Petroleum industry
The decline in global crude prices has reduced the losses of state-owned oil companies, but a Rs 4 per litre increase in diesel prices and a Rs 20-25 per cylinder hike in LPG rates appears imminent. The oil companies' losses on diesel, domestic LPG, and kerosene sales have decreased
Petroleum industry
Senators Charles Schumer (D-NY) and Debbie Stabenow (D-MI) appeared on MSNBC's "Hardball with Chris Matthews" to discuss the contentious issue of tax breaks for the oil industry. The Senate Finance Committee hearing, which took place on Thursday, May 12, 2011, saw oil company executives defend their
Petroleum industry
Crude futures have settled higher on Tuesday, driven by a surge in gasoline futures following reports that the Mississippi River floods are curtailing refinery operations and fuel shipments. The price of light, sweet crude for June delivery has risen by $1.33, or 1.3%, to $103.88 a barrel
Petroleum industry
Shell has submitted plans to drill 10 exploration wells in the Beaufort and Chukchi seas off the north coast of Alaska, a move that has triggered a new battle with environmentalists. The British oil group, which has leased acreage in the region at a cost of $2bn, claims it can
Petroleum industry
The US dollar's strengthening on Tuesday triggered a decline in oil futures as traders sought a safe-haven amid worries of reprisals following Osama bin Laden's death. Light, sweet crude for June delivery fell 68 cents to $112.84 a barrel, while Brent crude on the ICE
Petroleum industry
Production from OPEC countries, excluding Iraq, fell by 580,000 barrels per day (b/d) in March, despite higher volumes from several member states, according to a Platts survey of OPEC and oil industry officials and analysts. The loss of 930,000 b/d of Libyan supply was the main
Petroleum industry
The demand for fuel continues to grow globally, and researchers are working on making fuel from waste products like plastic bags, wood, and other sources. Next generation biofuels have been developed to address the growing concerns of the world on the usage of food crops for fuel. These biofuels do
Petroleum industry
The Comptroller and Auditor General (CAG) of India is set to investigate the rationale behind oil marketing companies, including Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation Limited (BPCL), selling petrol at prices significantly lower than the market rate. This decision comes amid concerns that
Petroleum industry
Results from a recent survey conducted by the Florida Department of Agriculture and Consumer Services suggest that a significant portion of Floridians remain concerned about the safety of Gulf seafood, despite rigorous testing and a multi-faceted marketing campaign to alleviate public misperceptions. The Department's Director of Marketing, Nelson
Petroleum industry
Research and Markets has announced the addition of the "Next Generation Biofuels" report, highlighting the emergence of sustainable alternatives to traditional biofuels. As the demand for fuel continues to increase globally, researchers have been working on developing biofuels from waste products like plastic bags, wood, and other sources.
Petroleum industry
An African Union delegation arrived in Libya to negotiate a ceasefire, leading to a decrease in oil prices. Traders remain cautious that the country's oil exports may not resume soon, despite the peace plan being accepted by Tripoli. The possibility of an end to hostilities in Libya has
Petroleum industry
U.S. Senator Ron Wyden has requested an investigation by the Federal Trade Commission into seven Canadian oil companies for allegedly colluding to manipulate oil prices and drive up costs for U.S. consumers. The issue centers around the proposed Keystone XL pipeline, which would allow Canadian oil companies to
