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Norway Faces Potential Oil Shutdown As Talks Fail

MarketWatch Pulse --
Norway, the world's fifth-largest oil exporter, could see a total oil-production shutdown as early as Tuesday after talks between striking offshore oil workers and the industry failed to produce an agreement, news reports said Monday. The strike is in its third week. Norway's oil companies are prepared to close down production if the government doesn't intervene by midnight, news reports said, citing the Norwegian oil industry association. The dispute centers on offshore workers' demand for the right to retire at 62 with a full pension, the BBC reported. Oil futures rose, with Nymex August crude up 62 cents at $85.07 a barrel in electronic trade.

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Submitted Jul 10, 2012 By: RENEGADEGAS

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honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Jul 14, 2012 7:40:47 AM Ignore honda0105 Report Abuse remay: Pig Oil and Pig Media try to confuse so we just believe the momentary lies and don't think of the past reports.
remay Champion Author Houston Posts:6,973 Points:2,118,590 Joined:May 2006	Message Posted: Jul 11, 2012 5:53:54 AM Ignore remay Report Abuse Hmmmm, posted prior to this: "Oil Declines as Norway Ends Strike, China Curbs Imports Bloomberg -- Oil dropped from the highest close in two days after Norway ended an energy strike ..."
DerHahn Champion Author Illinois Posts:13,719 Points:2,115,110 Joined:May 2004	Message Posted: Jul 10, 2012 10:24:28 PM Ignore DerHahn Report Abuse hard to figure out what's going on with different articles giving opposite information
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Jul 10, 2012 6:53:27 PM Ignore Agarre Report Abuse Ok
A2J Champion Author Richmond Posts:3,080 Points:603,925 Joined:Aug 2011	Message Posted: Jul 10, 2012 6:50:23 PM Ignore A2J Report Abuse Bad for them
sljbc475 Champion Author Tucson Posts:4,225 Points:873,350 Joined:Dec 2010	Message Posted: Jul 10, 2012 7:46:11 AM Ignore sljbc475 Report Abuse Just know hearing about this strike.
pscamp Champion Author Ottawa Posts:3,292 Points:476,185 Joined:May 2011	Message Posted: Jul 10, 2012 7:34:00 AM Ignore pscamp Report Abuse k...
Cakes77 Champion Author Harrisburg Posts:5,166 Points:1,653,720 Joined:Aug 2006	Message Posted: Jul 10, 2012 6:48:52 AM Ignore Cakes77 Report Abuse See my NY times update to this that I just posted at 7:45 am.
bkplenge Champion Author Tallahassee Posts:1,619 Points:121,995 Joined:Sep 2005	Message Posted: Jul 10, 2012 6:28:44 AM Ignore bkplenge Report Abuse And more panics to push prices up.
nfldude Champion Author San Diego Posts:3,884 Points:447,755 Joined:Dec 2011	Message Posted: Jul 10, 2012 6:24:54 AM Ignore nfldude Report Abuse $10 per gallon USA
Xavier80 Champion Author Victoria Posts:1,783 Points:379,415 Joined:Apr 2012	Message Posted: Jul 10, 2012 5:56:42 AM Ignore Xavier80 Report Abuse ok
RockCity Champion Author Denver Posts:7,916 Points:1,428,835 Joined:Mar 2009	Message Posted: Jul 10, 2012 5:54:41 AM Ignore RockCity Report Abuse Let me see if I have this right. The ceos make millions per year, but unions are bad because they stick up for the actual workers that want a pension? Methinks, if given a choice, I would prefer making millions, and letting the workers eat cake, perhaps.
el_fr Champion Author Massachusetts Posts:3,342 Points:746,425 Joined:Apr 2011	Message Posted: Jul 10, 2012 5:52:54 AM Ignore el_fr Report Abuse 62???? Yikes. If only it was even a consideration here
yardslave Champion Author Oklahoma City Posts:2,560 Points:597,780 Joined:Dec 2005	Message Posted: Jul 10, 2012 5:38:24 AM Ignore yardslave Report Abuse Ok
stevencr Champion Author Ohio Posts:5,661 Points:1,435,740 Joined:Mar 2009	Message Posted: Jul 10, 2012 5:33:13 AM Ignore stevencr Report Abuse Full pension at 62??? You have got to be kidding.
swede Champion Author Cleveland Posts:3,772 Points:1,676,975 Joined:Feb 2003	Message Posted: Jul 10, 2012 5:31:44 AM Ignore swede Report Abuse That is unions for you.
tgusa Champion Author Virginia Beach Posts:2,476 Points:439,875 Joined:Jun 2006	Message Posted: Jul 10, 2012 5:28:36 AM Ignore tgusa Report Abuse Unions. Pah.
