Yahoo! energy News

AFP - Scottish oil exploration group Cairn Energy said Thursday it had resumed operations on a rig off the coast of Greenland after Greenpeace ended a protest.

AFP - World oil prices dropped Thursday on profit-taking after soaring a day earlier in the wake of booming US manufacturing data, traders said.

Reuters - Oil fell further below $74 a barrel on Thursday, weighed by record high inventories in top consumer the United States and investor caution ahead of U.S. employment reports.

AP - Costco Wholesale Corp. said Thursday that revenue at stores open at least a year increased 7 percent in August, buoyed by higher gas prices and improved international revenue.

Reuters - World stocks hit a two-week high on Thursday and oil prices rose as optimism from strong U.S. and Chinese manufacturing data extended into a second day ahead of a euro zone interest rate decision and key U.S. jobs data.

AP - Oil prices hovered below $74 a barrel Thursday in Asia, consolidating a big gain the day before as an Asian and U.S. stock market rally buoyed investor confidence.

AP - Russia's gas giant Gazprom said Thursday its net profit tripled to 324.9 billion rubles ($10.6 billion) in the first quarter of the year as the company capitalized on a cold winter in Europe.

AP - Enbridge Energy Partners, the company whose pipeline caused a major oil spill in the Kalamazoo River five weeks ago, said Wednesday its plan to reinforce its oil pipelines under Lake Michigan is part of a routine maintenance program.

PR Newswire - ALEXANDRIA, Va., Sept. 1 /PRNewswire-USNewswire/ -- On Thursday, September 2, 2010 at 2:30 pm Eastern, the National Taxpayers Union (NTU) will host a conference call to discuss a campaign to fight efforts from federal officials that would increase taxes on American energy companies.  Two proposals – repeal of a "dual capacity" credit and a manufacturers' deduction included in Section 199 of the U.S. tax code – under consideration in Congress will kill thousands of American jobs and increase costs on small businesses and American families while effectively giving a competitive edge to state-owned companies in countries like Venezuela and China.

AP - A federal judge ruled Wednesday that a lawsuit brought by energy producers challenging the cancellation of 77 oil and gas drilling leases was filed too late.

AP - Oil prices sailed higher Wednesday as improvement in the manufacturing industry eased some fears about the strength of the global recovery.

Reuters - A federal judge on Wednesday rejected the U.S. government's request to dismiss an industry lawsuit challenging its deepwater oil and gas drilling moratorium, dealing another blow to the Obama administration.

AP - Oil giant BP says it has spent more than $5 million a week on advertising since the Gulf Coast oil spill — more than three times the amount it spent on ads during the same period last year.

PR Newswire - HARRISBURG, Pa., Sept. 1 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell today announced $20.5 million in state and federal investments that will create 1,400 jobs in the rapidly expanding clean energy industry.

AP - A federal judge who overturned the Obama administration's initial six-month moratorium on deepwater oil drilling has rejected the government's bid to have the court challenge thrown out.

AP - The federal government's point man on the Gulf of Mexico spill response said Wednesday there is no "significant risk" that more oil will leak into the sea when engineers remove the temporary cap Thursday that first contained the gusher in mid-July.

AP - Not a light bulb's worth of solar electricity has been produced on the millions of acres of public desert set aside for it. Not one project to build glimmering solar farms has even broken ground.

AFP - World oil prices rose on Wednesday, rebounding from sharp losses earlier this week, as traders absorbed upbeat Chinese manufacturing data ahead of the weekly snapshot of US energy inventories.

AP - Oil prices rose above $72 a barrel Wednesday after a steep drop the previous day amid evidence that U.S. crude supplies remain high and demand weak.

Reuters - Oil rose to $72 per barrel on Wednesday after news Chinese manufacturing growth accelerated last month, easing concerns over the pace of economic recovery.