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Keyword: crudeoil

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  • Pain In The Pump: Gas Prices On The Rise

    04/03/2018 1:05:55 PM PDT · by Red Badger · 38 replies
    baltimore.cbslocal.com ^ | 04-03-2018 | Staff
    BALTIMORE (WJZ) — The cost of gas is up across the country, including in Maryland, and is inching toward the highest price in three years. Gas is going up about a penny every other day — 15 cents in the past month. “We’ll be paying the highest prices for this time of year since 2014,” said Christine Delise with AAA. Gas companies are changing over to a different summer blend. To do so, some refineries shut down, leading to the classic market principal of supply and demand. A tighter supply means they can demand more for your fuel. Demand is...
  • Oil industry dives head-on into NM’s Delaware Basin

    03/26/2018 10:11:50 AM PDT · by CedarDave · 18 replies
    The Albuquerque Journal ^ | March 26, 2018 | Kevin Robinson-Avila
    Battle Axe Road cuts smack through the heart of New Mexico’s side of the Delaware Basin, a previously marginal zone along the Texas border that is rapidly turning the state into a global player in the oil industry. Industry titans like ExxonMobil, Chevron USA, EOG Resources and Concho are pumping billions of dollars into this zone, which holds some of the most-productive oilfield geology in the nation, said long-time oilman and former county commissioner Gregg Fulfer during a three-hour drive through the area. It’s the latest and most promising boom to emerge on the New Mexico side of the Permian...
  • U.S. crude oil production hit record high in November: EIA

    03/01/2018 5:16:03 AM PST · by crusty old prospector · 5 replies
    Reuters ^ | February 28, 2018 | Jessica Resnick-Ault
    NEW YORK (Reuters) - U.S. crude oil production shattered a 47-year output record in November and retreated slightly in December, the U.S. Energy Department said on Wednesday, as oil production from shale continued to upend global supply patterns. Oil output rose to 10.057 million barrels per day (bpd) in November, a revision from earlier estimates, the EIA said. December production fell 108,000 bpd to 9.949 million bpd, it said. November’s figure exceeded the 10.044 million barrels produced daily in November 1970. Output has surged in the last several years due to the shale boom, pushing the United States past Saudi...
  • U.S. Could Become World's Biggest Oil Producer in 2018

    01/19/2018 12:17:01 PM PST · by nickcarraway · 31 replies
    CNN ^ | January 19, 2018 | Ivana Kottasová
    The United States could soon be pumping more oil than any country on earth.The International Energy Agency said Friday that "explosive" increases in U.S. oil output would push the country ahead of Saudi Arabia this year and put it in a position to challenge top producer Russia. "This year promises to be a record-setting one for the U.S.," the IEA said. "Relentless growth should see the U.S. hit historic highs." That could be enough, it said, for U.S. production to "rival" that of Russia, which has partnered with Saudi Arabia on efforts to keep oil prices high by throttling output...
  • France to ban oil, gas output on home soil in symbolic step

    09/06/2017 6:55:36 PM PDT · by Olog-hai · 29 replies
    Associated Press ^ | Sep 6, 2017 10:13 AM EDT | Sylvie Corbet
    France’s government has unveiled a law to ban all production and exploration of oil and natural gas by 2040 on the country’s mainland and overseas territories. The move is largely symbolic, however, as France’s oil and gas production represents just 1 percent of national consumption — the rest is imported. Current drilling permits will not be renewed, according to the bill formally presented in a Cabinet meeting Wednesday. France currently has 63 oil and gas drilling projects on its territory. The ban, which the government claims is a world first, is part of a larger plan to wean the country’s...
  • The Major Wildcard That Could Send Oil To $120

    07/17/2017 2:14:08 PM PDT · by Hojczyk · 26 replies
    Oil Price.com ^ | July 10,2017 | By Nick Cunningham
    But it is Venezuela that could be the mother of all black swan events. As Neil Dwane of Allianz Global Investors mentions, Venezuela has already seen the near total breakdown of society, and its oil production of 2 million barrels per day (mb/d) could unravel. It still seems unthinkable at this point, but becoming more likely by the day. Already, Venezuela’s oil production has eroded sharply, falling to 1.96 mb/d as of May 2017, down from 2.375 mb/d in 2015. Meanwhile, Venezuela’s refining industry is in shambles, forcing the country to increasingly import gasoline to avoid fuel shortages. The street...
  • Huge Fire Erupts at ExxonMobil Refinery Near Houston

