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Exit now, pay later: Germany’s rushed farewell to nuclear power

FRANKFURT/BERLIN – When Chancellor Angela Merkel called up the boss of Germany’s biggest power producer RWE two days after the first explosion at Japan’s Fukushima nuclear plant, there was no mention of a u-turn in her energy policy. Twenty-four hours later, Juergen Grossmann learnt through the media that Merkel was planning to shut down the country’s oldest nuclear plants and ...

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Upper Burrell Marcellus shale debate continues

Natural gas well. Getty Images via Newscred.

The ongoing debate over Marcellus shale natural gas well restrictions continued Tuesday in Upper Burrell. A standing room only crowd of residents, gas industry professionals and local environmental activists weighed in as township supervisors considered whether to increase the distance required between homes and wells. Turkey Ridge Road residents David Jordan, Dan Myers and Diana Kadunce spoke of concerns about ...

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U.S. jobs data to hold key to Fed’s rate plans

FRANKFURT – U.S. jobs data due in the coming week may hold the key to whether the Federal Reserve will raise interest rates for the first time since 2006 in December, signalling its intention to end an era of almost-free dollars. An increase in Fed rates would have consequences well beyond U.S. borders, increasing borrowing costs for dollar debtors in ...

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NFG rates lowest in 19 years

natfuel

NORTHWESTERN PENNSYLVANIA — Here’s news that will warm the hearts of area residents who heat their homes with natural gas: Effective today National Fuel Gas Distribution Corp.’s gas rates hit a 19-year low. Under its quarterly adjustment to natural gas supply charges, NFG said the monthly bill of a typical residential customer using 94,900 cubic feet of gas annually will ...

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Shell reports loss of $7.4 billion after Arctic exit

LONDON — Royal Dutch Shell reported a third quarter loss of $7.4 billion Thursday as it re-organized and cancelled projects, including drilling in Alaska, to cope with the plunge in oil prices. The net loss compares with a profit of $4.5 billion in the same period last year. Shell reported $7.9 billion in charges, including $2.6 billion for Alaska and ...

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Conoco posts quarterly loss, cuts 2015 spending target

ConocoPhillips reported a third-quarter loss on Thursday, and the largest U.S. independent oil company lowered its 2015 spending target in response to the lingering slump in crude prices. The Houston-based company said it would divest assets and lower its cost structure in response to the more than 50 percent slide in crude oil prices from last year’s high of more ...

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Total beats expectations thanks to record refining margins

PARIS – French oil and gas company Total’s reported better than expected third-quarter profit on Thursday after high margins in its European refining business and increased production softened the blow of prolonged low oil prices. A lower-for-longer outlook for oil prices took its heaviest toll yet as oil companies reported a dramatic drop in income in the third quarter, with ...

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Walker aims to convert Alaska Permanent Fund to endowment for funding government

JUNEAU — A new plan from Gov. Bill Walker’s administration to broadly restructure Alaska’s finances would convert the Permanent Fund into an endowment that absorbs oil income and generates billions of dollars in annual revenue for the state’s treasury, Attorney General Craig Richards announced Wednesday. The sweeping changes would insulate state government from swings in the price of oil, Richards ...

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