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Producer prices fell more than expected in November as the cost of energy tumbled the most in over three years, according to a government report on Thursday that showed little inflation pressures in the economy. The Labor Department said its seasonally adjusted producer price index slipped 0.8 percent last month, the second straight decline. November’s drop in wholesale prices was the sharpest since May. The Labor Department said data collection was not substantially affected by superstorm Sandy. Economists polled by Reuters had expected prices at farms, factories and refineries to drop 0.5 percent last month. Wholesale prices, excluding volatile food […]

Historian Niall Ferguson says America could be set for a new economic boomSays production of natural gas and oil from shale formations will have enormous implicationsInternational Energy Agency: U.S. to pass Saudi Arabia as world’s biggest oil producer by end of decadeIEA says this could put Washington near energy independence within 20 yearsHong Kong — If there’s been one consistent thread running through the U.S. economic story since 2008, it’s been the steady drumbeat of gloom.Outright recession or sub-standard growth, stubbornly high unemployment and fiscal crises have been the topics du jour when it comes to the world’s biggest economy.But […]

General Electric Co reached a deal to sell equipment to Clean Energy Fuels Corp , which is building out a series of liquefied natural gas fueling stations for U.S. truckers. The largest U.S. conglomerate sees liquefied natural gas equipment as becoming a $ 1 billion market over the next five years, said Mike Hosford, general manager of unconventional resources for GE Oil & Gas. Clean Energy, which counts T. Boone Pickens as its largest investor, agreed to buy two GE-made MicroLNG plants to provide liquefied natural gas for a network of 70 natural gas fueling stations it is opening at […]

Energy companies likely will see more regulation in President Barack Obama’s second term, with less access to federal lands and water even as the administration promotes energy independence. With a pledge to cut oil imports by half by 2020, Obama during the campaign advocated what he called an “all of the above” approach to developing a range of domestic energy sources. He said, however, that he would roll back subsidies for oil companies and reduce the nation’s reliance on oil by mandating production of more fuel-efficient vehicles. “You are going to have less access to federal lands and tougher government […]

U.S. federal energy regulators have threatened to fine London-based Barclays about $ 470 million to settle claims that the bank and its traders manipulated California energy markets, in the largest proposed fine from the agency since 2005. The Federal Energy Regulatory Commission’s Office of Enforcement staff alleged Barclays engaged in a coordinated scheme to manipulate trading at four electricity trading points in the western United States from November 2006 to December 2008. In an order issued Wednesday, FERC said Barclays has 30 days to show why the bank should not be penalized. The following is a list of the biggest […]

FRANKFURT EU rules to toughen laws against market abuses in gas and power trading are likely to drive operators to exchanges and away from the bigger over-the-counter markets (OTC), energy and financial consultancy Baringa said on Monday. “The intention of the new rules is to shrink the OTC market and make it more transparent and accountable,” said Susanne Funke, head of regulatory affairs at the consultancy, on the sidelines of a conference. “This means that OTC volumes will increasingly migrate to exchanges,” she said, citing the exchanges’ existing transparency functions and clearing provisions. Experts say it is hard to gauge […]

The U.S. Food and Drug Administration said on Monday that it was investigating reports of five deaths that may be associated with Monster Beverage Corp’s energy drink, and the company’s shares fell more than 14 percent. Monster is also being sued by the family of a 14-year-old girl who died after drinking two cans of its Monster Energy drink in a 24-hour period. Monster said it does not believe its drinks are “in any way responsible” for the girl’s death. “Monster is unaware of any fatality anywhere that has been caused by its drinks,” the company said in a statement. […]

KASHAGAN OILFIELD, Kazakhstan – It has taken $ 46 billion over 12 years to bring Kashagan, the biggest world oilfield discovery since 1968, to the brink of production. But some in the seven-member development consortium are wondering whether they will be able to recoup their investment in the western Kazakh oil field before the current Production Sharing Agreement expires in 2041. They hope the departure of one partner, ConocoPhillips, will lead to a reshuffle that will give them greater operating control and extend the PSA beyond 2041, long enough to guarantee returns from the larger second phase of development. “We’ve […]

TORONTO/KUALA LUMPUR Canada has blocked Malaysian state oil firm Petronas’s C$ 5.17 billion ($ 5.2 billion) bid for gas producer Progress Energy Resources, throwing the country’s energy sector into turmoil. The surprise move could signal problems for Chinese oil group CNOOC’s C$ 15.1 billion offer for oil producer Nexen and, longer term, weigh on other Canadian firms hoping for foreign investment to tap their vast energy reserves. Also, any rejection of the CNOOC bid would likely damage trade ties Canada has been trying to build with China, and would underline political sensitivity to Chinese corporate expansion in North America. The […]

TORONTO Canada blocked Malaysian state oil company Petronas’ C$ 5.17 billion ($ 5.22 billion) bid for gas producer Progress Energy Resources Corp on Friday, a surprise ruling that could have implications for a much bigger offer by China’s state-owned CNOOC for oil producer Nexen Inc. “I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” Christian Paradis, Canada’s minister of industry, said in a late-night statement. Petronas has up to 30 days to make additional representations that could make […]

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