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Keyword: crudeoil

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  • 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 ^ | 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 ^ | 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...

    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 ^ | 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 · 3 replies ^ | 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.
  • Train derails in downtown Lynchburg (VA)

    04/30/2014 1:18:42 PM PDT · by jazusamo · 28 replies
    The News & Advance ^ | April 30, 2014 | Staff
    Videos at source A CSX train carrying crude oil derailed Wednesday afternoon by the James River in downtown Lynchburg, sparking a massive fire that sent a thick column of black smoke high into the sky. Officials said 12 to 14 tanker cars were involved, but what caused the derailment is unclear. Three or four of the cars were breached, spilling oil into the river. Hazardous-materials crews are on scene. The incident happened shortly before 2 p.m. near Ninth and Jefferson streets. City firefighters are allowing the fire to burn out, and it has abated somewhat since the derailment. Multiple off-duty...
  • Cruder Than Alberta Tar Sands

    04/24/2014 7:28:22 AM PDT · by Kaslin · 2 replies ^ | April 24, 2014 | Debra J. Saunders
    According to experts cited by The New York Times, President Barack Obama's eventual decision on the Keystone XL pipeline -- last week, the administration once again postponed a decision -- "will have a marginal impact on global warming emissions." The global economy releases lots of greenhouse gas -- 32.6 billion metric tons of carbon in 2011. The Keystone XL pipeline would add 18.7 million metric tons. In the global greenhouse gas picture, it won't make a dent. To the working men and women of America, however, the project represents "a lifeline to good jobs and energy security," according to Terry...
  • Big Hole in Big-Oil Lawsuit

    03/06/2014 12:27:35 PM PST · by Kaslin · 7 replies ^ | March 6, 2014 | Debra J. Saunders
    The story starts with a former journalist and Harvard Law School graduate who wanted to improve conditions for Ecuadorean people living in the Amazon rain forest, polluted by a big oil company. In 2011, attorney Steven Donziger won a $9.5 billion judgment against Chevron Corp. But don't expect a happy ending for his clients. On Tuesday, Lewis Kaplan, a federal judge in New York, ruled that the Chevron judgment was "procured by fraud" and later covered up by "half-truths." Donziger's legal team "submitted fraudulent evidence," paid off a court-appointed "global expert" and even wrote the $9.5 billion judgment handed down...
  • Use That Pen To Approve Keystone XL Pipeline Jobs, Mr. President

    02/04/2014 9:03:10 AM PST · by SeekAndFind · 11 replies
    IBD ^ | 02/04/2014
    The shovel-ready pipeline from Canada gets yet another clean bill of health as yet another State Department review says it will have negligible environmental impact, unlike the crude-carrying trains that are replacing it. President Obama promised in the State of the Union that 2014, his sixth year in office, would be a "year of action" on jobs, unlike the first five that saw the labor force participation rate sink to its lowest level in decades. In his weekly radio address on Jan. 18, he said he wanted "to work with Congress this year on proven ways to create jobs, like...
  • Casselton North Dakota Train Wreck Shows Keystone XL Need

    01/03/2014 6:38:42 PM PST · by raptor22 · 11 replies
    Investor's Business Daily ^ | January 3, 2014 | IBD EDITORIALS
    Energy Policy: An oil-laden train collides with another and bursts into flames in a small American town, proving why pipelines are safer and why environmentalist opposition to a pipeline from Canada is misguided. Casselton, N.D., had a near brush with tragedy after a train of tank cars carrying crude oil derailed, resulting in fiery explosions and a call from the town's mayor for a re-examination of how such fuel is transported across the United States. The railroad runs right through the middle of Casselton, a town of 2,400 people about 25 miles west of Fargo, and Mayor Ed McConnell said...
  • Crude Oil Drops $3 In A Minute

    09/17/2012 12:02:16 PM PDT · by Kartographer · 18 replies
    Barron's via Yahoo Finance ^ | 9/17/12 | Brendan Conway
    Jittery afternoon in the oil markets, where crude futures plunged $3 in less than a minute shortly before 2 p.m., for no immediately obvious reason. In such cases, the chatter inevitably turns to the Strategic Petroleum Reserve. But we have no credible reports of a release at this point. Heck, we don’t even have a shady report to point to. CNBC’s befuddled anchors are just now floating the idea that options expiry may be playing a role. And CNBC has a White House spokesman saying there’s no change to the strategic petroleum reserve. “Fat finger” error? Probably not: Brent moved...
  • Senate rejects plan to open Arctic refuge to drilling

    03/13/2012 3:09:05 PM PDT · by Free ThinkerNY · 37 replies · 1+ views
    Associated Press ^ | March 13, 2012 | Sean Cockerham
    WASHINGTON _ The Senate on Tuesday resoundingly rejected a sweeping measure to open the Arctic National Wildlife Refuge and other protected areas to oil drilling, as well as to approve construction of the Keystone pipeline project. Tuesday's vote was the first time in four years that the Senate has voted on a measure including ANWR drilling, and it failed miserably.
  • Crude Oil Futures Trim Gains After IEA Warns of High Prices

    05/19/2011 8:46:36 AM PDT · by bananaman22 · 4 replies ^ | 19/05/2011 | Raghee Horner
    Crude oil futures pared gains in choppy trade on Thursday, after the International Energy Agency warned that elevated oil prices could derail the global economic recovery. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.28 a barrel during European morning trade, easing up 0.11%. It earlier rose by as much as 1% to a daily high of USD101.24 a barrel. The governing board of the International Energy Agency expressed “serious concern” that there were growing signs that the rise in oil prices was affecting the global economic recovery by widening global imbalances...
  • Brent down $5, U.S. crude falls $4 on Japan crisis

    03/15/2011 6:33:29 AM PDT · by SeekAndFind · 5 replies
    RealClearMarkets ^ | 03/15/2011
    Brent crude fell $5 on Tuesday and U.S. crude dropped $4 as concerns over a deepening nuclear crisis in Japan heightened risk aversion and pushed prices lower in the oil markets. Brent crude for April delivery fell as low as $107.88 while U.S. crude for April delivery dropped briefly to $97.10.
  • More Libyan crude cargoes sail from ports -sources

    03/02/2011 11:19:27 AM PST · by george76 · 6 replies
    Reuters ^ | Mar 2, 2011 | Jonathan Saul and Emma Farge
    At least 1.8 million barrels of crude oil in three tankers have left Libyan ports in the past 24 hours, shipping and trade sources said on Wednesday. "Crude oil is leaving the country."
  • WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

    02/08/2011 6:07:47 PM PST · by ErnstStavroBlofeld · 52 replies
    The Guardian ^ | 2/8/2011 | John Vidal
    The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%. The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the...
  • Egypt turmoil pushes crude oil price over $100 a barrel

    01/31/2011 1:34:43 PM PST · by FromLori · 35 replies
    The Guardian ^ | 1/31/2011 | Tim Webb and Graeme Wearden
    Fears that the turmoil in Egypt could disrupt oil shipments passing through the Suez canal and engulf the Middle East drove the price of Brent crude oil through the $100 barrier for the first time in over two years. The price of a barrel of the benchmark Brent crude soared by more than $1.50 to as high as $101.08 a barrel as the protests against President Hosni Mubarak's regime intensified. Prices are now at their highest since September 2008, at the start of the financial crisis. Abdullah Al-Badri, secretary general of Opec, the cartel of oil producers, expressed concern about...
  • (Obama's) Killing The Drilling

    06/04/2010 7:08:42 PM PDT · by raptor22 · 63 replies · 1,353+ views ^ | June 4, 2010 | Investor's Business Daily staff
    The Economy: As if the latest measly numbers on our jobless recovery weren't bad enough, along comes the administration to pile disaster upon disaster by slapping a six-month ban on deep-water drilling. When President Obama visited Louisiana on May 1, he talked about the possibility that the oil gushing from BP's Deepwater Horizon well could "jeopardize the livelihoods of thousands of Americans who call this place home." Now the administration's response could jeopardize the livelihoods of tens of thousands more. In a letter sent to Obama on Wednesday, Louisiana Gov. Bobby Jindal challenged the president's decision to suspend deepwater drilling...
  • Environmentalists Also To Blame For Exxon Valdez And Gulf Spills (Duh)

    06/01/2010 5:02:16 PM PDT · by Kaslin · 13 replies · 686+ views
    IBD Editorials ^ | June 1, 2010 | Investors Business Daily staff
    Energy Policy: To save the environment, a senator from Pennsylvania wants to shut off a major source of natural gas. Weren't the roads to the Exxon Valdez and Deepwater Horizon disasters paved with equally good intentions? Environmentalism did not cause the Deepwater Horizon oil disaster, but it did help make it possible, just as 1989's Exxon Valdez disaster, which the Gulf Oil spill has now eclipsed, was also ironically made possible by a desire to protect the environment. The original plan when oil was discovered at Prudhoe Bay on Alaska's North Slope was to build a pipeline directly to the...
  • Louisiana's Jindal: Where's Obama?

