The European Union’s ban on imports of Iranian crude will drive up oil prices and aggravate market instability, the Islamic Republic said.

The decision by EU foreign ministers to phase out purchases of Iranian oil from July was “hasty” and may lead to “heavy economic loss and damages to the crisis-stricken people of Europe,” the Iranian oil ministry said in a statement on the state-run Fars news agency late yesterday, January 23rd, 2012. Iran’s foreign ministry said the decision “would bear bitter fruit.” Read more »

Former gas company executive Sheffield Nelson, upset over legislators’ disdain for his proposal to increase the severance tax on natural gas, on Wednesday chastised a state lawmaker for accepting campaign contributions from the gas industry.

Nelson, who also twice ran unsuccessfully for governor and is a former member of the state Game and Fish Commission, called the acceptance of contributions to Sen. Jonathan Dismang, R-Searcy, “a conflict of interest.” Read more »

Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.

A Maryland panel recommended in a report on Monday January 9, 2012 that the General Assembly impose a fee on gas leases in the Marcellus Shale to fund studies about the impact of drilling in far western Maryland. Read more »