oil Archives

Freeport-McMoRan buys energy companies for $9B


Mining company Freeport-McMoRan is buying a pair of oil and gas producers for $9 billion, creating a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to mines in Indonesia. Freeport, based in Phoenix, is paying $6.9 billion in cash and stock for Plains Exploration Co., and $2.1 billion for… Read More →

Rising gas prices could curtail consumer spending

by in Business News | Economy

Higher gas prices are crimping consumer spending and slowing the already-weak U.S. economy. And they could get worse in the coming months. The Federal Reserve this week took steps to boost economic growth. But those stimulus measures are also pushing oil prices up. If gas prices follow, consumers will have less money to spend elsewhere.… Read More →