Cuomo doesn’t want offshore drilling in New York

Gov. Cuomo on Monday asked the US Department of the Interior to exempt New York from a controversial new plan to expand offshore drilling — one week after the department issued an exemption to Florida. Cuomo said in a letter to Interior Secretary Ryan Zinke that offshore drilling “poses

Texas oil tycoon Pickens closing energy hedge fund

Oil tycoon T. Boone Pickens is throwing in the towel on his energy focused hedge fund after a 22-year-long “roller coaster ride.” “It’s no secret the past year has not been good to me, from a health perspective or a financial one,” Pickens wrote in a Linkedin post Friday,

De Blasio sues major oil companies over climate change

The de Blasio administration has filed a federal lawsuit against a handful of major oil companies for their role in climate change and its impact on New York City — particularly in the wake of Superstorm Sandy, city officials said on Wednesday. That includes seeking reparations for damage and

Which of these asset bubbles will pop first?

There are any number of bubbles in financial assets right now. This seems like a good time to guess which are going to pop first. Here are the candidates: Bonds: There’s no doubt that bond prices will decline in 2018. But will the bond market bubble — which has been

Pollution-choked India is importing America’s dirtiest fuel

NEW DELHI — U.S. oil refineries that are unable to sell a dirty fuel waste product at home are exporting vast quantities of it to India instead. Petroleum coke, the bottom-of-the-barrel leftover from refining Canadian tar sands crude and other heavy oils, is cheaper and burns hotter than coal.

Keystone pipeline leak didn’t hit water supplies, officials say

PIERRE, S.D. — TransCanada Corp.’s Keystone pipeline leaked an estimated 210,000 gallons of oil onto agricultural land in northeastern South Dakota, but state officials don’t believe the leak polluted any surface water bodies or drinking water systems. State officials and pipeline operator TransCanada Corp. disclosed the leak Thursday, and

Multiple injured after oil rig explodes in Louisiana

Several injuries have been reported Sunday night after an oil rig in Louisiana exploded. At least six people have confirmed injuries from an oil rig explosion in Lake Pontchartrain, Kenner Police Department spokesman Sgt. Brian McGregor told The Times-Picayune. McGregor said that while many of the injuries are serious, no one has

Schumer urges feds to watch price gouging on “big oil’

Sen. Chuck Schumer on Sunday urged the federal government to begin a “gouge watch” to ensure “big oil” isn’t taking advantage of motorists at the pump in the aftermath of Hurricanes Harvey and Irma, an issue first raised by a columnist for the New York Post. “Gas prices should come back

Why are gas prices up and oil prices down?

Dear John: Can you explain the gasoline greed? Gas prices spiked when oil dropped by almost 5 percent. As consumers, we are at the mercy of corporate greed. How does this work? J.M. Dear J.M.: It’s more investor greed and opportunism. Gasoline prices are rising sharply because Hurricane Harvey knocked out oil

ISIS is still stealing, spilling and smuggling oil in Iraq

Despite being recently defeated from their major strongholds of Mosul and Tel Afar in Iraq, more than two years after Iraqi forces specifically sought to retake oil-rich areas from the Islamic State, its militants are continuing to steal, spill and smuggle crude oil from Iraqi oil fields as a means

America’s largest oil refinery preps shut down in Texas

America’s largest oil refinery, in Port Arthur, Texas, prepared to shut down Tuesday as Tropical Storm Harvey continued to batter the storm-ravaged region, plant operation sources said. The Motiva Enterprises refinery produces 603,000 barrels a day out of Port Arthur, which is about 80 miles up the coast from Galveston. A Motiva

Hurricane Harvey hits stocks of insurers and auto giants

As Houston grapples with Hurricane Harvey, Wall Street is reeling in its aftermath. Energy stocks plunged into the red as much refining activity around the Texas coast came to a ”standstill,” Jack Ablin, chief investment officer at BMO Private Bank, told The Post. “That’s pushing demand for crude lower and reducing supply

Oil refiners brace as tropical storm heads toward Gulf Coast

Tropical Storm Harvey was heading toward the Texas Gulf Coast on Thursday morning, threatening to make landfall Friday and shut down a third of US oil refineries. The National Hurricane Center said Thursday morning the storm was likely to strengthen as it makes its way through the Gulf of Mexico and

Oil companies are failing at enforcing production quotas

Oil companies keep trying, but they can’t seem to enforce production quotas. The price of oil and gasoline rose a bit over the last few weeks as the “peak driving season” draws to a close. But quota enforcement issues in the Middle East and the fact that there is already too much

Legendary oil trader forced to shutter hedge fund amid low prices

The oil trading “God” has spoken — and is said to be closing down his main hedge fund because he just can’t make a profit with such low-priced oil. Low volatility and plummeting prices in crude helped contribute to a 30 percent decline in Andy Hall’s Astenbeck Fund this year through

Exxon Mobil fined $2M for violating Russia sanctions

The Treasury Department slapped Exxon Mobil with the maximum $2 million fine Thursday for violating sanctions against Russia while Secretary of State Rex Tillerson was running the oil giant. Treasury said in a statement that when Tillerson was Exxon CEO, he showed “reckless disregard” for sanctions that the Obama administration had

Here’s when you can expect gas prices to rise

When will gasoline prices rise? When the economy gets healthier and people spend more. When will that happen? No time soon, according to one new report. Citigroup’s Economic Surprise Index, which measures the economy against expectations, is at its lowest (when it’s low, reality hasn’t matched economists’ optimism) — since August 2011

Death toll rises to 157 after oil tanker explodes in Pakistan

MULTAN, Pakistan — Pakistani officials say the death toll from a massive fuel truck fire the previous day has risen to 157 as four more of the victims died overnight. The truck was traveling from the southern port city of Karachi to Lahore, the Punjab provincial capital, when the driver lost

Scores dead after oil tanker explodes in Pakistan

About 150 destitute Pakistanis who gathered around an over-spilled oil tanker to collect fuel for personal use are dead after the truck exploded into a huge fire ball, authorities said. The tanker blew up about 45 minutes after it crashed on the outskirts of Bahawalpur Sunday, the day before the Eid

Overturned oil tanker causes fatal explosion in Pakistan

MULTAN, Pakistan — An overturned oil tanker burst into flames in Pakistan on Sunday, killing more than 120 people who had rushed to the scene of the highway accident to gather leaking fuel, an official said. Rizwan Naseer, the head of the Punjab province’s rescue services, said 122 people were killed