Record Oil Prices News

Iran's finance minister believes sanctions against his country could cause the oil price to reach US$ 160 per barrel "We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in a recently broadcasted interview. Eighty percent of Iran's foreign revenues are derived from oil exports, and an embargo by the EU set to go into effect in July will further devastate its economy. But Hosseini said the embargo would also likely hurt the EU, which is grappling with its own weakened economy. Oil prices as a result of the sanctions, he said, "will go considerably higher than $100 per barrel."

The amphibious assault ship USS Kearsarge (LHD 3) hosted the Senate Committee for Energy and Natural Resources and Chair of the Subcommittee on Water and Power, to discuss Navy and Marine Corps energy initiative programs. The committee members toured exhibits showcasing new green technologies which will help the military conserve energy and improve consumption efficiency. Each exhibit provided a glimpse of environmentally friendly equipment that will enhance operational, tactical and fuel efficiency which is critical to the today's military.

The near record oil prices have left U.S. oil majors as the envy of industry during the third quarter reporting period, according to many industry analysts. about having disappointing earnings surprises," said one. "The question is not whether they will beat consensus estimates, but by how much they'll beat estimates," said another. Such expectations from analysts and investors come as crude oil prices in the third-quarter hit ten-year highs and averaged $31.63 a barrel, up from $21.72 a barrel during the period last year. U.S. natural gas prices were just as scorching, averaging $4.48 per million British thermal units compared to $2.55 a year ago. Exxon Mobil Corp., for instance, said its second-quarter profits were the highest in U.S. corporate history.

Jasper Investments said its unit will buy a controlling stake in Cyprus-based Neptune Marine Oil and Gas Ltd for $198.4m. A company statement said that Jasper's unit Turquoise has agreed to buy a 55.44 percent stake in Neptune. Neptune, which trades in Norway's over-the-counter market, acquires older low-cost offshore drilling rigs, refurbishes them with the latest drilling equipment and then contracts them out to major oil and gas exploration and production companies. Singapore has seen a number of acquisitions in the offshore oil industry as interest in rig-building assets heats up amid record oil prices. Source: Reuters