News bites: Oil slides on economic fears, Iraq and Shell advance gas deal, and more

Oil prices slid Tuesday “on fears that politicians will be powerless to stop the debt crisis in Europe from spreading to Italy and Spain, reinforcing fears about the outlook for the global economy,” Reuters reports.

The Associated Press reports on a new study that warns of risks that would accompany a proposed pipeline from Canada’s oil sands projects to Gulf Coast refineries.

Natural-gas giant Chesapeake Energy is getting behind efforts to push use of gas to fuel cars and trucks, pledging a $1 billion investment over a decade, The Washington Post reports.

The Wall Street Journal reports that “Iraq's Oil Minister Tuesday and oil giant Royal Dutch Shell PLC reached a preliminary accord on a long-stalled $12 billion deal to capture and exploit associated gas from southern Iraq oil fields.”

Time magazine reports on research warning that climate change will lead to widespread species loss.

The Houston Chronicle reports on a new industry study that touts the job-creating potential of speeding up offshore drilling.