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Keyword: energy

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  • Lights out in downtown Seattle!!

    05/25/2016 12:27:32 PM PDT · by djf · 10 replies
    5/25/2016 | djf
    Major power outage in downtown Seattle! And it's not even an EMP... ;-)
  • ‘It’s Not Fair’ Obama Apologizes For Western Civilization’s Contributions To Climate Change

    05/25/2016 7:29:15 AM PDT · by rktman · 47 replies
    breitbart.com ^ | 5/25/2016 | Charlie Spiering
    “To some degree this is not fair, I think it’s important to note,” Obama said. “Because if you think about Western industrial development before we knew anything about climate change, they used enormous amounts of carbon energy.”
  • Nigeria: An OPEC Country On The Brink Of Collapse

    05/23/2016 4:41:03 PM PDT · by 2ndDivisionVet · 8 replies
    Seeking Alpha ^ | May 22, 2016
    Situation in Nigeria For a country that produced nearly 2.4 million barrels of oil (NYSEARCA:USO) per day just a few months ago, Nigeria is facing some really serious issues. A militant group called the Niger Delta has disrupted the country's 2.4 million b/d of production by blowing up pipelines, hassling producers, and threatening to destroy additional oil producing facilities. As a result, Nigeria's oil production has fallen from 2.4 million b/d to 1.4 million b/d and further pressuring a growing nation more and more reliant on its oil as revenue. Nigeria is a fast growing country. Its economy is the...
  • Misaligned Mirrors Spark Fire At World’s Largest Solar Power Plant

    05/23/2016 8:44:29 PM PDT · by Lorianne · 22 replies
    <p>Firefighters had to climb some 300 feet up a boiler tower at the Ivanpah Solar Electric Generating System in California after fire was reported on an upper level around 9:30 a.m., fire officials said.</p> <p>The plant works by using mirrors to focus sunlight on boilers at the top of three 459-foot towers, creating steam that drive turbines to produce electricity.</p>
  • Discovery could open the door to cellphone and car batteries that last five times longer

    05/23/2016 10:51:48 AM PDT · by Red Badger · 40 replies
    phys.org ^ | 23 MAY 2016 | Provided by: University of Texas at Dallas
    A University of Texas at Dallas researcher has made a discovery that could open the door to cellphone and car batteries that last five times longer than current ones. Dr. Kyeongjae Cho, professor of materials science and engineering in the Erik Jonsson School of Engineering and Computer Science, has discovered new catalyst materials for lithium-air batteries that jumpstart efforts at expanding battery capacity. The research was published in Nature Energy. "There's huge promise in lithium-air batteries. However, despite the aggressive research being done by groups all over the world, those promises are not being delivered in real life," Cho said....
  • North Dakota Spill Leaks 120,000 Gallons of Oil & Wastewater

    05/23/2016 10:00:22 AM PDT · by bananaman22 · 14 replies
    Oilprice.com ^ | 23-05-2016 | Farmer
    A site run by Denbury Onshore LLC in southwestern North Dakota has spilled more than 120,000 gallons of oil and wastewater into pastureland after a mechanical failure. Some estimated 17,000 gallons of oil and 105,000 gallons of drilling wastewater containing saltwater and chemicals leaked into pastureland near the city of Marmarth when a tank sensor failed, news agencies quoted state regulators as saying. The tank overflowed on Wednesday, and by Friday, workers were excavating the affected pastureland, which is being equated to the size of a football field.
  • Anchor: Clinton Presidency ‘Should Freak People Out,’ Will Hurt N Dakota By Targeting Fracking

    05/21/2016 3:24:42 PM PDT · by 2ndDivisionVet · 13 replies
    The Washington Free Beacon ^ | May 20, 2016 | Aaron Kliegman
    The host of a local North Dakota news show told viewers Friday that the prospect of a Hillary Clinton presidency “should freak people out” because she will badly damage the state’s economy by going after fracking, which will hurt the oil and gas industry and cost jobs. Chris Berg, the anchor of 6:30 Point of View, a show on CBS affiliate KXJB Valley News Live, discussed North Dakota’s economic struggles as Clinton’s husband, Bill, was in Fargo, North Dakota for a campaign rally. Berg explained that the North Dakota Office of Management and Budget released a revenue report on Friday...
  • The World’s Largest Solar Plant Just Torched Itself

    05/20/2016 4:16:51 PM PDT · by aquila48 · 27 replies
    Gzmodo ^ | 5/20/16 | George Dvorsky
    Misaligned mirrors are being blamed for a fire that broke out yesterday at the world’s largest solar power plant, leaving the high-tech facility crippled for the time being. It sounds like the plant’s workers suffered through a real hellscape, too. A small fire was reported yesterday morning at the Ivanpah Solar Electric Generating System (ISEGS) in California, forcing a temporary shutdown of the facility. It’s now running at a third of its capacity (a second tower is down due to scheduled maintenance), and it’s not immediately clear when the damaged tower will restart. It’s also unclear how the incident will...
  • Why oil and gas companies are barely scraping by

    05/20/2016 8:29:09 PM PDT · by Lorianne · 12 replies
    Yahoo News ^ | 17 May 2016 | Justine Underhill
    Last quarter, over 86% of energy sector operating profits were used to cover the interest payments on debt. U.S. energy sector (XLE) is facing $370 billion of debt, a number that has more than doubled in the past decade. But even as oil rebounds off 13-year lows, many energy companies are struggling to stay afloat. To simply make the interest payments on the debt, energy companies shelled out $16.7 billion last year—about half of their total operating profit, according to data compiled by FactSet and Yahoo Finance. The figures from the past quarter are increasingly grim: over 86% of energy...
  • Nigerian Oil Output Falls 800,000 Barrels As Militants Step Up Attacks

    05/20/2016 8:11:07 PM PDT · by Lorianne · 6 replies
    Oil Price ^ | 18 May 2016 | Charles Kennedy
    Attacks on energy infrastructure continue to bombard the oil majors operating in the Niger Delta. The latest victim was Italian oil giant Eni, who told UPI in an email that some of its equity oil production was knocked offline because of an attack on an oil pipeline. The Niger Delta Avengers have fiercely stepped up assaults on the likes of Chevron, Shell and Eni in recent weeks. Oil prices have increased over the same time period as the disruptions – combined with the major outages in Canada – have erased the global glut for crude oil. Nigeria’s oil production has...
  • Floating Wind Farms: Great Concept, Implausible Economics

    05/20/2016 8:05:51 PM PDT · by Lorianne · 13 replies
    Technology Review ^ | 18 May 2016 | Richard Martin
    Deep sea oil drilling makes sense, economically. Deep sea wind farms do not, at the moment, but that’s not stopping energy giants from trying. Advertisement This week a consortium led by Norwegian energy company Statoil and Siemens won approval to build the world’s first commercial-scale floating wind farm, in the North Sea off the coast of Scotland. With five six-megawatt turbines tethered to the sea floor and stabilized by floating steel tubes, the Hywind project is expected to be completed next year. Floating wind farms can operate in seas much deeper than ones with foundations embedded in the sea floor....
  • Natgas shortages threaten Southern California summer power reliability

    05/20/2016 8:03:21 PM PDT · by Lorianne · 11 replies
    Reuters ^ | 18 May 2016
    The operator of the California power grid said on Wednesday that natural gas shortages related to a leak at the giant Aliso Canyon storage facility will threaten electric reliability in the southern part of the state this summer. The rest of the state, however, should have enough electricity to meet summer air conditioning demand, the California ISO, the grid operator, said in a release. In April, several California agencies prepared a report on potential power shortages related to last year's gas leak at the Aliso Canyon storage facility in the Los Angeles area. That report found significant risks to electricity...
  • Oil-for-Drugs Swap: India’s Answer to Venezuela’s Unpaid Bills

    05/20/2016 6:37:26 PM PDT · by Lorianne · 10 replies
    Oil Price ^ | 19 May 2016 | Charles Kennedy
    Venezuela can’t pay its millions of dollars in debt to Indian pharmaceutical companies, say Indian officials, so officials are considering a proposal that would see the Latin American company swap oil for its drug debts. After an unlucky gamble on India’s part that Venezuela’s emerging economy would be a good place to hawk Indian pharmaceuticals, the debt is now mounting and poor crisis management coupled with the long-running oil price slump has left Venezuela too cash strapped to pay up. Already, according to Indian media, India’s Dr Reddy’s pharmaceutical company has written off US$65 million in debt in the first...
  • Peek Inside Tri Alpha Energy, a Company Pursuing the Ideal Power Source

    05/20/2016 3:58:31 PM PDT · by 2ndDivisionVet · 12 replies
    MIT Technology Review ^ | May 20, 2016 | Richard Martin
    No energy technology is more tantalizing than fusion, but no energy technology has proved more disappointing. So how has a fusion company in Southern California raised nearly half a billion dollars from the likes of Goldman Sachs and Paul Allen? Does it actually see a way to build a reactor that could generate vast amounts of clean power, even while other fusion projects have perpetually remained 20 years away from reality? In search of the answers, I visited the headquarters of Tri Alpha Energy in the spring. The coastal fog was lifting from the rolling hills in Foothill Ranch as...
  • Kinder Morgan Pipeline Expansion Project Gets Backing in Canada

    05/20/2016 7:43:01 AM PDT · by shove_it · 7 replies
    WSJ ^ | 19 May 2016 | CHESTER DAWSON
    CALGARY, Alberta—Kinder Morgan Inc.’s proposed expansion of a crude oil pipeline connecting Alberta’s oil sands to the Canadian Pacific coast cleared a key hurdle on Thursday after a government advisory panel recommended it, subject to dozens of conditions. Canada’s National Energy Board urged Prime Minister Justin Trudeau’s administration to approve the controversial project, known as the Trans Mountain pipeline, if 157 conditions are met. A cabinet decision isn’t expected until December. “The board found the benefits of the project would outweigh the residual burdens” on the environment and nearby communities, Robert Steedman, the NEB’s’ chief environmental officer said at a...
  • Which US States Have The Highest And Lowest Gasoline Taxes

    05/19/2016 6:04:30 PM PDT · by Nachum · 49 replies
    zero hedge ^ | 5/19/16 | tyler durden
    Yesterday we showed something strange: while oil prices have rebounded from multi-year recent lows, gasoline prices have not only rebounded but have done so with a vengeance, sending retail gasoline at the pump is now back to levels last seen just over a year ago, even as WTI (and Brent) is materially lower. As we concluded, "gas prices are unchanged while oil prices are 25% lower." Something did not add up, which prompted some readers to inquire if this was purely a function of higher gasoline taxes.  We don't know the answer, and assume it is a deep secret of America's...
  • Companies propose deep-water wind farms off Hawaii shores

    05/19/2016 8:12:56 AM PDT · by Lorianne · 19 replies
    AP ^ | 17 | Cathy Bussewitz
    Massive wind turbines could end up floating in deep ocean waters off Hawaii's shores under proposals to bring more renewable energy to the islands. Two companies have proposed offshore wind turbine projects for federal waters off Oahu as Hawaii pushes to meet its aggressive renewable energy goals. Their plans would use technology that floats the tall turbines in deep waters miles offshore. The proposals are in the early stages and would face years of environmental reviews and community meetings before possible approval. The federal Bureau of Ocean Energy Management, the agency that would decide whether to approve ocean leases for...
  • Plan Calls To Limit Oil Imports (RADIO INTERVIEW)

    05/18/2016 6:05:22 PM PDT · by panhandle67 · 45 replies
    High Plains Observor Perryton ^ | 5/18/16 | Chris Samples
    Some Panhandle producers are announcing a proposal to try to limit oil imports to attempt to boost the American oil industry. So, how much are we importing now and why, if we can produce all we need domestically? Dr. Daniel Fine, associate director for New Mexico Energy Policy, is helping lead the effort and recently spoke with KXDJ’s Chris Samples. “How much? It is increasing,” said Dr. Fine.
  • EPA seeks to boost ethanol in fuel supply

    05/18/2016 2:26:28 PM PDT · by jazusamo · 43 replies
    The Hill ^ | May 18, 2018 | Timothy Cama
    The Environmental Protection Agency (EPA) wants to increase the amount of ethanol and other biofuels in the nation’s fuel supply. But the volumes proposed Wednesday under the renewable fuel standard (RFS) still fall under targets written into the 2007 law that created the program. That ended up angering both the ethanol industry, which wants more of its product to be mandated, and the oil industry, which wants the program rolled back. The agency plans to mandate that 18.8 billion gallons of biofuels be blended into the country’s gasoline and diesel supply next year. Of that amount, 14.8 billion gallons can...
  • 'We want food!': Venezuela crisis deepens

    05/18/2016 10:55:31 AM PDT · by Red Badger · 105 replies
    www.globalpost.com ^ | May 18, 2016 | Staff
    It was around noon when a food truck rolled up to a Venezuelan state-subsidized supermarket in the town of Guarenas just east of the capital. But, to the fury of the long line of people waiting out front, the cargo wasn't unloaded. Instead soldiers took it away. "We want food!" the crowd roared in protest, to no avail. Some tried to run after the truck. Under the state of emergency imposed by President Nicolas Maduro, the military, along with government-organized civilian committees, ensures that food packets are delivered door-to-door in order to -- as officials say -- cut out black...
  • The Left’s Jihad against American energy

    05/18/2016 5:20:12 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | May 18, 2016 | Ken Blackwell
    This election season has created an unprecedented alliance between the environmental Left and the anti-free market movement. The result is a well-funded juggernaut adept at conducting coordinated and sophisticated assaults on American businesses while attempting to influence crucial elections. Their goals are nothing short of shuttering our American manufacturing industry, halting the production of affordable energy and placing a ruling clique of radicals in office.One such tactic focuses on intimidating universities and other institutions into divesting their financial holdings of fossil fuel investments. Activists behind this campaign talk candidly about how they hope to “revoke the social license” of energy...
  • Shell working to repair leak that spilled 2,000 barrels of oil into Gulf of Mexico

    05/17/2016 9:39:24 PM PDT · by Roos_Girl · 9 replies
    The Guardian ^ | May 16, 2016 | Oliver Milman
    Shell has said it has begun work to repair a fault in a flowline that has resulted in around 2,000 barrels worth of oil spewing into the Gulf of Mexico. More than 88,000 gallons of oily-water mixture has been released from the Glider Field, a group of four underwater oil wells located around 97 miles south of Port Fourchon in Louisiana. The company said it suspects a line connecting these wells to a Shell platform leaked oil on Thursday, creating a 13 mile-wide slick on the surface of the water. Shell said the oil is not expected to reach the shoreline and...
  • Report: Tesla Used Illegal Foreign Labor to Expand CA Plant

    05/17/2016 7:00:31 AM PDT · by KeyLargo · 8 replies
    Breitbart ^ | May 17, 2016 | Chriss W. Street
    Report: Tesla Used Illegal Foreign Labor to Expand CA Plant by Chriss W. Street 17 May 2016Newport Beach, CA148 First Digital’s Bay Area News Group investigative reporters have accused Tesla Motors of employing foreign contract laborers at $5-per-hour, 10 hours a day, six days a week to expand its government-subsidized California auto plant. In 2009, the U.S. Department of Energy in loaned Tesla Motors $465 million to open a plant for its all-electric Model S vehicle. Despite the $1 billion traditional automakers were paying to build and equip new auto plants, Tesla acquired the bankrupt General Motors “New United Motor...
  • 52 climate activists arrested in Washington railroad protest [blocking train to refineries]

    05/16/2016 2:09:41 PM PDT · by Lorianne · 13 replies
    AP ^ | 15 May 2016 | Donna Gordon Blankinship
    Authorities cleared the railroad tracks of protesters and arrested 52 climate activists Sunday morning in Washington state, after a two-day shutdown. About 150 people spent the night in tents and sleeping bags on the tracks near two refineries in northwest Washington, according to BNSF Railway spokesman Gus Melonas. They were asked to leave at about 5 a.m. and most gathered their belongings and left the area near Anacortes, Melonas said. "It was peaceful," he said. "Eighty percent removed their belongings and cleared out." The 52 people arrested were cited for trespassing, according to the Skagit County Department of Emergency Management....
  • Building trade unions denounce labor partnership with billionaire environmentalist Tom Steyer

    05/16/2016 1:05:22 PM PDT · by OddLane · 6 replies
    Washington Post ^ | May 16, 2016 | Matea Gold
    A new super PAC partnership between billionaire environmentalist Tom Steyer, the AFL-CIO and major public sector employee unions has triggered an angry backlash among the building trade unions -- dividing organized labor just as it ramps up its 2016 political programs. In letters delivered Monday to AFL-CIO President Richard Trumka, the presidents of eight building trade organizations called on the AFL-CIO to cut ties with Steyer, whose opposition to an extension of the Keystone XL Pipeline infuriated unions that had championed the jobs that the oil pipeline would have created.
  • Moody's Downgrades Saudi Arabia on Lower Oil Prices

    05/15/2016 12:33:12 AM PDT · by nickcarraway · 8 replies
    Jakarta Post ^ | Sun, May 15 2016
    Saudi Arabia's credit rating has been downgraded by Moody's because of the long and deep slump in oil prices. Moody's Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar. Saudi Arabia is the world's largest oil exporter. Moody's cut the country's long-term issuer rating one notch to A1 from Aa3 after a review that began in March.
  • Hidden Microphones Exposed As Part of Government Surveillance Program In The Bay Area

    05/14/2016 3:42:41 PM PDT · by thecodont · 79 replies
    CBS Local via The Drudge Report ^ | May 13, 2016 6:24 PM | Jackie Ward
    OAKLAND (CBS SF) — Hidden microphones that are part of a clandestine government surveillance program that has been operating around the Bay Area has been exposed. Imagine standing at a bus stop, talking to your friend and having your conversation recorded without you knowing. It happens all the time, and the FBI doesn’t even need a warrant to do it. Federal agents are planting microphones to secretly record conversations. Jeff Harp, a KPIX 5 security analyst and former FBI special agent said, “They put microphones under rocks, they put microphones in trees, they plant microphones in equipment. I mean, there’s...
  • Oil prices in light of oil sands shutdown, oil strike in Israel

    05/14/2016 10:16:24 AM PDT · by Sean_Anthony · 4 replies
    Canada Free Press ^ | 05/14/16 | A. Dru Kristenev
    Fire feeds on oil: In the world of eco-terrorism, Islamic terrorism, it doesn't make much difference: Pitch western civilization backward a thousand years into another dark age A number of seemingly disparate variables are influencing the world’s volatile equation of oil and fire, needing just a spark to ignite a conflagration. And one of huge proportions has been blazing well to the north of us in Alberta, consuming the tinder dry landscape surrounding Ft. McMurray, the hub of Canada’s oil sands development. Initial cause of the fire is yet undetermined, investigators employing drones to examine the hundreds of square miles...
  • Trump taps climate change skeptic, fracking advocate as key energy advisor

    05/14/2016 8:33:53 AM PDT · by upsdriver · 34 replies
    Reuters ^ | Friday May 13, 2016 | Valerie Volcovici
    Republican presidential contender Donald Trump has asked one of America's most ardent drilling advocates and climate change skeptics to help him draft his energy policy. U.S. Republican Congressman Kevin Cramer of North Dakota - a major oil drilling state - is writing a white paper on energy policy for the New York billionaire, Cramer and sources familiar with the matter told Reuters. Cramer was also among a group of Trump advisers who recently met with lawmakers from western energy states, who hope Trump will open more federal land for drilling, a lawmaker who took part in the meeting said. Cramer...
  • Germany Ups Gazprom Imports by 19 percent in Q1

    05/13/2016 7:34:19 PM PDT · by Lorianne · 1 replies
    Oil Price ^ | 11 May 2016 | Charles Kennedy
    While dramatic talk of an end to Gazprom’s ‘monopoly’ in Europe steals headlines in the wake of the first LNG shipments to the continent, Germany reveals that it’s increased its gas imports from the Russian giant by 19 percent in the first four months of this year. "It was noted the last year broke the record of supplies from Russia, which grew by 6.6 bln cubic meters (+17.1 percent). The upward trend continues to become stronger this year - 2 bln more cubic meters as compared to the last year (+19 percent) were already exported in the first four months...
  • Friday evening vanity - Texas vs. Germany - Renewable Energy

    05/13/2016 4:10:37 PM PDT · by West Texas Chuck · 14 replies
    I have this libtard coworker who is always trying to prove to me my opinion of "renewable energy" is wrong. Once upon a time I told him I don't think we will ever see "renewables" take the place of regular electrical power generation (natgas or coal or even nuke) in our lifetimes. Guy is on a mission to prove me wrong.
  • Electric Cars Are Not Necessarily Clean

    05/13/2016 4:15:17 PM PDT · by Lorianne · 23 replies
    Scientific American ^ | 11 May 2016 | David Biello
    Electric cars are great for eliminating oil from transportation, because very little U.S. electricity is generated by burning petroleum. But electric cars may or may not help the country combat climate change—and it all depends on where the electricity comes from.
  • Top oil explorer Eni embarks on green energy quest

    05/13/2016 4:05:34 PM PDT · by Lorianne · 6 replies
    Reuters ^ | 12 May 2016 | Oleg Vukmanovic and Stephen Jewkes
    Italian oil major Eni, which has historically invested little in renewable energy given its success in discovering oil and gas, plans renewable energy projects in Italy, Pakistan and Egypt. As part of a push into green energy, Eni aims to bring 420 megawatts of mostly solar power generation online by 2022 by reusing derelict land linked to existing fossil fuel operations. Chief Executive Claudio Descalzi expects Eni to invest 1 billion euros ($1.1 billion) over the next three years in renewable energy projects and research. The world is currently adding more clean energy capacity than coal, oil and gas combined...
  • German govt proposes cutting support for onshore wind energy starting 2017

    05/13/2016 4:03:51 PM PDT · by Lorianne · 2 replies
    Reuters ^ | 11 May 2016
    The German government has proposed reducing support for onshore wind energy by 7.5 percent for two years from January 2017, according to a draft proposal for a meeting on renewable energy between the federal government and Germany's 16 states. That would slow down the rapid construction of onshore wind turbines and would apply to new wind turbines approved in 2017 and 2018, the draft seen by Reuters said. It also said that support for solar plants producing less than 1 megawatt, of which few are currently being built, should be adjusted more quickly. That would mean that the subsidy rates...
  • Trump taps climate change skeptic, fracking advocate as key energy advisor

    05/13/2016 10:51:57 AM PDT · by maggief · 94 replies
    Reuters ^ | May 13, 2016 | VALERIE VOLCOVICI
    Republican presidential contender Donald Trump has asked one of America's most ardent drilling advocates and climate change skeptics to help him draft his energy policy. U.S. Republican Congressman Kevin Cramer of North Dakota - a major oil drilling state - is writing a white paper on energy policy for the New York billionaire, Cramer and sources familiar with the matter told Reuters. Cramer was also among a group of Trump advisers who recently met with lawmakers from western energy states, who hope Trump will open more federal land for drilling, a lawmaker who took part in the meeting said. Cramer...
  • Energy industry sues over grouse plans ( Colorado )

    05/13/2016 7:12:39 AM PDT · by george76 · 4 replies
    Grand Junction Media ^ | May 12, 2016 | Dennis Webb
    Oil and gas industry groups on Thursday sued federal agencies over revisions to land management plans in Colorado and other western states to protect the greater sage-grouse. The Western Energy Alliance and the North Dakota Petroleum Council filed the suit in North Dakota, saying the Bureau of Land Management and U.S. Forest Service failed to follow proper procedures for public involvement in adopting the land use plan amendments. They also say the plans ignore sound science and will hurt western economies. Plan revisions being challenged include ones in northwest Colorado, where greater sage-grouse habitat substantially overlaps with oil and gas...
  • Donald Trump nabs billionaire GOP backer T. Boone Pickens

    05/11/2016 5:45:11 PM PDT · by Innovative · 26 replies
    CNN ^ | May 11, 2016 | Phil Mattingly, CNN
    Top Republican donors may be taking their time flocking to Donald Trump, but a prominent billionaire is on board: energy and hedge fund magnate T. Boone Pickens. Pickens, speaking to reporters on the sidelines of a hedge fund conference in Las Vegas, said he talked to Trump Monday and confirmed to the New York billionaire and presumptive nominee he'd support his candidacy.
  • Oil Hits 6-Month High on Crude Inventory Draw

