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Oil and gas industry

Cheaper oil buoys consumers, hammers producers

DALLAS (AP) — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil …

Declining prices hit energy-producing states hard

CHEYENNE, Wyo. (AP) — While other states were tightening their belts during the dark days of the Great Recession, Wyoming was socking away billions of dollars in energy revenues in the bank, building new schools and funding an endowment that offers college scholarships to its high school grads. But with …

Iran seeks revival of caviar industry in post-sanctions era

GOLDASHT, Iran (AP) — On the shores of the Caspian Sea, an ambitious project is underway to produce a pricey delicacy that could boost Iran’s economy as sanctions ease: caviar. Iran, once the world’s biggest exporter of the luxury food, sold over 40 tons of sturgeon eggs in 2000. Exports …

Unrest a new blow to Nepal’s quake-ravaged tourism industry

KATHMANDU, Nepal (AP) — Just when Nepal was recovering from the devastating earthquake that killed thousands, flattened communities and chased away foreign tourists, protests by ethnic groups and severe fuel shortages are again keeping visitors away from the nation known for the world’s highest peaks. The comeback that the damaged …

Report: Iran raises gas prices by 40 percent in subsidy cut

TEHRAN, Iran (AP) — Iran will raise gasoline prices by some 40 percent beginning Tuesday, the country’s official news agency reported, the latest cut to the Islamic Republic’s fuel subsidies that cost it some $32 billion a year. While previous attempts to raise prices have sparked dissent, last year’s increase …

Frustration with Latin America’s left on the rise

(AP) — Venezuela’s socialist government is struggling to put food on the shelves amid runaway inflation. Brazil’s president is facing calls for impeachment. And even Cuba’s communist government, an iconic touchstone for generations of leftists, is embracing closer ties with the U.S. Whether it’s because of corruption scandals or stagnant …

Africa’s richest economy surviving on borrowed cash

LAGOS, Nigeria (AP) — Africa’s richest economy is borrowing money to pay salaries as it struggles through a “difficult cash crunch” brought on by halved oil prices, Nigeria’s finance minister revealed Tuesday. The news comes as Nigeria prepares to welcome a new government at the end of month and its …

Export freeze sows bitterness in Venezuela chocolate trade

EL CLAVO, Venezuela (AP) — William Machado worked all winter harvesting palm-sized yellow cacao pods and drying the flavorful beans inside. He’s part of a chocolate trade that is one of this South American county’s most prized industries, but Machado increasingly fears his hard work may be in vain, squandered …