January 18, 2012
Wholesale gasoline futures in the Northeast surged Wednesday after a giant oil refinery in the U.S. Virgin Islands announced it was closing next month, the latest petroleum processor to call it quits. Hovensa L.L.C., a joint venture of U.S.-based Hess Corp. and Venezuela's state-owned oil company, announced it will cease operating its 350,000-barrel-a-day refinery in St. Croix. The plant provided 83,000 barrels a day of gasoline and 47,000 barrels of distillate fuel like heating oil and diesel to the U.S. Northeast, according to the Energy Department.
March 6, 2013 |
NEW YORK - Reaction in the oil market to the death of Venezuelan President Hugo Chavez was muted Tuesday, with the price of crude rising slightly in electronic trading in New York. Chavez, 58, battled cancer for two years. In December, he underwent what officials described as a complicated six-hour, cancer-related surgery. The full impact of his death on the oil market may not be known until Venezuela elects new leadership. In the short term, analysts expect the country's long decline in oil production to continue.
October 25, 2012 |
NEW YORK - U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951. The boom has surprised even the experts. "Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm.
November 4, 1990 |
Texans are trying hard not to appear smug this time. They are not flaunting their renewed oil wealth, or sneering at people from less fortunate regions. It's partly superstition - they can't believe their luck - and partly hard- learned tact. After their obnoxious behavior the last go-round, they don't want to offend those who regard the Persian Gulf crisis as no cause for celebration. Nevertheless, the figures are impressive. Texas pumped 716 million barrels of oil last year. The price bumps around a lot these days, but even without actual fighting it is roughly $15 a barrel higher than a year ago. That works out to a nice $10 billion infusion into the state economy.
May 15, 2005 |
Soaring demand for crude oil in China, India, and other developing nations has set off a scramble to secure future energy supplies that could undermine the economic and national security of the United States. The United States, Europe and Japan increasingly will be forced to compete with developing nations, especially China and India, the world's fastest-growing major economies, which comprise more than one-third of the world's population. "The center of gravity in world oil is shifting," said Daniel Yergin, chairman of Cambridge Energy Research Associates and author of The Prize, a Pulitzer Prize-winning history of oil. "Last year, Asia consumed more oil than North America," Yergin said.
December 1, 1987 |
George H. Earle IV says he remembers taking off from South Philadelphia in a B-17 and heading for the ocean with barrels of radioactive waste in the bomb bay. His instructions, he says, were to go 100 miles beyond Atlantic City and drop the stuff. And that's what he did, Earle says, believing wholeheartedly that "when you're Navy and they tell you to jump, you say, 'How high?' " The retired Navy pilot related how he took off with the unmarked barrels in 1947 from the old Mustin Field at the Philadelphia Naval Base.
October 22, 2012
The whiskey gospel has gone global. Just taste how India's Amrut Fusion and Sullivan's Cove from Tasmania (each featured in meet-the-distiller events at restaurants this week, as well as Thursday's Whiskey Fest) emphasize how traditionally made spirits take on distinctive terroirs. For Amrut , a Bangalor distillery that began as rum producer for the Indian army, copper pot-stilled northern Indian malt ages at a significantly faster rate than in Scotland in India's warmer climate (a max of seven years)
December 6, 2009
Gazing among the many spirit wonders at Village Whiskey, my eyes settle on the smallest of bottles and a curious pedigree: bourbon from New York? That's right. The preciously-priced Baby Bourbon, brandylike with notes of apple and mulled spice, comes from the pot-distilled Hudson Whiskey line of Tuthilltown Spirits (along with a superbly dry Manhattan Rye). This six-year-old Hudson Valley distillery is part of America's growing artisan spirit movement, and is the first new whiskey producer in New York since before Prohibition.
May 2, 1988 |
OPEC oil ministers early today postponed for a month their efforts to link up with six non-OPEC oil-producing nations in a plan to reduce the world's oil glut and stabilize volatile prices, cartel officials said. The 13-member Organization of Petroleum Exporting Countries is to reconvene in June to resume the deliberations, said Fernando Santos, the oil minister of Ecuador. The breakup of the talks ended four days of negotiations that followed a proposal by six non-OPEC oil producers for joint cuts in oil production to help shrink an over-supply that was depressing prices.
August 9, 1987 |
For John Chando, 38, president of TFC Nuclear Associates of Moorestown, it was just another job. But for the residents of Montclair, Essex County, the job - if successful - would end a nightmare. Chando was trying to rid the town, and the state, of a radon-waste threat that has frustrated state and local officials since 1982, when radon- contaminated soil first was dug up from beneath four Montclair homes. His plan was to transport a total of 15,000 barrels of radium-contaminated soil to a federal facility in Tennessee for treatment.