    04/08/2016 3:42:52 PM PDT · by bananaman22 · 58 replies
    Oilprice.com ^ | Oh Lord It's A Fire
    An enormous fire erupted an ExxonMobil refinery in Texas on Thursday. The Baytown refinery caught fire, leading to huge black plumes of smoke into the air, visible from downtown Houston. Almost as soon as the fire in the ExxonMobil refinery was extinguished, we got reports of a fire in a refinery belonging to LyondellBasell Industries. CNBC reported that the fire occured in the coker unit of the refinery that can process over 263.000 barrels per day.
  • Multiple crises challenge European Union ahead of summit

    02/14/2016 7:48:01 AM PST · by Olog-hai
    Associated Press ^ | Feb 14, 2016 7:31 AM EST | Gregory Katz
    ... If the European Union were a patient, its survival would be seen as threatened by multiple organ failure. That's the view of many experts as EU chiefs prepare for a Brussels summit that starts Thursday. Analysts believe the combined strain of these challenges may be unbearable for a political union and trading bloc that just 20 years ago seemed to be growing in stature as it proudly offered freedom and democracy - along with lucrative subsidies, military alliances and billions in foreign investment - to newly freed former Soviet satellites. Ian Kearns, director of the European Leadership Network research...
  • Will the GOP trade wind and solar subsidies to lift the crude oil export ban?

    12/12/2015 2:15:20 PM PST · by Kaslin · 3 replies
    Hot Air.com ^ | December 12, 2015 | JAZZ SHAW
    A long-time goal for many energy minded conservatives may finally be on the horizon this week as congress considers lifting the more than forty year old ban on crude oil exports as part of the next spending bill. This would be great news for jobs and the economy, not to mention giving us some leverage to help out our allies who currently rely on Russian and middle eastern suppliers. Unfortunately, such a boon still requires help from at least some of the Democrats and their attitude is less than positive. The Hill was interviewing a few of them on Thursday...
  • U.S. running out of room to store crude

    03/14/2015 9:17:42 PM PDT · by 2ndDivisionVet · 34 replies
    The Toronto Star / The Associated Press ^ | March 12, 2015 | Jonathan Fahey
    If the amount of oil in storage continues to climb it could send the price of crude — and probably gasoline, too — plummeting. The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country’s main trading hub in Cushing, Oklahoma,...
  • Oil Prices Deliver a Crash Course in "Supply and Demand"

    03/13/2015 8:57:56 AM PDT · by Kaslin · 6 replies
    Townhall.com ^ | March 13, 2015 | Thomas Miller
    American consumers are still enjoying relatively cheap gasoline as the summer driving season gets closer. AAA reports the national average at $2.44 this week, still below the 50-year inflation-adjusted average of $2.50 per gallon. If youÂ’d like cheaper gas, donÂ’t blame the oil and gas industry. ItÂ’s been the United Steelworkers and their strike against Royal Dutch Shell and 11 refineries that ticked gas back up more than anything, although it appears that a settlement has been accepted. Refiners are in their bi-annual season of throttling back production to perform maintenance and retool for the summer blends. So it begs...
  • Texas Takes Aim at Crude Oil Export Ban

    03/11/2015 4:57:43 AM PDT · by thackney · 6 replies
    Texas Tribune ^ | March 9, 2015 | Jim Malewitz
    With a glut of crude oil filling up pipelines and storage tanks and pushing down U.S. oil prices, Texas lawmakers are calling on Washington to lift its 40-year-old ban on crude exports. “Congress should update our national trade policy to benefit Texas producers and consumers,” state Rep. Drew Darby, R-San Angelo, said Monday at a joint hearing of the House Energy Resources Committee, which he chairs, and the chamber’s International Trade and Intergovernmental Affairs Committee. More than 100 Texas House members have signed on to a proposed resolution that calls the ban a “relic from an era of scarcity and...
  • After West Virginia Oil Train Derailment, Sign Keystone Bill

