Keyword: fracking

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  • US running out of room to store oil; price collapse next?

    03/03/2015 2:26:05 PM PST · by BeauBo · 31 replies
    AP ^ | 3 March 2015 | JONATHAN FAHEY
    NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
  • First came the frackers, then came the earthquakes

    ~snip~ It wasn't always like this. Between 1978 and 2008, Oklahoma averaged fewer than two significant earthquakes per year. In 2014, that number had spiked to 585, including 19 that measured a powerful 4.0 magnitude or stronger...
  • Upstate towns threatening to secede from New York

    03/02/2015 9:49:11 AM PST · by GrandJediMasterYoda · 30 replies
    NY Post ^ | 3/2/15 | By Leonard Greene
    Upstate towns threatening to secede from New York By Leonard Greene More than a dozen upstate towns are threatening to try to secede from New York and become part of Pennsylvania because of projected economic losses over Gov. Andrew Cuomo’s decision to ban fracking. The town leaders from New York’s Southern Tier region said they would be better off in the Keystone State after Cuomo put the kibosh on natural-gas drilling here. Towns on both sides of the state border have the same geology, but only the businesses in Pennsylvania, where fracking is allowed, have been thriving, said officials from...
  • Low Oil Price May Stifle Deepwater Drilling And Oil Sands But Not Fracking

    03/01/2015 8:53:15 AM PST · by thackney · 27 replies
    Forbes ^ | 3/01/2015
    Saudi Arabia and OPEC may have dropped oil prices to stifle production in the U.S. and other competing nations, but they didn’t drop it enough to stifle the U.S. oil and gas boom from fracking, a senior expert with McKinsey and Company said in Chicago. “If the Saudis think they’re going to put U.S. shale players out of business, they’re probably not, although there will be less drilling,” Joe Quoyeser told about 125 people, mostly graduate students, at Northwestern University’s Kellogg Energy Conference on Wednesday. ”But there are other elements of oil supply that are needed to balance the market...
  • Making the Moral Case for Fossil Fuels

    02/28/2015 5:27:41 AM PST · by bestintxas · 11 replies
    am thinker ^ | 2/28/15 | j levy
    In the anti-fracking film Gasland, producer Josh Fox proclaims that the process of extracting previously inaccessible oil and gas from shale pollutes water supplies, increases the incidence of cancer and leads to higher levels of seismic activity, despite ample contrary evidence. This self-proclaimed environmental watchdog and anti-fracking crusader has led extensive efforts to end or prevent fracking throughout the United States by obfuscating the truth and stopping communities from reaping the benefits of America's shale boom. Josh Fox and others like him are uninterested in looking for improvements in fracking technology and safety. Instead they seek to shut down shale...
  • Exposed: what fracking really does to you, your family, pets and food

    02/25/2015 10:38:18 AM PST · by Citizen Zed · 45 replies
    The Ecologist ^ | 2-25-2015 | Allison Wilson
    The first researchers to systematically document ill health in livestock, pets, and people living near fracking drill sites were Michelle Bamberger and Robert Oswald. Bamberger, a veterinarian, and Oswald, a professor of molecular medicine at Cornell University, used a case study approach-looking at individual households-to search for possible effects (Bamberger and Oswald 2012). Many fracking chemicals are known carcinogens, endocrine disruptors or other classes of toxins (Colborn et al. 2011). Bamberger and Oswald's studies, carried out during the ongoing fracking boom, uncovered serious adverse effects including respiratory, reproductive, and growth-related problems in animals and a spectrum of symptoms in humans...
  • Roman Abramovich Invests $15M In New US Fracking Technology

    02/25/2015 10:12:21 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 24/02/2016 | James Stafford
    Are the Russians coming to Texas riding the tailwinds of fracking? That depends on who you ask, as some believe Russian forces were behind the anti-fracking vote in Denton, while a $15 million investment in new Texas fracking technology by Roman Abramovich perhaps tells another story. When the anti-fracking campaign started to heat up late last year in Denton, Texas—the heart of the shale revolution—conspiracy theories were spread from within the pro-fracking community that the Russians were behind the whole thing. The logic was that the American shale revolution threatened Russia’s market share. Yet just months after a successful vote...
  • New York-Style Fracking Ban Defeated by Colorado Task Force

    02/24/2015 7:16:19 PM PST · by george76 · 12 replies
    Energy in Depth ^ | February 24, 2015 | Simon Lomax
    An activist who was using his position on Colorado’s oil and gas task force to push for a New York-style ban on oil and natural gas development has given up on the fringe proposal for lack of support, according to documents released by state officials overnight. The proposal’s demise is yet another defeat for national anti-fracking groups in Colorado, such as Food and Water Watch and the Sierra Club, which are desperately trying to reboot their failed campaign for an effective statewide oil and gas development ban. It’s also a reminder of how outside of New York, the “ban fracking”...
  • President Obama vetoes Keystone XL pipeline

    02/24/2015 12:38:37 PM PST · by tcrlaf · 113 replies
    Verge ^ | 2-24-2015 | Kwame Opam
    Nearly two weeks after Congress approved the controversial Keystone XL pipeline, President Obama has officially vetoed the bill calling for its construction. The decision follows a clear statement from the White House last month saying the president would not sign the bill into law if Congress, currently controlled by Republican lawmakers, passed it.
  • Is The Oil Price Decline a Sign of Impending Deflation?

    02/22/2015 10:09:49 AM PST · by OwenKellogg · 14 replies
    American Thinker ^ | February 19, 2015 | Frank Ryan, CPA
    Conventional wisdom indicates slowing global economy and increased production are the root causes behind the precipitous drop in oil prices since mid-2014. ~~ snip ~~ Further signs of the impact of deflation, despite trillions of stimulus funds, include: 1.Negative interest rates on short-term securities and debt instruments. 2.The reduction of risk premiums in short and long-term debt financing for governments. 3.Increasing costs of healthcare for virtually every American, which adversely affects disposable income. 4.Declining real wages in the United States due to tax increases at the state and local levels. 5.Declines in labor force participation rates. 6.Lack of wage growth...
  • U.S. refinery strike spreads to one-fifth of national capacity

    02/22/2015 11:34:52 AM PST · by thackney · 12 replies
    Reuters ^ | Feb 22, 2015 | ERWIN SEBA
    The largest U.S. refinery strike in 35 years entered its fourth week as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines as of 12 a.m. CST on Sunday, according to union officials. A total of 6,550 members of the United Steelworkers union at 15 plants, including the 12 refineries, are involved in the work stoppage that began on Feb. 1 when talks for a new three-year contract between the USW and lead oil company negotiator Shell Oil Co stopped.... After the latest breakdown between the two sides, Steelworkers leaders targeted Shell, which is...
  • The Saudi project, part two Oil is back over $60 a barrel. Is the market returning to normal?

    02/20/2015 4:33:23 AM PST · by thackney · 61 replies
    The Economist ^ | Feb 21st 2015 | The Economist
    STAGE one of Saudi Arabia’s plan—or perhaps hope—to restructure the oil market is taking longer than expected. By refusing to rein in production while prices fell, the Saudis permitted a big surplus to grow and served notice on higher-cost rivals (Russia, Venezuela, American shale-oil producers) that they would not prop up other people’s profit margins at the expense of their own market share. That signal has been weakened by the growing amount of oil in storage, which is absorbing most of the glut. World oil stocks rose about 265m barrels last year and Société Générale, a French bank, reckons they...
  • The Coming Oil Crash: Why Oil Prices Will Drop

    12/31/2007 8:57:38 AM PST · by Clemenza · 139 replies · 343+ views
    Portfolio | January 2008 | John Cassidy
    http://www.portfolio.com/views/columns/economics/2007/12/17/Why-Oil-Prices-Will-Drop
  • Get Ready for $10 Oil

    02/17/2015 10:29:59 AM PST · by Duke C. · 65 replies
    Bloomberg | A. Gary Shilling
    At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why.
  • Gary Shilling Says Oil Is Going To $10

    02/21/2015 10:06:40 PM PST · by blam · 31 replies
    BI ^ | 2-22-2015 | Shane Ferro
    Shane Ferro February. 17, 2015Gary Shilling thinks the price of oil is going way lower. The economist and financial analyst wrote an op-ed for Bloomberg View discussing the various reasons why he thinks the price could get down to $10-20 per barrel. Basically, supply keeps increasing while demand is shrinking. Here's an excerpt that pretty clearly lays it out: U.S. crude oil production is forecast to rise by 300,000 barrels a day during the next year from 9.1 million now. Sure, the drilling rig count is falling, but it’s the inefficient rigs that are being idled, not the horizontal rigs...
  • Fossil Fuels Keeping More Than 200 Million Americans From Freezing Today

    02/22/2015 9:19:44 AM PST · by Vince Ferrer · 18 replies
    Real Science ^ | 2/22/2015 | Steven Goddard
    The US is experiencing an historic deep-freeze with much of the country more than 20 degrees below normal. Most of the people in America would be freezing right now without fossil fuels. The government responds by lying about the temperature, trying to make energy prices skyrocket, and doing everything they can to cut off the supply of fossil fuels. Obama: My Plan Makes electricity Rates Skyrocket
  • EPA Climate Regulations Expected to Hit Manufacturing Sector Especially Hard

    02/18/2015 1:40:43 PM PST · by ThethoughtsofGreg · 19 replies
    American Legislator ^ | 2-18-15 | John Eick
    A short paper recently released by the Heritage Foundation takes a look at the expected manufacturing job losses as a result of President Obama’s Climate Action Plan. Predictably, they are significant. Using a social cost of carbon (SCC) equal to $37 per ton, the Heritage Energy Model (HEM) was used to determine the economic impact such climate regulations would have on the U.S. economy down to the state and, most interestingly, even to a congressional district level. Perhaps unsurprisingly, the Rust Belt, home to what remains of the country’s once dominant industrial sector, can expect to see the largest losses...
  • Natural Gas: Saving More and Emitting Less

    02/18/2015 9:03:23 AM PST · by ThethoughtsofGreg · 6 replies
    American Legislator ^ | 2-14-15 | John Eick
    Earlier this week, the American Gas Association released its 2015 Playbook. The report shows that natural gas continues to deliver safe, affordable, and reliable energy, while also providing environmental and energy efficiency benefits. Customers are deriving financial savings from using natural gas. For instance, households that use natural gas for space heating, water heating, cooking and clothes drying save an average of $693 per year compared to customers who use electricity to power these activities. Over the past five years, low natural gas prices have provided a total savings of almost $65 billion to natural gas customers, allowing this money...
  • Please Practice Safe Fracking ("expert" says fracking causes increase in STDs)

    02/16/2015 4:04:04 PM PST · by Tolerance Sucks Rocks · 10 replies
    Youtube ^ | February 12, 2015 | Maryland House Republican Caucus
  • Study: Oklahoma's daily small quakes raise risk of big ones (Borenstein alert)

    02/15/2015 3:33:52 AM PST · by Crazieman · 32 replies
    Associated Presstitutes ^ | 2/14/2014 | Seth Borenstein
    SAN JOSE, California (AP) -- Small earthquakes shaking Oklahoma and southern Kansas daily and linked to energy drilling are dramatically increasing the chance of bigger and dangerous quakes, federal research indicates. This once stable region is now just as likely to see serious damaging and potentially harmful earthquakes as the highest risk places east of the Rockies such as New Madrid, Missouri, and Charleston, South Carolina, which had major quakes in the past two centuries. Still it's a low risk, about a 1 in 2,500 years' chance of happening, according to geophysicist William Ellsworth of the U.S. Geological Survey.
  • Energy Security: America Must Act

    02/14/2015 2:40:15 PM PST · by Sean_Anthony
    Canada Free Press ^ | 02/14/15 | Thomas S. Mullikin
    Past 14 years we have fought a war against radicals in the very nations where we send hundreds of billions of dollars for energy. Americans have not only lost jobs, but young Americans fighting in these regions have lost their lives The U.S. is experiencing an energy revolution thanks to dogged persistence and innovative minds of modern energy pioneers like the late George P. Mitchell. “Few businesspeople have done as much to change the world as George [P.] Mitchell,” reported The Economist in 2013. Dubbed “The Father of Fracking,” Mitchell was largely responsible for kicking-starting the revolution in the 1980s...
  • Foreign Firm Funding U.S. Green Groups Tied to State-Owned Russian Oil Company

    01/27/2015 7:59:35 AM PST · by george76 · 29 replies
    Washington Free Beacon ^ | January 27, 2015 | Lachlan Markay
    Executives at a Bermudan firm funneling money to U.S. environmentalists run investment funds with Russian tycoons. A shadowy Bermudan company that has funneled tens of millions of dollars to anti-fracking environmentalist groups in the United States is run by executives with deep ties to Russian oil interests and offshore money laundering schemes involving members of President Vladimir Putin’s inner circle. One of those executives, Nicholas Hoskins, is a director at a hedge fund management firm that has invested heavily in Russian oil and gas. He is also senior counsel at the Bermudan law firm Wakefield Quin and the vice president...
  • Anti-oilsands activists in the U.S. are getting unexpected visits from the FBI

    02/08/2015 7:47:22 AM PST · by rickmichaels · 21 replies
    National Post ^ | February 7, 2015 | Alexander Panetta
    WASHINGTON — Unexpected visitors have been dropping in on anti-oil activists in the United States — knocking on doors, calling, texting, contacting family members. The visitors are federal agents. Opponents of Canadian oil say they’ve been contacted by FBI investigators in several states following their involvement in protests that delayed northbound shipments of equipment to Canada’s oilsands. A lawyer working with the protesters says he’s personally aware of a dozen people having been contacted in the northwestern U.S. and says the actual number is probably higher. Larry Hildes says it’s been happening the last few months in Washington State, Oregon...
  • Is solar the next shale?

    02/07/2015 8:13:41 PM PST · by ckilmer · 61 replies
    Wood Mackenzie ^ | 01 Feb 2015 | Woods MacKenzie
    Is solar the next shale?     Just as shale extraction reconfigured oil and gas, no other technology is closer to transforming power markets than distributed and utility scale solar.Since the late 2000s, a widespread collapse in the price of solar modules has altered the economics of solar energy, putting it in a strong position to compete with other forms of power in the United States.With module costs at historic lows, increased efficiency has become the next frontier. Consequently, while higher efficiency solar technology may command a greater module price, capacity gains per square meter can make them more economic...
  • Anti-Fracking Rally Cancelled Following Low Turnout ( Colorado )

    02/07/2015 7:34:20 AM PST · by george76 · 24 replies
    Energy in Depth ^ | February 3, 2015 | Aileen Yeung
    A national activist group – which used Tom Steyer’s Colorado political firm to lobby the state’s oil and gas task force – cancelled an anti-fracking rally today after just one person RSVPed. The decision to abandon the rally followed very low turnout at a protest yesterday outside the Colorado Convention Center, where the task force has been meeting the past two days. At yesterday’s demonstration, there were more protest signs than there were protestors to hold them. Clean Water Action Colorado’s Facebook page for the rally mentions how the group “has turned out impacted and frustrated Coloradans for rallies at...
  • West Virginia Becomes First State to Repeal RPS

    02/04/2015 2:17:58 PM PST · by ThethoughtsofGreg · 10 replies
    American Legislator ^ | 1-4-14 | John Eick
    Earlier this week West Virginia’s Governor Earl Ray Tomblin signed House Bill 2001, making the state the first in the nation to repeal its alternative energy mandate. The bipartisan proposal sailed through both chambers of the West Virginia Legislature earlier this month, passing unanimously in the Senate and by a vote of 95-4 in the House of Delegates. West Virginia’s mandate required utilities to generate at least 25 percent of electricity with renewable or alternative sources by 2025. Although unlikely to happen, the mandate could technically be achieved in full by only using fossil fuel-based alternative energies. Consequently, many viewed...
  • The vital nexus of energy, water, and national security

