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Stocks crash as UK vote to quit EU shocks investors

Brexit, stocks crash, Britain

LONDON (AP) — Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain’s unprecedented vote to leave the European Union shocked investors and dragged the region, the world’s largest economic bloc, into a new era of uncertainty. Investors rushed to dump European shares as soon as markets opened, following earlier drops in ...

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Crude oil leaks from pipeline in Ventura County

Crude spill California

VENTURA, Calif. (AP) — Southern California authorities are responding to a report of crude oil leaking from a pipeline in Ventura County. The Ventura County Star newspaper (http://bit.ly/28RlRIA) reported that county and Ventura city firefighters responded to the scene just after 5:30 a.m. Thursday.   Southern California authorities have revised the estimated size of a crude oil pipeline spill down ...

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Union Pacific to resume oil trains in Columbia River Gorge

PORTLAND, Ore. (AP) — Heavy-duty trains with thousands of gallons of crude oil in tow will begin rolling through the scenic Columbia River Gorge this week for the first time since a fiery derailment in early June. Union Pacific on Wednesday announced plans to resume operations at some point this week. The June 3 derailment of one of its trains ...

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Settlement addresses punitive damages from 2010 oil spill

Dark clouds of smoke and fire emerge as oil burns during a controlled fire in the Gulf of Mexico, May 6, 2010. (Image: Petty Officer 2nd class Justin Stumberg via Wikipedia)

NEW ORLEANS (AP) — Nearly $1.24 billion in punitive damages arising from BP’s 2010 Gulf of Mexico oil spill will become available to property owners and some fishermen affected by the spill under a pending settlement with two corporations that also had a role in the disaster. A federal court hearing has been set for Nov. 10 on the agreement ...

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Oil bust leaves states with massive well cleanup

derrick, oil well,

BIGFOOT, Texas (AP) — The worst oil bust since the 1980s is putting Texas and other oil producing states on the hook for thousands of newly abandoned drilling sites at a time when they have little money to plug wells and seal off environmental hazards. As U.S. rig counts plunge to historic lows, and with at least 60 oil producers ...

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Enbridge getting cleanup equipment just in case of oil spill

Enbridge Energy Pipeline

TRAVERSE CITY, Mich. (AP) — A Canadian company that owns twin oil pipelines in the area where Lakes Huron and Michigan converge said Monday it will spend $7 million over the next two years on additional equipment that could be deployed quickly in the event of a spill, while insisting prospects are remote that it ever will be needed there. ...

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Marathon Oil to pay $888 million for PayRock Energy

marathon oil

NEW YORK (AP) — Marathon Oil said Monday that it has agreed to pay $888 million for PayRock Energy Holdings, increasing the amount of oil producing land it owns in Oklahoma. PayRock has 61,000 net surface acres that produces 9,000 net barrels of oil equivalent per day, Marathon said. Houston-based Marathon is buying PayRock from oil and gas investment firm ...

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Trial opens in 2012 offshore fire, explosion that killed 3

In oil price plunge, North Sea industry faces perfect storm

NEW ORLEANS (AP) — Jury selection began Monday for what’s expected to be a lengthy and complex trial arising from lawsuits over an offshore oil platform explosion and fire that killed three workers off Louisiana’s coast in November 2012. The case combines nine lawsuits involving the platform’s owner, Black Elk Energy, relatives of the workers killed in the accident, injured ...

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Nigeria: Police dispute new attack claim by oil militants

WARRI, Nigeria (AP) — Local police are disputing claims that Nigerian oil militants struck another pipeline in the Niger Delta, saying an explosion was instead caused by a gas leakage. Cordelia Nwawe, police spokesperson for Akwa Ibom state, said Friday that engineers were “working to rectify the leakage” from the pipeline owned by the Nigeria National Petroleum Corporation. The Niger ...

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Oregon officials want a hold on oil trains after derailment

PORTLAND, Ore. (AP) — The fiery derailment of an oil train in Oregon’s Columbia River Gorge has state transportation officials asking for a halt to the massive trains because of concerns their heavier weight could be putting extra strain on a certain type of bolt that fastens the rails to the tracks. The Oregon Department of Transportation discussed its concerns ...

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