Biz.PeanutButterNews.com

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — Two of the world’s oil-rich countries may make it harder for oil companies to do business with them.

Both Brazil and Nigeria currently offer fairly good contract terms to international oil giants like Exxon Mobil (XOM, Fortune 500) and Royal Dutch Shell (RDSA) that operate within their borders. But now they’re hoping to collect a much bigger chunk of the profits from the oil produced in their countries.

Full Story at money.cnn.com

When the acquisition was announced last week, it was generally seen as a smart business move. XTO (XTO, Fortune 500) is a big player in the so-called “unconventional” gas business — specifically, gas that lies in shale rock formations.

That business is booming. It’s one of the fastest growing energy sectors in the country. But some of the shale is near major population centers, and residents near the drilling are worried about air and, especially, water pollution from the chemicals used to extract shale gas.

Full Story at msnbc.com

of regular gasoline in the United States has dropped 3.89 cents over a two-week period to $2.60.

That’s according to the national Lundberg Survey of fuel prices released Sunday.

Analyst Trilby Lundberg says the average price for a gallon of mid-grade was $2.73. Premium was at $2.84.

Full Story atmoney.cnn.com

NEW YORK (Fortune) — Are cash-strapped American consumers on for another date with energy price misery?

The U.S. economy remains weak and one in six Americans can’t find enough work. Yet oil prices have risen steadily this year. A barrel of crude costs $79 and change, more than double its price at the end of 2008.

This year’s runup pales in comparison to the one that peaked last summer above $145 a barrel. Even so, some researchers warn we could once again be approaching the point at which rising energy costs will squeeze consumers.

Full Story at  msnbc.com

Americans are paying more for gasoline than they did last year as the holidays approached — billions of dollars that could go to books, clothes and Barbie dolls instead being spent at the pump.

Gas averaged nearly $2.70 a gallon Friday, the highest of the year — adding bad news to an already fragile economy and making it even less likely that people will spend their way out of the recession.

From last November to January, the average price was $1.86. Even if prices average $2.50 per gallon during the same period this year, Americans will pay an extra $26.6 billion for gas, said Tom Kloza, chief oil analyst at Oil Price Information Service.

Full Story atmoney.cnn.com

CNN) — Gasoline prices jumped nearly 18 cents over the past two weeks, the first two-week rise since early August, according to a survey published Sunday.

The average price of a gallon of self-serve regular was $2.655 as of October 23, said Trilby Lundberg, author of the Lundberg Survey. Since the October 9 survey, the average price per gallon has climbed by 17.82 cents. The current price is 12.3 cents less than the price a year ago.

The retail price of diesel fuel jumped a similar amount in the past two weeks — 16.75 cents. The price of diesel fuel is $2.817, Lundberg said.

There has been no significant increase in the demand for crude oil, nor large decrease in supplies of crude that can explain almost a $9 per barrel jump in the past two weeks, according to Lundberg. Crude oil now costs $80.50 a barrel.

Full Story at money.cnn.com

Merrill Lynch’s oil analysts say oil will rise above $100 a barrel next year because of our monetary policy and resurgent oil demand from emerging markets.

Merrill sees oil going to $82 in the fourth quarter of 2010, if not higher warning of an “upside risk” according to Bloomberg, who got a copy of their weekly report.

“Without firm policy action to reduce global oil demand or an unexpected expansion in supplies, a continuation of extremely loose monetary policy in OECD economies next year could ultimately bring about another spike in oil prices well above $100 a barrel as we approach 2011,” the report said.

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — Don’t look for Iran to throw up the white flag anytime soon.

The Obama administration is scrambling to tighten trade sanctions against Iran after the disclosure last week that Tehran was hiding a heavily fortified facility that many believe is designed to make material for nuclear weapons.

But the kind of sanctions that would really hit Iran’s economy – sanctions against its energy industry – are thought to be off the table because China and other nations are too reliant on Iran’s oil.

“They look to Iran as a major source of future oil supplies,” said James Placke, a senior associate at Cambridge Energy Research Associates who specializes in the Middle East. “They’d have to go through a substantial policy reversal, and I’d be surprised if they did that.”

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — BP has drilled one of the deepest oil reservoirs ever discovered, the company said Wednesday.

The Tiber well, located about 250 miles southeast of Houston in the Gulf of Mexico, was drilled about 35,055 feet deep, BP (BP) said. The energy giant is the largest producer of oil and gas in the Gulf, at 400,000 barrels per day.

Further evaluation is needed in order to determine the value of the well, BP said.

The well is BP’s second significant discovery in the so-called “lower tertiary” area in the Gulf of Mexico, and it found oil in multiple reservoirs, said Andy Inglis, a BP chief executive, in a written statement.

Full Story atmoney.cnnn.com

NEW YORK (CNNMoney.com) — Last year Andrew Hall, the head of Citigroup’s energy trading unit, made over $100 million, making him one of the highest paid people on Wall Street.

That same year Alabama resident Corey Carter spent over a quarter of his $240 weekly income on gas. Carter lived in the county where residents spent a greater chunk of their income on gas than anyone else in the country.

Some people think Wall Street’s increased interest in energy trading and the steadily rising price of gas is no coincidence.

Even the government is reassessing its opinion of speculation’s impact on oil prices. In what could be a significant reversal, the U.S. may tighten the rules on energy trading.

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — Oil prices have surged more than 50% from the start of the year, but don’t expect a return to triple digits anytime soon — worries about the pace of an economic recovery will continue to drive near-term volatility.

“The market is manic right now,” said Phil Flynn, analyst at PFG Best. “This is more uncertainty than I’ve seen in a very long time: big rallies followed by big breaks, and that’s reflective of feelings about the overall economy.”

Concerns about the recession — and more recently the timing of recovery — have translated into some big swings.

Full Story at money.cnn.com

(CNN) — Gasoline prices rose more than 15 cents in the past two weeks, the result of rising crude oil prices, according to a survey published Sunday.

The average national price of a gallon of unleaded gasoline was at $2.6442, the August 7 Lundberg survey found, an increase of 15.83 cents from two weeks ago.

The increase results from a full month of higher crude oil prices, said survey publisher Trilby Lundberg.

“Both oil and gasoline prices are about where they were back in late June,” Lundberg said. However, “as far as pump price hikes, this is probably it for a while, if crude oil stays put,” she said.