Latest Oil and gas industry News

Raging fire consumes 4th tank at Cuba oil storage facility

Aug. 09, 2022 12:12 PM EDT

HAVANA (AP) — Flames engulfed a fourth tank at an oil storage facility in western Cuba on Tuesday as the raging fire consumes critical fuel supplies on an island grappling with a growing energy crisis. Firefighters and specialists from Mexico and Venezuela helped fight the blaze in...

Warren Buffett's company has bet over $45B on the oil sector

Aug. 09, 2022 11:36 AM EDT

OMAHA, Neb. (AP) — Warren Buffett's company has bought up more than $11 billion worth of Occidental Petroleum stock this year, giving Berkshire Hathaway control of more than 20% of the oil producer. Occidental's stock jumped nearly 5% Tuesday to trade for $62.89 after Buffett...

Russia curtails oil shipments to central Europe

Aug. 09, 2022 12:01 PM EDT

Several countries in Europe dependent on Russian energy suffered another blow with confirmation Tuesday that oil shipments have stopped through a critical pipeline. Russian state pipeline operator Transneft said it halted shipments through the southern branch of the Druzhba oil...

Abrams calls for using budget surplus to invest in Georgians

Aug. 09, 2022 11:27 AM EDT

DECATUR, Ga. (AP) — Democratic gubernatorial candidate Stacey Abrams is arguing that it's time for Georgia to use its budget surplus to invest in its residents, accusing Gov. Brian Kemp and other Republicans of hurting the state by prioritizing low taxes and low spending. With the...

Turkey sends off new drill ship into eastern Mediterranean

Aug. 09, 2022 09:48 AM EDT

ISTANBUL (AP) — Turkey’s president inaugurated the country's newest and largest undersea hydrocarbon drill ship Tuesday that he said would head for a spot northwest of Cyprus in the eastern Mediterranean, which is not claimed by any other country. “Our exploration and drilling...

Billions pour into bioplastics as markets begin ramping up

Aug. 09, 2022 08:04 AM EDT

CLEVELAND (AP) — In a world increasingly troubled by the persistent harm that plastic — manufactured in petrochemical plants — has had on the environment, companies are investing billions of dollars to ramp up production of plastics made from natural, renewable materials that can be safely...

Public sector strike cripples cash-strapped Lebanon

Aug. 09, 2022 02:58 AM EDT

BEIRUT (AP) — Tarek Younes was once solidly middle class and felt he helped contribute to society as an inspector in the Lebanese government’s consumer protection agency. But the country's economic free-fall has eroded his income and civic pride. In his desperation, Younes has...

Asian shares mostly decline on global technology downturn

Aug. 08, 2022 23:57 PM EDT

TOKYO (AP) — Asian shares mostly declined Tuesday amid a global fall in technology shares, including Japan's SoftBank, which has reported hefty losses caused by the market downturn. Such worries are coming on top of concerns about inflation and what central banks might do to curb...

Asian stocks mixed after US job gain paves way for rate hike

Aug. 08, 2022 00:06 AM EDT

BEIJING (AP) — Asian stocks were mixed on Monday after strong U.S. jobs data cleared the way for more interest rate hikes and China reported its exports rose by double digits. Shanghai and Tokyo advanced while Hong Kong and Seoul retreated. Oil prices edged higher. ...

Senate Democrats pass budget package, a victory for Biden

Aug. 07, 2022 18:48 PM EDT

WASHINGTON (AP) — Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical...