Keyword: energy

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  • Did Yucca Mountain Bring Down Harry Reid?

    03/27/2015 9:38:01 AM PDT · by E. Pluribus Unum · 33 replies
    The Daily Caller ^ | 03/27/2015 | Michael Bastasch
    Nevada Sen. Harry Reid announced his retirement Friday after serving nearly three decades. But was Reid’s retirement precipitated by fears he was losing one of Nevada’s longest political battles: preventing the nuclear waste storage at Yucca Mountain?The use of Yucca Mountain as a nuclear waste repository has been hotly debated for the last 25 years or so, with Sen. Reid promising Nevada residents he would never allow waste to be stored at the site.For years, Reid has been able to successfully keep the federal government from storing nuclear waste at Yucca. Nuclear waste storage at Yucca was first approved...
  • Six Flags to cut 18,000 trees to go solar

    03/27/2015 4:22:26 PM PDT · by CedarDave · 41 replies
    My Fox NY.com ^ | March 27, 2015 | AP
    JACKSON, N.J. (AP) - A theme park plans to cut down more than 18,000 trees for the construction of what it says will be the largest solar farm in New Jersey. Park President John Fitzgerald said in a statement that solar power will significantly reduce the park's reliance on fossil fuels.
  • Energy Department says it’s time to start drilling in the Arctic

    03/27/2015 9:08:54 AM PDT · by rktman · 2 replies
    hotair.com ^ | 3/27/2015 | Jazz Shaw
    Get ready for the White House to ignore their own science experts again. The Department of Energy commissioned a study by the National Petroleum Council which was meant to help determine our long range energy strategy. Their conclusion? We need to head on up to the Arctic basin and drill baby drill.
  • Oil council: Shale won't last, Arctic drilling needed now

    03/27/2015 6:31:32 AM PDT · by Citizen Zed · 11 replies
    Cache Valley Daily ^ | 3-27-2015 | AP
    The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, an Energy Department advisory council says in a study to be released Friday. The U.S. has drastically cut imports and transformed itself into the world's biggest producer of oil and natural gas by tapping huge reserves in shale rock formations. But the government predicts that the shale boom won't last much beyond the next decade. In order for the U.S. to keep domestic production high and imports low,...
  • Canada gov't asks pipeline regulator for safety guidelines by 2016

    03/27/2015 6:29:39 AM PDT · by shove_it · 4 replies
    Reuters ^ | 26 Mar 2015 | MIKE DE SOUZA
    (Reuters) - Canada's Conservative government has given the energy regulator about a year to deliver up-to-date guidelines for pipeline companies to improve safety and protect the environment. Natural Resources Minister Greg Rickford instructed the National Energy Board to study the issue and report its findings with new safety guidelines by next year, according to a Feb. 5 letter released to Reuters through an access to information request. The instructions coincide with several major crude oil pipeline expansion projects proposed in Canada by companies such as Kinder Morgan, Enbridge and TransCanada Corp . The projects face strong opposition from many landowner...
  • Republican Bill Package Would Eliminate Energy Choice

    03/27/2015 5:15:33 AM PDT · by MichCapCon · 8 replies
    Michigan Capitol Confidential ^ | 3/23/2015 | Jack Spencer
    A legislative package sponsored by House Majority Floor Leader Aric Nesbitt, R-Lawton, would bring significant changes to Michigan’s electricity market. The provision drawing the most attention repeals the only remaining piece of a 2000 reform led by then-Gov. John Engler, which ended the monopoly status of Michigan's largest electric utilities. Under that reform, known as “Energy Choice,” customers could buy their power from an alternative generator, while the power lines through which the juice flows remained a regulated monopoly. Not surprisingly, the state’s two large utilities, Consumers Energy and Detroit Edison, were not pleased, and never stopped pressuring lawmakers to...
  • The Shale Debt Redux

    03/27/2015 5:06:49 AM PDT · by thackney · 8 replies
    The Energy Collective ^ | March 26, 2015 | Deborah Lawrence
    Shale debt, falling prices and slack demand has tight oil producers in trouble. And yet, there is still burgeoning production. Why? Well, we’ve seen this before. It’s the shale debt redux. Operators did it a few years ago in natural gas and prices have yet to recover. Unfortunately cheap money in the form of debt can mean poor investment choices for businesses and for investors. But it can also lead to an aberrant market because operators deep in debt won’t curtail production even though it is glutted. Debt coupons simply have to be met. The shale revolution has always been...
  • Senate leader urges all 50 governors to not comply with EPA's Clean Power Plan

    03/27/2015 4:21:36 AM PDT · by thackney · 12 replies
    Power Engineering ^ | 03/23/2015 | Barry Cassell
    U.S. Senate Majority Leader Mitch McConnell, R-Ky., in a March 19 letter, called on the nation’s governors to reject the U.S. Environmental Protection Agency’s proposed regulation that requires states to dramatically restructure their electricity systems based on how the agency thinks electricity should be produced and used in each state. The EPA’s demands under the proposed Clean Power Plan, McConnell noted, are “far beyond its legal authority.” In a letter to all 50 governors, McConnell wrote that he has “serious legal and policy concerns regarding the proposal.” McConnell asked the governors to “carefully review the consequences before signing up for...
  • Mexico expects U.S. oil swap, another crack in crude export ban

    03/26/2015 6:42:44 AM PDT · by shove_it · 5 replies
    Reuters ^ | 25 Mar 2015 | DAVID ALIRE GARCIA AND VALERIE VOLCOVICI
    (Reuters) - Mexican state oil firm Pemex expects imminent approval from the U.S. Commerce Department to allow it to swap up to 100,000 barrels of heavy crude for a similar amount of lighter U.S. oil, what could be the latest milestone toward loosening the four-decades old ban on exporting U.S. oil. "Our expectation is that it happens soon," Jose Manuel Carrera, CEO of Pemex's commercial arm P.M.I. Comercio Internacional, said in an interview Friday. "I would like to see the approval tomorrow, or I would have liked to see it yesterday, but the truth is that this is a permit...
  • UKRAINE: The OSCE caught Russia on theft: illegal charcoal exports from Ukraine

    03/26/2015 2:38:35 AM PDT · by UMCRevMom@aol.com · 1 replies
    Glavred ^ | March 26, 08:25
    Dumpers with black gold pass through the checkpoint "Butane" and Donetsk. Russia steals a Ukrainian coal ukrainepress.ru Observation mission of the Organization for security and cooperation in Europe, which is based on the Russian border crossings "Gukovo" and Donetsk in the Rostov region, said that continues to record the facts export to Russia of coal of Donbass. The weekly report of the Mission for the period from 18 to 25 March, UNIAN reports. "The Observer Mission has continued to monitor the dump trucks that transport coal from Luhansk oblast in the Russian Federation through the border pass" Gukovo, "the statement...
  • Environmental review of Gateway Pacific Terminal coal terminal delayed a year

    03/26/2015 5:31:15 AM PDT · by thackney
    Casper Star-Tribune ^ | 3/25/2015 | BENJAMIN STORROW
    An environmental review of a proposed Washington coal port will be delayed until 2017, one year after the analysis was scheduled to be completed. The delay comes after the project's developer, SSA Marine, submitted an updated plan for the Gateway Pacific Terminal to the U.S. Corps of Army Engineers. SSA Marine acquired more land in the area of the proposed dock and reconfigured its site plan, said Bob Watters, a company executive. The move will reduce the project's overall footprint by 17 percent and its impact on wetlands by 49 percent, he said. "From an environmental standpoint, we thought it...
  • Japan uses climate cash for coal plants in India, Bangladesh

    03/26/2015 5:27:15 AM PDT · by thackney · 10 replies
    AP via UT San Diego ^ | MARCH 25, 2015 | KARL RITTER and AIJAZ RAHI
    Despite mounting protests, Japan continues to finance the building of coal-fired power plants with money earmarked for fighting climate change, with two new projects underway in India and Bangladesh, The Associated Press has found. The AP reported in December that Japan had counted $1 billion in loans for coal plants in Indonesia as climate finance, angering critics who say such financing should be going to clean energy like solar and wind power. Japanese officials now say they are also counting $630 million in loans for coal plants in Kudgi, India, and Matarbari, Bangladesh, as climate finance. The Kudgi project has...
  • Futures Tumble As Yemen War Starts; Oil, Gold Surges

    03/26/2015 4:23:04 AM PDT · by sheikdetailfeather · 5 replies
    Zero Hedge ^ | 3-26-2015 | Tyler Durden
    In a somewhat surprising turn of events, this morning's futures reaction to last night's shocking start of a completely unexpected Yemen proxy war, which has seen an alliance of Gulf State launch an air, and soon land, war against Yemen's Houthi rebels, is what one would expect: down, and down big. This is surprising, because on previous occasions one would expect the NY Fed, or its pet hedge fund, Citadel, or the BOJ or ECB (via the CME's "Central Bank Incentive Program") to aggressively buy ES to prevent a slide, something has changed, and for the BTFDers, that something may...
  • Things that will happen if Venezuela implodes

    03/25/2015 2:33:39 PM PDT · by Citizen Zed · 45 replies
    cnbc ^ | 3-25-2015
    An economic implosion is becoming increasingly likely in Venezuela , and the country's debtholders, trade partners and neighbors are bracing for the fallout. The country's energy-dependent economy requires oil prices above $100 per barrel in order to sustain itself. Oil accounts for 95 percent of the country's export earnings, and combined with gas, it's 25 percent of the country's gross domestic product. Internationally traded Brent crude prices have fallen more than 48 percent in the past year. Meanwhile, a combination of inflation and currency controls have generated scarcity of basic needs such as flour, toilet paper and medicine. Venezuelans stand...
  • HOW MANY SHALE OIL PLAYS MAKE MONEY AT $37 PER BARREL?

    03/24/2015 5:56:02 PM PDT · by Lorianne · 35 replies
    Burning Platform ^ | 18 March 2015
    I’m tossing you a softball. Now think carefully. The choices are: A. Zero B. Zero C. Zero D. Zero I know Americans are math challenged and need a calculator to subtract 10 from 20, but I think even a CNBC bimbo or Princeton economic professor could get this one right. Last year there was much banter from the Wall Street shysters and Bakkan shale oil experts about the true breakeven price for shale oil not being $80 (which is the truth) but actually being as low as $58 a barrel. They were spreading this lie in order to keep idiot...
  • Loyola-Chicago climate conference discusses 'nuts and bolts' of fossil fuel divestment

    03/25/2015 10:16:57 AM PDT · by Citizen Zed · 5 replies
    National Catholic Reporter ^ | 3-25-2015 | James Hug
    The second day of the three-day Loyola University Chicago Climate Change Conference began with a panel discussion on divestment from fossil fuels. The Friday morning panel, titled “The Risks, Nuts, and Bolts of Divestment,” was chaired by Bruce Boyd, principal and senior managing director of Arabella Advisors, a company that works with foundations to improve planetary health and is now measuring global commitment to divestment from fossil fuels and reinvestment in alternative, clean energy sources.  In his opening remarks, Boyd noted that divestments are currently at $50 billion and are expected to reach $150 billion by the start of the...
  • New Federal HVAC Regulations 2015

    03/25/2015 9:24:41 AM PDT · by virgil283 · 19 replies
    "But the new federal HVAC regulations 2015 are a big deal! For the first time, the DOE is implementing minimum federal efficiency standards – by region. And NEW water heater energy requirements, effective 4/16/2015!"...Seer ratings increased by region and a 1-800 hotline to Feds to report your contractor....
  • Are we ready for an attack on the power grid?

    03/25/2015 8:34:09 AM PDT · by SeekAndFind · 53 replies
    Hotair ^ | 03/25/2015 | Jazz Shaw
    This is a disturbing statistic. Federal energy records indicate that there is an attack – either physical or cyber – on the United States power grid, on average, every three to four days. But before we get into too much of a panic, this doesn’t sound like some sort of concerted terrorist strategy. Still, a definite cause for concern. About once every four days, part of the nation’s power grid — a system whose failure could leave millions in the dark — is struck by a cyber or physical attack, a USA TODAY analysis of federal energy records finds.Although...
  • Trucking Industry Sues Oregon Over Fuel Law

    03/25/2015 7:01:15 AM PDT · by Twotone · 14 replies
    Roll Call ^ | March 24, 2015 | Staff
    Oregon’s new governor Kate Brown two weeks ago signed into a law a bill requiring distributors to reduce the carbon “intensity” of vehicle fuel by 10 percent over the next decade. Now the American Trucking Associations has joined with the American Fuel & Petrochemical Manufacturers and the Consumer Energy Alliance in suing Oregon to block the fuel standards. “The Oregon program is set up to give a big boost to Oregon’s small biofuel industry, without reducing net greenhouse gas emissions, and at the expense of higher fuel costs for everyone,” said ATA Vice President for Energy and Environmental Affairs Glen...
  • Rick Perry: Crude export ban should be lifted

    03/25/2015 7:03:16 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 24, 2015 | Rhiannon Meyers
    Former Gov. Rick Perry on Tuesday gave his support to lifting a decades-old ban on crude exports, calling it a “major error” to prevent U.S. oil from being shipped overseas. Perry, a likely candidate for the 2016 Republican presidential nomination, said that if he won the White House, he would propel North America into the global energy business “in a big way.” “If energy is going to be used as a weapon, we need to have the largest arsenal,” Perry said at the discussion hosted by Bloomberg at the JW Marriott in downtown Houston on Tuesday. Most crude exports have...
  • An inviting opportunity for the American energy renaissance

    03/25/2015 4:44:00 AM PDT · by thackney · 1 replies
    Washington Times ^ | March 22, 2015 | William O'Keefe
    Last month the White House submitted President Obama’s annual economic report to Congress. Nestled in the findings is a compelling case for lifting the country’s antiquated ban on natural gas exports. “An increase in U.S. exports of natural gas, and the resulting price changes, would have a number of mostly beneficial effects,” the report states, for domestic employment, geopolitical security, our energy industry and the environment. The report ticks off numerous benefits — “create jobs in the short run,” “lower natural gas prices around the world,” “promote the use of cleaner energy abroad” — that make clear the question is...
  • W.Va. Finalizes Deal With Statoil To Drill Under Ohio River

    03/25/2015 4:40:04 AM PDT · by thackney · 18 replies
    The Intelligencer ^ | March 24, 2015 | CASEY JUNKINS
    For an average price of $8,732 per acre with 20 percent production royalties, the West Virginia Department of Commerce with allow Norway-based Statoil to frack for oil and natural gas thousands of feet beneath the Ohio River. The finalized lease agreement for drilling in state-owned mineral tracts under the river is in addition to those filed by Noble Energy and Gastar Exploration, which would pay the state $4.9 million and $749,000, respectively, in addition to the 20 percent royalties. These deals are not yet official, however, as the companies remain in negotiations with state leaders. "We are still finalizing agreements...
  • Report: Chemical revenues slip but expansions expected to continue

    03/25/2015 4:35:50 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | March 24, 2015 | Rhiannon Meyers
    North American chemical companies have seen their revenues slip with the plunging crude price, but they aren’t expected to abandon the billions worth of expansions they announced when profits were higher, a new report finds. Petrochemical companies have enjoyed deep discounts on the oil-based naptha and natural gas liquids they use to power their plants since the price of oil has collapsed in recent months, but chemicals they manufacture have also been selling for cheaper, eroding their margins, according to a new report by Standard & Poor’s Ratings Services. Ethylene, a key building block for plastics, now fetches 35 percent...
  • Poroshenko Orders Arrest Of Kolomoisky-Linked Militia Troops For Seizing State-Owned Oil Firm

    03/24/2015 6:35:10 PM PDT · by tcrlaf · 4 replies
    Kiev Post ^ | 3-24-2015 | Allison Quinn, Oleg Sukhov
    What started off as a corporate dispute is swiftly turning into a battle between the state and a billionaire regional governor who was once credited for curbing separatism in his region. The standoff between Kyiv's authorities and Dnipropetrovsk Governor Igor Kolomoisky is making a farce of the gains of the revolution a year ago that ousted the former corrupt president and his cronies, and is aiding the Russian cause of destabilization of the nation. On March 23, accusations of involvement with organized crime became the latest twist in the oligarch saga. Valentyn Nalyvaichenko, head of Ukraine’s Security Service loyal to...
  • GOP amendment would let the states opt out of EPA (coal power plant) climate rule

    03/24/2015 11:58:48 AM PDT · by E. Pluribus Unum · 21 replies
    The Hill ^ | 03/24/2015 | Timothy Cama
    Senate Republicans are proposing a budget amendment that would let states opt out of the Environmental Protection Agency’s (EPA) controversial climate rule for power plants.Senate Minority Leader Mitch McConnell (R-Ky.) proposed the amendment Tuesday on behalf of Sen. Rob Portman (R-Ohio), who is up for reelection in 2016. ADVERTISEMENT Under the amendment, a state’s governor or legislature would be able to opt out of the rule’s requirements for a variety of reasons.In order to be exempt from the rule, a governor or legislature would have to cite one of the following reasons: that the rule would hurt low-income or fixed-income...
  • ‘Spiderweb’ of sanctions means Iranian oil unlikely to flood the market

    03/24/2015 5:14:44 AM PDT · by thackney · 1 replies
    Financial Post ^ | 03.22.2015 | YADULLAH HUSSAIN
    Iran’s oil and gas sector holds plenty of promise but analysts say a deal between Tehran and global powers on nuclear issues this week is unlikely to spur either a flood of Iranian oil into the market or an investment bonanza by oil majors into the country. Iran and six world powers have been working to secure an agreement by March 24 to curb Tehran’s key nuclear activities for at least 10 years in exchange for gradual sanctions relief. “My guess is that on March 24th nothing will be done,” said Richard Nephew, who once led the Iran sanctions file...
  • Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth

    03/24/2015 5:06:03 AM PDT · by thackney · 9 replies
    Wall Street Journal ^ | Feb. 19, 2015 | SUMMER SAID and BENOÎT FAUCON
    Saudi Arabia’s refusal late last year to rein in oil production helped trigger the price crash that has hurt oil-producing countries and publicly listed energy companies alike. And now even the kingdom’s own oil company is feeling the pain. As a result, state-owned Saudi Aramco is looking for ways to cut costs everywhere, from pushing contractors for better deals on oil-well services to negotiating discounts on its phone and power bills, according to people familiar with the matter. The company—the world’s largest oil producer—is also considering slashing its future spending on production and exploration by as much as 25%, much...
  • Saudi Arabia Looks To U.S. To Develop Shale Deposits

    03/24/2015 4:59:25 AM PDT · by thackney · 20 replies
    Manufacturing Business Technology ^ | 03/19/2015 | Andy Szal
    The boom in U.S. oil production over the past decade led thousands of workers to prairie cities from Texas to North Dakota. Now, Saudi Arabia hopes those workers—many of them casualties of the ongoing downturn in crude prices—will consider the deserts of the Middle East instead. Saudi Arabia has a long history of recruiting skilled workers from the West to develop its vast oil reserves. The country, however, also possesses shale oil deposits, and observers say the current oil market provides an opportunity for the Saudis to begin developing those resources. “With the layoffs, it’s a great time to do...
  • Libya rivals fight for control of country's oil wealth

    03/24/2015 4:56:38 AM PDT · by thackney · 7 replies
    AFP ^ | March 22, 2015 | AFP
    <p>The latest row erupted this week as UN envoy Bernardino Leon, who is mediating between Libya's warring factions, warned the country was heading towards destruction unless a political deal is found.</p> <p>It also comes as the jihadist Islamic State group, which has made huge profits from illegal oil sales in Syria and Iraq where it has seized chunks of territory, has gained a foothold in Libya.</p>
  • U.S. drillers scrambling to thwart OPEC threat

    03/24/2015 4:42:36 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 23, 2015 | Associated Press
    OPEC and lower global oil prices delivered a one-two punch to the drillers in North Dakota and Texas who brought the U.S. one of the biggest booms in the history of the global oil industry. Now they are fighting back. Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere. “Everybody gets a little more imaginative, because they need to,” says Hans-Christian Freitag, vice president of technology...
  • As oil trains roll across America, volunteer firefighters face big risk

    03/23/2015 2:00:08 PM PDT · by Citizen Zed · 11 replies
    Reuters ^ | 3-23-2015 | EDWARD MCALLISTER
    Volunteers at the Galena, Illinois, fire department were hosing down the smoldering wreck of a derailed BNSF oil train on March 5 when a fire suddenly flared beyond their control. "They dropped the hoses and got out" when the flames started rising, said Charles Pedersen, emergency manager for Jo Daviess County, a rural area near the Iowa border which includes Galena. "Ten more minutes and we would have lost them all." No one was hurt in the fire, which burned for days, fed by oil leaking from the ruptured tank cars. But an increase in explosive accidents in North America...
  • Ten years after a Texas City refinery blast killed 15 and rattled a community, workers keep dying

    03/23/2015 10:21:37 AM PDT · by thackney · 13 replies
    Houston Chronicle ^ | March 21, 2015 | Mark Collette, Lise Olsen and Jim Malewitz
    The billowing canopies went up on a bare patch of the Texas City refinery grounds during a repair cycle last fall. Some workers saw the tents as just a place to eat lunch. Brian Ambrose saw a nightmare repeating itself. He is one of the few remaining employees who encountered the horrors of 2005, when the BP unit on the same patch of earth erupted in explosions, leaving a charred mass of twisted metal, pulverized office trailers and the remains of 15 people. Others, including many of the roughly 180 injured, have retired or moved elsewhere. Ambrose, who was assigned...
  • The U.S. is helping China build a novel, superior nuclear reactor

    03/23/2015 7:02:23 AM PDT · by ckilmer · 27 replies
    fortune.com ^ | February 2, 2015, 2:48 PM EDT | Mark Halper
    The U.S. is helping China build a novel, superior nuclear reactor by  Mark Halper February 2, 2015, 2:48 PM EDT Share icons The Department of Energy is dusting off one of the old betamaxes of nuclear technology: The molten salt reactor. But with political will lacking at home, it will rise in China.In 1973, the Nixon administration made a momentous decision that altered the course of civilian nuclear power: It fired the director of the renowned Oak Ridge National Laboratory, scuppering development of a reactor widely regarded as safer and superior to the complicated, inferior behemoths that define the global...
  • China and US molten salt nuclear reactor cooperation

    03/23/2015 6:56:29 AM PDT · by ckilmer · 5 replies
    nextbigfuture.com ^ | 3/22/2015 | brian wang
    China and US molten salt nuclear reactor cooperation china, energy, future, molten salt, nuclear, science, technology, united states A Cooperative Research and Development Agreement, or CRADA, between ORNL and SINAP focuses on accelerating scientific understanding and technical development of salt-cooled reactors, specifically fluoride salt-cooled high-temperature reactors, or FHRs. The project will draw on ORNL’s expertise in fuels, materials, instrumentation and controls, design concepts, and modeling and simulation for advanced reactors, as well as the lab’s experience in the design, construction and operation of the Molten Salt Reactor Experiment, the only molten salt reactor ever built. The Chinese Academy of Sciences...
  • New Natural Resources chief looks to overhaul federal land policy [energy, grazing, state run]

    03/23/2015 6:07:48 AM PDT · by Cincinatus' Wife · 8 replies
    Washington Examiner ^ | March 23, 2015 | Zack Colman interviews Rep. Rob Bishop (UT)
    Rep. Rob Bishop has a radical plan for changing public land policy, and it starts with an experiment in his home state of Utah. The Republican is known for shaking things up with his dry sense of humor and occasional belligerence toward Obama administration officials. Easily identified by his three-piece suits and coiffed white hair, the new House Natural Resources Committee chairman is trying to turn his panel from a legislative backwater into a driver of reform. Washington Examiner: With the Land and Water Conservation Fund, I hear a lot about how the states need more control. But how can...
  • Crude oil storage at Cushing, but not storage capacity utilization rate, at record level

    03/23/2015 5:28:09 AM PDT · by thackney · 21 replies
    Energy Information Administration ^ | MARCH 23, 2015 | Energy Information Administration
    After increasing for 15 consecutive weeks, crude oil storage at Cushing, Oklahoma, reached 54.4 million barrels on March 13, according to EIA's Weekly Petroleum Status Report. This volume is the highest on record, but not the highest percent of storage utilization, as working storage capacity at Cushing has also increased over time. Storage levels at Cushing are significant, because Cushing serves as the delivery point for the United States crude oil benchmark, West Texas Intermediate. Sited in central Oklahoma, Cushing is home to both a network of crude oil pipelines and storage capacity. The 70.8 million barrels of storage capacity...
  • What to Know About Fracking Outside the U.S.

    03/23/2015 5:12:59 AM PDT · by thackney · 2 replies
    Wall Street Journal ^ | MAR 19, 2015 | Justin Scheck
    Q: Outside the U.S., where have companies drilled for shale resources? All over—big oil companies like Royal Dutch Shell PLC, Exxon Mobil Corp. and Chevron Corp. have invested in Canada, Europe, Russia, South America and Asia, hoping shale reserves there could be similarly productive to those in the U.S. Q: Which of those countries are producing? Outside the U.S., only Canada, China and Argentina have commercial production from shale, the U.S. Energy Information Administration says. Q: What happened everywhere else? In some places—like Sweden, Poland and Romania—companies didn’t find enough gas or oil to keep drilling. In others, like Germany...
  • Oil Price Drop Hurts Spending on Business Investments

    03/23/2015 5:09:44 AM PDT · by thackney · 10 replies
    Wall Street Journal ^ | March 22, 2015 | NICK TIMIRAOS
    Prospects for an uptick in business investment this year are facing a major drag: The collapse in oil prices is spurring significant cutbacks by the energy-production industry, which had been a standout in an otherwise lackluster U.S. economic expansion. Business capital spending rose 6% last year due to gains from a broad base of U.S. industries. The drag from energy this year could cut that growth rate in half in 2015, according to economists at Goldman Sachs. Moreover, equity analysts at the bank estimate capital spending globally by energy companies in the S&P 500 will fall 25%, leading to the...
  • Oil Price Dips Under $55 on Saudi Output Fears

