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Oil prices jumped 9 percent Monday, pulled along by a surging Wall Street that reacted to news of a U.S. government bailout for Citigroup.
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The latest U.S. economic report to suggest the nation has fallen into recession pushed oil prices lower on a strengthening conviction that the rest of the globe will follow.
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Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. Drill baby drill.
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Sarah Palin spoke at the Solar Technology Startup Company In Toledo yesterday. Of course there was a lot of talk about drilling.
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Republican vice presidential candidate Sarah Palin called on Wednesday for a “clean break” from the Bush administration’s energy policies, which she says rely too much on importing foreign oil. Really? Good idea.
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OPEC decided to cut oil production for the first time in almost two years because prices are falling. Everyone else in the world hates this idea, but so far the price of oil isn’t going back up, because demand is falling.
The U.S. consumes a quarter of the world’s oil. Where does it all go? Hi, Texas! Actually, on a per capita basis, Alaska is the biggest user of oil, but don’t tell Governor Palin that.
A weird correlation appears when you compare the last 60 years of U.S. oil output to Rolling Stone’s list of the 500 greatest rock songs of all time. And no amount of drilling in Alaska is going to bring back the music of the ’70s.
Politics Buzz Government official within the Interior Department traded sexual favors and illegal gifts for access to key contracts. The scandal centers around the Denver Minerals Management Service office, which sounds more like a frat house than a branch of government — skiing holidays, cocaine, body shots, and lots and lots of sex (we made up the cocaine and body shots).
Business Buzz Exxon posts a record profit for the last quarter; Shell, meanwhile, made a measly $11.6 billion. It’s the highest quarterly profit of any publicly traded company in the U.S. ever. And it would have been $11.97 if it weren’t for that pesky Exxon Valdez court settlement!
Canada is the United States’ #1 source of foreign oil. Does this mean we can finally send troops across the Canadian border? A few Mounties are the only thing preventing America’s energy independence.
ABC News consumer reporter and walking mustache John Stossel appeared on Larry King Live, calling oil companies “heroic” for transporting their product. Yep. YouTube user notreallydoug puts Stossel’s word to the test, recognizing other products whose overlords should be heralded for things like, you know, making sure stuff doesn’t blow up.
Science Buzz Insects genetically engineered to excrete crude oil: Environmentally friendly or just a greedy new way to produce oil? Bug doody is one milkshake we imagine Daniel Plainview would not drink up.
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