Royal Dutch Shell Plc  .com Rotating Header Image

The Wall Street Journal: Oil News Roundup

July 19, 2006 6:59 p.m.

Crude-oil futures tumbled for the third consecutive day, falling nearly $1 a barrel to settle at less than $73 after U.S. government data showed continuing gains in oil and gasoline supplies. Oil prices have lost nearly 6% in the three trading days since settling at a record high of more than $77 a barrel. Here’s Wednesday’s roundup of oil and energy news.

* * *
INDIA UNVEILS RESERVE PLANS: India will start building its first strategic crude-oil storage facility in January at Vizag in the southern state of Andhra Pradesh, a government official told The Wall Street Journal. The facility will have a capacity of one million tons, or 7.33 million barrels, of crude oil, and will be ready in January 2010. Two more crude-storage facilities, with even bigger capacities, will also be built. The reserves reflect India’s growing demand for energy supplies and could help keep a floor under global oil prices.

•BP Shuts Down Wells: BP PLC is closing 12 oil wells on Alaska’s North Slope as a precaution after whistleblowers alleged more than 50 were leaking. The action came after workers told the Financial Times about the leaks (subscription required).

•Plan for CAFE Standards: A bipartisan group of senators is trying a new tack in the long-standing effort to raise fuel economy standards: Require an increase unless the Transportation Department can show it’s a bad idea, Washington Wire reports.

•Energy Blameless in CPI Gain: The U.S. consumer price index, a key measure of consumer price inflation rose in June despite the first decline in energy prices since February.

•Hydro Power: With gasoline prices hovering around $3 a gallon, a select group of government workers, academics and individuals are testing hydrogen-powered vehicles in demonstration projects across the U.S., the Associated Press reports.

•Turning Down the Juice: At the request of New York City power-grid operators, big electricity customers used less juice, helping ease the strain on the system even as temperatures soared. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “The Wall Street Journal: Oil News Roundup”

Leave a Comment

%d bloggers like this: