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Libya Unrest, BP stop Exploration more Oil Companies and Industry Fallout
Oil companies, including Italy’s Eni, Royal Dutch Shell PLC, U.K.-based BP and Germany’s Wintershall, a subsidiary of BASF, were evacuating their expat workers or their families or both. BP and Wintershall said they were temporarily suspending operations; Eni said production continued normally. Libya is one of the world’s biggest oil producers and has the largest [...]
Monday, February 21st, 2011Crude Oil Price History Analysis
Crude oil prices history ranged between $2.50 and $3.00 from 1948 through the end of the 1960s. The price oil rose from $2.50 in 1948 to about $3.00 in 1957. When viewed in 2008 dollars an entirely different story emerges with crude oil prices fluctuating between $17 and $19 during most of the period. The [...]
Saturday, October 2nd, 2010Gulf Mexico Oil disaster prompts insurance overhaul
BP’S rig explosion that caused the worst oil spill in US history is set to curtail insurance coverage for offshore drilling, forcing companies to self-insure or exit deep-water fields. BP’s leak in the Gulf of Mexico is ”a market-changing event”, said Dieter Berg, senior executive manager (marine) at Munich Re, the world’s biggest reinsurer and [...]
Friday, June 25th, 2010