    05/25/2010 4:42:45 PM PDT · by Kaslin · 34 replies · 1,299+ views
    IBD Editorials ^ | May 25, 2010 | Investors Business Daily staff
    Emergencies: As frustration with the federal response grows, Louisiana's governor lashes out at the feds for doing little except blame BP for the Gulf oil spill. Meanwhile, Congress sees a chance to raise your gas taxes. While the Obama administration continues on its quest to fundamentally transform America, the largely unabated Deepwater Horizon spill in the Gulf of Mexico threatens to fundamentally transform the ecosystems and economy of Louisiana and the Gulf region. The federal government's response so far has consisted largely of scapegoating BP and ignoring its own responsibilities and lack of preparation, railing against Big Oil, while Congress...
  • Canada’s Oil Sands Set to Become Biggest Source of U.S. Oil Imports, Report Says

    05/24/2010 1:28:38 PM PDT · by bananaman22 · 6 replies · 325+ views ^ | 05/24/2010 | Darrell Delamaide
    Canadian oil sands will probably become the No. 1 source of U.S. crude oil imports this year, and could make up more than a third of the nation’s oil and refined product imports by 2030, according to a new study. The Role of Canadian Oil Sands in U.S. Oil Supply, a report from Cambridge, Mass.-based IHS CERA, says that in a fast-growth scenario, oil sands could represent 36% of oil imports by 2030, or 20% in a more moderate growth scenario, compared with 8% in 2009. Production of 1.35 million barrels per day (mbd) in 2009 could rise to between...
  • Drilling Oil Execs For Answers

    05/11/2010 4:26:22 PM PDT · by Kaslin · 13 replies · 455+ views ^ | May 11, 2010 | Investors Business Daily staff
    The BP Spill: Tuesday on Capitol Hill, oil executives were subjected to the Senate's latest show trial. Senators did not say the accident in federal waters was a federal responsibility or that nature spills more oil every day. The morning hearing by the Energy and Natural Resources Committee chaired by Sen. Jeff Bingaman of New Mexico and the afternoon session before California Sen. Barbara Boxer's Environmental and Public Works Committee prove White House Chief of Staff Rahm Emanuel's dictum that a good crisis is a terrible thing to waste — especially when your goal is exploiting the Deepwater Horizon disaster...
  • Louisiana Spill: Big Oil's Chernobyl?

    04/30/2010 5:18:32 PM PDT · by Kaslin · 87 replies · 2,100+ views ^ | April 30, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy: The administration has banned new offshore drilling until the Gulf oil spill is investigated. Was its heart in it anyway? It seems environmental concerns apply only to certain forms of energy. No one pays much attention to the aquatic "dead zones" that have appeared off our shores at the mouths of our rivers due to agricultural runoff created by mandates for corn-based ethanol. Ethanol is green energy, good energy — never mind that such biofuels drive up food prices, increase hunger around the world and damage the environment in their own way. The explosion that blew apart an oil...
  • Drill, Mr. President, Drill

    03/31/2010 4:23:57 PM PDT · by Kaslin · 29 replies · 1,007+ views ^ | March 31, 2010 | INVESTORS BUSINESS DAYLY Staff
    Energy: As the administration loosens restrictions on domestic energy development and offshore drilling, a reviled company develops technology to unlock America's vast shale resources. Drill, baby, drill. We have been among President Obama's harshest critics when it comes to the administration's overly restrictive energy policy, so we were pleasantly surprised to see him announce on Wednesday some light at the end of the pipeline. Some light, for many restrictions will remain in an energy policy best termed schizophrenic. Speaking at Andrews Air Force Base near Washington, D.C., Obama announced the welcome news that his administration will let lease sales go...
  • Chortling At Chu

