Friday, April 11, 2008

Weekend Oil News Roundup

Energy Sector Roundup: Oil Out of Gas

Oil ended the day flat, keeping its distance from that $112.21 a barrel record set earlier in the week. Light, sweet crude for May delivery fell 70 cents to $109.41 on the New York Mercantile Exchange. But retail gas and diesel prices jumped to new records.


Mexico leftists camp in Congress to stop oil plan

Leftist lawmakers blocked both houses of Mexico's Congress on Friday after an all-night sleepover protest against an oil reform plan that could open the state-run sector to more foreign investment.


Oil Rises Above $110 a Barrel

Oil prices rose above $110 a barrel Friday after slipping from a record high at midweek as investors locked in profits from a stronger U.S. dollar.


Pemex and Mexican Peak Oil Mean Expensive Oil

Pemex better start exploring for more oil in the Gulf of Mexico or its going to pump out all its reserves in less than ten years. Mexican President Felipe Calderon went on national television last night in Mexico and told his countrymen (in Spanish, we presume), "We have to act now because we're running out of time and out of oil."

What's he talking about?


Oil steadies on weak dollar, demand revisions

Oil prices steadied on Friday as supply concerns and the weak dollar countered expectations that growing economic problems will slow global demand this year.


Bakken Shale in US may hold 3.7 bln bbl oil - USGS

A shale rock formation that stretches across Montana and North Dakota could hold about 3.7 billion barrels of oil, the biggest single deposit in the United States except for Alaska, the U.S. Geological Survey said this week.


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