    05/11/2016 3:27:10 PM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 11-05-2016 | Charles
    Crude oil futures rose 3.5 percent in mid-afternoon trading on Wednesday, following official data earlier in the day showing a 3.4-million drop in crude inventories and a fall in crude output to 8.8 million barrels per day, the lowest since the fourth quarter of 2014. June deliveries of West Texas Intermediate (WTI) were up US$1.57, or 3.5 percent, settling at US$46.23 per barrel on the New York exchange. This jump is higher than any closing price the commodity has seen since November of last year.
  • 90% Off Sale On Offshore Drilling Rigs?

    05/11/2016 2:56:12 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 11-05-2016 | offshore
    It might not be a great time to start offshore drilling, with oil prices as depressed as they are, but it might just be a great time to buy an offshore drilling rig for a cut-rate price—in fact, you might be able to get one for only one tenth of what they cost in 2011. This is the cost coup recently pulled off by Ocean Rig, a company controlled by shipping billionaire George Economou, who has landed a drillship—the Cerrado—for only US$65 million at auction, which represents less than 10 percent of the estimated price when it was built over...
  • Shell Evacuates Oil Personnel After Chevron Platform Bombing

    05/11/2016 1:39:36 PM PDT · by Lorianne · 15 replies
    Oil Price ^ | 09 May 2016
    Shell has evacuated nearly 100 essential oil personnel from a major production facility in the Niger Delta, following a series of attacks from a newly formed militant group that has vowed to renew the fight abandoned after a 2009 amnesty deal. Some 98 Shell personnel were airlifted from the Shell-operated Eja Oml 79 oil production facility in the Niger Delta over the weekend, bringing into question the facility’s 90,000 barrel-per-day production capacity. The facility is run by Shell’s Nigerian subsidiary, SPDC (Shell Petroleum Development Corporation). The evacuations come after militants of the Niger Delta Avengers attacked an offline oil platform...
  • Big Oil Abandons $2.5 Billion in U.S. Arctic Drilling Rights

    05/11/2016 6:29:09 AM PDT · by Lorianne · 12 replies
    Source material cannot be posted to FR | 10 May 2016
    see link below
  • What OPEC Has To Fear From The New Saudi Oil Minister

    05/10/2016 3:45:13 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 10-05-2016 | Ali
    In a surprise move, Saudi Arabia sacked its long-time oil minister over the weekend, an event that illustrates the near-total control that the new young Saudi prince has obtained over the country’s energy industry. For many years, Ali al-Naimi, the outgoing Saudi oil minister, was the voice of Saudi Arabia’s oil industry and policy. Even seemingly insignificant remarks from al-Naimi could move oil prices up or down. But the 80-year old oil minister has seen his power eclipsed by the 30-year old Deputy Crown Prince Mohammed bin Salman. In April, when al-Naimi was forced to backtrack on the Doha oil...
  • Libya’s Oil Exports Could To Go To 0 bpd Within One Month

    05/10/2016 11:57:07 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | Libya oil
    Libyan officials attached to the government in Tripoli are warning that the country will have to halt the majority of its output from southeastern fields within a month’s time as the Hariga port remains under blockade over an export dispute between rival governments. Fields in the south-east which provide the majority of the Libyan oil output will be shut down in a month unless blockade on the Mediterranean Sea terminal Marsa el-Hariga if lifted, officials in Tripoli have warned on Tuesday. Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in...
  • The Age of Cheap Oil and Natural Gas Is Just Beginning

    05/09/2016 11:14:20 AM PDT · by samtheman · 26 replies
    scientificamerican.com ^ | May 3, 2016 | Marian Radetzki, Roberto F. Aguilera
    But we believe the period of excessively high oil prices has come to an end. The international spread of two revolutions will assure much ampler oil supplies, and will deliver prices far below the highs that reigned between the end of 2010 and mid-2014.
  • Our View: Limiting oil imports would help to protect American producers