    02/04/2015 10:23:09 AM PST · by Sean_Anthony · 1 replies
    Canada Free Press ^ | 02/04/15 | Thomas S. Mullikin
    We need to rebuild a strong America with a sound energy policy ensuring strong energy security. Our energy and national security are too important to lose this opportunity. The U.S. currently maintains some 160,000 military personnel in approximately 150 countries worldwide with the majority serving in Asia, the Middle East, and Africa. This number does not include the thousands of troops involved in singular contingency operations at any time around the globe. All total, more than 2.6 million Americans have served in the Global War on Terrorism since 9/11, with many of these men and women serving multiple deployments. The...
  • Oil Industry: Obama’s Energy Tax ‘Would Thwart the Very Goals Expressed in His SOTU’

    02/04/2015 9:02:40 AM PST · by Olog-hai · 12 replies
    MRC TV ^ | February 2, 2015 5:35pm ET | Craig Bannister
    “President Obama’s call for a $95 billion energy tax hike would thwart the very goals expressed in his State of the Union address,” American Petroleum Institute (API) Pres. Jack Gerard said today. “America’s oil and natural gas renaďssance has done everything on the president’s State of the Union wish list for the middle class,” Gerard said, responding to Obama’s proposed budget. “Opposition to President Obama’s proposals is strong and bipartisan. The president’s annual call to raise taxes on U.S. oil and natural gas development would hurt job creation, infrastructure investment, the federal deficit, seniors on fixed incomes and domestic manufacturing.”...
  • Vermont just replaced its only only nuclear reactor with fossil fuels obtained from fracking

    02/02/2015 3:04:53 PM PST · by grundle · 26 replies
    wordpress ^ | February 1, 2015 | Dan from Squirrel Hill
    Dan from Squirrel Hill's Blog Vermont just replaced its only only nuclear reactor (which had accounted for 71.8% of the state’s electricity production) with fossil fuels obtained from fracking For the past 42 years, Vermont’s only nuclear power plant was responsible for 71.8% of the state’s electricity production. This huge amount of electricity was generated by a single nuclear reactor.Vermont has just shut down this reactor.The replacement energy source for this shut down reactor is shale gas, a fossil fuel whose combustion causes global warming, and which is obtained from fracking.And all this time, I had thought that liberals in Vermont...
  • For striking U.S. refinery workers, Shell shocks with a new style

    02/03/2015 5:20:22 AM PST · by thackney · 15 replies
    Reuters ^ | Feb 3, 2015 | ERWIN SEBA
    In fact, the USW enjoys the right to pick which company will head up negotiations and specifically chose Shell this year for its perceived flexibility. Shell forged deals with the union in 2006, 2009 and 2012. Those contracts were considered successes, especially after a months-long walkout in 1980, a time people still talk about as a low point for disputes in the sector. This year, however, was different. John Abbott took over as Shell's refining chief in 2013 and Ben van Beurden became chief executive officer in 2014. This time, there were new faces on the negotiating team from Shell,...
  • Increase in average gasoline prices ends 17-week streak of declining prices

    02/03/2015 5:26:52 AM PST · by thackney · 32 replies
    Energy Information Administration ^ | FEBRUARY 3, 2015 | Energy Information Administration
    IA conducts a survey of gasoline prices each Monday, and yesterday's survey showed the U.S. average regular retail gasoline price increasing for the first time in 18 weeks. The steady decline in prices over the previous 17 weeks was the longest consecutive decrease in EIA's weekly survey since prices fell 14 cents per gallon over a 24-week period in 1995. The decline is the largest percentage decline since a 58% drop in gasoline prices over 15 weeks in late 2008. With oil prices at around $45 per barrel (bbl), petroleum refinery outages in the Midwest and Gulf Coast regions in...
  • Oil Prices Gain More Than 3%; Drop in U.S. Drilling Activity Will Balance Oversupplied Market