    03/23/2015 5:06:43 AM PDT · by thackney · 6 replies
    Wall Street Journal ^ | March 23, 2015 | GEORGI KANTCHEV
    ...Brent for delivery in May fell 1.1% to $54.71 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $45.64 a barrel, down 2% from last week’s close. Both contracts gained last week with U.S. crude snapping a four-week losing streak. On Sunday, Saudi Arabia’s influential oil minister Ali al-Naimi told a conference in Riyadh that there was no conspiracy behind the Organization of the Petroleum Exporting Countries’ decision last fall to maintain its output target. He said the group could have lost market share if it...
  • How The Fed Fostered The Oil Glut And Price Drop - Wall Street Losing Patience

    03/22/2015 7:28:54 AM PDT · by thackney · 19 replies
    Forbes ^ | 3/21/2015 | John S. Tobey
    Energy-sector deals have been a bright spot at a time when once-lucrative businesses, such as fixed-income trading and consumer lending, are flagging thanks to tighter rules, low interest rates and uneven economic growth, analysts said. Investment banks helped fuel the oil-and-gas exploration boom of the past decade by making loans valued at about $1 trillion to companies in the energy industry, most of which they sold to investors. The banks sold much of the debt to loan mutual funds, which grew rapidly from 2011 to 2013, but that demand dwindled as individual investors yanked $35 billion from the funds over...
  • U.S. biodiesel and renewable diesel imports decline 36% in 2014

    03/22/2015 7:12:27 AM PDT · by thackney · 23 replies
    Energy Information Administration ^ | MARCH 20, 2015 | Energy Information Administration
    After reaching record levels in 2013, United States imports of biomass-based diesel fuel (both biodiesel and renewable diesel) fell 36%, to 333 million gallons in 2014. Uncertainty surrounding future Renewable Fuel Standard (RFS) targets and the absence of a late-year influx of volumes from Argentina were two main factors in this decline. The strongest drivers of the resurgence in U.S. biomass-based diesel demand since 2012 have been increasing RFS targets and the on-again, off-again biodiesel tax credit. Biodiesel and renewable diesel are valuable because they qualify for the two major renewable fuel programs in the United States: the RFS applied...
  • Source: China to Lend Venezuela $10B in Coming Months

    03/22/2015 7:04:24 AM PDT · by thackney · 15 replies
    Reuters via Rig Zone ^ | March 20, 2015 | Corina Pons & Alexandra Ulmer|
    hina will lend Venezuela around $10 billion in coming months, half as part of a bilateral financing deal and the other half for the development of oil fields, a senior official at state oil company PDVSA said on Thursday. Fresh funds are a boon for financially squeezed Venezuela and will likely increase market confidence over the OPEC country's ability to meet major debt payments and arbitration awards. Venezuelan bonds rose on Thursday following the news. However, relief may be tempered as the loans appear largely earmarked and will only go so far in countering the steep tumble in oil prices...
  • Cotton's Iran Letter Turns Tables on Obama (quite well written)

    03/22/2015 4:36:16 AM PDT · by Cringing Negativism Network · 11 replies
    Real Clear Politics ^ | March 22, 2015 | By Salena Zito
    Dodging raindrops and balancing bottled water and a bunch of power bars under one arm, a young man returned to his car at a Sheetz gas pump along old U.S. 40 in this western Maryland town, sandwiched between Pennsylvania and West Virginia. The local public radio station blared through the open car door, reporting on the letter to Iran from 47 Senate Republicans. Adjusting his seat, he said to a traveling companion: “Good for them.” “Wait, who?” his friend asked... - (real article here) http://www.realclearpolitics.com/articles/2015/03/22/cottons_iran_letter_turns_tables_on_obama_126005.html
  • Global oil glut set to grow as China slows crude imports

    03/21/2015 7:18:14 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 18 March 2015 | Henning Gloystein
    A global oversupply of oil is set to rise as China pauses in the build-up of its strategic reserves and Asian refineries slow crude imports ahead of the spring maintenance season, putting more downward pressure on prices. China's purchases to fill its strategic petroleum reserves (SPR) had been one of the main drivers of Asian demand since August of last year, with the No.2 oil consumer taking up cheap crude to fill its tanks despite slowing economic growth. Yet China could pause its reserve purchases soon as tank sites reach their limits and new space only becomes available later this...
  • Seattle's Silly War On Oil Rigs (title shortened)

