Latest Oil and gas exploration and extraction News

Worry about stagflation, a flashback to '70s, begins to grow

May. 26, 2022 16:03 PM EDT

WASHINGTON (AP) — Stagflation. It was the dreaded “S word” of the 1970s. For Americans of a certain age, it conjures memories of painfully long lines at gas stations, shuttered factories and President Gerald Ford’s much-ridiculed “Whip Inflation Now” buttons. ...

Greece tells UN that Turkey is challenging its sovereignty

May. 26, 2022 14:04 PM EDT

ATHENS, Greece (AP) — Greece has told the head of the United Nations that Turkey is directly challenging its sovereignty over islands in the eastern Aegean Sea, and pursuing a hostile and “revisionist” policy that is destabilizing the region. The four-page letter to...

Moody's raises Louisiana's bond credit rating after 6 years

May. 26, 2022 12:10 PM EDT

BATON ROUGE, La. (AP) — Louisiana’s bond credit rating has moved up a notch. The new rating by Moody’s Investors Service will save the state about $750,000 a year in interest for every $300 million in bonds issued, state Treasurer John Schroder said. Louisiana...

Strong oil prices to spur higher taxes for ND drillers

May. 25, 2022 13:27 PM EDT

BISMARCK, N.D. (AP) — North Dakota oil producers almost certainly will be paying higher state taxes for at least three months beginning June 1 due to strong oil prices, the state tax commissioner said Wednesday. The increase in state oil tax collections, estimated at more than $30...

House passes bill to crack down on gasoline 'price gouging'

May. 19, 2022 16:49 PM EDT

WASHINGTON (AP) — A closely divided House approved legislation Thursday to crack down on alleged price gouging by oil companies and other energy producers as prices at the pump continue to soar. A bill backed by House Democrats would give President Joe Biden authority to declare an...

Indonesia lifts ban on cooking oil export as supply improves

May. 19, 2022 08:14 AM EDT

JAKARTA, Indonesia (AP) — Indonesia said Thursday it will lift a monthlong ban on palm oil export, citing improvements in the supply and domestic price of bulk cooking oil. President Joko Widodo said exports will resume on Monday. Indonesia and Malaysia are the...

New Mexico delivers inflation relief payments to residents

May. 19, 2022 00:47 AM EDT

SANTA FE, N.M. (AP) — New Mexico is delivering the first in a series of direct payments to the state's adult residents to offset higher consumers costs amid inflation. Individual taxpayers who get direct deposit rebates are scheduled to receive $250 and couples who file jointly are...

Biden's burdens grow: Sagging global economy adds to US woes

May. 18, 2022 14:30 PM EDT

WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he's facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia's invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy...

Europe's push to cut Russian gas faces a race against winter

May. 18, 2022 03:45 AM EDT

While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Ukraine, but still find enough fuel to keep the lights on and homes warm before it gets cold again. That...

US to ease a few economic sanctions against Venezuela

May. 17, 2022 19:51 PM EDT

CARACAS, Venezuela (AP) — The United States government is moving to ease a few economic sanctions on Venezuela in a gesture meant to encourage resumed negotiations between the U.S.-backed opposition and the government of President Nicolás Maduro. The limited changes will allow...