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Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Transfer Partners, Regency Energy announce $18B merger

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American Airlines' first 787 Dreamliner arrives at D/FW

American is preparing the plane to begin service sometime in the second quarter.

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Oil stays below $104 despite China factory growth


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PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — A rebound in China's manufacturing couldn't boost the price of oil Thursday as traders braced for the Federal Reserve to start phasing out its monetary stimulus.

Benchmark oil for October delivery was down 5 cents to $103.80 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $1.26 to close at $103.85 a barrel on the New York Mercantile Exchange.

HSBC Corp. said the preliminary version of its monthly China purchasing managers' index rose to 50.1 for August, a sharp improvement from July's 47.7 reading. Numbers above 50 indicate an expansion in activity.

The improvement in China's factory output was overshadowed by expectations that the Federal Reserve will begin to reduce its monetary stimulus because the U.S. economy is showing signs of improvement.

The program was intended to push down interest rates and spark investment, but also weighed on the dollar's value. However, the dollar has crept up in recent days amid expectations that the Fed will gradually reduce its purchases of Treasurys and other bonds.

Michael Hewson of CMC Markets said oil prices "have stayed under pressure" as the dollar firms.

When the dollar rises, oil gets more expensive for foreign currency holders and thus losses some of its investment appeal.

Falling U.S. crude inventories, which suggest stronger demand for oil, also failed to boost prices. For the week ended Aug. 16, stockpiles of crude feel by nearly 1.2 million barrels to 364.1 million barrels, according to the American Petroleum Institute.

Brent crude, which is used to set prices for imported oil used by many U.S. refineries, fell 21 cents to $109.60 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Heating oil fell 0.5 cent to $3.077 per gallon.

— Natural gas rose 0.7 cent to $3.467 per 1,000 cubic feet.

— Wholesale gasoline was little changed at $2.819 per gallon.

 

 

 

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