Keyword: energy

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  • Everything Is Awesome! Well, not everything. But America’s looking much better than you think.

    12/25/2014 8:57:19 PM PST · by 2ndDivisionVet · 67 replies
    Politico Magazine ^ | December 24, 2014 | Michael Grunwald
    ood news! The U.S. economy grew at a rollicking 5 percent rate in the third quarter. Oh, and it added 320,000 jobs in November, the best of its unprecedented 57 straight months of private-sector employment growth. Just in time for Christmas, the Dow just hit an all-time high and the uninsured rate is approaching an all-time low. Consumer confidence is soaring, inflation is low, gas prices are plunging, and the budget deficit is shrinking. You no longer hear much about the Ebola crisis that dominated the headlines in the fall, much less the border crisis that dominated the headlines over...
  • We Live In A New World And The Saudis Are The First To Get It

    12/25/2014 1:52:04 PM PST · by SatinDoll · 38 replies
    The Automatic Earth blog ^ | Dec. 24, 2012 | Raul Ilargi Meijer
    [ Secondary blog source: Tyler Durden / The Zero Hedge / www.zerohedge.com/news/2014-12-24/we-live-new-world-and-saudis-are-first-get-it ] There are many things I don’t understand these days, and some are undoubtedly due to the limits of my brain power. But at the same time some are not. I’m the kind of person who can no longer believe that anyone would get excited over a 5% American GDP growth number. Not even with any other details thrown in, just simply a print like that. It’s so completely out of left field and out of proportion that you would think by now at least a few more...
  • Merry Christmas from Texas to the World

    12/25/2014 12:24:13 AM PST · by Cincinatus' Wife · 26 replies
    The Hill ^ | December 25, 2014 | Ben Voth
    Texas has blessed the world with an incredible Christmas gift: plummeting oil prices. Both the production and the technology of fracking were substantially innovated and pioneered in the Lone Star state. The ramifications here at home and abroad are profound and incredible example of how innovation, property rights,and economic freedom trump the ugly agendas of statism. The gift of Texas oil is a gift that keeps on giving and stands in contrast to the lumps of coal dished out by the Federal government:...Gift 1:A true economic stimulus. The drop in oil prices from over $100 a barrel to less than...
  • Oil spills into Black Sea near Russian port after pipeline leak

    12/24/2014 8:57:03 AM PST · by thackney · 6 replies
    Reuters ^ | Dec 24, 2014 | MAXIM NAZAROV AND GLEB GORODYANKIN
    A leak on a major Russian oil pipeline caused a spill in the Black Sea near the port of Tuapse on Wednesday where officials said stormy weather was hampering efforts to assess and respond to the mishap. "Some quantity of oil has spilled into the sea," Sergei Proskurin, first deputy captain of the port of Tuapse, told Reuters. He said the size of the spill was unclear and that emergencies services were working to deploy temporary floating barriers to contain the spill but were being delayed by the stormy conditions. Tuapse is a busy industrial and oil port but is...
  • A "Crude" Approach to Evaluating the US Oil Export Ban

    12/24/2014 5:24:19 AM PST · by thackney · 8 replies
    Forbes ^ | 12/23/2014 | Michael Maher
    With the U.S. experiencing a period of rapidly increasing production of light tight oil (LTO) and Gulf Coast refining configurations geared toward processing medium and heavy crude, a growing chorus is calling for the end of the ban on US crude exports. The concern is, due to the medium/heavy orientation of the US refining sector, LTO will continue to be sold at a discount to foreign light oil prices (Brent). This discount will grow as increased LTO production is faced with growing refining bottlenecks and, eventually, will restrict LTO production in the U.S. Moreover, the issue becomes even more relevant...
  • The Next Shale Revolution?

    12/24/2014 5:01:42 AM PST · by RoosterRedux · 15 replies
    weeklystandard.com ^ | SAMUEL THERNSTROM
    Just five years ago, almost no one outside the natural gas industry had heard of fracking, even though the basic technologies were not new; today, the shale gas revolution has transformed America’s energy markets, with profound effects for economic growth, competitiveness, security, and environmental quality. In a nation still deeply concerned about its energy future, this extraordinary success story should prompt the question: Can we do it again? The answer is yes​—​if we correctly understand both the model for innovation that shale gas exemplifies and an opportunity that now exists to emulate the shale model. That opportunity involves exploiting a...
  • Sliding oil prices leave socialist Venezuela on brink of financial collapse

    12/24/2014 5:01:35 AM PST · by thackney · 23 replies
    Washington Times ^ | December 23, 2014 | Guy Taylor
    The ongoing plunge in global oil prices is pushing Venezuela toward economic collapse just as President Nicolas Maduro — the hand-picked successor to the late socialist Hugo Chavez — faces mounting international criticism for jailing opposition figures after months of street protests. Where Chavez once drew praise from the world’s leftist elite for using the high price of crude oil during the 2000s to underwrite a socialist revolution, a growing number of analysts in Washington say Mr. Maduro is clinging to power in a country on the edge of becoming a failed state. Venezuela still boasts some of the world’s...
  • Why there are so many kooky conspiracy theories about oil

    12/24/2014 4:50:47 AM PST · by thackney · 25 replies
    Washington Post ^ | December 23, 2014 | Chris Mooney
    The sudden, dramatic drop in oil prices has changed the world almost overnight. Russia's facing an economic crisis, and U.S. consumers are saving a fortune at the pump. The reasons for the sudden swing are not particularly glamorous: They involve factors like supply and demand, oil companies having invested heavily in exploration several years ago to produce a glut of oil that has now hit the market -- and then, perhaps, the "lack of cohesion" among the diverse members of OPEC. But now, right on cue, out come the conspiracy theorists — including Vladimir Putin — to tell us what's...
  • Deadly oil train blast settlement fund tops $200M ahead of filing next month

    12/23/2014 8:57:43 AM PST · by Citizen Zed · 4 replies
    Times Colonist ^ | 12-23-2014 | DAVID SHARP
    A proposed settlement fund for victims of a fiery train derailment that claimed 47 lives in Canada is nearly halfway to a goal of $500 million in funding commitments ahead of its filing next month, the defunct railroad's bankruptcy trustee said. More than a dozen corporations that face potential liability in the Lac Megantic, Quebec, oil train disaster have agreed to pay over $200 million to the fund and that sum could more than double by the time judges in the U.S. and Canada sign off, bankruptcy trustee Robert Keach told The Associated Press. Keach, the trustee in the Montreal,...
  • Southwestern Energy to buy more Marcellus, Utica acreage

    12/23/2014 8:21:58 AM PST · by thackney · 7 replies
    Fuel Fix ^ | December 23, 2014 | Collin Eaton
    Southwestern Energy Co. said Tuesday it is planning to snap up Statoil’s 20-percent stake in oil and gas assets in West Virginia and southwest Pennsylvania for $394 million, just a day after closing its biggest-ever deal with Chesapeake Energy in the region. The transaction, which encompasses 30,000 net acres, boosts Southwestern Energy’s working interests in that area of the Marcellus and Utica shale plays by 5.8 percent to 73 percent. The wells on the land produce about 29 million cubic feet of gas a day, as of October. The deal is expected to close early next year. It’s the Houston...
  • Brent oil $90 to $100 in 12 to 18 months: Pickens

    12/23/2014 8:00:36 AM PST · by shove_it · 24 replies
    CNBC ^ | 23 Dec 2014 | Matthew J. Belvedere
    Energy entrepreneur T. Boone Pickens predicted Tuesday that Brent crude oil will be at $90 to $100 barrel in 12 to 18 months. "The world got along fine with $100 oil," he said on CNBC. Less global demand for oil is more to blame for the price drop than oversupply, Pickens said in a "Squawk Box" interview. "The demand for the world was another 1.3 million this year, and half of that is what we got," he continued. "The oversupply for oil has come from the United States." The Organization of the Petroleum Exporting Countries alone can't satisfy the world's...
  • How Broken Are The Energy Markets?

