Sorted by date Results 1 - 25 of 37
NEW YORK (AP) — Collapsed cryptocurrency trading firm FTX confirmed there was "unauthorized access" to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company's new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers' assets, according to a tweet by FTX's general counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators, the company said. Exactly how much money is involved is unclear, b...
NEW YORK (AP) — As serious as the methane escaping from ruptured pipelines on the floor of the Baltic Sea may be, there are alarming incidents of massive methane releases around the world frequently. Climate scientists have found that methane emissions from the oil and gas industry are far worse than what companies are reporting, despite claims by some major firms that they've reduced their emissions. That matters because natural gas, a fossil fuel widely used to heat homes and provide electricity, is made up of methane, a potent climate w...
NEW YORK (AP) — With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden on Tuesday announced a U.S. ban on imported Russian oil. Critics of Russia have said that sanctioning its energy exports would be the best — perhaps only — way to force Moscow to pull back. A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it's far from clear that all of Europe would...
OKLAHOMA CITY (AP) — Republican elected officials across the U.S. are criticizing President Joe Biden over his energy policies and urging his administration to do more to ramp up domestic production as a way to help wean the nation and its allies off oil from Russia. The sanctions imposed on Russia for its war with Ukraine so far do not include oil and gas exports from the country, a step that would severely hurt Russia's ability to generate revenue. Oklahoma's Republican Gov. Kevin Stitt and Ohio's GOP U.S. Sen. Rob Portman urged Biden this we...
FRANKFURT, Germany (AP) — Fears are rising about what would happen to Europe's energy supply if Russia were to invade Ukraine and then shut off natural gas exports in retaliation for U.S. and European sanctions. The tensions show the risk of Europe's reliance on Russia for energy, which supplies about a third of the continent's natural gas. And Europe's stockpile is already low. While the U.S. has pledged to help by boosting exports of liquefied natural gas, or LNG, there's only so much it can produce at once. It leaves Europe in a potential cr...
NEW YORK (AP) — ExxonMobil is facing a major challenge from a group of investors in one of the biggest fights a corporate boardroom has endured over its stance on climate change, an issue of rising urgency for many shareholders. The investor group is pushing to replace four of the oil giant's board members with executives they say are better suited to both strengthen the company's finances and lead it through the transition to cleaner energy. The fight represents a moment of reckoning for major publicly traded companies to address a global c...
CHAMBLEE, Ga. (AP) — More than 1,000 gas stations in the Southeast reported running out of fuel, primarily because of what analysts say is unwarranted panic-buying among drivers, as the shutdown of a major pipeline by a gang of hackers entered its fifth day Tuesday. Government officials acted swiftly to waive safety and environmental rules to speed the delivery of fuel by truck, ship or rail to motorists and airports, even as they sought to assure the public that there was no cause for alarm. The Colonial Pipeline, the biggest fuel pipeline i...
BILLINGS, Mont. (AP) — In the closing months of the Trump administration, energy companies stockpiled enough drilling permits for western public lands to keep pumping oil for years and undercut President-elect Joe Biden's plans to curb new drilling because of climate change, according to public records and industry analysts. An Associated Press analysis of government data shows the permit stockpiling has centered on oil-rich federal lands in New Mexico and Wyoming. It accelerated during the fall as Biden was cementing his lead over President D... Full story
NEW YORK (AP) — A printing company in Maryland saw the photo on Twitter Wednesday night: an employee roaming the halls of the U.S. Capitol with a company badge around his neck. He was fired the next day. Others are facing similar repercussions at work for their participation in Wednesday's riot at the U.S. Capitol. Some business owners are being trashed on social media and their establishments boycotted, while rank-and-file employees at other businesses have been fired. The printing company, Navistar Direct Marketing, declined to name the w...
SAN RAMON, Calif. (AP) — Uber is selling off its autonomous vehicles development arm as the ride-hailing company slims down after its revenues were pummeled by the coronavirus pandemic. Self-driving vehicle technology company Aurora will acquire the employees and technology behind Uber's Advanced Technologies Group in an stock transaction, the companies said Monday. Uber will also invest $400 million into Aurora, and Uber's CEO Dara Khosrowshahi will join Aurora's board of directors. After the transaction, Aurora will be worth $10 billion and U...
NEW YORK (AP) — Delivery giant DoorDash Inc. is planning to sell its stock to the public, capitalizing on the growing trend of consumers embracing app-based deliveries as much of the world stays home during the pandemic. The San Francisco-based company filed papers signaling its intent for initial public offering Friday. "Technology has changed consumer behavior and driven a wave of demand for convenience," the company said in its prospectus. "Recent events have further accelerated these trends, pulling the future of e-commerce forward for b...
NEW YORK (AP) — There were the two-hour, unpaid waits outside supermarkets when San Francisco first started to lock down, on top of the heavy shopping bags that had to be lugged up countless flights of stairs. And yet even after signing up for several apps, 39-year-old Saori Okawa still wasn't making as much money delivering meals and groceries as she did driving for ride-hailing giant Uber before the pandemic struck. "I started to juggle three apps to make ends meet," said Okawa, who recently reduced her work hours after receiving u...
