TransCanada reapplies for line

TransCanada reapplies for line

WASHINGTON

The Canadian company trying to build the disputed Keystone XL pipeline in the U.S. submitted a new application for the project Friday after changing the route to avoid environmentally sensitive land in Nebraska.

TransCanada said it applied again to the State Department for permission to build the pipeline to carry oil from tar sands in western Canada to a company hub in Steele City, Neb. From there, the project would link up with other pipelines operated by the company to carry oil to refineries on the Texas Gulf Coast.

President Barack Obama blocked the pipeline earlier this year, citing uncertainty over the Nebraska route.

Calgary-based Trans-Canada had proposed a new route last month that would veer east around the groundwater-rich Sandhills region before looping back to the original route.

State Department approval is needed because the $7 billion pipeline would cross a U.S. border.

Oil prices drop below $100 a barrel

NEW YORK

The price of oil dropped below $100 per barrel for the first time since February. The dramatic drop — $5 per barrel by midday — is easing fears that high energy prices would cripple a U.S. economy that is struggling to overcome high unemployment, stagnant wages and weak growth.

The catalyst was Friday’s weaker than expected report on job growth in the U.S. That added to recent signs that the global economy is weakening, meaning demand for oil should slow.

Earlier this year, world oil demand looked to be rising quickly at the same time that world supplies were threatened by a host of small production outages and the prospect of drastically reduced production from Iran, the world’s third- biggest exporter.

Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide.

That picture has been turned upside down. U.S. gasoline prices have fallen to $3.80 per gallon from a peak of $3.94 in early April. Now they could go as low as $3.50 per gallon by July 4, according to Tom Kloza, chief oil analyst at the Oil Price Information Service.

Yahoo admits CEO’s r sum inaccuracy

SAN JOSE, Calif.

In the latest blow to Yahoo, the company was forced to admit its new chief executive claimed a computer-science degree he does not have and said late Thursday that its board is launching a review of the embarrassing disclosure and will report the findings to shareholders.

The lapse was brought to light by an activist investor who has been pushing for changes at the company.

In filings with the SEC, the company stated that Scott Thompson has a degree in accounting and computer science from Stonehill College near Boston. The claim was repeated on the company’s website, said Third Point, a New York investment fund run by activist investor Dan Loeb, which owns 8.1 percent of Yahoo’s shares.

On Friday, Third Point demanded that Yahoo fire Thompson, according to news reports.

Vindicator wire reports