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Keyword: oil

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  • Halliburton, Baker cut workforces deeper, bringing layoffs to 27,000

    07/28/2015 5:32:46 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | July 27, 2015 | Collin Eaton
    Halliburton has cut nearly 14,000 jobs and Baker Hughes has laid off 13,000 employees since they began trimming their headcounts last year to cope with the oil-market crash, officials said Monday. Those figures, shown in quarterly securities filings Friday and confirmed by company spokeswomen on Monday, are several thousand more jobs than the last time the oil field service companies gave an estimate of their planned layoffs in April. Halliburton’s latest layoff estimate exceeds its April figure by 5,000 jobs, bringing its cuts up to16 percent of its workforce. And Baker Hughes’ estimate is up by 2,500 jobs, up to...
  • Oil and gas officials scramble after feds review species protections

    07/24/2015 4:01:42 PM PDT · by george76 · 12 replies
    Watchdog ^ | July 3, 2015 | Rob Nikolewski
    Oil and gas producers in one of the most active drilling areas in the country have had to make concessions to not disturb species such as the lesser prairie chicken and the dunes sagebrush lizard. Now industry officials in parts of Texas, Oklahoma and New Mexico may have four other species to contend with: make way for the Cascade Caverns salamander, the Arizona toad, the alligator snapping turtle and the Rio Grande cooter. The U.S. Fish and Wildlife Service announced Tuesday it is giving what it calls “status reviews” to the four amphibians and reptiles found in the Southwest as...
  • This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away

    07/24/2015 11:13:14 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 24-07-2015 | KingKurt
    The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn't be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable at these new lower oil prices. These wells were also known to have production declines that averaged 40 percent per year. Overall U.S. production, however, confounded the conventional logic and continued to rise--until early June when it stalled and then dropped slightly. Anyone who understood that U.S. drillers in shale plays had large...
  • Midstream company secures funding for first leg of giant Houston crude oil storage facility

    07/24/2015 5:48:17 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | July 23, 2015 | Joshua Cain
    The midstream company planning to build one of the largest crude oil storage facilities on the Gulf Coast said Thursday that it had reached a deal to fund the first phase of construction on the project in southwest Houston. Fairway Energy Partners LLC said in a release that Houston private equity firm FBR & Co. agreed to fund the first leg of the Pierce Junction storage facility, which will convert three underground salt caverns near the intersection of the 610 and 288 Freeways into crude oil storage. Fairway is backed by Haddington Ventures LLC, a Houston investment firm that manages...
  • Congress Eyes Sales From Nation's Oil Stockpile for Highway Funding

    07/23/2015 8:51:32 AM PDT · by thackney · 40 replies
    Wall Street Journal ^ | July 22, 2015 | AMY HARDER and NICOLE FRIEDMAN
    Lawmakers are eyeing the Strategic Petroleum Reserve as a piggy bank, but not without controversy. The Senate is considering legislation that would partly replenish the u.S. highway trust fund with $9 billion worth of sales from the reserve, which at 69S.1 million barrels of oil is close to its 713.S-million-barrel capacity. This month, the House passed a bill to sell 80 million barrels from the reserve to raise $7 billion to help pay for legislation to boost government drug approvals and research funding. But proposals to tap the nation's oil stockpile as a way to pay for unrelated government programs...
  • WildEarth Guardians' natural habitat is a courtroom ( NM & Colorado )

    07/23/2015 7:16:48 AM PDT · by george76 · 3 replies
    Craig Daily Press ^ | July 21, 2015 | Patrick Kelly
    Though a relatively small organization with only 26 people on staff, WildEarth Guardians’ litigious nature has established the environmental advocacy group as a dominant voice in the national debate about environmental policy. From 2010 to present, Guardians have initiated a total of 152 cases in federal district courts and 55 in the Circuit Court of Appeals for a total of 207 cases. In 2010 alone they filed 61 claims — an average of about one per week. However, Guardians’ pervasiveness in the courts has not gone without criticism. In a 2012 analysis of WildEarth Guardians' legal activity, the conservative group...
  • Iran Beckons: Massive O&G Project Backlog Quantified And New Contract Model Outlined