    03/12/2010 5:07:46 PM PST · by Kaslin · 18 replies · 957+ views ^ | March 12, 2010 | INVESTORS BUSINESS DAILY Staff
    Future Fuels: Our secretary of energy pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide. They don't qualify as an official group of victims, but carbon-Americans, as they have been called, did not have much to cheer about last week, when Energy Secretary Steven Chu addressed CERAWeek 2010, a premier industry conference hosted by IHS Cambridge Energy Research Associates. With an economy struggling to regain sound footing, Chu advocated a starvation diet devoid of additional fossil fuels that are to remain under...
  • Drilling Ban To Cost Trillions

    02/16/2010 4:16:12 PM PST · by Kaslin · 21 replies · 1,321+ views ^ | February 16, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy: A new study shows that our reluctance to develop domestic energy will cost the beleaguered U.S. economy trillions in opportunity costs, reduce our gross domestic product and increase our trade deficit. From trying to stimulate jobs in nonexistent ZIP codes at great expense to worshiping the false gods of climate change, our biggest deficit these days may be in the area of common sense. A new study shows that many of our wounds are self-inflicted as we forgo the wealth and jobs to be found in our waters and under our feet. The study by Science Applications International Corp....
  • The Global Marine Oil Pollution Information Gateway

    02/20/2010 4:22:22 PM PST · by Halfmanhalfamazing · 13 replies · 483+ views
    Crude oil and natural gas seeps naturally out of fissures in the ocean seabed and eroding sedimentary rock. These seeps are natural springs where liquid and gaseous hydrocarbons leak out of the ground (like springs that ooze oil and gas instead of water). Whereas freshwater springs are fed by underground pools of water, oil and gas seeps are fed by natural underground accumulations of oil and natural gas (see USGS illustration). Natural oil seeps are used in identifying potential petroleum reserves. As pointed out by the National Research Council (NRC) of the U.S. National Academy of Sciences, "natural oil seeps...
  • Cheap Crude Oil Is Gone, And That's Good News

    01/16/2010 8:32:04 AM PST · by blam · 28 replies · 1,152+ views
    The Market Oracle ^ | 1-15-2010 | Casey Research
    Cheap Crude Oil Is Gone, And That's Good News Commodities / Crude Oil Jan 15, 2010 - 04:21 PM By: Casey Research Marin Katusa writes: Over the next year or two, you will likely find yourself paying a LOT more at the gas pump. Big changes are taking place in the oil industry. With increased global demand and declining supply, easy oil is not so easy anymore. Everything is about to get more expensive. From gasoline to anti-freeze, life jackets to golf balls, and eye glasses to fertilizer. There are very few things in the modern world that aren't made...
  • Pirates Hijack Oil Super Tanker Headed for U.S.

    11/30/2009 1:26:13 AM PST · by The Magical Mischief Tour · 23 replies · 1,619+ views
    FOX News ^ | 11/30/2009 | FOX News
    <p>NAIROBI, Kenya — The EU's anti-piracy force says Somali pirates have seized a super tanker carrying crude oil from Saudi Arabia to the United States.</p>
  • Power To Spare (Palin vs. Biden on energy)

    11/05/2009 4:53:14 PM PST · by raptor22 · 3 replies · 702+ views
    Investor's Business Daily ^ | November 5, 2009 | IBD editorial staff
    Leadership: As Palin jousts with Biden on energy independence, the government reports that we lead the world in energy reserves. From oil to gas to coal, we are sitting on prosperity. So why are we importing anything? One of the interesting sidelights of the NY-23 race was an exchange on energy independence between Vice President Joe Biden and the former governor of energy-rich Alaska, Sarah Palin. Biden, who came in to campaign for Democrat Bill Owens, was reminded of the issue of energy. "The fact of the matter is that Sarah Palin thinks the answer to energy was 'Drill, baby,...
  • Foolishly Choosing Bears Over Barrels

    10/26/2009 5:25:31 PM PDT · by Kaslin · 3 replies · 826+ views
    IBD Editorials ^ | October 26, 2009 | INVESTORS BUSINESS DAILY Staff
    Ecology: The administration creates the mother of all protected habitats for a species whose numbers have increased since Al Gore's "An Inconvenient Truth." It's our hopes for energy independence that are drowning. When filmmaker Phelim McAleer, whose documentary "Not Evil Just Wrong" takes apart the myths of global warming, got to ask Gore a question at the annual conference of the Society of Environmental Journalists, McAleer brought up the nine critical errors in Gore's film "An Inconvenient Truth." A British court two years ago listed them and said they must be righted before the film could be shown in schools...
  • A California 'Black Gold' Rush

