Archive | October, 2009

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Oil profits shouldn’t ‘recover’

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30. October 2009

Oil profits shouldn’t ‘recover’

10-30-09 by dugan   Why is it that media reports on oil company profits only compare them to the previous quarter and the previous year? This week’s third-quarter profit reports for Exxon, Shell, Chevron and friends showed profits down by half or more from last year’s pigs-at-the-trough delirium. Less than $5 billion for Exxon! Less […]

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Good-news rumor on CA refinery

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21. October 2009

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Good-news rumor on CA refinery

10-21-08 by dugan   With oil prices going through the roof again (near $82 a barrel today), the economy is deeply at risk. But oil refineries are looking like better investments, because gasoline prices will follow. A business publication in India is reporting that the largest Indian oil refiner is thinking of buying several refineries, […]

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Exxon: Litigate ’til Hell freezes

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19. October 2009

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Exxon: Litigate ’til Hell freezes

10-19-09 by dugan   It’s good news that ExxonMobil lost a big court case today in New York, where a judge ordered it to pay $105 million for contamination of drinking water with a now-banned gasoline additive. The bad news is, in Exxon-world, it’s better to pay $110 million on endless legal delay than admit […]

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A Yogi Berra moment in oil prices

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16. October 2009

A Yogi Berra moment in oil prices

10-16-09 by dugan   Oil prices hit another record for the year today, at over $78 dollars for each 42-gallon barrel in futures markets. That’s well over double the late 2008 low of 32 dollars a barrel. Here are the reasons given in various news stories: Dropping dollar, threats to Nigerian oil fields, a jump […]

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