Calumet Specialty Products posts annual loss for 7th straight year
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
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Biden signs orders aimed at eliminating nation’s reliance on fossil fuels
President Joe Biden has set a goal of eliminating pollution from fossil fuels in the power sector by 2035 and from the U.S. economy overall by 2050, speeding growth of solar and wind energy and lessening the country’s dependence on oil and gas.
Biden set to put moratorium on oil drilling on public lands
Oil and gas extracted from public lands and waters account for about a quarter of annual U.S. production.
Keystone XL pipeline halted as Biden revokes permit
Keystone XL President Richard Prior said over 1,000 jobs, the majority unionized, will be eliminated. The premier of the oil-rich Canadian province of Alberta called the decision an “insult” and said the Canadian government should impose trade sanctions.
Saudi-Russia oil fight melts markets, targets U.S. oil patch
Oil prices fell Monday by the most in one day since the 1991 Gulf War. The price of U.S. crude fell as much as 34%, to $27.34 a barrel, the lowest price since early 2016. Here’s what’s driving the price drop.
Stocks, oil prices plunge as virus closes sites around world
The world’s largest economies delivered more worrisome cues Monday as anxiety over the virus outbreak sent stock and oil prices plunging and closed sites from the Sistine Chapel to Saudi Arabian schools.
Oil plunges 25% as another virus-fueled trading week begins
Oil prices are plunging amid worries that an OPEC dispute will lead an economy weakened by COVID-19 to be awash in an oversupply of crude.
Oil prices jump on fears of Iranian retaliation against U.S.
If sustained, the rise in oil prices could lead to more expensive car fuel, heating and electricity bills, stifling the global economy at a time when it is already slowing.
Saudi oil attack could push gas prices up 25 cents, expert says
Should the recovery take weeks or months, the impact could be far-reaching. Higher fuel prices can not only motivate consumers to cut spending elsewhere but also ultimately reach into virtually every corner of the economy.
Trump orders biofuel boost in bid to temper farm state anger
Administration officials agreed to the broad contours of a renewable fuel plan, including further moves to encourage the use of E15 gasoline containing 15% ethanol, beyond the 10% variety common across the U.S.
Harvey could have deep impact on oil supplies, U.S. economy
Massive flooding caused by Tropical Storm Harvey along Texas' refinery-rich coast could have long-standing and far-reaching consequences for the state's oil and gas industry and the larger U.S. economy.
Oil price extends drop to 7 month lows, despite OPEC cuts
The price is just below the price seen in November, when OPEC and 10 other oil-producing countries agreed to cut their production to combat a growing supply glut and push the market up.
CountryMark revenue drops 40 percent as oil prices plunge in last two years
After a six-year run-up for the Indianapolis-based oil refiner that saw its revenue nearly double, the company has eliminated about 25 jobs, 2 percent of its workforce, in recent months.
U.S. to speed oil, gas permits amid sharp drop in applications
Low energy prices have curtailed domestic energy exploration, driving down revenue. Permit applications for oil and gas drilling were projected to be down 40 percent versus their historical average amid an ongoing price slump.
New oil refinery co-owned by Calumet off to tough start
The shale boom is threatening to ruin a renaissance in small refineries, known as teapots, before it even begins.
Keystone XL pipeline developer asks U.S. to suspend review
Keystone XL has become one of the most contentious energy issues of Barack Obama’s presidency, and the pause would allow him to put off a tough decision on an issue that has divided key Democratic constituencies.
Oil production in U.S. seen tumbling due to price drop
Amid booming U.S. production and high OPEC output, the benchmark price of oil plunged from more than $100 per barrel last year to about $45 this week.
BP restarts part of key oil refinery after repairs
An analyst said gasoline prices in Indiana and neighboring states served by the refinery could fall 20 cents to 50 cents a gallon over the next two weeks.
Investors seek payoff from Indiana oil wells that big players ignore
Indiana is experiencing a mini oil-boom, thanks to some big producers, but some small, private investors are also in on the game, through Indianapolis-based Midwest Energy Partners, formed four years ago by former CountryMark executive Bill Herrick.
Calumet goes back to market with public offering
The Indianapolis-based petroleum refiner plans to use proceeds from the 5.3 million unit stock offering for working capital, acquisitions and possibly the redemption or repurchase of debt.