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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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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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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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Oil price little changed near $97 a barrel


The Associated Press

The price of oil inched up Monday but gains were tempered by the prospect of a further reduction in U.S. central bank stimulus.

Benchmark U.S. crude for March delivery was up 8 cents at $96.72 a barrel at 0520 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 68 cents to settle at $96.64 a barrel on Friday.

The Federal Reserve meets for two days from Tuesday. Officials are widely expected to reduce the central bank's monthly bond buying that has underpinned an economic recovery.

So far, the reduction has been minimal. The Fed has cut the amount of bonds it buys each month by $10 billion to $75 billion but many economists think the stimulus could end this year if the U.S. economic recovery gains steam.

The International Monetary Fund's managing director Christine Lagarde warned over the weekend of the risks posed to global economic recovery from phasing out the U.S. stimulus too rapidly and deflation in Europe.

Also, less monetary easing in the U.S. could boost the dollar, making oil less affordable for holders of other currencies.

Slowing growth in China was another factor weighing on oil prices. Preliminary results of a survey released last week showed China's manufacturing would contract in January.

Brent crude, used to set prices for international varieties of crude, was down 36 cents at $107.52 on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was down 0.4 cent at $2.666 a gallon.

— Natural gas rose 2.4 cents to $5.421 per 1,000 cubic feet

— Heating oil was up 0.2 cent at $3.018 a gallon.

 

 

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