    12/23/2014 7:30:49 AM PST · by thackney · 7 replies
    Oil Price ^ | 22 December 2014 | Euan Mearns
    A few commenters have mentioned peak oil recently. I am cautious about making forecasts and predictions and prefer instead to observe and document the data as the peak oil story unfolds. I have in fact published a couple of charts recently illustrating aspects of peak oil, one showing a possible peak in the rest of the world that excludes N America and OPEC (Figure 1). The other shows the undulating plateau in conventional crude + condensate that has persisted since 2005 (Figure 2). In my last post on oil price scenarios two of those showed global oil production capacity 1...
  • Full MEES Interview With Saudi Oil Minister Ali Naimi

    12/23/2014 7:04:26 AM PST · by thackney · 4 replies
    Oil Pro ^ | Dec 23, 2014 | Fadi Aboualfa
    Saudi Arabian Oil Minister Ali Naimi sat down with MEES on 21 December in Abu Dhabi and gave his fullest explanation yet of Saudi thinking in pushing for an OPEC rollover on 27 November. Yesterday, excerpts of the interview were widely quoted in the mainstream press, moving the price of oil. Today, for the first time, the full interview is being published beyond the MEES subscriber base on Oilpro. Will Saudi Arabia Not Cut Production If The Russians Do Not Cut? First of all, why did we decide not to reduce production? I will tell you why. Is it reasonable...
  • Could an Energy Bust Trigger QE4?

    12/23/2014 6:11:27 AM PST · by SeekAndFind · 3 replies
    Euro Pacific Capital ^ | 12/23/2014 | Peter Schiff
    In a normal economic times falling energy costs would be considered unadulterated good news. The facts are simple. No one buys a barrel of oil to display above the mantle. No one derives happiness from a lump of coal. Energy is simply a means to do or get the things that we want. We use it to stay warm, to move from Point A to Point B, to transport our goods, to cook our food, and to power our homes, factories, theaters, offices, and stadiums. If we could do all these things without energy, we would happily never drill a...
  • Low Oil Prices: History Not Science Fiction

    12/23/2014 5:41:47 AM PST · by thackney · 6 replies
    Forbes ^ | 12/22/2014
    In the late 1990s, after the oil price boom of 1996 and bust of 1998, with the accompanying hire-and-fire cycle in the industry, company executives sighed and talked about how they would exhibit capital discipline in the future. And they were true to their word–some of them, at least for a while. Five years later, oil prices passed $40 a barrel and there was increasing pressure on the major oil companies to increase their upstream activities. The CEO of Exxon, Lee Raymond, argued that the tight services market meant that spending more would simply drive up costs–as it had in...
  • US-Saudi Arabia: Winter Is Coming

    12/23/2014 4:53:44 AM PST · by thackney · 22 replies
    Energy Intelligence ^ | December 2014 | Bill Murray
    Republican victories in the US midterm elections in early November and the Saudi Arabia-imposed decision by Opec on Nov. 27 to maintain production at 30 million barrels of oil a day may seem too disconnected and tangential to merit deep consideration of any linkage. But the two political events actually illustrate the slowly diverging paths between the US and Saudi Arabia that could become too entrenched to redirect, and may ultimately destroy or at least permanently alter one of the most important remaining strategic constants in the world since 1945 — America's security guarantee of Saudi Arabia and its energy...
  • Falling Oil Prices and the Climate Change Agenda

    12/22/2014 3:38:27 PM PST · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 12/22/14 | Dr. Ileana Johnson Paugh
    The oil price drop is really gutting Obama’s green agenda The latest falling oil prices to $55.96 (West Texas Intermediate), dropping from a high of $105 per barrel in June 2014, as a result of increased domestic oil production from fracking, is making the price of $150 per barrel of renewables look ridiculously expensive, not counting the wasted government subsidies in bankrupt solar power companies. The green agenda, which has become a climate change industry, is very lucrative for wealthy climate alarmists and for the United Nations. Dick Morris said, “The oil price drop is really gutting Obama’s green agenda.”...
  • Fracking is Fundamental

    12/22/2014 3:35:18 PM PST · by Sean_Anthony · 7 replies
    Canada Free Press ^ | 12/22/14 | Alan Caruba
    Energy is the master resource, the lifeblood of ours and the world’s economy “It is a sad day when a state chooses to listen to the fear, uncertainty, and doubts spread by anti-fossil fuel agitators rather than making a decision for economic strength that would benefit schools, communities, and many of its poorest citizens—especially when the vilified technology, hydraulic fracturing, has been used safely and successfully for more than 60 years and has brought prosperity to other formerly struggling regions.” Responding to the announcement by New York Governor Andrew Cuomo that the state would ban fracking, Ms. Noon joined others,...
  • Oil Companies Seen Cutting Spending 25 Percent in 2015 Due to Falling Crude

    12/22/2014 1:35:43 PM PST · by thackney · 26 replies
    Rig Zone ^ | December 22, 2014 | Reuters
    Plunging oil prices will prompt energy companies to cut investments in new projects by 25 percent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check. With oil prices down more than 40 percent since June, some companies, including ConocoPhillips, have slashed spending by 20 percent. But because crude prices have yet to stabilize, other companies are waiting to draw up budgets. "Many are buying time on 2015 capex and production guidance while hoping for a stable baseline to plan from," Capitol One Securities said in a note...
  • Just look across the NY-PA border for safe and responsible fracking

    12/22/2014 8:47:58 AM PST · by thackney · 22 replies
    ExxonMobil ^ | December 18, 2014 | Ken Cohen
    The comedian Chico Marx famously asked, “Who you gonna believe, me or your own eyes?” That’s the question I feel like Governor Andrew Cuomo is posing to New Yorkers with his decision to ban hydraulic fracturing in the Empire State’s portion of the Marcellus Shale. The governor and his allies – most notably the acting state health commissioner, whose report served as justification for Mr. Cuomo’s decision – say the move will protect New York’s air, land, and water. For years now, New Yorkers have been besieged by apocalyptic claims made by anti-oil and gas activists – many of them...
  • Shock in Southern Tier of New York as Hopes of Gambling and Fracking Both Die

    12/22/2014 7:18:54 AM PST · by C19fan · 26 replies
    NY Times ^ | December 18, 2014 | Jesse McKinley
    To get a sense of the deep disappointment felt by many here at the twin killings of two potentially lucrative dreams, hydraulic fracturing and a new luxury casino, one needed to look no further than the front-page headline of Thursday’s edition of The Press & Sun-Bulletin. It was two letters, in red type: “NO!” That cry could seemingly be heard all along New York State’s Southern Tier, which borders Pennsylvania and has long been one of the state’s most stubborn economic laggards. In recent years, both hydraulic fracturing — known as fracking — and casinos had been posited as potential...
  • Railcar Bottleneck Looms for Oil

    12/22/2014 6:14:48 AM PST · by thackney · 26 replies
    Wall Street Journal ^ | Dec. 21, 2014 | BOB TITA
    One-third of the crude oil hauled from North Dakota’s Bakken Shale region by railcars could be forced off the tracks and into expensive truck fleets in the next four years, according to a railcar-industry trade group. The Railway Supply Institute says there aren’t enough shops to retrofit cars carrying flammable liquids in time to meet proposed federal deadlines, and that tens of thousands of cars will be idled as a result. The U.S. Department of Transportation wants tank cars carrying crude oil to be retrofitted with more puncture-resistant features in two years, and those carrying ethanol to be upgraded in...
  • Stock Market - Oil 'Panic' Period Ends As Analysis Replaces Emotion

    12/22/2014 5:51:44 AM PST · by thackney · 5 replies
    Forbes ^ | 12/21/2014
    Yes, oil closed below $60 on Friday, but the U.S. stock market closed up – way up from Tuesday’s close. The Fed’s action/non-action might seem the cause, but that looks like coincidental timing. With oil stocks like Chevron selling at both extremely attractive valuations and strong price support levels..., the market turnabout was waiting in the wings, only needing a gentle push to hit the stage in full action. What is noteworthy (and disturbing) is the ease with which commenters tossed about fear-inducing descriptors like “plunge,” “rout,” “crash” and “panic.” Following those emotional portrayals were the typical (and erroneous) visions...
  • Who Will Get Caught When The Oil Debt Bubble Pops?

    12/22/2014 5:31:55 AM PST · by thackney · 18 replies
    Forbes ^ | 12/19/2014
    America’s oil and gas boom was enabled by a huge pile of cheap financing. Many of the leading players in the boom, such as Chesapeake Energy and Continental Resources have for years been making capital investments at levels far surpassing the cashflow generated from operations. The mountain of debt advanced to drillers in recent years is estimated to be in the neighborhood of $500 billion — some $300 billion in leveraged loans and another $200 billion in high yield debt. That’s about 16% of the U.S. high yield debt market, quadruple its share a decade ago. That’s a lot, even...
  • Saudi Arabia: We'll never cut oil production {OPEC really dead?}

    12/22/2014 5:28:28 AM PST · by thackney · 40 replies
    CNN Money ^ | December 22, 2014 | John Defterios
    In an exclusive interview with CNN, Saudi oil minister Ali al-Naimi also said he wasn't conspiring to take out rival producers by driving down the price. "These rumors or whoever generated them, is completely mistaken," he said. U.S. crude prices have slumped by nearly 50% in six months, the sharpest fall for many years. That has unsettled stock markets, accelerated a financial crisis in Russia, raised the risk that Venezuela will default and forced some U.S. producers to shed jobs and scale back investment. Depending on which conspiracy theory you subscribe to, Saudi Arabia is waging an oil price war...
  • Without Coal Lease Bonus Money, State Seeks New School Construction Revenue

    12/22/2014 5:01:36 AM PST · by thackney · 8 replies
    Wyoming Public Media ^ | DEC 19, 2014 | AARON SCHRANK
    The state agency responsible for building and maintaining Wyoming’s K-12 schools will face huge revenue shortfalls in the years ahead. That’s according to a report by University of Wyoming economists. The vast majority of school construction funding comes from coal lease bonus payments—and those revenues are expected to dry up completely in 2017. The School Facilities Department expects to spend half as much in 2019 and 2020 as its spending now—as the state shifts from building schools to maintaining them. But in the same period, the associated revenues are expected to drop by 95 percent. The UW report found that...
  • #AGU14 NASA’s Orbiting Carbon Observatory shows surprising CO2 emissions in Southern Hemisphere

    12/21/2014 9:42:09 PM PST · by Ernest_at_the_Beach · 30 replies
    Wattsupwiththat.com ^ | December 20, 2014 | Anthony Watts
    Global atmospheric carbon dioxide concentrations from Oct. 1 through Nov. 11, as recorded by NASA’s Orbiting Carbon Observatory-2. Carbon dioxide concentrations are highest above northern Australia, southern Africa and eastern Brazil. Preliminary analysis of the African data shows the high levels there are largely driven by the burning of savannas and forests. Elevated carbon dioxide can also be seen above industrialized Northern Hemisphere regions in China, Europe and South America and Africa. Image credit: NASA/JPL-CaltechThe first global maps of atmospheric carbon dioxide from NASA’s new Orbiting Carbon Observatory-2 mission demonstrate its performance and promise, showing elevated carbon dioxide concentrations across...
  • Fuel cans from hell

    12/21/2014 8:20:29 AM PST · by rey · 64 replies
    What is wrong with environmental wackos that they think the laws of physics do not apply to them? The screwy new fuel cans that have no vent are impossible to use. Supposedly the vent will release something undesirable into the air but as that vent is only open when the can is I cannot imagine having a vent is worse than having the can open. Without a vent, the can sort of glugs splashing fuel about, certainly more harmful that vapors and more wasteful. Typical moronic ideas based on desires and not reality.
  • Guess What Happened The Last Time The Price Of Oil Crashed Like This?

    12/20/2014 8:06:02 PM PST · by NKP_Vet · 85 replies
    http://www.prophecynewswatch.com ^ | December 6, 2014 | Michael Snyder
    There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months. Well, now it is happening again, but this time the stakes are even higher. When the price of oil falls dramatically, that is a sign that economic activity is slowing down. It can also have a tremendously destabilizing affect on financial...
  • North Sea oil industry 'close to collapse'

    12/19/2014 12:13:59 PM PST · by Lorianne · 37 replies
    BBC ^ | 18 December 2014 | Ben King
    The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse". Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims. "It's almost impossible to make money at these oil prices", Mr Allan, who is a director of Premier Oil in addition to chairing Brindex, told the BBC. "It's a huge crisis." "This...
  • Obama: Keystone benefits for U.S. consumers, workers nominal (More crap sandwich advice)

    12/19/2014 1:34:17 PM PST · by AngelesCrestHighway · 26 replies
    Reuters ^ | 12/19/14 | Staff
    U.S. President Barack Obama said on Friday that construction of the Keystone XL pipeline to transport crude oil from Canada to the U.S. Gulf Coast would only nominally benefit American consumers and workers. "There is very little impact - nominal impact - on U.S. gas prices, what the average American consumer cares about," Obama told reporters during an end-of-year press conference. In his strongest comments on the Canada-to-U.S. pipeline to date, Obama picked apart some of the most common arguments proponents have used to urge the president to approve it: that it would create jobs, lower domestic gasoline prices and...
  • The reason oil could drop as low as $20 per barrel

    12/19/2014 12:11:58 PM PST · by C19fan · 82 replies
    Reuters ^ | December 19, 2014 | Anatole Kaletsky
    How low can it go — and how long will it last? The 50 percent slump in oil prices raises both those questions and while nobody can confidently answer the first question (I will try to in a moment), the second is pretty easy. Low oil prices will last long enough for one of two events to happen. The first possibility, the one most traders and analysts seem to expect, is that Saudi Arabia will re-establish OPEC’s monopoly power once it achieves the true geopolitical or economic objectives that spurred it to trigger the slump. The second possibility, one I...
  • Chevron, Statoil Announce First Oil Strike In New Gulf Of Mexico Field

    12/19/2014 12:23:47 PM PST · by Lorianne · 15 replies
    Oil Price ^ | 03 December 2014 | Andy Tully
    Two multinational energy giants, Chevron Corp. of the United States and Norway’s Statoil, have begun extracting oil and gas from the large Jack and St. Malo fields in US waters of the Gulf of Mexico. The two fields are among the largest in the Gulf and are expected to yield 94,000 barrels of oil equivalent and 21 million cubic feet of gas per day for an estimated 30 years, Chevron said in a statement on Dec 2. The Jack field’s reserves were discovered in 2004 and the St. Malo oil was discovered a year earlier. The fields are situated about...
  • Feds set standards to regulate coal ash

    12/19/2014 11:53:50 AM PST · by aimhigh · 9 replies
    Knoxville News Sentinel ^ | 12/19/2014 | Michael Collins
    Six years after a devastating coal ash spill in Roane County, the federal government is putting in place standards to regulate ash from coal-fired power plants as a nonhazardous material, the U.S. Environmental Protection Agency announced today. The new rules, the first-ever federal regulations for the storage and disposal of coal ash, would require industries to install liners and put in place other safeguards for new and existing storage ponds. Groundwater monitoring systems would have to be installed to detect pollutants, any existing contamination would have to be cleaned up immediately, and impoundments that are already polluting groundwater above health-safety...
  • What’s Really Driving Saudi’s Reluctance?

    12/19/2014 10:50:36 AM PST · by thackney · 42 replies
    Oil Pro ^ | 12/19/2014 | Kurt Rippelmeyer
    There are numerous stories, on the internet, regarding the decline of oil prices. Everybody has an opinion or forecast, but unfortunately, they range from the eternal optimist to depths of the ultra deep (well ok the deepwater) drill rig. The majority of these posts talk about the glut in recent months as supply overwhelms the demand. Mostly thanks to slumping economies around the world, especially the largest users of petroleum. There is also significant chatter around the internet about Saudi Arabia (KSA) and their reluctance to curb production, which would help the price of oil go back up, to the...
  • US stripper well operators eye closures amid low oil prices

    12/19/2014 6:30:24 AM PST · by thackney · 30 replies
    Financial Times ^ | 14 DEC 2014 | Gregory Meyer
    Analysts examining the effect of the oil price’s precipitous decline on companies should spare a thought for stripper well operators, the mom-and-pop businesses that coax the last trickles of crude from long-ago drilled holes. Although tiny in isolation — the average stripper well yields less than 2 b/d — there are more than 400,000 such wells in the US supplying about 11 per cent of US oil production. They produced 700,000 barrels per day in 2012, the latest year for which data are available — as much as the OPEC member Qatar, according to data from the Interstate Oil &...
  • Wyoming lawmakers back bill to promote coal exports

    12/19/2014 5:27:35 AM PST · by thackney
    Casper Star-Tribune ^ | 12/18/2014 | BENJAMIN STORROW
    Wyoming could help finance the construction of a coal export dock in the Pacific Northwest, according to the executive director of the Wyoming Infrastructure Authority. Loyd Drain said he had a "serious" conversation with an unidentified party in the past six months about the possibility of financing a coal port. His comments come as state lawmakers ready a bill that would boost the WIA's borrowing authority to $3 billion and allow the agency to work on projects outside Wyoming. "If our ability to provide the financing for a facility is the catalyst to get the dang thing built, then we’ll...
  • EIA, Analyst: US Crude Production Strong, Despite Rig Count Decline