    07/23/2015 7:18:07 AM PDT · by thackney · 2 replies
    Oil Pro ^ | 7/23/2015 | Jeff Reed
    On Thursday, Iran detailed plans to rebuild its main industries and trade relationships after last week's final nuclear deal with the P5+1. The country says it is targeting oil and gas projects worth $185 billion by 2020. Iran Wants 2-Way Trade Mohammad Reza Nematzadeh, Iran's Minister of Industry, Mines and Trade, said Iran would focus on its oil and gas, metals and car industries with the goal of exporting to Europe following the easing of sanctions, rather than merely importing Western technology, Reuters reported Thursday morning. "We are looking for a two-way trade as well as cooperation in development, design...
  • US Senate energy bill to speed LNG exports, clarify SPR sales limits

    07/23/2015 5:58:37 AM PDT · by thackney
    Platts ^ | 22 Jul 2015 | Platts
    Key US senators have reached a deal on a broad package of energy sector reforms that if enacted would speed decision-making on liquefied natural gas exports, focus the intent of the Strategic Petroleum Reserve and require reviews of how federal rules impact electric system reliability. The agreement on the bipartisan legislative package follows a number of Senate hearings in recent months and lawmakers' consideration of more than 100 bills offered for inclusion in the wider package. The bill unveiled Wednesday is also the result of negotiations between the two leaders of the Senate Energy and Natural Resources Committee -- Chairman...
  • Weatherford to boost job cuts to 11,000

    07/23/2015 5:34:02 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | July 22, 2015 | Collin Eaton
    Weatherford International says it plans to bump its job cuts from 10,000 to 11,000, about 20 percent of its workforce, with the increase coming mostly from its U.S. support staff. The oil field services firm, based in Switzerland with main offices in Houston, said the layoffs come as the North American market continues to weaken. It had completed all but 3 percent of its previously announced cut of 10,000 jobs, it said in its second-quarter earnings release late Wednesday. “The aggregate results of these measures will help mitigate the effects of the downturn, while at the same time, take advantage...
  • US oil futures break $50

    07/22/2015 1:49:48 PM PDT · by Berlin_Freeper · 18 replies
    cnbc.com ^ | July 22, 2015 | Patti Domm
    U.S. oil futures closed below the psychologically important $50 level—possibly signaling more declines to come and a retest of the March lows.
  • Opinion: The Strategic Petroleum Reserve IS NOT The Senate's Piggy-Bank

    07/22/2015 2:50:46 PM PDT · by thackney · 16 replies
    Oil Pro ^ | 7/22/2015 | Jeff Reed
    The US Senate showed a disturbing lack of respect for US energy security on Tuesday. The upper chamber introduced a highway bill that proposes selling oil from the US Strategic Petroleum Reserve (SPR) to partially pay for a three-year extension of the highway trust fund. The bill is the result of a deal between Senate Majority Leader Mitch McConnell and California Democrat Senator Barbara Boxer. Legislators project that selling 101 billion barrels from the 693 billion barrel stockpile would raise $9 billion if the government sells the oil between 2018 and 2025. The bill assumes an average oil price of...
  • Obama gives final approval to Arctic drilling

    07/22/2015 2:33:44 PM PDT · by jazusamo · 18 replies
    The Hill ^ | July 22, 2015 | Timothy Cama
    The Obama administration gave its final stamp of approval Wednesday to Shell Oil Company's application to drill oil and natural gas in the Arctic Ocean. Under the approval, Shell can start drilling exploratory wells as soon as its fleet arrives at its prospect in the Chukchi Sea, about 140 miles off Alaska's northwest coast. But the two “application to drill”s approved by the Interior Department’s Bureau of Safety and Environmental Enforcement (BSEE) included key restrictions that bar Shell from drilling in areas known to contain oil, since its safety equipment is not yet fully ready. The decision is a major...
  • U.S. Winning Oil War Against Saudi Arabia

    07/22/2015 5:40:37 AM PDT · by thackney · 10 replies
    Forbes ^ | 7/22/2015
    ...“The EIA has global oil demand in 2020 and beyond being met with increased supplies from a region of the world stuck in a multi-decade crisis that is likely to get much worse before it ever gets better. Supply from the short-cycle U.S. oil market is required to balance the global crude market at a rate where U.S. shale should remain a growth industry.”... There have been several key developments that set the stage for the evolutionary phase that the world has now entered: 1) development of mature fracking technologies for oil and gas shale that have made previously uneconomic...
  • Obama's Scorched Oil and Gas Policy

