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Oil Prices

February 1, 2013 | By Louis Sahagun, Los Angeles Times
The city of Whittier and a Santa Barbara oil company prompted outrage Thursday as they began clearing trees and brush from a nature preserve that was bought with Los Angeles County tax dollars to protect it from development. Whittier purchased the land and its mineral rights 19 years ago with $9.3 million in county Proposition A funds, which are designated for conservation purposes only. But the city later reversed course, learning that oil deposits could bring the city up to $100 million a year in royalties - nearly double its $55-million budget.
November 13, 2012 | By Ronald D. White and Tiffany Hsu, Los Angeles Times
Step back, Saudi Arabia and Russia. The U.S. will become the world's top producer of oil by 2020, a net exporter of oil around 2030 and nearly self-sufficient in energy by 2035, according to a new report from the International Energy Agency. It's a bold set of predictions for a nation that currently imports some 20% of its energy needs. Recently, however, an "energy renaissance" has begun in the U.S., marked by a boost in oil, shale gas and bioenergy production made possible by new technologies such as hydraulic fracturing, or fracking, and horizontal drilling, said the report by the Paris agency, which acts as an energy watchdog for industrialized nations.
October 27, 2012
Re "Gas market's structure hits drivers hard," Oct. 22 The graph that accompanied this article, which shows how crude oil prices, taxes, refiners and station owners have influenced the price of gas recently, proves that practically all of the recent run-up in California gasoline prices is going to the refinery owners: Chevron, Tesoro, BP, ConocoPhillips, Exxon Mobil and four others. Chevron, BP, Exxon Mobil and ConocoPhillips are, along with Shell, the five largest oil companies in the world, and in 2011 they made record profits of $137 billion.
October 26, 2012 | Ronald D. White
Occidental Petroleum Corp. and ConocoPhillips posted lower earnings but still beat analyst expectations, leading off what is expected to be a weaker third-quarter earnings performance for the U.S. oil and gas industry compared with a year earlier. Occidental, the nation's fourth-biggest oil and gas company, reported net income of $1.4 billion, or $1.70 a share, compared with a profit of $1.8 billion, or $2.18 a share, in the third quarter of 2011. Analysts had been expecting the Westwood company to report $1.63 a share, according to Thomson Reuters.
October 25, 2012 | By Ronald D. White
Occidental Petroleum Corp. of Westwood led off what is expected to be a lower third-quarter earnings performance for the oil and gas industry compared to a year ago. But the company still made a $1.4-billion profit while setting another production record. Occidental is the nation's fourth biggest oil and gas company. It's $1.4-billion and $1.70-a-share performance compared with a profit of $1.8 billion and $2.18 a share in the third quarter of 2011. The main difference in performance involved lower commodity prices.
October 5, 2012 | By Ronald D. White
[Updated, 1:49 p.m. Oct. 5: An earlier version of this story said the state's gasoline record was set during a run up of oil prices that eventually topped $1.47 a gallon.] The average price for a gallon of regular gasoline in California jumped a whopping 17.1 cents overnight. That makes it almost certain that the state's motorists will see a new all-time record high for gas sometime this weekend. Friday's average price for a gallon of unleaded regular in California is $4.486 a gallon, which is by far the highest in the nation.
September 23, 2012 | By Steve Yetiv
With average gas prices approaching $4 nationally and already above that in California, American consumers are watching their hard-earned dollars go down the gas tank. For President Obama, that's not great news because voters hate high gasoline prices. According to a Reuters/Ipsos survey conducted in March, when prices were about where they are now, 68% of Americans disapproved of Obama's handling of gas prices. Republicans have since pounced, arguing that gasoline prices have more than doubled under his leadership.
August 19, 2012 | By David Pierson, Los Angeles Times
BEIJING - Construction laborer Yi Jichun has never heard of Illinois or Iowa. But the migrant worker's favorite comfort food comes straight out of the U.S. Midwest: soybean oil. The world's biggest consumers of edible oils, Chinese households have developed a taste for the stuff that would make a county fair fry cook proud. Be it a simple stir-fry, poached fish or deep-fried pork ribs, many Chinese diners love their grub covered in an oily sheen. Jugs of the golden liquid make popular gifts for Chinese New Year.
July 31, 2012 | By Ronald D. White, Los Angeles Times
Pump prices have held relatively steady in much of the nation, but respite may be brief. The average U.S. price of a gallon of regular gasoline rose 1.4 cents, to $3.508, according to the Energy Department's weekly survey, released Monday. In California, the average fell 0.6 of a cent, to $3.802 a gallon. Analysts attributed the national rise to the recovery in oil prices. U.S. crude futures are hovering around $90 a barrel after falling as low as $77.69 during the final week of June.
July 30, 2012 | By Ronald D. White
The average price of a gallon of regular gasoline rose slightly across most of the nation over the last week, according to the AAA Fuel Gauge Report. In California, the average climbed 1.8 cents to $3.798 a gallon. The U.S. average rose 1.5 cents to $3.486 a gallon. Analysts attributed the rise to the recovery in U.S. oil prices. Crude futures are again hovering around the $90 a barrel level after falling to the lowest price of the year of $77.69 a barrel during the final week of June.
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