BEngr Champion Author Illinois Posts:6,722 Points:1,582,115 Joined:May 2008	Message Posted: Jul 10, 2012 5:24:43 AM Ignore BEngr Report Abuse I'm not much of a union supporter and this is why.
honeypot Sophomore Author Indiana Posts:160 Points:341,070 Joined:Feb 2003	Message Posted: Jul 10, 2012 5:24:43 AM Ignore honeypot Report Abuse If both could just come with terms they both could live with. Would be good for all of them and us. Everyone is just looking at their own bottom line.
paoli8 Champion Author Philadelphia Posts:7,086 Points:1,821,470 Joined:Jul 2007	Message Posted: Jul 10, 2012 5:23:39 AM Ignore paoli8 Report Abuse HOPE THEIR RETIREMENT FUND IS BETTER FINANCIALLY THAN OURS.
biza4u Champion Author New Haven Posts:8,528 Points:1,628,875 Joined:Jan 2007	Message Posted: Jul 10, 2012 5:23:17 AM Ignore biza4u Report Abuse Is there ever any good news for the consumer
prcoqui Champion Author Maryland Posts:3,960 Points:1,675,150 Joined:Dec 2006	Message Posted: Jul 10, 2012 5:22:46 AM Ignore prcoqui Report Abuse There goes the gas prices.
JohnofGB Champion Author Flint Posts:5,431 Points:1,098,145 Joined:Feb 2010	Message Posted: Jul 10, 2012 5:21:17 AM Ignore JohnofGB Report Abuse The right to retire at 62? Sounds reasonable. Whats big oil's point?
DblChek Champion Author San Antonio Posts:2,345 Points:615,245 Joined:Jul 2008	Message Posted: Jul 10, 2012 5:20:18 AM Ignore DblChek Report Abuse I'm not much of a union supporter, but age 62 sounds reasonaable to me (conditional for years worked, of course).
subnuke Champion Author Atlanta Posts:7,503 Points:1,509,140 Joined:Sep 2008	Message Posted: Jul 10, 2012 5:20:14 AM Ignore subnuke Report Abuse More union junk
alphanyr Champion Author Connecticut Posts:4,835 Points:676,725 Joined:Apr 2011	Message Posted: Jul 10, 2012 5:20:03 AM Ignore alphanyr Report Abuse ok
slgas Champion Author Houston Posts:6,035 Points:1,563,515 Joined:Oct 2008	Message Posted: Jul 10, 2012 5:19:36 AM Ignore slgas Report Abuse Both sides need to return to the table.
hogfan24 Champion Author Arkansas Posts:1,986 Points:503,200 Joined:Dec 2011	Message Posted: Jul 10, 2012 5:19:30 AM Ignore hogfan24 Report Abuse Ok
Aliphatic All-Star Author Virginia Posts:775 Points:1,277,255 Joined:Mar 2005	Message Posted: Jul 10, 2012 5:18:33 AM Ignore Aliphatic Report Abuse ok
WonderfulMI Champion Author Michigan Posts:11,653 Points:1,787,885 Joined:Jun 2008	Message Posted: Jul 10, 2012 5:18:06 AM Ignore WonderfulMI Report Abuse This is bound to give someone an excuse to raise gasoline prices.
SavALot Champion Author Virginia Beach Posts:8,479 Points:1,712,810 Joined:Apr 2005	Message Posted: Jul 10, 2012 5:17:51 AM Ignore SavALot Report Abuse Complete and total shutdown? They'd better get back to the talking table
bondo Champion Author Twin Cities Posts:3,516 Points:763,735 Joined:May 2001	Message Posted: Jul 10, 2012 5:17:28 AM Ignore bondo Report Abuse Brinksmanship.
RoadhogMA Champion Author Boston Posts:4,864 Points:1,026,325 Joined:Dec 2008	Message Posted: Jul 10, 2012 5:17:26 AM Ignore RoadhogMA Report Abuse Old news .
chillyman3 Champion Author Illinois Posts:1,355 Points:425,140 Joined:Jan 2012	Message Posted: Jul 10, 2012 5:17:25 AM Ignore chillyman3 Report Abuse another reason to scare people to raising prices thank you oil people
caddilac Champion Author Ontario Posts:16,611 Points:2,141,430 Joined:Apr 2007	Message Posted: Jul 10, 2012 5:16:31 AM Ignore caddilac Report Abuse And gas prices will rise.
