CALIFORNIA | LOCAL
December 2, 2012 |
SHAFTER - In this lush pocket of Kern County, where the agriculture and oil industries have long coexisted, Mike Hopkins' almond orchard has become a battlefield in a dispute that extends to the governor's office. Hopkins is standing up to the oil industry - and Gov. Jerry Brown - by filing a lawsuit against the state to bar energy company Venoco Inc. from drilling an exploratory well on his farm without a full environmental review. Venoco has the mineral rights to Hopkins' 38-acre farm.
October 22, 2012 |
For nearly two decades, Santosh Arya has pumped some of the San Diego area's cheapest gas at his three Homeland Petroleum stations. But his streak ended early this month, when wholesale prices started rising sharply, then shot up 40 cents a gallon overnight. To break even, Arya calculated he would have to sell a gallon of regular at $5.10 -- almost a buck higher than at nearby Shell and 76 stations. Instead, he shut down and waited for prices to drop. "I've never seen anything like it," said Arya, who said he lost $2,000 a day while hanging "out of gas" signs on his pumps.
April 28, 2012 |
Chevron Corp. said first-quarter profit rose 4.2% as rising oil prices offset falling natural gas prices. Net income for the first three months of the year increased to $6.47 billion, or $3.27 a share, from $6.21 billion, or $3.09,a year earlier, the San Ramon, Calif., company reported Friday. Revenue for the world's third-largest publicly traded oil company rose to $60.71 billion, compared with $60.34 billion in the first quarter last year. The company's financial performance was hurt by a sharp year-to-year decline in natural gas prices, but that drop was more than offset by sharply higher oil prices.
CALIFORNIA | LOCAL
January 9, 2012 |
It almost seemed as though oil drilling rigs were ready to tap into Los Angeles' first petroleum field again. But the workers setting up a pair of derricks south of Echo Park last week were plugging some of the city's oldest wells — not drilling new ones. The sealing of the long-abandoned wells by Allenco Energy to make way for a 45-unit affordable housing project marks the end of an era for the Los Angeles City Oil Field, which sparked Southern California's oil boom 120 years ago. The city's first commercially successful oil well was drilled about 350 feet away, at the corner of Glendale Boulevard and Rockwood Street.
January 4, 2011 |
Oil and gasoline prices began the new year on the same rising course that closed out 2010. Crude oil for February delivery jumped to $92.66 a barrel, a 26-month high, before settling at $91.55, up 17 cents, on the New York Mercantile Exchange. Oil last settled above $92 a barrel Oct. 3, 2008, when it closed at $93.88. Higher crude oil costs have been pushing up pump prices since early December. On Monday, the average U.S. pump price climbed 1.8 cents to $3.07 a gallon, according to the Energy Department's weekly survey of service stations around the U.S. California's average gained 2.1 cents to $3.308 a gallon.
CALIFORNIA | LOCAL
June 13, 2010 |
Horrific though the Gulf of Mexico oil spill has been, its output is still short of what occurred a century ago in scrubby brush about 110 miles north of Los Angeles — site of the Lakeview gusher. While some experts believe the well off Louisiana has spewed upwards of 60 million gallons of oil into the gulf, the Lakeview well rained about 378 million gallons over an area between the towns of Taft and Maricopa. The spill following the April 20 oil rig explosion in the gulf is, of course, a much bigger environmental and economic disaster.