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Obama seeks $10-per-barrel oil tax to fund clean transport

In his latest effort to fight climate change, the Obama Administration announced plans to tax oil companies $10 dollars for every barrel produced. (Image: Joe Crimmings via Flickr)

WASHINGTON — President Barack Obama wants oil companies to pay a $10 fee for every barrel of oil to help fund investments in clean transportation that fight climate change. Obama will formalize the proposal Tuesday when he releases his final budget request to Congress. The $10-per-barrel fee is expected face solid opposition from Republicans who control Congress and oppose new ...

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Coast Guard investigates tanker crash on Mississippi River

NEW ORLEANS — The Coast Guard is investigating an accident on the Mississippi River involving an empty oil tanker. The Coast Guard said in a news release that the Nordbay, a 62,000-ton tanker, struck the Jefferson Parish water intake just up river from New Orleans on Tuesday night. The vessel was being directed down the river and while it was ...

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Green groups, residents sue crude-by-rail operator

oil train, crude oil

ALBANY, N.Y. — A coalition of residents and environmental groups is suing a crude oil transporter, claiming violations of the federal Clean Air Act. The coalition consisting of Albany County, a tenants association and six environmental groups filed the federal lawsuit Wednesday against Waltham, Massachusetts-based Global Partners. The lawsuit claims Global failed to obtain a required air pollution permit and ...

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Energy sector leads late turnaround by US stocks

Energy sector leads late turnaround by US stocks

NEW YORK — Stocks staged a rapid comeback in late-afternoon trading to close solidly higher Wednesday, helped by a surge in the energy sector and a decline in the U.S. dollar. Chipotle Mexican Grill fell as the company said a federal investigation into its E. coli outbreak had widened, and Yahoo sank as the troubled Internet company announced layoffs and plans ...

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Oil industry cutting jobs, investment to offset lower prices

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant’s weakest quarter since 2002. The results ...

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Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

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Cheap oil buoys consumers, shakes up global governments

Cheap oil will be sticking around for a while. That reality is wreaking havoc and causing uncertainty for some governments and businesses, while creating financial windfalls for others. Less expensive crude is delighting consumers in some regions, while leading to widespread job losses elsewhere. Oil has fallen from $107 to around $30 in the past 19 months. Furious production by ...

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Energy sector leads another decline in stocks as oil falls

Energy sector leads another decline in stocks as oil falls

NEW YORK — Falling oil prices continued to weigh on U.S. and global stock markets on Tuesday, as investors remained deeply concerned about the global economy following this week’s disappointing Chinese and U.S. manufacturing data. Google’s parent company, Alphabet, overtook Apple as the world’s most valuable publicly traded company. KEEPING SCORE: The Dow Jones industrial average lost 227 points, or ...

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Enbridge challenges regulators review of pipeline project

ST. PAUL, Minn. — Enbridge Energy and its supporters have accused Minnesota regulators of imposing unreasonable and unlawful procedures that they say will delay construction of a $2.6 billion pipeline to carry North Dakota crude oil across northern Minnesota. Enbridge in a regulatory filing Monday says the Public Utilities Commission’s requirement that a final environmental study be submitted before the ...

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Wyoming sees oil and gas jobs drop by 5,400 in 2015

CHEYENNE, Wyo. — In what may be the first large-scale energy bust to hit the state in some 30 years, Wyoming’s economy contracted in 2015, losing 6,500 jobs, mostly in the reeling oil and gas industry. However, the current downturn in Wyoming’s energy industry so far has not reached the severity of the bust that hit the state in the ...

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