Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
Saudi Arabia’s state-backed oil giant Aramco says its profits nearly halved in 2020 to $49 billion. Sunday's announcement of the big drop came as the coronavirus pandemic roiled global energy markets.
U.S. holds first lease sale for Alaska’s Arctic refuge
A state corporation, the Alaska Industrial Development and Export Authority, was the main bidder on the leases. Its executive director, Alan Weitzner, in a statement, said in acquiring nine tracts, "Alaska preserves the right to responsibly develop its natural resources."…
6 U.S. Citgo executives convicted and sentenced to prison in Venezuela
Attorneys and relatives of the so-called Citgo 6 said the men were wrongly convicted, and the defense lawyers vowed to appeal Thursday's verdicts.
Solar, wind energy struggle as coronavirus takes toll
The U.S. renewable energy industry is reeling from the new coronavirus pandemic, which has delayed construction, put thousands of skilled laborers out of work and sowed doubts about solar and wind projects on the drawing board.
The collapse of the global oil market reflects a broader drop in demand across all areas of the economy, as business activity during the pandemic remains near a standstill. What caused this historic decline in oil prices, and what does…
Economic damage from the novel coronavirus pandemic has knocked the bottom out of the oil market. The cost of benchmark U.S. crude oil, for delivery in May, actually fell below zero -- dragging down the entire stock market. And in…
President Trump says he expects Saudi Arabia and Russia will end an oil war and dramatically cut production.
For many of the oil-rich countries, 2020 was already off to a miserable start, but they took a beating on Monday-- a barrel of oil now costs half what it did at the beginning of the year. What happened?…
The oil industry in South Sudan has left a landscape pocked with hundreds of open waste pits, the water and soil contaminated with toxic chemicals and heavy metals, according to four environmental reports obtained by The Associated Press.
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