Hurricane Rina is now a Category 2 hurricane, and is forecast to reach Cancun, Mexico, Thursday. Coffee futures are up due to expected losses due to hurricane Rina in the region.
BP settlement with Anadarko reduces chances of punitive damages for 2010 Gulf spill. Despite BP settlement, other lawsuits and fines still loom for oil giant.
BP settlement: Anadarko Petroleum Coro., which had a has 25 percent working interest in BP's Macondo Prospect, the site of the Deepwater Horizon drilling rig explosion, will pay BP $4 billion toward cleaning up the Gulf of Mexico oil spill.
Stocks in Europe lose some gains after German finance minister cautions on eurozone solution. Stocks are up 11.6 percent over the past nine days.
Rick Perry is touting domestic energy production as a way to kick-start the US economy. His hope may be to match Herman Cain's '9-9-9' tax plan for voter appeal – and revive his presidential campaign.
New Zealand's delayed response to its oil spill emergency, described as the worst in the country's history, has been compared with last year’s Deepwater Horizon catastrophe.
The proposed Keystone XL pipeline would bring Canadian oil to the Gulf of Mexico. Supporters say it would mean 20,000 jobs. Opponents worry about the impact on the vast Ogallala Aquifer, which supplies water to eight states.
In three months deep water drilling is set to begin in Cuban waters in the Gulf of Mexico, but the US embargo on Cuba could spell catastrophe should a repeat of the Deepwater Horizon spill occur.
The Obama administration's recent record on environmental issues is uninspired, critics say. But the president faces more immediate problems with the economy and record-high unemployment.