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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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Alliance's Hillwood Commons lands first tenant

A large title insurance, property valuation and settlement services company is the first tenant at Hillwood Commons I, an office complex at Alliance Town Center.

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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

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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Fort Worth's mayor looking for new chief of staff

Jason Lamers is leaving the city after 14 years to join Burlington Northern Santa Fe.

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Oil retreats from 2-year high, falls below $110


PAMELA SAMPSON, AP Business Writer
 
BANGKOK (AP) — The price of oil fell below $110 a barrel Thursday, easing off a two-year high, after a report showed a rise in U.S. crude inventories.
 
Benchmark oil for October delivery was down 72 cents to $109.38 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.
 
The contract rose $1.09, or 1 percent, to $110.10 a barrel on Wednesday, driven higher by the prospect of Western military intervention in Syria's civil war. That was its highest closing price since May 3, 2011. Earlier in the day, oil charged as high as $112.24.
 
The American Petroleum Institute said crude stocks for the week ended Aug. 23 rose by 2.47 million barrels to about 366.6 million barrels. Rising supplies tend to hold oil prices down.
 
Still, JBC Energy said current developments, such as low spare capacity in Saudi Arabia and signs of an improving global economy, pointed to tighter markets.
 
The oil price has surged 27 percent since touching a low for the year of $86.68 on April 17. Recently, it has been propelled higher by political unrest in Egypt and the threat of U.S. intervention in Syria's civil war. Neither country is a major oil exporter, but traders are concerned that the violence could spread to more important oil-exporting countries or disrupt major oil transport routes.
 
Brent crude, the benchmark for international crudes, fell 76 cents to $115.85 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Heating oil fell 2.3 cents to $3.188 per gallon.

— Natural gas rose 0.8 cent to $3.59 per 1,000 cubic feet.

— Wholesale gasoline fell 1.7 cents to $2.945 per gallon.

 

 

 

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