Latest Oil and gas industry News

A helicopter drops water on the USS Bonhomme Richard as crews fight the fire Monday, July 13, 2020, in San Diego. Fire crews continue to battle the blaze Monday after 21 people suffered minor injuries in an explosion and fire Sunday on board the USS Bonhomme Richard at Naval Base San Diego. (AP Photo/Gregory Bull)

Sailors fighting to save burning San Diego warship

Jul. 14, 2020 1:18 AM EDT

SAN DIEGO (AP) — Hundreds of sailors are fighting to save a Navy warship ravaged by fire while the military prepares for the worst: The USS Bonhomme Richard going down in flames, and its million gallons of oil on board spilling into San Diego harbor, resulting in a major environmental disaster. The U.S....

A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, July 14, 2020. Asian shares fell Tuesday as skepticism set in about the recent upbeat mood on global markets, as newly confirmed coronavirus cases rose in the U.S., Brazil and parts of Japan. (AP Photo/Kin Cheung)

Asia shares drop on jitters over virus, China-US friction

Jul. 13, 2020 11:28 PM EDT

TOKYO (AP) — Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S. and China. The White House’s decision to reject nearly all Chinese maritime claims in the South...

A helicopter drops water on the USS Bonhomme Richard Monday, July 13, 2020, in San Diego. Fire crews continue to battle the blaze Monday after 21 people suffered minor injuries in an explosion and fire Sunday on board the USS Bonhomme Richard at Naval Base San Diego. (AP Photo/Gregory Bull)

Fire ravages ship for 2nd day; sends acrid haze over city

Jul. 13, 2020 8:34 PM EDT

SAN DIEGO (AP) — Flames tore through a warship for a second day Monday as a top Navy official revealed that a fire suppression system was inoperable when the blaze erupted while the ship was docked in San Diego. Hundreds of sailors were battling to keep flames away from a million gallons (3.7 million...

North Dakota urges court to halt Dakota Access line shutdown

Jul. 13, 2020 8:30 PM EDT

BISMARCK, N.D. (AP) — North Dakota is urging a federal appeals court to block a judge’s order to shut down the Dakota Access Pipeline. North Dakota Solicitor General Matt Sagsveen filed a document Monday supporting operator Energy Transfer’s efforts to keep the oil line open while the...

FILE - In this May 25, 2020 file photo, the Iranian oil tanker Fortune is anchored at the dock of El Palito refinery near Puerto Cabello, Venezuela. Domestic fuel shortages have led Venezuela to see relief from Iran, which in May sent five tankers of gasoline to the South American country. (AP Photo/Juan Carlos Hernandez, File)

Report: New players help Maduro evade tanker sanctions

Jul. 13, 2020 11:01 AM EDT

MIAMI (AP) — As U.S. sanctions scare away the world's largest shippers from Venezuela's oil industry, new players are willing to brave the heightened risks and help keep socialist leader Nicolás Maduro afloat, according to a new report. In the first year since the Trump administration imposed crushing...

FILE - In this Jan. 24, 2018 file photo, former New Mexico Gov. Bill Richardson gives an interview in Yangon, Myanmar. Richardson will travel the week of July 13, 2020, to Venezuela to urge President Nicolás Maduro to free several jailed Americans as a goodwill gesture aimed at easing tensions with the U.S., according to The Richardson Center in an annoucement on Monday, July 13, 2020. (AP Photo/Thet Htoo, File)

Ex-US diplomat Richardson to urge Maduro to free Americans

Jul. 13, 2020 9:40 AM EDT

MIAMI (AP) — Former New Mexico Gov. Bill Richardson plans to travel this week to Venezuela to urge President Nicolás Maduro to free several jailed Americans as a goodwill gesture aimed at easing tensions with the U.S. The Richardson Center, which seeks freedom for Americans held by hostile foreign...

UAE wants Libya to 'return to oil production' amid war

Jul. 13, 2020 7:40 AM EDT

DUBAI, United Arab Emirates (AP) — The United Arab Emirates wants Libya to “return to oil production” as soon as possible, a top Emirati official said Monday, after officials with Libya’s U.N.-supported government in Tripoli accused the UAE of ordering rival Libyan forces to block oil...

FILE - In this Sept. 20, 2019 file photo, workers stand on a platform at a Saudi Aramco oil separator processing facility in Abqaiq, near Dammam in the Kingdom's Eastern Province. The International Monetary Fund said in the latest outlook released Monday, July 13, 2020, that the Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year. That's as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic. Oil importing Mideast countries, which include Egypt, Jordan and Sudan, are expected to see average economic contraction of 1.1%, but inflation is expected to reach 10%. (AP Photo/Amr Nabil, File)

IMF: Mideast loses $270B oil income amid virus, recession

Jul. 13, 2020 7:09 AM EDT

DUBAI, United Arab Emirates (AP) — The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's...

Libyan forces set conditions for lifting oil blockade

Jul. 13, 2020 12:31 AM EDT

CAIRO (AP) — Forces loyal to a Libyan commander said they will only allow the reopening of oil fields and terminals once a mechanism has been set up to fairly distribute revenue across the country, which is split between rival, warring factions. Powerful tribes in eastern Libya loyal to Khalifa Hifter...

Average US gas price up 2 cents over 2 weeks to $2.24/gallon

Jul. 12, 2020 12:59 PM EDT

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline increased by 2 cents over the past two weeks, to $2.24 per gallon. That’s 59 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the increase comes as...