    09/29/2009 8:52:35 AM PDT · by raptor22 · 13 replies · 1,492+ views
    Real Clear Markets ^ | September 29, 2009 | IBD staff
    Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it? The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway. Occidental Petroleum hasn't been...
  • A California 'Black Gold' Rush

    09/28/2009 4:48:14 PM PDT · by Kaslin · 22 replies · 2,207+ views
    IBD Editorials ^ | September 28, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it? The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway. Occidental Petroleum hasn't been...
  • Forget 'Peak Oil' — Drill, BP, Drill

    09/03/2009 5:28:33 PM PDT · by Kaslin · 16 replies · 2,009+ views
    IBD Editorials ^ | September 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy Policy: Ignoring peak-oil Cassandras, BP has made another giant oil find in the Gulf of Mexico. We're not running out of oil. Our government just doesn't want us to look for it.The world is running out of oil and good riddance. That's the environmentalists' mantra. But since the first well was drilled near Titusville, Pa., 150 years ago, the prophecy has gone unfulfilled. Trouble is, those darn greedy oil companies keep finding the stuff. Oil has been produced in the Gulf of Mexico since the first well was drilled by Kerr-McGee Corp. in 1947. Some of the wells are...
  • Shifting Oil Sands

    09/01/2009 5:03:45 PM PDT · by Kaslin · 5 replies · 1,027+ views
    IBD Editorials ^ | September 1, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: We balk at importing "dirty" oil from Canada, but others aren't so reluctant. Exempt as a "developing" nation from Kyoto-like agreements, China has decided to help Canada develop its energy-rich oil sands.The Financial Post reports that PetroChina International Investment Co. has struck a deal to buy a 60% interest in Athabasca Oil Sands Corp.'s McKay River and Dover projects for $1.9 billion. China has been establishing energy beachheads around the world in its quest to keep its growing economy fueled. With possible conflict brewing between Israel and Iran, Beijing recognizes the need for reliable suppliers like Canada in an...
  • Cap-And-Trade Is Refinery Killer

    08/25/2009 5:59:14 PM PDT · by Kaslin · 15 replies · 1,936+ views
    IBD Editorials ^ | August 25, 2009 | INVESTORS BSINESS DAILY Staff
    Energy Policy: A new study shows that Waxman-Markey will increase prices at the pump, deepen our dependence on foreign oil and shred our ability to turn crude into gasoline. Even fuel-efficient cars will still need fuel.Oil may bubble up out of the ground, but gasoline does not. It's made in those ugly little NIMBY places called refineries we are loath to build anymore because we're too busy trying to save the Earth rather than our economy and American jobs. When Hurricane Katrina shut down 20% of our refining capacity in a single day and raised gas prices in a single...
  • Capping Jobs

    08/13/2009 5:27:29 PM PDT · by Kaslin · 4 replies · 892+ views
    IBD Editorials ^ | August 13, 2009 | INVESTORS BUSINESS DAILY Staff
    Cap-And-Trade: The administration likes to defend bad policies with analogies to the post office. New studies from a business group and the administration itself confirm that cap-and-trade belongs in the dead-letter bin.Along with Energy Secretary Steven Chu, Rep. Ed Markey likens the cost of the Waxman-Markey cap-and trade bill to "about a postage stamp a day," based on estimates made by the Congressional Budget Office and the EPA. But as we and others have shown, they arrive at this magical number in part by ignoring the hit on gross domestic product and employment that will occur. As Garret Vaughan, economist...
  • Drill Like Brazil

    01/26/2009 6:22:09 PM PST · by Kaslin · 12 replies · 1,656+ views
    IBD Editorials ^ | January 26, 2009
    Stimulus: Brazil, a leader in the use of biofuels such as ethanol and in the face of falling oil prices, still plans to spend huge sums to expand its offshore oil resources. Drilling rigs are infrastructure too.With oil prices scraping the bottom of the barrel, pun intended, there wouldn't appear to be much incentive to pursue the development of new oil resources. And in tough economic times worldwide, the necessary investment required would appear to be prohibitive. As the U.S. seeks to get its economy going by building roads, bridges and bicycle paths, Brazil has decided to create jobs and...
  • Will Russia Drill Off Florida's Coast?

