Reuters - Oil prices fell nearly 4 percent on Monday as gloomy U.S. economic data darkened projections for energy demand and refinery workers averted a strike that would have slashed fuel production.
AP - Oil prices tumbled nearly 4 percent Monday in a volatile trading day fraught with more bad economic news, including thousands of job cuts by Macy's department store.
PR Newswire -
Congress's trillion dollar economic stimulus plan fails to address one of the primary threats to our future economic stability: OPEC's plan to push oil prices up which will siphon hundreds of millions of stimulus dollars to the offshore oil producers, according to John W. Rich, Jr., a leader in the waste coals to liquid transportation fuels field.
AP - Kenya began a week of mourning on Monday for the victims of two massive fires that killed more than 140 people, and the Red Cross began the long process of trying to identify some of the dead with DNA samples.
AFP - Oil prices briefly slid under 40 dollars a barrel in New York on Monday as weak global energy demand overshadowed snow storms in Europe and simmering tensions in the Middle East, analysts said.
Reuters - Kenya began a week of mourning on Monday for at least 144 people who died in a petrol tanker blaze and another fire in a Nairobi supermarket that have brought a torrent of criticism of poor disaster readiness.
BusinessWeek Online - Commodities and speculation have traveled together since cave dwellers first traded flint rock. Crude oil suffered a stunning collapse in 2008, losing more than $100 per barrel in five months, while gold prices nearly doubled between 2007 and 2008. But there's another commodity that commands a prominent place in nearly every home, without nearly the same attention: tin-plated steel. Used in food, aerosol, and paint cans, tinplate is a strip of light-gauge steel coated on both sides with tin. It gives cans their slick texture and, more importantly, their noncorrosive properties.
AP - The extraordinary profits for Exxon Mobil may be over for now, but opportunities abound even in a year that's expected to be miserable for the entire oil and gas industry.
AP - Ukraine's president said Friday that his country must honor the contracts that ended a nearly two-week halt in Russian natural gas shipments to Europe earlier this month.
Reuters - Oil giants Exxon Mobil Corp and Chevron Corp posted higher-than-expected quarterly earnings on Friday as refining profits helped offset a steep decline in crude oil prices.
AP - The wind energy industry is seeking tax incentives and grants to help it navigate the recession. Some of the recent layoffs in turbine manufacturing include:
AFP - Exxon Mobil on Friday notched a record 45.22 billion dollar profit in 2008 despite a 33 percent income decline in the fourth quarter as the oil giant rode out high volatility in energy prices.
Reuters - Chevron Corp , the second-largest U.S. oil company, said on Friday its fourth quarter profit rose slightly as a gain from an asset swap offset lower oil prices and production.
Reuters - Exxon Mobil Corp , the world's largest publicly traded company, said on Friday its fourth-quarter net income fell 33 percent as a steep drop in crude oil prices hurt results.
AP - Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.
AP - Venezuela's Citgo Petroleum Corp. resumed deliveries of free heating oil to poor Americans on Thursday, making its first delivery since the program's rumored end.
AFP - Japanese inflation slowed sharply in December as energy prices cooled and domestic demand weakened due to the country's first recession in seven years, official figures showed Friday.
Reuters - Toronto's key stock index ended lower on Thursday as nagging economic concerns hurt weighty bank shares and lower oil prices hit the energy group, forcing the TSX to undo nearly all its gains from the prior session.
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