    02/19/2015 11:08:19 AM PST · by raptor22 · 22 replies
    Investor's Business Daily ^ | February 19, 2015 | IBD EDITORIALS
    Energy: Three million gallons of Bakken crude burning in rural West Virginia after an oil train derails in a snowstorm ought to underscore the environmental safety of replacing rail cars with the Keystone XL pipeline. One of the reasons President Obama says he'll veto the Keystone pipeline bill that, as a result of last November's GOP electoral gusher, has found its way to his desk is that it will only carry Canadian crude to foreign markets and is not worth jeopardizing the environment. Two things are wrong with that argument. The first is that Keystone XL will also bring Bakken...
  • OPEC Cannot Kill U.S. Shale Oil Boom with Low Crude Prices

    12/01/2014 10:08:44 AM PST · by rellimpank · 30 replies
    Breitbart ^ | 01 oct 2014 | Chriss W. Street
    Saudi Arabia, Kuwait, and United Arab Emirates—the only OPEC members financially solvent enough to afford temporarily reducing crude oil production—are believed to have refused to cut output on November 27, 2014 to push oil prices down to $68 a barrel in hopes of killing the U.S. oil boom. But unlike traditional oil wells that lose future production capability if temporarily shut down, U.S. shale oil wells have the flexibility to close and then reopen without a long-term loss of production capability. From an annual low of $1.21 a barrel in 1970 to an annual high of $108.90 in 2012, OPEC,...
  • Saudi’s Dangerous Gambit

    11/29/2014 8:41:39 AM PST · by Kaslin · 54 replies
    Townhall.com ^ | November 29, 2014 | Charles Payne
    The biggest news for the United States stock market and American consumers happened on Thanksgiving in a far off desert kingdom. Saudi Arabia has taken the big gambit of not cutting production which means downward pressure on oil will continue, and that means less revenue for them. Why would a nation that gets 90% of their revenue from oil allow the price to plunge? I’ve said it several times, but I’m more convinced this is their (last) chance to crush, or at least derail/stall, America’s fracking miracle.It’s a war without bullets, but make no mistake, it's also about no prisoners....
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • CRUDE OIL BREAKS $80: GOING DOWN!

    10/27/2014 7:49:15 AM PDT · by SeekAndFind · 133 replies
    Business Insider ^ | 10/27/2014 | Myles Udland
    Crude oil just broke $80. In morning trade on Monday, the price of crude oil fell below $80 a barrel for the first time since mid-2012 as energy prices continue to plummet around the world. The most recent drop in oil, which has been a bear market since topping out at about $107 during the summer, follows a cut in oil-price expectations from Goldman Sachs' Jeff Currie over the weekend. Currie took his oil-price forecasts for WTI Crude to $75 a barrel in the first quarter of 2015 and to $70 a barrel in the second quarter of next year....
  • New Technology Could End The Debate Over Pipeline Safety

    08/28/2014 7:03:58 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 28/08/2014 | James Stafford
    Who could have ever imagined that North America would surpass Saudi Arabia as the world’s largest producer of oil and natural gas liquids? A decade ago, that would have seemed laughable. Yet that’s exactly what has happened; and it’s not just Saudi Arabia that has been left in North America’s dust -- Russia has, too.
  • Looking for the Next Oil Boom? Follow the Tech

    07/15/2014 11:36:04 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 15/07/2014 | James Stafford
    Much larger than Eagle Ford and once thought to have reached peak production, new technology has brought us full circle back to the Permian Basin in Texas and New Mexico, where the recent shift to horizontal well drilling has rendered this play the unconventional ground zero. Determining where the next real oil boom will be depends largely on following the technology, and while the Permian Basin has been slower than others to switch from vertical well drilling to horizontal drilling, horizontal has now outpaced vertical, and investors are lining up to get in on the game. Until about 12 years...
  • Crude oil edges toward $107 after Iraq refinery attacked

    06/18/2014 7:16:33 AM PDT · by Biggirl · 3 replies
    Market Watch ^ | June 18,2014 | William L. Watts, Barbara Kollmeyer
    NEW YORK (MarketWatch) — Crude-oil prices edged higher on Wednesday, with the U.S. benchmark pushing back toward $107 a barrel after militants in Iraq attacked the country's biggest oil refinery, underlining worries about potential threats to export facilities in the south.