    12/19/2014 5:05:37 AM PST · by thackney · 8 replies
    Rig Zone ^ | December 18, 2014 | Gene Lockard
    Rig counts have trended lower in recent weeks, and the drop is right on schedule, according to online economic blog Zero Hedge. There is a lag time of about four to six months before initial declines in crude oil prices lead to a reduction in rig counts, and it’s been about that long since crude oil prices began sliding last summer. But while analysts acknowledge the reduction in rigs, they say production levels will continue to grow, though not as quickly. There can be a reduction of as much as 10 to 25 percent in the number of wells without...
  • TransCanada CEO says it's not easy, but oil business is 'resilient'

    12/19/2014 5:02:56 AM PST · by thackney
    CTV News ^ | December 18, 2014 | Lauren Krugel
    The CEO of TransCanada Corp. (TSX:TRP) says he doesn't see the oil industry's appetite for new pipelines faltering even though crude prices have skidded to the lowest point in more than five-years. In an interview in his downtown Calgary office, Russ Girling said he's seen ups and downs far more drastic over his career and expects the oilpatch will come out of the latest downturn in reasonably good shape. "There's a tremendous need to build irrespective of the price of the commodity right now," Girling said. "We're being pressed to get these facilities online as quickly as we possibly can."...
  • The Conventional Wisdom On Oil Is Always Wrong

    12/19/2014 4:54:53 AM PST · by thackney · 21 replies
    538 Economics ^ | DEC 18, 2014 | BEN CASSELMAN
    In 2008, I moved to Dallas to cover the oil industry for The Wall Street Journal. Like any reporter on a new beat, I spent months talking to as many experts as I could. They didn’t agree on much. Would oil prices — then over $100 a barrel for the first time — keep rising? Would post-Saddam Iraq ever return to the ranks of the world’s great oil producers? Would China overtake the U.S. as the world’s top consumer? A dozen experts gave me a dozen different answers. But there was one thing pretty much everyone agreed on: U.S. oil...
  • Don't expect a Cuban oil bonanza

    12/19/2014 4:48:35 AM PST · by thackney · 9 replies
    Politico ^ | 12/17/14 | MATT DAILY and ELANA SCHOR
    More U.S. travelers may soon start flocking to Cuba, but don’t expect oil executives to follow them. Cuba is believed to hold sizable oil and gas resources off its northwest coast, in the eastern Gulf of Mexico — raising speculation that the Communist nation could become an attractive target for energy companies if Wednesday’s diplomatic thaw eventually leads to the end of the five-decade-old U.S. trade embargo. But exploration by Brazilian, Malaysian and Spanish companies in the past few years has failed to produce any gushers — and the current worldwide glut of cheap oil is not going to encourage...
  • Exxon Mobil Shows Rising U.S. Output as Prices Fall

    12/18/2014 1:16:24 PM PST · by Up Yours Marxists · 29 replies
    Salt Lake Tribune ^ | December 18, 2014 14:15 GMT | Joe Carroll (Bloomberg News)
    Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting...
  • Russia Angling for Share In Israeli Natural Gas [Ezekiel 39-39]

    12/18/2014 12:15:51 PM PST · by Jan_Sobieski · 5 replies
    Hamodia ^ | 06/08/2014 | Hamodia Staff
    YERUSHALAYIM (Hamodia Staff) - Russia wants in on the Israeli natural gas boom, but the U.S. wants them to stay out, and that’s why they haven’t made progress negotiating with the Israelis, ambassador to Israel Sergey Yakovlev hinted in an interview with Globes. Russia has been seeking entry into the Mediterranean gas fields for some time, but so far to no avail. Gazprom, for one, showed interest in becoming a partner in the Leviathan reserve, one of the most important in the Mediterranean Sea, but nothing substantive came of it...
  • Global Warming, Empty Gestures

    12/18/2014 6:37:24 AM PST · by Kaslin · 9 replies
    Townhall.com ^ | December 18, 2014 | Debra J. Saunders
    I have a theory as to why Americans don't worry all that much about global warming: High-profile purveyors of climate change don't push for reductions in greenhouse gases so much as focus on berating people who do not agree with their opinions. They call themselves champions of "the science" yet focus on ideology more than tangible results. Their language is downright evangelical. Recently, science guy Bill Nye joined other experts who objected to the media's use of the term "climate skeptic." They released a statement that concluded, "Please stop using the word 'skeptic' to describe deniers." Deniers? Like Judas? Why,...
  • Crude Oil Is Rolling Over