NEW YORK (AP) — Chesapeake Energy, a shale drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision given its debt. Its debt load is currently nearing $9 billion. It has entered a plan with lenders to cut $7 billion of its debt and said it will continue to operate as usual during the bankruptcy process. The oil and gas company was a leader in the fracking boom, using unconventional techniques to e...
Chesapeake Energy, which has warned that it's unsure if it can survive much longer, failed to make $13.5 million in interest payments that came due this week, according to a federal filing. The pioneering energy company grew to become one of the largest natural gas producers in the U.S., but it's racked up nearly $9 billion in debt. The Oklahoma City driller warned in May that "there is substantial doubt about the company's ability to continue as a going concern" with natural gas losing about a quarter of its value this year alone. Chesapeake...
NEW YORK (AP) — Uber lost $2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. The ride-hailing giant said Thursday it is offloading Jump, its bike and scooter business, to Lime, a company in which it is investing $85 million. Jump had been losing about $60 million a quarter. "While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve t...
NEW YORK (AP) — With a barrel of crude oil costing less than a New York pizza, many U.S. shale producers are being pushed to the brink of bankruptcy and experts are wondering when, and if, the oil industry will recover. The price of benchmark U.S. crude oil closed at $12.34 a barrel Tuesday. At the start of the year, the price was around $60. Demand for oil has been decimated by the coronavirus pandemic, especially as shelter-in-place orders reverberated around the globe. "International travel, certainly by air, has essentially ceased, and that...
NEW YORK (AP) — A barrel of oil now costs less than a cheap bottle of wine. U.S. benchmark crude was trading as low as $6.50 a barrel Tuesday, more than 80% lower than the start of the year. The dizzying drop reflected stark suffering in the global economy that has left vastly diminished demand for oil. There's little mystery around the sharp drop-off: Efforts to limit the spread of the coronavirus have major cities around the world on lockdown, air travel has been seriously curtailed and millions of people are working from home, leading to f...
NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state's savings as oil revenue dries up. The global economic crisis caused by the coronavirus pandemic has devastated the oil industry in the U.S., which pumps more crude than any other country. In the first quarter, the price of U.S. crude fell harder than at any point in history, plunging 66% to a...
NEW YORK (AP) — Boeing ousted CEO Dennis Muilenburg on Monday with no end in sight to the crisis that has engulfed the vaunted American aircraft manufacturer since the crash of two of its 737 Max airliners. The Boeing board had supported Muilenburg for months despite calls for his resignation from lawmakers and relatives of the passengers killed. When it became clear in recent days that federal regulators would not certify the grounded Max to fly again by year's end as Muilenburg had hoped, the board finally abandoned him. Board members d...
NEW YORK (AP) — New York's attorney general is accusing Exxon Mobil of lying to investors about how profitable the company will remain as governments impose stricter regulations to combat global warming. The lawsuit, which is set to go to trial Tuesday, claims the Texas energy giant kept two sets of books — one accounting for climate change regulations and the other underestimating the costs — to make the company appear more valuable to investors. Exxon denied the allegations, calling them politically motivated, and said the company looks...
WASHINGTON (AP) — The Trump administration moved Thursday to revoke regulations on methane leaks from oil facilities, a proposal environmental advocates said would renounce key federal authority to regulate the climate-damaging gas. The proposed rule follows President Donald Trump's directions to remove "unnecessary and duplicative regulatory burdens from the oil and gas industry," Environmental Protection Agency Administrator Andrew Wheeler said in a statement. Exxon Mobil and some other oil giants — wary of blowback from growing public con...
Andrew Hardy was crossing the street on an electric scooter in downtown Los Angeles when a car struck him at 50 miles per hour and flung him 15 feet in the air before he smacked his head on the pavement and fell unconscious. The 26-year-old snapped two bones in each leg, broke a thighbone, shattered a kneecap, punctured a lung and fractured three vertebrae in his neck, in addition to sustaining a head injury. "My brother thought I was dead," said Hardy, who wasn't wearing a helmet. Doctors told Hardy he'd likely be paralyzed for life. Five...
NEW YORK (AP) — A rare mix of geopolitical tensions in the Middle East and China is tugging oil prices in opposite directions and creating uncertainty over where they might land. Deteriorating trade talks between the United States and China, the world's two largest economies, are posing a serious threat to global economic growth and whenever that growth sputters, demand for oil and gasoline typically craters. But escalating tensions in the Middle East and elsewhere could threaten oil supply, which could push the price of oil and gasoline h...
NEW YORK (AP) — Global oil prices are rising in the wake of President Donald Trump's decision to impose sanctions on nations that import Iranian oil and could eventually climb to levels that would impact American consumers. Analysts said Tuesday that by taking Iranian crude off the market, the price of Brent crude oil — which is traded internationally — could rise to $80 per barrel or higher, depending on what happens in other countries where supply is at risk. "That would certainly be felt by U.S. consumers, especially going into the drivi...
NEW YORK (AP) — Diplomatic relations between U.S. and Venezuela have hit a new low over President Donald Trump's decision to recognize the leader of the South American country's opposition as its legitimate president. But the two countries have long history of interdependency when it comes to oil that has endured through years of political tensions. Trump has long considered imposing sanctions that would block imports of Venezuela oil. Here's a look at how such a move might affect both countries. ___ HOW DEPENDENT IS THE U.S. ON VENEZUELAN O...
