be avoided and demand for energy products — from oil to diesel and gasoline — will improve if Greece does not default on its debt.… Continue Reading Oil up 4.5 percent on hope for Europe debt deal

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There’s never been a producing oil or gas well in El Paso County, but that hasn’t stopped drilling plans for Houston-based Ultra Resources, which bought more than 18,000 acres of the failed Banning Lewis Ranch property. The region’s foray into oil and gas drilling will also be the city and county’s foray into how to… Continue Reading Fracking forces El Paso County to consider regulation stragegy

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Oil prices are mixed Monday as a rebellion in oil-rich Libya appeared close to ending. The ouster of Libyan leader Moammar Gadhafi’s could allow the nation to resume oil exports, which have stopped during the country’s six-month conflict. That could ease global supply constraints that drove fuel prices to three-year highs earlier this year. But… Continue Reading Oil mixed as Libya conflict seems close to ending

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Rising stock prices push oil near $88 a barrel

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Oil rose Wednesday on renewed optimism about the U.S. economy, as traders took their cue from higher stock prices. Benchmark West Texas Intermediate crude for September delivery rose $1.25 to $87.89 per barrel in midday trading on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, increased by… Continue Reading Rising stock prices push oil near $88 a barrel

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Oil prices fell below $92 a barrel Wednesday as more signs of a slowing U.S. economy raised concerns about demand for everything from gasoline to natural gas used to cool homes. Benchmark West Texas Intermediate crude dropped $2.10 to $91.69 a barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude… Continue Reading Oil falls on concerns about economy and demand

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Oil fell below $94 per barrel Tuesday as investors continued to worry about weaker economic growth. Benchmark West Texas Intermediate crude for September delivery was 74 cents lower, at $94.15 per barrel in morning trading on the New York Mercantile Exchange. Earlier, it was as low as $93.75. Brent crude, which is used to price… Continue Reading Oil slides under $94 on concerns of weak economy

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Oil holding below $100

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Oil is holding below $100 per barrel as investors wait for Congress to agree on a solution to the nation’s debt crisis. Benchmark West Texas Intermediate crude for August delivery on Monday dropped 70 cents to $99.17 per barrel in morning trading on the New York Mercantile Exchange. In London, Brent crude fell 68 cents… Continue Reading Oil holding below $100

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Scientists judge the overall health of the Gulf of Mexico as nearly back to normal one year after the BP oil spill, but with glaring blemishes that restrain their optimism about nature’s resiliency, an Associated Press survey of researchers shows. More than three dozen scientists grade the Gulf’s big picture health a 68 on average,… Continue Reading Scientists: Gulf health nearly at pre-spill level

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The price of oil rose to a 30-month high on Thursday as fighters loyal to Moammar Gadhafi pushed back rebels from key areas in eastern Libya. Benchmark West Texas Intermediate crude rose $2 to $106.27 a barrel in midday trading on the New York Mercantile Exchange. At one point it hit $106.77, the highest it’s… Continue Reading Oil climbs to highest since 2008 on Libya conflict

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