    08/05/2009 5:13:29 PM PDT · by Kaslin · 43 replies · 3,692+ views
    IBD Editorials ^ | August 5, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: As Russian attack submarines patrol our eastern seaboard, Moscow signs a deal to help Castro's Cuba drill for oil off the Florida coast. In Moscow and Havana, the cry is "Drill, Comrade, Drill!"Two Russian nuclear attack submarines have taken up positions along our East Coast in recent days, another sign of renewed assertiveness by the former communist giant. The move comes as Moscow inks a deal with the communist relic of Cuba to drill for oil we refuse to go after. The submarines are of the Akula class, a counterpart to the Los Angeles class attack subs of the...
  • Drill, Ivan, Drill

    05/08/2009 3:55:43 PM PDT · by euram · 74 replies · 2,034+ views
    IBD Editorials ^ | 05-07-09 | INVESTOR'S BUSINESS DAILY
    As Palin pointed out to Salazar, the USGS assessment "estimates that Arctic Alaska has mean technically recoverable resources of approximately 30 billion barrels of oil, 6 billion barrels of natural gas liquids and 221 trillion cubic feet of conventional natural gas."
  • Washington Sleeps As Oil Prices Stir

    06/11/2009 5:16:54 PM PDT · by WhiteCastle · 19 replies · 1,361+ views
    IBD Editorials ^ | June 12, 2009 | Editorial
    Energy: Will oil hit $250 a barrel? The Russians think so, as crude prices climb to an eight-month high. Meantime, House Republicans advance a plan to help the administration keep a domestic energy promise.The cost of July deliveries of crude bounced over $73 Thursday as the American Petroleum Institute reported shrinking U.S. inventories as the dollar weakens against the euro. Alexei Miller, chairman of the Russian energy giant Gazprom, is repeating his prediction of a year ago that oil may eventually reach the $250 mark.
  • Peak Gov't, Not Oil

    08/04/2009 5:39:27 PM PDT · by Kaslin · 5 replies · 1,103+ views
    IBD Editorials ^ | August 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy Policy: The chief economist of the International Energy Agency says the world is running out of oil. We've been told that for the last 150 years. The only thing we're running out of is the will to drill.Ever since the first oil well was drilled in Titusville, Pa., in 1859, experts have been predicting we would soon run out of oil. The latest is Dr. Fatih Birol, chief economist for the International Energy Agency in Paris, whose job it is to assess future energy supplies by OECD countries. In an interview with the Independent, Dr. Birol says that based...
  • Save The Whales, Kill The Economy

    04/20/2009 6:20:26 PM PDT · by Kaslin · 5 replies · 901+ views
    IBD Editorial ^ | April 20, 2009
    Energy: With Ahab-like determination, environmentalists have once again blocked oil exploration in the American Arctic. They may just have succeeded in putting the American economy on ice.On Friday, a three-judge U.S. Court of Appeals Court panel in Washington, D.C., struck down the Bush administration's five-year plan for offshore oil and gas leasing off Alaska's northern coast. The plan was vacated, the panel ruled, because of allegedly insufficient environmental review because its "environmental sensitivity rankings are irrational." What is irrational is that despite a more than three-decade long record of environmental sensitivity at Prudhoe Bay and elsewhere, and despite booming polar...
  • California Digging (Its Own Financial Grave)

    07/01/2009 5:16:12 PM PDT · by WhiteCastle · 38 replies · 3,244+ views
    IBD Editorials ^ | Juky 1, 2009 | Investor's Business Daily
    Regulation: Ignoring the first rule of holes, a bankrupt state passing out IOUs welcomes an EPA waiver allowing it to further kill its economy. Too bad the state can't stop the air pollution imported from a growing China. The U.S. Environmental Protection Agency on Tuesday granted California its long-standing request — denied by the Bush administration — for a waiver to allow it to impose even more stringent air pollution rules than currently required by the federal government.The way is now clear for implementation of a 2002 state law requiring new cars to increase their fuel economy 40% by 2016....