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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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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 drops to near $107 a barrel after Obama speech

PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — The price of oil dropped Wednesday after President Barack Obama said he asked U.S. lawmakers to postpone a vote authorizing the use of military force against Syria.

Obama, in a televised speech to the nation late Tuesday, said he wanted to give Syria a chance to turn over its chemical weapons before he asks Congress for consent to intervene in the country's civil war.

Oil prices have been at elevated levels for two weeks following Obama's call for action against the government of Syrian President Bashar Assad in retaliation for what the White House says was a deadly chemical weapons attack against civilians last month.

Syria's surprise announcement Tuesday that it would accept a Russian plan to turn over its chemical weapons stockpile raised the possibility of a resolution to the standoff between Obama and Assad and lowered tensions in oil markets.

Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise.

Benchmark oil for October delivery fell 33 cents to $107.06 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.13, or 1.9 percent, to close at $107.39 a barrel on the Nymex on Tuesday.

Brent, the benchmark for international crudes, rose 18 cents to $111.43 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.4 cents to $2.7316 per gallon.

— Natural gas lost 0.1 cent to $3.583 per 1,000 cubic feet.

— Heating oil retreated 0.6 cents to $3.061 per gallon.

 

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