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Jonathan Fahey

Falling gas prices welcome relief for drivers

Last updated Tuesday, April 23, 2013 - 5:29pm

NEW YORK — A sharp decline in the price of oil this month is making gasoline cheaper at a time of year when it typically gets more expensive. It’s a relief to motorists and business owners and a positive development for the economy.

Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel. That has helped extend a slide in gasoline prices that began in late February. Nationwide, average retail prices have fallen by 27 cents per gallon, or 7 percent, since Feb. 27, to $3.52 per gallon. Analysts say pump prices could fall another 20 cents over the next two months.

Business, Gas Prices Read more Comments

This combination of photos shows above, lower Manhattan dark after the hybrid storm Sandy on Monday, Oct. 29, 2012, and below a fully lit skyline on Jan. 6, 2012, both seen from the Brooklyn borough of New York. In an attempt to lessen damage from saltwater to the subway system and the electrical network beneath the city's financial district, New York City's main utility cut power to about 6,500 customers in lower Manhattan. But a far wider swath of the city was hit with blackouts caused by flooding and transformer explosions. (AP Photo)

Blackouts linger in Northeast

Jonathan Fahey, Scott Mayerowitz The Associated Press

Last updated Wednesday, October 31, 2012 - 5:15pm

NEW YORK — Millions of families tried to adjust to life without modern conveniences Wednesday, two full days after Superstorm Sandy ripped through the Northeast and blacked out some of the nation’s most densely populated cities and suburbs.

Hurricane, Power outage, National Read more Comments

FILE - In a Thursday Oct. 6, 2011 file photo, ExxonMobil Chairman and CEO Rex Tillerson addresses the third annual Washington Ideas Forum at the Newseum in Washington. Tillerson says fears about climate change, drilling, and energy dependence are overblown. In a speech Wednesday, June 27, 2012, Tillerson acknowledged that burning of fossil fuels is warming the planet, but said society will be able to adapt. The risks of oil and gas drilling are well understood and can be mitigated, he said. And dependence on other nations for oil is not a concern as long as access to supply is certain, he said(AP Photo/Manuel Balce Ceneta, File)

Exxon chairman says climate, energy fears overblown

Jonathan Fahey The Associated Press

Last updated Wednesday, June 27, 2012 - 4:30pm

NEW YORK — ExxonMobil CEO Rex Tillerson says fears about climate change, drilling, and energy dependence are overblown.

In a speech Wednesday, Tillerson acknowledged that burning of fossil fuels is warming the planet, but said society will be able to adapt. The risks of oil and gas drilling are well understood and can be mitigated, he said. And dependence on other nations for oil is not a concern as long as access to supply is certain, he said.

Business, Climate change Read more Comments

(JON FAHEY/The Associated Press) The Perdido oil platform is located 200 miles south of Galveston, Texas, in the Gulf of Mexico. The platform is operated by Shell Oil Co. and owned by Shell, Chevron and British Petroleum.

Deep Gulf drilling thrives 18 months after BP spill

Jonathan Fahey The Associated Press

Last updated Friday, December 30, 2011 - 11:29pm

GULF OF MEXICO — Two hundred miles off the coast of Texas, ribbons of pipe are reaching for oil and natural gas deeper below the ocean’s surface than ever before.

Business, Drilling, Oil, National Read more Comments

(PAT WELLENBACH/The Associated Press) In this Aug. 15, 2011 photo, a motorist pulls the nozzle out of his gas tank after fueling his car at a station in Augusta, Maine. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places, including parts of Michigan, Missouri and Texas. And the relief is likely to spread thanks to a sharp decline in crude-oil prices.

The upside of economic worries: Lower gas prices

Jonathan Fahey The Associated Press

Last updated Sunday, September 25, 2011 - 5:13pm

NEW YORK — Soaring gasoline prices are in the rearview mirror.

Business, Finance, Gas Prices, Gasoline, Prices, National Read more Comments

Shocker: Power demand from U.S. homes is falling

Jonathan Fahey The Associated Press

Last updated Wednesday, September 7, 2011 - 8:02pm

NEW YORK — American homes are more cluttered than ever with devices, and they all need power: Cell phones and iPads that have to be charged, DVRs that run all hours, TVs that light up in high definition.

Business, Budget, Budgeting, Cell phones, Cellphones, Electricity, Energy efficiency, HDTV, Power, Technology, Utilities Read more Comments

(AP photo) This Oct. 17, 2010 photo shows an aerial photo of oil sprayed over 15 acres downwind of a runaway oil well owned by Denver-based SM Energy Company. The well 12 miles east of Cheyenne, Wyo., is among the first drilled in a rush to tap the Niobrara Shale underlying Colorado, Wyoming and Nebraska.

New drilling method opens vast oil fields in US

Jonathan Fahey, The Associated Press

Last updated Wednesday, February 9, 2011 - 10:02pm

A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude.

Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day -- more than the entire Gulf of Mexico produces now.

This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.

Business, Energy, Economy, Oil, Oil Shale, Featured Read more Comments