    05/08/2016 10:03:20 PM PDT · by panhandle67 · 23 replies
    Lubbock Avalanche-Journal ^ | April 29, 2016 | By A-J Editorial Board
    When the price of oil drops, so does the cost of gasoline. But while people are enjoying paying lower prices at gasoline pumps, plunges in oil prices can cause economic damage in Texas. And it can put American oil producers out of business when the price of foreign oil imports gets cheaper than the costs of extracting oil from the ground in the U.S.
  • Texas, New Mexico oil producers push for import limits

    05/08/2016 10:03:41 PM PDT · by panhandle67 · 34 replies
    AP BIG STORY ^ | Apr. 19, 2016 | SUSAN MONTOYA BRYAN
    ALBUQUERQUE, N.M. (AP) — Oil drilling companies and royalty owners from the Texas Panhandle to New Mexico's stretch of the Permian Basin are embarking on a grass-roots campaign to limit foreign oil imports, salvaging what they say is a major sector of the U.S. economy. "American oil is competing against a cartel of government operators which has a stated initiative of driving an American industry out of business," said Tom Cambridge, one of the Panhandle producers leading the campaign. The grass-roots movement is pushing for the next president of the United States to issue a proclamation setting quotas for imports...
  • Saudi Arabia Approves Economic Reform Program

    04/25/2016 6:40:41 AM PDT · by Tolerance Sucks Rocks · 15 replies
    The Wall Street Journal ^ | April 25, 2016 | Margherita Stancati and Dahlia Kholaif
    RIYADH—Saudi Arabia, crimped by low crude prices, approved Monday a long-term blueprint for the kingdom’s economic transformation aimed at reducing its dependence on oil. The multiyear plan, dubbed “Saudi Vision 2030,” was approved by the cabinet, according to Saudi Arabia’s monarch, King Salman. The Saudi cabinet, in a statement carried by the official Saudi Press Agency, said the government’s economic council would be in charge of overseeing the vision’s implementation. Saudi officials later Monday were to present a broad overview of the country’s most extensive economic shake-up in decades. The steep drop in oil prices has given new urgency to...
  • The Total Collapse of Saudi Arabia is Fast Approaching

    03/07/2016 3:40:27 AM PST · by HomerBohn · 87 replies
    Daily Sheeple ^ | 3/6/2016 | Joshua Krouse
    To the casual observer, Saudi Arabia might seem like an emboldened nation that is asserting itself. They’ve been challenging Iran, fighting rebels in Yemen, threatening to invade Syria, and if some rumors are to be believed, they are currently trying to attain nuclear missiles from Pakistan. However, these aren’t the actions of a stable nation that is asserting its dominance in the region. These are the flailing death throes of a nation that is struggling to hang on. Ever since global oil prices started to plummet, Saudi Arabia just hasn’t been the same. That’s no surprise. Since prices fell, other...
  • Saudi Arabia's oil 'maestro' exits as young prince flexes his muscles

    05/08/2016 2:37:13 PM PDT · by Lorianne
    CNBC ^ | 07 May 2016 | Tom DiChristopher | Patti Domm
    The end of Ali al-Naimi's more than two-decade tenure as Saudi Arabia's oil minister signals a new era for crude markets, analysts said on Saturday, and appeared to be a reaffirmation of Saudi policy to let oil set its own pricing. On Saturday, Saudi Arabia issued a royal decree that replaced al-Naimi with Khalid al-Falih, chairman of Saudi Aramco, as part of a broad reshuffling of the cabinet. The move came as the world's largest oil producer continues to grapple with the fallout from the global bear market in crude oil. Al Naimi was the most watched figure in the...
  • How socialism turned oil-rich Venezuela into a basket case

    05/08/2016 7:52:01 AM PDT · by MtnClimber · 28 replies
    National Post ^ | 6 May, 2016 | Kelly McParland
    Life isn’t much fun these days in the world’s socialist paradise. If you had to choose a country you didn’t want to live in, Venezuela would be near the top of the list. Corrupt, dysfunctional, bankrupt, crime-ridden, drug-infested, short of practically every basic commodity, it can’t keep the lights on, keep the government running or brew its own beer. Last weekend six army officers were arrested for stealing goats from a farm because they were hungry. Venezuela has become the basket case of the western hemisphere, a case study on how not to run a country and a living example...