    07/22/2015 5:30:02 AM PDT · by thackney · 1 replies
    Real Clear Energy ^ | July 22, 2015 | Robert Bradley
    The clock is ticking on the Obama Administration. With only 18 months remaining in his final term, federal energy planners and agency regulators are working as quickly as possible to impose new rules on the oil and natural gas industry. As one industry lobbyist told the Houston Chronicle, “The agencies are all in hyperdrive to get the rules across the finish line or have them well-positioned in the regulatory queue so that their path forward past Jan. 20, 2017, is clearly established.” The rush to increase regulations on oil and natural gas is nothing but bad news for an industry...
  • Ridgewood launches huge deep-water Gulf fund, says it can find oil for $20 per barrel or less

    07/22/2015 5:23:50 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | July 21, 2015 | Jordan Blum
    Ridgewood Energy is not letting $50 oil shift its aim. The energy company focused on the deep-water Gulf of Mexico closed a nearly $2 billion private equity fund that it contends will still prove profitable. Houston- and New Jersey-based Ridgewood said its new $1.94 billion, Ridgewood Energy Oil & Gas Fund III is its biggest yet and exceeded its initial $1.5 billion target. As other companies slow down their expensive deep-water Gulf investments, Ridgewood says it can find and develop oil there for $20 a barrel or less, although the break even is closer to $35 a barrel with other...
  • The oil price war is set to get vicious (Saudi's now borrowing money)

    07/20/2015 8:25:12 PM PDT · by aimhigh · 35 replies
    Money Week ^ | 7/15/15 | John Stepek
    Saudi Arabia is pumping more crude oil than ever before. In June, it produced 10.6 million barrels a day. That’s the highest on record, . . . . .. And it’s pretty clear that Saudi Arabia is settling in for the long run. The country borrowed $4bn on the bond markets this week, selling bonds for the first time in eight years.
  • WTI Crude falls to four-month lows, amid lingering oversupply concerns

    07/20/2015 1:39:28 PM PDT · by Lorianne · 8 replies
    Investing.com ^ | 20 July 2015
    Investing.com -- WTI crude futures fell slightly on Friday plummeting to a four-month low, amid continuing fears of a glut of oversupply on the global energy markets. On the New York Mercantile Exchange, WTI for August delivery traded in a tight range between $50.16 and $51.23 a barrel, before settling at $50.88, down 0.03 or 0.07%. Texas Long Sweet futures closed lower for the third straight trading day and the 11th time in 14 sessions. At one point, WTI crude futures fell to its lowest level since April 6 when it dipped below $50 a barrel. On the Intercontinental Exchange...
  • Study: Utica Shale Larger Than Previous Estimates

    07/17/2015 8:51:50 AM PDT · by thackney · 14 replies
    Rig Zone ^ | July 16, 2015 | Karen Boman|
    The size of the Utica shale play’s technically recoverable resources is larger than previously thought, a recent study by West Virginia University (WVU) has found. WVU found that the Utica play contains technically recoverable resources of 782 trillion cubic feet (Tcf) of natural gas and around 1.9 billion barrels of oil. That’s higher than the U.S. Geological Survey’s (USGS) 2012 estimate of technically recoverable resources at 38 Tcf of gas and 940 million barrels of oil. The study results indicate that the Utica – which spans West Virginia, Kentucky, Pennsylvania, Ohio and New York – is comparable to the Marcellus...
  • WildEarth Guardians spokesperson to Craig: “tough ####"

    07/17/2015 12:27:30 AM PDT · by kitchen · 28 replies
    Advancing Colorado ^ | Jul 16, 2015 | Advancing Colorado
    <p>DENVER — A spokesperson for the radical Santa Fe-based anti-coal group WildEarth Guardians showed no regard and no respect for the families and communities in Colorado who have everything to lose if the Colowyo mine is shut down.</p>
  • Why can't Texas export oil when Iran can?

    07/17/2015 5:43:24 AM PDT · by thackney · 14 replies
    Houston Chronicle ^ | July 16, 2015 | CHRIS TOMLINSON
    Now that the international community plans to lift the embargo on Iranian oil, it's time for Congress to lift the one on U.S. oil. For 40 years, the United States has banned almost all exports of U.S. crude in the mistaken belief that energy independence is the same thing as energy security. The result is that U.S. oil companies are forced to sell their product at a substantial discount to prevailing international prices to U.S. refiners who then export gasoline, diesel and jet fuel at a significant profit. Congress needs to repeal this misguided federal ban so that U.S. crude...
  • Oil tankers cars leaking after another derailment near North Dakota-Montana border (Buffett BNSF)