Felix2009 Champion Author Ontario Posts:4,053 Points:1,155,430 Joined:May 2009	Message Posted: Jul 10, 2012 5:16:04 AM Ignore Felix2009 Report Abuse It must be a union thing LoL !!!!!
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,230,620 Joined:Oct 2009	Message Posted: Jul 10, 2012 5:14:38 AM Ignore tbgasmizer Report Abuse Lets face it the oil companies make a absorbinate amount of money on oil and gas but are to cheap to share the wealth with their workers.
Jeffro61 Champion Author Cleveland Posts:2,277 Points:2,286,845 Joined:Oct 2005	Message Posted: Jul 10, 2012 5:13:44 AM Ignore Jeffro61 Report Abuse Stories like these are just fuel for speculators.
dar 1 Champion Author Michigan Posts:5,898 Points:446,390 Joined:Jan 2005	Message Posted: Jul 10, 2012 5:13:14 AM Ignore dar 1 Report Abuse Not good..............
PhilMils Champion Author Virginia Posts:6,262 Points:1,186,250 Joined:Dec 2008	Message Posted: Jul 10, 2012 5:12:56 AM Ignore PhilMils Report Abuse Don't bother with the link. This one paragraph is the entire article. Although interesting, it does mix some apples and oranges. As correctly pointed out by another GB reader, Norway produces Brent, but the article reports only WTI prices. The strike could affect WTI in some minor way, but the article would have been better off sticking with Brent prices. By the way, this difference is why I will support the Keystone XL pipeline only if it is rerouted to the refineries in the NE US. Those refineries rely heavily on the more expensive Brent because it's most of what they can get. Put the cheaper oil to them and gasoline prices will come down a little. Use the Keystone XL pipeline to put the cheaper oil to Texas ports and as many, including the oil companies, have said, gasoline prices will go up.
yonasb Champion Author Houston Posts:3,463 Points:739,125 Joined:Apr 2011	Message Posted: Jul 10, 2012 5:12:13 AM Ignore yonasb Report Abuse Ok
Pointtx Champion Author Austin Posts:3,241 Points:726,055 Joined:Mar 2011	Message Posted: Jul 10, 2012 5:12:06 AM Ignore Pointtx Report Abuse @w4kh - good observation. Most of them are silly.
Yankee829 Champion Author Dallas Posts:2,211 Points:560,565 Joined:Sep 2010	Message Posted: Jul 10, 2012 5:11:37 AM Ignore Yankee829 Report Abuse Ok
Petrock Champion Author Lexington Posts:9,128 Points:2,558,735 Joined:Apr 2005	Message Posted: Jul 10, 2012 5:11:27 AM Ignore Petrock Report Abuse I sure wish I could retire at 62 (or any age for that matter) with FULL benefits. All I will get for a career of hard work is what I have saved up myself!
Mandrake All-Star Author Alabama Posts:502 Points:2,212,430 Joined:Apr 2004	Message Posted: Jul 10, 2012 5:10:35 AM Ignore Mandrake Report Abuse This is now an obsolete story as the strike has been averted: Oil Declines as Norway Ends Strike
golftellowcat Champion Author Ottawa Posts:2,453 Points:693,850 Joined:Apr 2010	Message Posted: Jul 10, 2012 5:10:17 AM Ignore golftellowcat Report Abuse ok
dave364 Champion Author Lansing Posts:4,951 Points:1,438,335 Joined:Nov 2007	Message Posted: Jul 10, 2012 5:10:04 AM Ignore dave364 Report Abuse good luck
skippypa Champion Author Hawaii Posts:8,481 Points:1,741,905 Joined:Jun 2008	Message Posted: Jul 10, 2012 5:08:39 AM Ignore skippypa Report Abuse What's wrong with retiring at 62 with full benefits??????
LeeFree Champion Author Pittsburgh Posts:9,156 Points:2,244,425 Joined:Jun 2005	Message Posted: Jul 10, 2012 5:08:05 AM Ignore LeeFree Report Abuse It appears unions are still going for the gold in spite of the weak economy and declining membership.
pitamon Champion Author Philadelphia Posts:4,909 Points:1,827,335 Joined:Sep 2004	Message Posted: Jul 10, 2012 5:06:44 AM Ignore pitamon Report Abuse To retire at 62, that would be nice.