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U.S. markets recover from steep losses
NEW YORK, June 16 (UPI) -- Crude oil prices topped $77 per barrel Wednesday, a day after oil executives testified in Washington that the gulf oil spill was an anomaly.
Oil executives defended the industry's track record and called the Deepwater Horizon disaster in the Gulf of Mexico a rare event.
Attempting to ward off tighter regulations after a spill now reported to be leaking as much as 60,000 gallons per day into gulf waters, Exxon Mobil Chairman Rex Tillerson told members of the House Energy and Commerce Committee Tuesday oil spills "should not occur," under normal circumstances, The New York Times reported.
Chevron Chief Executive Officer John Watson told panel members "Chevron's deep-water drilling and well-control practices are safe and environmentally sound."
Crude oil prices added 62 cents to $77.48 per barrel on the New York Mercantile Exchange. Heating oil prices for July delivery added 0.0415 cents to $2.11 per gallon. Reformulated gasoline blendstock prices gained 0.0265 cents to $2.148 per gallon. Natural gas prices shed 0.157 cents to $5.032 per million British thermal units.
At the pump, the national average price for unleaded regular gasoline rose to $2.70 per gallon Wednesday from Tuesday's $2.696, AAA said.
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Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
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A new special operations tactical vehicle has been unveiled by three U.S. companies.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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