Oil supply plunged last week by a whopping 6.3 million barrels last week. That drop was dramatic but we still are ending the month of May with supplies at a 10-year high -- as opposed to the 81-year high last week.
BP Plc, Transocean Ltd. and Halliburton Co. are seeking to avoid billions of dollars in damages by proving in court that mistakes leading to the 2010 Gulf of Mexico oil spill didn’t amount to gross negligence.
Well it may not have really felt like it to the Canadian oil producers but according to the International Energy Agency 2012 report, the price of oil averaged $112.00 a barrel, the highest price in history.
They call it a "civil monetary penalty" or a "fine," but those terms seem hollow when a financial firm itself is whacked for millions of dollars by regulators ... Who does this hurt? Management does not pay
Oil has struggled as it copes with continued demand destruction following Hurricane Sandy, balancing builds in supply with on-going refinery complications.