    02/03/2015 5:34:25 AM PST · by thackney · 5 replies
    Wall Street Journal ^ | Feb. 3, 2015 | GEORGI KANTCHEV
    Oil prices continued their rally Tuesday as investors bet that a sharp decline in U.S. drilling activity will balance the oversupplied global market, and even as analysts cautioned that the rebound in prices may not prove to be sustainable. Front-month Brent crude, the global oil benchmark, rose 3.7% to be at $56.80 a barrel on London’s ICE futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March recently traded at $51.15 a barrel, up more than 3% from Monday’s settlement. Both the global oil benchmarks have gained more than 11% over the past three...
  • Good News: American Eco-Fascists Now Praising Saudis As Their "Best Ally" in Fight Against Keystone

    02/03/2015 8:36:55 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | February 3, 2015 | Katie Pavlich
    Last week the Senate, with votes from Democrats and Republicans, passed long-stalled Keystone XL pipeline legislation. President Obama is planning on vetoing the legislation despite broad support from lawmakers and the American people. In the meantime, the Saudis are doing everything they can to undermine U.S. domestic oil production and far-left eco-fascist groups like the Sierra Club are loving it. Washington Free Beacon's Lachlan Markay has the details: Saudi Arabia’s efforts to “drown” American energy producers make the oil-rich theocracy a crucial ally of the environmentalist movement, according to a leading green group. The House of Saud, the kingdom’s royal family,...
  • Russia’s War on Fracking: Threatened by low oil prices, Putin covertly supports anti-frackers

    02/03/2015 8:17:31 AM PST · by SeekAndFind · 4 replies
    National Review ^ | 02/03/2015 | Tom Rogan
    As a senior archivist for the KGB’s foreign-intelligence directorate, Vasili Mitrokhin had access to a treasure trove of information. He unveiled those secrets after defecting to Britain in 1992. One such secret concerned the “active measures” — the lies – the KGB had used against the West during the Cold War. In the 1980s, for example, the KGB spread a couple of particularly pernicious rumors. It claimed the United States had manufactured the AIDS virus and that rich Americans were murdering children in the Third World for organ-harvesting purposes. Framed by faux science and ideologically screened “experts,” and harnessing anti-American...
  • U.S. workers strike for second day at nine refineries; one to shut

    02/02/2015 6:38:01 AM PST · by Citizen Zed · 20 replies
    Reuters ^ | 2-2-2015
    HOUSTON (Reuters) - Union workers were on strike for a second day on Monday at nine U.S. refineries and chemical plants as they sought a new national contract with oil companies covering laborers at 63 plants. The walkouts were the first in support of a nationwide pact since 1980 and targeted plants with a combined 10 percent of U.S. refining capacity. One of the plants, Tesoro Corp's (TSO.N) 166,000-barrel-per-day Martinez, California, refinery, was being shut because it was in the midst of planned maintenance work. The other refineries appeared set to continue running normally as operators initiated contingency plans, calling...
  • Obama Visits Saudi King After Curbing Oil Expansion

    01/27/2015 9:59:25 AM PST · by raptor22 · 21 replies
    Investor's Business Dailt ^ | January 27, 2015 | IBD EDITORIALS
    Energy: While taking credit for increased oil and gas production on private and state lands, the president moves to put 12 million acres of the oil-rich Arctic National Wildlife Refuge off limits. OPEC and the Saudis are smiling. Whoever's in charge of presidential optics these days fits the classic definition of the blind leading the blind. It's bad enough that President Obama doesn't have time to get to Paris for a global protest against terrorism after the Charlie Hebdo attack but can meet and greet the San Antonio Spurs. But then he privately slams an invitation by Congress to Israeli...
  • Former Shell President Hofmeister Sees Oil at $80 by the Summer

    01/25/2015 10:49:41 PM PST · by Citizen Zed · 9 replies
    The Street ^ | 1-22-2015 | Michelle Rama-Poccia
    When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again. That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel. "When that cost correction...
  • No fracking? Then no bonds, New Mexico bill says

