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Crude oil is at a 12-year low and that means it’s even cheaper than milk. The price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market. That’s the lowest ratio since 2004. WTI dropped to $26.19 a …
Oilfield services giant Schlumberger is spending $10 billion to buy its own shares. The company reported fourth-quarter earnings after the closing bell on Thursday, and it beat on earnings with revenues virtually in line with expectations. With the earnings results, Schlumberger announced its board’s approval of the buybacks, in addition to the near-complete $10 billion program it started in …
Petro River Oil Corp. to Acquire a 9% Interest in Petroleum Licenses Located in the Larne Basin in Northern Ireland NEW YORK, NY, January 19, 2016– Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”), today announced that Petro River UK Limited, its wholly owned subsidiary, entered into a Farmout Agreement to acquire a 9% interest …
Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update Based on EIA’s weekly survey of gasoline prices, the U.S. average retail price for regular gasoline fell to $1.996 per gallon (gal) on January 11, falling below $2.00/gal for the first time since March 23, 2009. The U.S. average retail regular gasoline price had last …
During the U.S. shale boom, fortune favored the bold drillers that discovered and pumped oil fastest. Today the winners are producers like Pioneer Natural Resources who best shielded themselves from tumbling prices. Using derivative transactions known as swaps and collars, the Texas-based firm locked in a minimum price for 85 percent of this year’s production. …
Chinese stocks have fallen into bear market territory. The Shanghai Composite ended the week the way it started, dropping as worries persisted about China’s cooling economy and sinking currency. It closed down 3.6% Friday, more than 20% below its recent high in December, the threshold for a bear market. Other Asian indexes also slipped, despite …
Maybe the financial world isn’t coming to an end after all. After the worst start to a year and falling into a correction, the stock market finally showed signs of life. The Dow jumped 228 points on Thursday, its best day since early December. The S&P 500advanced 1.7%, while the Nasdaq rose 2%. The gains …
Two bucks buys you a gallon of gas in many parts of the country these days. But if you think that’s a bargain, check out the deals on energy stocks, which haven’t looked this attractive since the mid 1980s, when Dallas’s J.R. Ewing was scheming to crush his enemies and expand his empire. Collapsing crude …
BEIJING, Jan. 13 (Xinhua) — China will not cut its domestic retail fuel prices when international oil prices fall below 40 U.S. dollars a barrel, the country’s economic planner said on Wednesday. Previously, China set a ceiling for domestic retail fuel prices, which will not be raised if international oil prices rise above 130 U.S. …
WASHINGTON — President Obama, in his final State of the Union address on Tuesday night, boldly proclaimed the successes of what he called “the single biggest investment in clean energy in our history,” the 2009 economic stimulus that pumped $80 billion into clean and renewable energy projects. “In fields from Iowa to Texas, wind power …