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THE WALL STREET JOURNAL ONLINE: Oil News Roundup: December 22, 2006 4:59 p.m.

Crude-oil futures fell for a second straight session, settling at nearly $62 a barrel on the New York Mercantile Exchange on unseasonably warm Northeast weather and expectations of rising inventories.

Here is Friday’s roundup of oil and energy news:

* * *
COURT WIN FOR EXXON: A federal appeals court cut in half a $5 billion jury award for punitive damages against Exxon Mobil in the 1989 Valdez oil spill along the Alaskan coastline. The case, one of the nation’s longest-running, noncriminal legal disputes, stems from a 1994 decision by an Anchorage jury to award the punitive damages to 34,000 fishermen and other Alaskans harmed when the Valdez oil tanker struck a charted reef, spilled 11 million gallons of crude oil.

•Georgia Makes a Deal: Georgia agreed to pay more than double what it pays now for Russian natural gas, in a deal that could potentially threaten its fragile economy.

•No Bang for the Buck: The U.S. government is getting very little benefit in return for the generous incentives it pays to oil companies to drill in coastal waters, according to an Interior Department study, the New York Times reports.

•Turkmen Death Sparks Power Struggles: The death of Turkmenistan’s autocratic president set in motion a series of power struggles, as exiled opposition leaders clamored to return and world powers competed for influence over the Central Asian country and its vast energy resources.

•Statoil Trims Production: Norway’s state-controlled oil company Statoil said it was cutting production at its Kvitebjoern field by 95,000 barrels of oil equivalent per day for the next five months as part of a reservoir management and drilling program.

•More Charges Possible for Russian Tycoon: Jailed oil tycoon Mikhail Khodorkovsky has been transferred to a detention center in Siberia, possibly signaling that new criminal charges will be filed against him.

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1 Comment on “THE WALL STREET JOURNAL ONLINE: Oil News Roundup: December 22, 2006 4:59 p.m.”

  1. #1 Abel Ngock, Business Professor in State Universty of Hait, W.I
    on Apr 23rd, 2007 at 09:30

    Please communicate us the mailing addrresses of Headquaters and Email addresses of these companies below:
    – ABN Amro;
    – Amsterdam AABA-AS:
    – SHELL OIL;
    – TOTAL OIL;
    – UBSN>VX;
    – ROYAL BANK OF SCOTLAND;
    – LA SALLE BANK;
    – UBSAG VIRT-X;
    – FORTIS BRUSSELS:
    – OPEP;
    – Wall Street JoURNAL.

    We need these informations to help our students in their researches.

    Sincerely,
    Abel Ngock,
    Business Professor,
    Haiti W.I

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