    01/25/2015 8:06:46 PM PST · by CedarDave · 16 replies
    New Mexico Watchdog ^ | January 23, 2015 | Rob Nikolewski
    SANTA FE, N.M. — New Mexico receives about $2 billion a year in direct revenue from oil and gas production through severance taxes, property taxes and royalty and rental income. At the same time, a number of communities in the state have passed ordinances restricting oil and gas development. Now, as lawmakers start their 60-day legislative session, here comes a bill that’s sure to spark plenty of arguments. A state senator has introduced legislation that would strip severance tax bonds from communities that impose 25 percent or more in costs to mining as well as oil and natural gas production....
  • I’m Linda, Fly Me ( Tom Daschle: Ambitions grounded by his wife’s baggage)

    01/17/2003 2:47:51 AM PST · by KQQL · 188 replies · 1,401+ views
    laweekly ^ | 01/17/2003 | by Doug Ireland
    The real reason Tom Daschle didn’t run for president. The national press corps didn’t bother to tell you why Tom Daschle, the Democrats’ Senate leader, decided at the 11th hour not to run for president: In the end, he calculated that he couldn’t survive scrutiny of his persistent service to the clients of his wife. Linda Daschle has been one of the airline industry’s top lobbyists for two decades — when she wasn’t busy running the Federal Aviation Administration (FAA), which explains why, just 11 days after the 9/11 attacks, her husband rushed through the Democratic Senate, which he controlled,...
  • Saudi oil policy 'just took turn for the worse'

    01/23/2015 10:47:10 AM PST · by Rusty0604 · 29 replies
    CNBC ^ | 01/23/2015 | John Kilduff
    In earlier time, the death of Saudi Arabia's King Abdullah bin Abdulaziz Al Saud would have rocked the oil market. The succession plan has always pointed in a direction away from U.S. interests and a turn toward an even harder line on Middle East issues. The antipathy toward Iran will be levered up, and the various Sunni-Shia battles will likely see greater escalation. Oil prices have quickly jumped $1.00 per barrel on the news in a knee-jerk reaction to the uncertainty. What is more likely is an even greater commitment to over supplying the market, in attempt to drive out...
  • The myth of the methane menace

    01/19/2015 8:58:15 PM PST · by Tolerance Sucks Rocks · 30 replies
    The Washington Times ^ | January 18, 2015 | Stephen Moore
    Last week the Environmental Protection Agency (EPA) announced major new regulations on the emissions of methane into the air from oil and gas production. It calls methane a “potent” pollutant and its new rules would require a 45 percent reduction by 2025 from 2012 levels. Most Americans support these new rules, according to polling from environmental groups. This isn’t surprising. Methane sounds like a dirty and dangerous pollutant and even deadly if leaked into water or the air. However, methane is just another term for the main component of natural gas. Drillers have a powerful motive to stop leakage on...
  • War On Shale: EPA Targets Fracking Boom With New Regs

    01/15/2015 10:09:56 AM PST · by raptor22 · 38 replies
    Investor's Business Daily ^ | January 15. 2015 | IBD EDITORIALS
    Energy Policy: In spite of dramatically lower methane emissions from fracking, according to the EPA's own data, the agency wants to impose draconian regulations on the oil and gas industry similar to those on coal. The new rules that the White House announced on Wednesday aim to cut oil emissions of methane, a target of environmental groups, by 45% below 2012 levels, despite the fact that the emissions already show a sharp decline even as shale oil and gas production has skyrocketed. This war-on-shale action mirrors the administration's war on coal, with EPA rules impossible to meet economically and sometimes...
  • Why does no one believe the Saudis?

    01/13/2015 10:39:27 AM PST · by thackney · 79 replies
    Oil Pro ^ | 1/13/2015 | Don Minter
    I've been in the oil patch for close to 30 years. During that time, I have seen oil price go down to about $10 per barrel, and I have seen the price rise to over $100 per barrel. I have seen the price swing for no reason at all. I have heard different bogeymen being blamed for changes in the oil price. Supply and demand are certainly part of the oil price equation, but speculation has been a major price driver for at least the last couple of years, beyond the S&D factors. Right now, the Saudis are being blamed...
  • What falling oil prices could mean for Oklahoma's economy