    07/16/2015 10:55:25 PM PDT · by Brad from Tennessee · 1 replies
    Grand Forks Herald ^ | July 16, 2015 | By Forum News Service
    CULBERTSON, Mont. – A train carrying oil derailed in northeast Montana Thursday, hours after the tracks reopened from another train derailment that occurred on Tuesday in the same county. The westbound train derailed about 6:05 p.m. Mountain Time east of Culbertson, Mont, said BNSF Railway spokesman Matt Jones. The westbound train contained 106 loaded crude oil tank cars and two buffer cars loaded with sand. Twenty-two cars derailed and two of those remained upright, Jones said. The other rail cars were still on the track in the desolate area near the North Dakota and Montana border. Roosevelt County Sheriff Jason...
  • First Iranian Ship Storing Oil Sails for Asia After Nuclear Deal

    07/16/2015 10:18:10 PM PDT · by nickcarraway · 7 replies
    An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Tehran and higher oil exports. While oil analysts do not expect Iran to make a major return to the market until next year, it has been parking millions of barrels of oil on tankers for months.
  • Shale Industry May Need A Complete Rethink To Survive

    07/16/2015 11:30:32 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 16-07-2015 | shale overhaul
    Shale reservoirs have become an important part of North American oil and gas supply and their development has begun a new era of oil and gas production worldwide. Advances in well drilling and completion technologies supported the rapid development of shale resources which contributed to the almost overwhelming success of U.S. shale in recent years. Globally, Argentina’s Neuquén Basin and China’s Sichuan Basin are the two front-runners to emulate the successes of the United States, with Poland, Algeria, Australia, Colombia, Russia, and Mexico still in earlier phases of exploration and evaluation, while Saudi Arabia also has plans for domestic shale...
  • Goldman Sachs: So far, cheap oil has been mostly bad for the economy

    07/16/2015 5:26:13 AM PDT · by thackney · 16 replies
    Fuel Fix ^ | July 15, 2015 | Joshua Cain
    Cheap crude has hammered oil producing states to the point that they’re dragging down overall growth and erasing any positive effects from falling commodity prices on the economy, Goldman Sachs said in a report this week. While the dive in crude oil prices from more than $100 in June 2014 to a little over $50 this month has meant the cheapest gasoline prices since 2009, consumer spending from that windfall hasn’t outpaced deep cuts to the oil and gas sector. The research note said that slumping oil prices have meant dramatic declines in oilfield investments — fewer new wells are...
  • OPEC, Get Ready For The Second U.S. Oil Boom

    07/14/2015 9:46:17 AM PDT · by bananaman22 · 15 replies
    Oilprice.com ^ | 14-07-2015 | shale 2.0
    What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the greatest increase in domestic oil production in a century, and while that has stuttered in the face of a major oil price slump and an OPEC campaign to maintain a grip on market share, the American response could be another technological revolution that demonstrates that the first one was merely an impressive embryonic experiment. It’s not only about shale now—it’s...
  • OPEC, Get Ready For The Second U.S. Oil Boom

    07/14/2015 5:10:52 AM PDT · by ckilmer · 13 replies
    oilprice.com ^ | Mon, 13 July 2015 21:59 | | stafford
    What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the greatest increase in domestic oil production in a century, and while that has stuttered in the face of a major oil price slump and an OPEC campaign to maintain a grip on market share, the American response could be another technological revolution that demonstrates that the first one was merely an impressive embryonic experiment.
  • Oil Shock May Slow Texas, But the State's Miracle Is Beyond Crude

    07/14/2015 4:57:26 AM PDT · by SeekAndFind · 2 replies
    IBD ^ | 07/14/2015 | Mark J. Perry
    There's a good reason why Texas is often called "America's economic miracle" — the Lone Star State led the nation in job creation before, during and after the Great Recession. From 2007 to 2014, the state created nearly 1.6 million jobs, and its employment level grew by more than 14% — 31 times the paltry 0.46% growth rate for jobs nationwide. Under Gov. Rick Perry's leadership, Texas created nearly 28% of all new jobs nationally — the majority of which paid average or above average wages. Much has been said recently about the Texas economy being tested by a drop...
  • The Multi-Trillion Dollar Oil Market Swindle