    03/21/2015 2:25:27 PM PDT · by Lorianne · 14 replies
    Forbes ^ | 16 March 2015
    Reminder, The City Is Also Home To Boeing, The World's Largest Jet Maker If a plane flies over Seattle, does anyone hear it? Probably not, because they’re all down at the docks protesting the parking of drilling rigs used in the Arctic. When the port of Seattle agreed to allow Shell to park drill ships on the city’s waterfront, a “kind of civic call to arms” erupted, according to the New York Times. “A unanimous City Council lined up alongside the mayor to question the legality of the agreement with the Port of Seattle, a court challenge was filed by...
  • Pink Slips: 100,000 Jobs Wiped Out Amid Oil Price Collapse: “Spreading Like Cancer”

    03/21/2015 1:05:32 PM PDT · by Kartographer · 18 replies
    SHTF Plan ^ | 3/21/15 | Mac Slavo
    The bloodletting among the oil majors and their vast web of ancillary services has of course extended to the United States – which appears to be taking far more casualties than Saudi Arabia in the battle for marketshare. In January oilfield services giant Baker Hughes said it will lay off 7,000 employees, about 11 percent of its workforce; that number was rivaled only by its competitor, Schlumberger, which let go 9,000 workers. Shell, Apache, Pemex and Halliburton are among major oil companies to issue recent pink slips to the growing army of unemployed oil workers. In the U.S., the worst...
  • Obama Administration Unveils Federal Fracking Regulations

    03/20/2015 11:55:34 AM PDT · by Jim Robinson · 14 replies
    NYT ^ | March 20, 2015 | By CORAL DAVENPORT
    WASHINGTON — The Obama administration on Friday unveiled the nation’s first major federal regulations on hydraulic fracturing, the controversial technique for oil and gas drilling that has led to a dramatic increase in American energy production but has also raised concerns about health and safety risks. The Interior Department began drafting the rules in Mr. Obama’s first term after breakthroughs in the technology, also known as fracking, led to a surge in the production of oil and gas. The fracking boom has put the United States on track to soon become the world’s largest oil and gas producer. But environmentalists...
  • Ted Cruz and Barack Obama on collision course over fossil fuels

    03/20/2015 5:15:30 PM PDT · by 2ndDivisionVet · 9 replies
    The Houston Examiner ^ | Mark Whittington
    Hydraulic fracking, the technique that extracts oil and natural gas from shale formations, has caused a plunge in energy prices and is a bright spot in an otherwise moribund American economy. Naturally, President Obama wants to clamp down federal regulations on the process, at least on Federal lands, according to Politico. But Breitbart reported on Thursday that Sen. Ted Cruz, R-Texas and Rep. Joe Bridenstine, R-Oklahoma, are proposing a different approach in the form of the American Energy Renaissance Act. The Obama administration’s new anti-fracking measures have two purposes. First, they are mean to cater to the environmental lobby, which...
  • Gasoline price spike in Midwest linked to refinery issues

    03/20/2015 12:16:42 PM PDT · by Citizen Zed · 8 replies
    Consumer Affairs ^ | 3-19-2015 | Mark Huffman
    Gasoline prices in the U.S. are still lower than they have been in years but nonetheless are higher than they were a month ago. And in a handful of Midwestern states, sharply higher. According to the AAA Fuel Gauge survey, the average price of self-serve regular in Indiana jumped 10 cents a gallon in 24 hours, from $2.16 a gallon to $2.26. In Michigan, the average price also jumped a dime a gallon, from $2.25 to $2.35 a gallon. In Illinois, the increase is much less dramatic, rising from $2.35 a gallon to $2.38. But the average price of gasoline...
  • Washington’s Redundant Fracking Regulations

    03/20/2015 12:23:52 PM PDT · by E. Pluribus Unum
    National Review ^ | 03/20/2015 | Jillian Kay Melchior Read more at: http://www.nationalreview.com/article/415738/washingtons-redunda
    Congress has reserved that authority for states, but Democrats have elbowed in. Today the Department of Interior announced new fracking regulations for federal and Indian lands, issuing the first nationwide federal regulations of the booming industry. The regulations include rules about wastewater disposal, standards for well construction, and requirements for disclosure of the chemicals used in fracking fluid. But for years, states have competently overseen fracking. DOI’s redundant rules accomplish little, though they do give the federal government a new opportunity for overreach and meddling. “This is a solution in search of a problem,” says Dan Kish, senior vice...