The national average for a gallon of regular gasoline topped $3 a gallon on Thursday, just in time for the holiday driving trips millions of Americans will take this week. Get the full story »
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Arab OPEC ministers to meet as oil price tops $90
Core OPEC ministers began arriving in Cairo on Thursday, ahead of talks that were expected to broach how high an oil price the world economy can stand as the market hovers near two-year peaks above $90 a barrel.
A full conference of the Organization of the Petroleum Exporting Countries earlier this month elected to make no change to an output policy it has stuck to since December 2008.
Since then oil has maintained a more than 30 percent rally from this year’s low struck in May and this week scaled a high of $90.80, the steepest in two years. Get the full story »
Oil jumps to 2-yr high on stockpile drop, cold
Oil prices jumped above $90 a barrel Wednesday to settle at that level for the first time in 26 months as a third straight weekly drop in U.S. crude inventories and cold weather on both sides of the Atlantic spurred pre-holiday buying. Get the full story »
Gas prices 13.6% higher than last December
Holiday shoppers will need to bump up their budget for one purchase this year, and they can’t even put it under the tree: gasoline.
The price of fuel is up 13.6 percent from last December and 76 percent higher than December 2008, according to a new study from the Oil Price Information Service. Get the full story »
American demand for gas falling for good
The world’s biggest gas-guzzling nation has limits after all.
After seven decades of mostly uninterrupted growth, U.S. gasoline demand is at the start of a long-term decline. By 2030, Americans will burn at least 20 percent less gasoline than today, experts say, even as millions of more cars clog the roads. Get the full story »
Auto, engine makers sue EPA to block E15 use
U.S. automakers and engine makers sued the Environmental Protection Agency Monday over its decision to allow higher blends of ethanol for newer cars, saying it could cause confusion at the pumps and damage engines in older vehicles.
The suit asks the U.S. Court of Appeals for the District of Columbia Circuit to send the decision back to the EPA and asks the court to review whether the decision violates the Clean Air Act. Get the full story »
State incentives lure SunCoke Energy to Lisle
Gov. Pat Quinn said Monday that SunCoke Energy received a $4.8 million incentive package from the state to move its headquarters from Knoxville, Tenn., to Arboretum Lakes in Lisle.
The package includes corporate income tax credits and funds from the Employer Training Investment Program. SunCoke said it is investing $6.6 million on the relocation project. Get the full story »
Chevron to go ahead with gulf oil project
Chevron Corp. said it would spend $4 billion to develop its Big Foot project in the Gulf of Mexico, even as tougher rules and higher costs loom for deepwater operators.
Chevron, the second-largest U.S. oil company behind Exxon Mobil, has continued to invest in the Gulf of Mexico even as uncertainty over costs and the U.S. government’s new safety regulations linger after the BP Plc oil spill. Get the full story »
Peoples Energy sues Teztlaff, firm for malpractice
Form Crain’s Chicago Business | Peoples Energy filed suit Wednesday against Chicago lawyer Theodore Tetzlaff and his firm, Ungaretti & Harris LLP, alleging he authorized the destruction of documents in a class-action suit in violation of a court order. Peoples is seeking at least $4.66 million in damages. Get the full story>>
Carl Ichan to buy Dynegy for $665M
Billionaire investor Carl Icahn said he had agreed to buy power producer Dynegy Inc for $665 million in cash, just three weeks after a bid by private equity firm Blackstone Group failed to win over Dynegy shareholders.
The offer of $5.50 a share by Icahn Enterprises LP is 10 percent higher than Blackstone’s bid and calls for Dynegy to continue soliciting other buyers until Jan. 24, the companies said in a press release. Get the full story »
Demand for gasoline drops 2.7% as price rises
U.S. retail gasoline demand fell 2.7 percent last week as prices rose to their highest level this year, MasterCard Advisors’ SpendingPulse report showed Tuesday.
Average gasoline demand fell by 255,000 barrels per day, to 9.182 million bpd, in the week to Dec. 10. Get the full story »
BP shares hit 7-month high on new asset sales
BP shares on Tuesday jumped to their highest level in seven months after the company announced it was selling another $775 million in assets to help pay for the Gulf oil spill.
The British oil giant expects to pay nearly $40 billion to handle the spill and has aggressively raised money to meet that obligation. In addition to suspending its dividend and selling bonds, the company has sold nearly $22 billion in assets. It plans to shed up to $30 billion in company assets by the end of 2011. Get the full story »
OPEC set for no change despite $90 oil
OPEC will not raise oil supplies at a meeting on Saturday, Saudi Oil Minister Ali al-Naimi said, leaving traders to ask what price the group requires to open the taps and prevent fuel inflation hurting global economic recovery. Get the full story »
Exelon nuclear plant must replace new transformer
Exelon’s Oyster Creek nuclear power plant in New Jersey, the nation’s oldest, will have to replace a brand-new $16 million electrical component that did not work properly.
