Related Content: oil

Oil Prices Could Hurt Global Recovery

On The Radar

Oil prices remain at multi-month highs, causing concern that lofty prices could hurt the global economic recovery.CNBC's Eamon Javers reports.

In Iran's Oil Gambit, EU Nations Have Much To Lose

On The Radar

The Europeans are in the midst of their most serious economic crisis in 60 years, and now they're hearing it's not just their own fate they have to consider: The whole global economy hangs in the balance. The International Monetary Fund last week warned that if Europe's problems get any worse, it could push the entire world back into recession.
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Obama Rejects Keystone Pipeline from Canada to Texas

On The Radar

President Obama's rejection Wednesday of rapid approval of the Keystone XL pipeline from Canada to Texas triggered Republican and business community objections but also signs from Obama and the pipeline company that the issue was far from over. Russ Girling, president of TransCanada, the pipeline's builder, said the company would reapply for permitting and asked for the application to be processed in time to get the pipeline online by 2014.
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Iranian Oil Threat is Mostly Bluster, Say Observers

On The Radar

Amid an escalating war of words between the United States and Iran over the Strait of Hormuz, U.S. and European officials on Wednesday expressed confidence that there was no imminent threat to the passageway through which some 40 percent of the world's seaborne oil travels daily. Instead, they said, the latest Iranian threat to close the route reflected Tehran's anger at the U.S. pledge to impose sanctions on its nuclear program that for the first time directly target Iran's oil exports, the source of some 80 percent of its government revenue.

Iran Threatens to Block Oil Shipments, as U.S. Prepares Sanctions

On The Radar

A senior Iranian official on Tuesday delivered a sharp threat in response to economic sanctions being readied by the United States, saying his country would retaliate against any crackdown by blocking all oil shipments through the Strait of Hormuz, a vital artery for transporting about one-fifth of the world’s oil supply.
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Government Opens Gulf Of Mexico For Oil Business

On The Radar

The Obama administration auctioned off oil and gas leases in the western Gulf of Mexico Wednesday for the first time since the BP oil spill wreaked havoc on the Gulf coast of Louisiana in 2010. The sale, held by the Bureau of Ocean Energy Management in a conference room in the Louisiana Superdome, attracted 241 bids from 20 companies for 161 tracts off the Texas coast.
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Deal on Payroll Tax Cut Extension Still Elusive

On The Radar

There is broad agreement in Congress to extend the payroll tax cut for one year and overhaul the federal unemployment benefit system, but a partisan divide over how to pay for it and whether to fast-track an oil pipeline has threatened Congress' ability to adjourn for the year and reignited the prospect of a government shutdown.
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Obama Vows to Reject Bills Tying Payroll Tax to Pipeline

On The Radar

President Obama said Wednesday he would oppose any congressional efforts to link extraneous matters to legislation he supports to extend the payroll tax holiday, which is set to expire Dec. 31. Obama's resistance, which he clarified falls short of an actual veto threat, was intended to thwart Republican efforts to mix one of the president's priorities with various but unrelated projects supported by conservatives -- for instance, a proposed oil pipeline that would extend 1,700 miles from Alberta, Canada, through the United States to coastal refineries in Texas.

A Crude Hit to the Recovery

On The Radar

The U.S. economy missed out on creating up to a quarter-million jobs this year because it lacked the infrastructure to capitalize on a rare divergence in global oil prices, a National Journal analysis shows. Simply put, American consumers paid a historically high premium for their gasoline. The economy suffered for it.

Will Saudis Play Oil Card In Revenge Against Iran?

On The Radar

In capitals around the world, U.S. diplomats are laying out evidence that elements of Iran's government plotted to assassinate Saudi Arabia's ambassador to the U.S.