    12/18/2014 10:06:12 AM PST · by blam · 49 replies
    BI ^ | 12-18-2014 | Myles Udland
    Myles Udland December 18, 2014Crude oil is starting to roll over. In late morning trade, West Texas Intermediate crude oil futures were giving up earlier gains and were down more than 1% on the day. WTI futures were down near $56 a barrel on Thursday, after briefly touching $59 a barrel earlier. On Wednesday, crude oil had a wild ride, spiking ahead of the Federal Reserve's announcement before giving up those gains. (snip)
  • ISRAEL MAKES NEW DISCOVERY OFF ITS COAST

    12/18/2014 9:47:29 AM PST · by thackney · 37 replies
    Natural Gas Europe ^ | December 18th, 2014 | Karen Ayat
    Israel made another discovery off its coast. The newly discovered field, Royee, may hold up to 3.2 Tcf of natural gas according to a statement made by the Israeli partners in the field Ratio and Israel Opportunity who hold respectively 70%, and 10% stakes. The remaining 20% of the field are held by Edison. Royee is located about 150 kilometers offshore Israel close to its maritime borders with Cyprus and Egypt. The field’s size is yet to be confirmed, but current estimates suggest it is the third largest field discovered to date in Israeli waters after the Leviathan discovered by...
  • Venezuelan President Calls American Oil Fracking “Act of Aggression” [satire]

    12/18/2014 9:28:35 AM PST · by John Semmens · 7 replies
    Semi-News/Semi-Satire ^ | 13 Dec 2014 | John Semmens
    With his country’s economy on the ropes due to declining oil prices, Venezuelan President Nicolas Maduro blamed the United States oil fracking industry. “It is an act of aggression against my country and a crime against humanity,” Maduro maintained. “Venezuela needs high oil prices to support our programs to feed our people. These frackers are destroying our ability to feed ourselves.” While most economists see falling fuel prices as beneficial for the vast majority of consumers, Maduro complained that “most of the beneficiaries are rich, white Americans. Saving them money at our cost is a direct attack on my government’s...
  • Exxon and ConocoPhillips make record-breaking bid for offshore exploration rights

    12/18/2014 7:07:14 AM PST · by thackney · 18 replies
    Houston Business Journal ^ | Dec 17, 2014 | Olivia Pulsinelli
    Exxon Mobil Corp., ConocoPhillips and Canada-based Suncor Energy Inc. The parcel is in the Flemish Pass offshore Newfoundland in northeast Canada. That's where Norway-based Statoil ASA (NYSE: STO) last year made a major oil discovery, its third in the Flemish Pass Basin. The record-breaking bid comes as oil prices have fallen to their lowest levels in years, though production is still going strong, Houston Business Journal previously reported. The news helped boost ConocoPhillips' stock on Dec. 16, when it reached $64.94 per share, up nearly 6 percent, before closing at $63.24, up 2.5 percent. Similarly, Exxon's stock jumped to $89.14...
  • Oil drop sends major central banks in different directions

    12/18/2014 6:58:19 AM PST · by mac_truck · 2 replies
    Reuters ^ | 12/18/2014 | Paul Carrel, Mike Peacock and Howard Schneider
    The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are coming up with very different conclusions. Perhaps unsurprisingly, policymakers looking at robust economic recoveries such as in the United States and Britain are focused on the likely boost to growth and consumption from markedly lower energy prices and the later upward impact that should have on inflation. But for the European Central Bank, battling to revive a moribund economy, the worry is whether cheap oil could tip the euro zone...
  • How Andrew Cuomo Wants to Impoverish New Yorkers: Why did his Dept. of Health ban fracking?

    12/18/2014 6:59:57 AM PST · by SeekAndFind · 21 replies
    National Review ^ | 12/18/2014 | Jillian Kay Melchior
    Thanks to an announcement from the state Department of Health today, New Yorkers will miss out on a multi-billion-dollar industry that has made other states rich. The decision, a ban on fracking, has little to do with sound science and much more to do with the political cowardice of New York’s leaders, the politicization of state agencies, and the political activism of radical environmentalists. The story begins about six years ago, when Governor David Paterson decided to refer a politically controversial decision about fracking to state agencies, ordering a study while instituting a de facto fracking ban. His successor,...