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Oil jumps to above $89 as Libya protests spread

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Oil prices jumped by over $3 a barrel on Monday amid investor concerns that violent protests spreading in Libya could disrupt crude supplies from the OPEC nation. By early afternoon in Europe, benchmark crude for March delivery was up $3.10 to $89.30 a barrel in electronic trading on the New York Mercantile Exchange. The contract… Continue Reading Oil jumps to above $89 as Libya protests spread

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Halliburton Co. said Monday its fourth-quarter income more than doubled as the oil services company benefited from an increase in drilling activity around the globe. The Houston company reported net income of $605 million, or 66 cents per share, for the three-month period that ended Dec. 31. That compares with $243 million, or 27 cents… Continue Reading Global oil drilling increases, Haliburton’s profit doubles

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Oil rises above $92 as supplies drop

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Oil prices rose Wednesday after the U.S. government reported a larger-than-expected drop in crude oil supplies and stock markets climbed on Europe’s improving financial picture. Benchmark oil for February delivery rose $1.05 to $92.16 a barrel in midday trading on the New York Mercantile Exchange. Oil prices have hovered between $88 a barrel and just… Continue Reading Oil rises above $92 as supplies drop

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Oil refineries sue EPA over ethanol plan

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A ruling by the Obama administration allowing the sale of gasoline containing 15 percent ethanol is running into legal hurdles from trade groups opposing the plan. The National Petrochemical and Refiners Association sued the Environmental Protection Agency on Monday over the decision to allow the sale of gasoline containing higher blends of corn-based ethanol, the… Continue Reading Oil refineries sue EPA over ethanol plan

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Oil prices rose past $92 a barrel on Monday to a 26-month high, as the new year began with the prospect of higher energy prices to come. Benchmark oil for February delivery rose 72 cents to $92.10 a barrel in midday trading on the New York Mercantile Exchange after hitting $92.66 a barrel earlier in… Continue Reading Oil prices start the new year at a 26-month high

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The incoming administration of Gov.-elect John Hickenlooper is likely to see increased pressure from the oil and gas industry to lift environmental regulations that critics say have hurt the Southern Colorado economy. Continue Reading Colorado oil, gas producers hinge their hopes on Hick

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Oil hovers near $87 on renewed economic hopes

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Oil prices hovered near $87 a barrel Thursday, after a sharp rally the day before was powered by strong economic data from the U.S. and China. By early afternoon in Europe, benchmark oil for January delivery was down 10 cents to $86.65 a barrel in electronic trading on the New York Mercantile Exchange. The contract… Continue Reading Oil hovers near $87 on renewed economic hopes

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Colo. record set for horizontal drilling permits

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Colorado officials say the state has issued a record 276 permits this year for horizontal oil and gas drilling, a technique that companies say is making it possible to recover more resources. The Colorado Oil and Gas Conservation Commission says 439 horizontal-drilling permits have been issued in the past three years. Commission Executive Director David… Continue Reading Colo. record set for horizontal drilling permits

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Governments need to do more to increase energy efficiency and boost green technologies to avoid a spike in oil prices as China drives a 36 percent spike in world energy demand through 2035, a global watchdog warned Tuesday. The International Energy Agency said that oil supplies will be pushed near their peak over the coming… Continue Reading More needs to be done to avoid oil spike, IEA says

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Gulf drilling ban likely to be lifted this week

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The White House said Tuesday the government will lift a moratorium on deep water oil drilling in the Gulf of Mexico “very soon” – likely this week. White House spokesman Robert Gibbs said the government is close to having the plans in place to lift the ban that was imposed after the massive Gulf oil… Continue Reading Gulf drilling ban likely to be lifted this week

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