China Set to Surpass US as Top Importer of Oil
The oil cartel OPEC says that China could overtake the U.S. as the biggest importer of oil in the world as soon as next year. The reason: a boom in shale oil production.
oil production
U.S. May Soon Become World's Top Oil Producer
U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. "Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says one expert.
Oil Price Soars on Supply Jitters
The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea.
Wall Street Watch Tuesday: Fashionable Profits for PVH
A dicey economy doesn't mean that fashion is out of fashion. Apparel designer PVH, owner of such brands as Calvin Klein and Tommy Hilfiger, posted better than expected quarterly results on Monday afternoon.
Bad News Sends Gas Prices Racing Downward
Just as fast as gas prices rose, they're now in retreat. Monday's AAA Fuel Report Gage puts the national average of regular at $3.703, down from $3.970 a month ago. Several factors could push gas below $3.50 over the next several weeks, and almost none of them were part of the economic landscape a quarter ago.
Financial Landscape: Banks Get No Love; OPEC Vs. OPEC
As a new week begins on Wall Street, nobody wants bank stocks, J.P. Morgan Chase hints at changes at the top, OPEC ministers tussle over crude, and airlines are in for some financial turbulence. In fact, the only good news is for France, which apparently won't lose the IMF over the DSK scandal.
The Financial Landscape: OPEC Quotas and 'Too Big to Fail'
The theme for Thursday is big players adjusting to a changing world: Citigroup is shutting down a major hedge fund it used for soon-to-be-banned proprietary trading, Goldman has been subpoenaed over its role in the subprime mortgage crisis, and OPEC is thinking that it might need to pump more oil.
With Big Oil Stocks Riding High, It's Time to Take Profits
Exxon Mobil, Chevron and ConocoPhillips are all trading near multi-year highs, and even BP shares have done well recently. Still, while the high oil prices that have been pinching consumers have been great for the industry, there are good reasons not to count on those high stock values lasting.
Will Saudi Arabia's Gambit Drive Oil Prices Even Higher?
Saudi Arabian Oil Minister Ali al-Naimi said his country cut oil production in March because the market was oversupplied. Was this move an honest bid to a bid to expose the speculators and push prices back down, or an attempt to capitalize on the current instability to propel prices higher?
How Your Portfolio Can Profit From Higher Oil Prices
Skyrocketing prices don't have to bring only pain. Investors can also find some relief with investments that can benefit from oil's recent -- and likely future -- increases. Here are some ETFs and mutual funds worth considering, based on performance, risk and cost.
Cuba's Deepwater Oil Could Be a Game Changer
The delivery of a Chinese-built, Spanish-backed offshore oil rig to Cuban waters has been delayed until summer. But when drilling does begin 90 miles off the Florida coast, it could mean a host of problems -- and opportunities -- on the energy and the political fronts.
U.S. Approves First Deepwater Drilling Permit in Gulf Since BP Oil Spill
The U.S. has approved the first permit to resume deepwater drilling in the Gulf of Mexico since the BP oil spill a year ago. The Noble Energy project, 70 miles southeast of Venice, La., is slated to be deeper than the blown out BP well.
Surprising Facts About the U.S. and Oil
You probably have heard that the U.S. is the world's largest consumer of oil. But did you know that we're also the third-largest producer of oil? And yes, the U.S. imports more than half its oil. But our two biggest suppliers are our nearest neighbors.
Will the Economic Recovery Slide on $90 Oil?
As crude prices keep inching upward, the threat to both the U.S. and global economy is clear. While OPEC says don't blame us, the Interational Energy Agencys says: "This is a wake-up call to the oil-consuming countries and to the oil producers."
Marathon Oil to Spin Off Its Refining Business
Marathon Oil, the fifth-largest oil refiner in the U.S., is spinning off its refining business into a new company called Marathon Petroleum. Marathon Oil, meanwhile, will reduce its debt as a result of the move and will focus on oil exploration and production.
Mariner Energy: The Company Behind the Gulf's Latest Oil Scare
The recent fire at an oil production platform in the Gulf of Mexico has brought unexpected focus on the platform's owner, Mariner Energy. Here's more on a company that isn't well known outside oil circles.
What BP Might Look Like a Year From Now
Will there even be a BP as we now know it? The answers rest on several variables, most notably: continued asset sales, future litigation and efforts to restore the company's now-tattered public image. Its problems are only beginning.
World Oil Demand Expected to Rise 1.6% in 2011
In its first detailed assessment of 2011, the International Energy Agency says that it expects world oil demand to rise 1.6% next year. The agency left its 2010 forecast largely unchanged.
All Gulf States Are Now Feeling BP's Oil Spill
Oil from the broken well has befouled beaches and wetlands in Louisiana, Florida and Alabama over the last two months, killing wildlife and dampening the normally vibrant tourism industry.
Econ Note: OPEC Sees Flat Demand and No Need for More Oil Supplies
In OPEC's June report, released today, the oil cartel doesn't see global demand changing much. It's sticking with its 0.9 million barrels per day increase (1.1%) for the remainder of 2010. It notes that demand rose a "marginal" 0.4 mbd in the first quarter, so it's already trending a bit behind its yearly forecast.
The World Can't Live Without Deepwater Oil
Regardless of the environmental and political fallout from BP's Deepwater Horizon drill-rig disaster, the larger context remains straightforward: The U.S., and the world, increasingly depends on oil and gas produced by deepwater offshore wells.
U.S. Military Warns of Oil Shortage as Early as 2015
A report issued by the U.S. military warns that oil shortages could be much closer than many have anticipated. The report speculates that by 2012, surplus oil production capacity will dry up and by 2015, the world could face shortages of nearly 10 million barrels per day.
Chevron's Earnings Disappoint
On Friday morning, Chevron announced its fourth-quarter net income came in at $3.07 billion or $1.53 per share, down from $4.9 billion or $2.44 per share a year ago. This missed Wall Street analysts' expectations that Chevron would report earnings of $1.66 per share.
