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‘Big Oil’ lobby to begin donating to political candidates

The American Petroleum Institute (API), which represents more than 450 oil and natural gas companies, has announced it will start donating to political candidates this year as President Obama aims to cut subsidies to energy companies and expand environmental laws. “This is adding one more tool to our toolkit,” Martin…

Oil soars close to $120 on Libya fears

LONDON – Oil prices rocketed close to $120 on Thursday, levels unseen since mid-2008, as growing instability in Libya stoked supply jitters across the Middle East and beyond. Brent North Sea crude for delivery in April rallied as high as $119.79 per barrel, the highest since August 22, 2008. It…

Oil prices hit multi-year highs amid Libya unrest

NEW YORK — Oil sold in New York crossed the symbolic $100 a barrel level Wednesday, hitting prices not seen since 2008, amid fears over supplies from Libya. As traders panicked that political chaos could spread further in the Middle East, the main US contract reached $100 a barrel for…

Oil soars past $105 on Libya violence

LONDON – Brent oil prices soared above $105 per barrel on Monday, striking a fresh two-year peak as deadly violence in Libya fuelled concerns over spreading unrest in the Middle East and north Africa region. Brent North Sea crude for delivery in April surged to $105.15 per barrel, the highest…

Oil industry’s US-Libya business group sees website go dark amid violent uprising

The website of the US-Libya Business Association (USLBA) was down on Monday as protests in the Arab nation targeting leader Muammar al-Gaddafi’s 41-year regime dramatically intensified. USLBA, incorporated in 2005, describes itself as “the only U.S. trade association focusing on the United States and Libya,” and has organized policy conferences…

Oil price shoots above $103 on Egypt crisis

LONDON – Brent crude rallied to a 28-month high above $103 on Thursday as the political crisis in Egypt erupted into violence, sparking fresh concern over energy supplies in the crude-rich Middle East. “The continued unrest in Egypt has prompted Brent oil prices to climb overnight to $103 a barrel,…

Oil price hits two-year high

LONDON — The price of oil struck a two-year peak above 98 dollars per barrel here on Wednesday as a trans-Alaskan pipeline, which carries 12 percent of US production, remained shut following a leak. Traders were meanwhile awaiting Wednesday’s publication of official weekly crude inventory data for the United States…

Oil spill panel urges industry, safety overhaul

A US presidential panel in its final report on the Gulf of Mexico oil spill called Tuesday for an overhaul of oil industry practices and the creation of an independent safety watchdog to avoid a repeat of the disaster. “The central lesson to be drawn from the catastrophe is that…

Oil prices drop ahead of US data

World oil prices eased Tuesday as traders awaited the US government’s monthly assessment for the global energy market, and the focus turned away from supply worries in Alaska, analysts said. New York’s main contract, light sweet crude for February delivery, slipped 11 cents at $89.14 a barrel. Brent North Sea…

US lets some companies resume Gulf drilling

WASHINGTON — Thirteen oil companies have been authorized to resume deepwater drilling in the Gulf of Mexico without submitting new plans for environmental review, the US Department of the Interior said. But the companies will still have to comply with tougher safety rules on offshore drilling that were put in…

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