    01/14/2015 10:26:56 AM PST · by shepardspie33 · 10 replies
    Red Dirt Report ^ | January 13, 2015 | Brian Woodward
    The rapid decline in oil prices could have a significant negative impact on the Oklahoma economy. Taxes associated with production, sales taxes, corporate taxes, income taxes, employment, and housing markets can all be expected to suffer without a rebound in oil prices, which seems unlikely in the near future. Oil continued to fall on Tuesday as prices neared 6 year lows before regaining some ground... Brent crude has fallen roughly 70% since June while West Texas Intermediate (U.S. crude) has fallen approximately 55% in the same time period. To date the largest oil and natural gas companies in the state...
  • WTI Oil At $45.20 - Brent At $45.86

    01/14/2015 1:30:26 AM PST · by zeestephen · 4 replies
    CNBC.com ^ | 14 January 2014
    Real time commodity prices from CNBC.
  • OPEC vs. U.S.: Who will blink first on oil?

    01/13/2015 8:21:17 PM PST · by shepardspie33 · 44 replies
    CNN Money ^ | January 13, 2015 | Travis Hoium
    The Merriam-Webster dictionary offers this definition for the word capitulate: "to stop fighting an enemy or opponent; to admit that an enemy or opponent has won." I'm not sure who oil companies are fighting, whether it's oil traders, OPEC, Russia, or some invisible market force, but they're losing. The domestic standard, West Texas Intermediate crude oil, fell below $45 per barrel on Tuesday, while the global standard, Brent crude oil, is now well under $50. Who is going to stop the bleeding? OPEC is not cutting production, the U.S. is expected to increase output in 2015, and Russia has little...
  • Cruz to push crude exports

    01/13/2015 7:47:47 PM PST · by 2ndDivisionVet · 9 replies
    Fuel Fix ^ | January 13, 2015 | Jennifer A. Dlouhy
    The Senate could vote soon on a proposal to lift the nation’s longstanding ban on crude exports, worrying both supporters and opponents of the trade restrictions who say it’s premature. Sen. Ted Cruz, R-Texas, is set to force the issue by offering his proposal to lift the 40-year-old ban as an amendment to legislation authorizing the Keystone XL pipeline. That is a much faster track than even crude export supporters envisioned when they launched a methodical, deliberate discussion of the issue a year ago. If Cruz insists on a roll call vote on his proposal, it would force many senators...
  • Oil Extends Selloff as OPEC Is Seen Standing Firm on Output: Oversupplied

    01/13/2015 7:38:27 PM PST · by shepardspie33 · 15 replies
    WSJ ^ | January 13, 2015 | Nicole Friedman
    Another day, another selloff for oil. The catalyst Tuesday was talk from the United Arab Emirates’ oil minister, who said the Organization of the Petroleum Exporting Countries would stand firm on its November decision to keep output steady. The comments dashed investor hopes that OPEC would relent and cut production in the face of a rout that has slashed U.S. oil prices 14% in the first eight trading days of the year and 57% since June. The selling spilled into other commodities and the currency market. The price of copper, a commodity about which investors hold many of the same...
  • Iran's Rouhani says countries behind oil price drop will suffer

    01/13/2015 5:47:51 AM PST · by thackney · 16 replies
    Reuters ^ | Jan 13, 2015 | MICHELLE MOGHTADER
    Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop. "Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R] "If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added. Oil prices...
  • Environmental concerns raised as oil companies take fresh look at fracking in Kentucky

    01/12/2015 5:52:03 PM PST · by 2ndDivisionVet · 7 replies
    EagleFordTexas.com ^ | January 12, 2015 | Ross Torgerson
    There’s been little heat so far in Kentucky over hydraulic fracturing, or fracking, a technique of drilling for oil and natural gas that has caused division elsewhere in the country, but now the controversy has gushed up here. The potential to develop a vast underground shale layer that curves from the northeastern part of the state through Central Kentucky has sparked increased interest among oil and gas companies within the last 18 months. Companies signed hundreds of additional oil and gas leases with landowners in 2014, according to local officials. Much of the interest has been in Lawrence, Johnson and...