Oil

BP Tries To Upend Claims Settlements By Suing Court Trustee

Submitted by News Desk 2 on Tue, 04/02/2013 - 10:42

New Orleans, LA -

BP has filed suit against Patrick Juneau, the court appointed trustee who is responsible for paying out claims according to the settlement terms agreed to by BP.

BP has said Juneau has been paying "absurd" amounts on fictitious claims and over paying legitimate claims using inflated figures and that it is seeking to have the court stop Juneau from paying any more claims.

China Flexes Naval Power In South China Sea Dispute With Malaysia Over Territory

Submitted by News Desk 2 on Wed, 03/27/2013 - 10:42

The Chinese Navy has been flexing its muscles again, this time in defense of yet another territorial claim just 50 miles off the coast of Malaysia. Both China and Malaysia claim James Shoal, or Zengmu Reef in Chinese, an island that lays just 50 miles off the coast of Malaysia and1,120 miles from the Chinese mainland.

Gas Prices Expected To Stabilize In The Next Week Or Two

Submitted by News Desk 2 on Mon, 02/18/2013 - 15:10

Gas prices are expected to stabilize within the next week or so according to AAA. Gas had been on a significant increase over the last month.

The cause is being attributed to refineries as they switch over to their summer blend, which is more expensive, but creates less pollution.

The average price per gallon across the state was $3.80 however in the Tampa and Orlando areas, it is less.

Oil Drilling Platform Explodes Off Coast Of Grand Isle, Louisiana

Submitted by News Desk 2 on Fri, 11/16/2012 - 12:48

There has been an explosion on board an oil drilling platform about 25 miles off the coast of Grand Isle, Louisiana, in the Gulf of Mexico.

So far reports say 4 people have been taken to the hospital and two more are missing.

The oil drilling platform was owned by Black Elk Energy, and was an active oil drilling platform. The Deepwater Horizon platform was an exploratory drilling platform.

The U.S. Coast Guard said two helicopters, an airplane and several small boats have been launched to the scene.

No word yet as to how many people were on board the drilling rig.

BP Agrees To Pay Billions In Settlement Talks With U.S. And 2 Employees Face Manslaughter Charges

Submitted by News Desk 2 on Thu, 11/15/2012 - 10:21

BP has agreed to pay upwards of $4.5 billion for the 2010 oil spill in the Gulf of Mexico and has said BP will plead guilty to criminal misconduct, negligence and lying to congress about how much oil was actually spilling out of the well being drilled by the Deep Water Horizon oil platform. BP will be out nearly $20 billion in all including cleanup costs and helping local businesses around the Gulf of Mexico run ad promotions.

Iran Unveils Its New "Tondar" Hovercraft Capable Of Offensive Rocket Launches

Submitted by News Desk 2 on Mon, 11/12/2012 - 17:39

Iran has unveiled its newest piece of military hardware to the anoyannace of western militaries, the new Tondar, a hovercraft capable of launching drone aircraft and rockets.

The new hovercraft is being dubbed "Thunder" in western nations and adds new tensions and complication for the U.S. Navy's 5th fleet, based in Bahrain to protect the Straits of Hormuz, where one fifth of the world's oil supply passes through and Iran has threatened to close.

The hovercraft is lifted by a cushion of air and is capable of traveling at speeds of up to 35 mph on both land and over water.

U.S. To Overtake Saudi Arabia As World's Top Oil Producer By 2017

Submitted by News Desk 2 on Mon, 11/12/2012 - 16:43

According to new reports by the IAEA and West's Energy Agency, the United States will become the world's top oil producer by 2017, making American one step closer to becoming energy independent by 2035.

According to the IAEA, the U.S. is expected to continue on its downward trend for oil as the country further develops alternative energy sources such as renewable wind, hydro, solar, and corn and plant alternatives plus increased use of natural gas and clean burning coal.

Gas Prices Expected To Continue To Drop Going Into Holiday Period

Submitted by News Desk 2 on Tue, 11/06/2012 - 13:12

Gas prices are continuing the trend downwards with the national average for a gallon of gas now at $3.49 as of Monday.

Oil Analyst said they expect to see the prices continue to drop at least for the next few weeks.

So far there has been no price increase due to Hurricane Sandy on a national level, which obliterated much of the New Jersey coastline and parts of New York City and leaving millions without gas or electricity.

BP Balks At U.S. Demand For $18 Billion In Fines & Damaged For 2010 Oil Spill

Submitted by News Desk 2 on Sun, 09/30/2012 - 11:49

Talks between the U.S. Government and oil giant BP have come to a standstill as BP objects to the U.S. Government's demand that it pay $18 billion in fines and damages related to the Gulf of Mexico oil spill in 2010.

BP has denied any wrong doing officially, but has embarked on an expensive ad campaign on television and newspaper touting its commitment to cleaning up the gulf shores and promoting businesses along Louisiana, Mississippi, Alabama and Florida.

Explosion At Pemex Oil & Gas Refinery Plant Kills 26

Submitted by News Desk 2 on Wed, 09/19/2012 - 07:46

An explosion occurred at a Pemex oil and gas refinery in Reynosa city, in the Mexican state of Tamaulipas, not far from McAllen, Texas late yesterday. The incident killed 26 workers, 4 Pemex employees and 22 contractors.

Firefighters and rescue crews were able to put the fire out about an hour later. Roads in the surrounding areas were closed as fire trucks and ambulances rushed to the scene and took victims to hospitals.

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