    07/13/2015 12:55:54 PM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 13-07-2015 | Len
    In the past, I documented the overstatements by both the IEA and EIA in 2014 & 2015 in terms of supply, inventory and understatements of demand. Others also noticed these distortions and, whether intentional or not, they exist and they are very large in dollar terms. These distortions, which are affecting price through media hype and/or direct/indirect price manipulation, are quite possibly the largest in financial history. Putting numbers behind it, with worldwide production running some 95 million barrels per day, and assuming $55 per barrel for oil, the market for crude oil is about $5.2 billion per day. Each...
  • Why We Should Get Used To Low Oil Prices

    07/13/2015 11:03:11 AM PDT · by bananaman22 · 34 replies
    Oilprice.com ^ | 13-07-2015 | ABM
    The news from the IEA is not good. “World oil demand growth appears to have peaked in 1Q15 at 1.8 mb/d and will continue to ease throughout the rest of this year and into next as temporary support fades.” I don’t have great faith in forecasts but the data shows declining demand growth from late 2010 to the 2nd quarter of this year The weak global economy is the cause of low demand growth. The current debt crisis Greece and collapsing stock markets in China are the latest alarm signals.
  • This Jaw-Dropping Slide Shows Why Saudi Arabia Makes So Much Money on Oil

    07/12/2015 11:38:00 AM PDT · by ckilmer · 29 replies
    fool.com ^ | Jul 12, 2015 at 10:15AM | Matthew DiLallo
    This Jaw-Dropping Slide Shows Why Saudi Arabia Makes So Much Money on Oil Schlumberger Limited points out just how much harder it is for U.S. oil companies to keep up with Saudi Arabia. A lot of reasons have been given as to why Saudi Arabia is allowing the oil price to not only fall but remain weak. Some suggest it's because it's seeking to harm emerging rivals like the U.S. and Russia. Others have suggested that the move is because it wants to keep its regional rival Iran at bay. While both could be true, the reason Saudi Arabia isn't...
  • EIA’s estimates for state crude oil production account for incomplete, lagged data

    07/10/2015 6:16:08 AM PDT · by thackney · 4 replies
    Energy Information Administration ^ | JULY 10, 2015 | Energy Information Administration
    Market analysts have a keen interest in understanding how crude oil production in key states has been affected by recent changes in crude oil prices and drilling activity. EIA develops state-level production estimates for selected states that are based in part on state-level data. However, data published by state agencies are often incomplete when first published because of a combination of late reporting and processing delays, mainly due to the filing of production reports that do not contain all required information. Because EIA's methodology for state-level production estimates aims to anticipate and account for expected revisions to data collected by...
  • The Pope's new world order: Francis calls for the 'goods of the Earth' to be shared [Truncated]

    07/08/2015 12:05:10 PM PDT · by Up Yours Marxists · 82 replies
    The Daily Mail UK ^ | July 7, 2015 17:38 UTC | Simon Tomlinson
    Pope ends first leg of his three-nation South American tour with impassioned plea to safeguard the environmentDelivered message in Ecuador, which has one of the world's most diverse ecosystems but is also reliant on oil He said: 'As stewards of these riches, we have an obligation toward society and toward future generations' (...) 'As stewards of these riches which we have received, we have an obligation toward society as a whole and toward future generations,' Francis said. 'We cannot bequeath this heritage to them without proper care for the environment, without a sense of gratuitousness born of our contemplation...
  • Now Is A Good Time To Pick Up Some Oil Stocks

    07/08/2015 10:38:15 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 08-07-2015 | MT
    Oil’s oversized reaction to negative news from Greece and China on Monday should really have come as no surprise with the value of 20/20 hindsight. I have been writing for some time now that the commodity would break out of its narrowing range and that the more times it failed to break the resistance point at $62, the more likely it was that that break would be in a downward direction. It is logical that the longer that it took, the more violent that break would be. Traders were looking for excuses to sell and last weekend gave them plenty...
  • Osage County Feeling Pinch of Administration's Anti-Fossil Fuel Mindset

    07/06/2015 2:21:59 PM PDT · by Osage Orange · 18 replies
    The Daily Oklahoman ^ | 7-5-2015 | The Oklahoman Editorial Board
    Osage County feeling pinch of administration's anti-fossil fuel mindset by The Oklahoman Editorial Board Published: July 5, 2015 REGULATION of energy production has long been the province of state governments, but under the Obama administration there’s been a concerted push to transfer more power to the federal government. To view the decidedly negative outcome of such a transition, look no further than Osage County, Oklahoma. Osage County is unique because members of the Osage tribe hold mineral rights under a federal treaty. Tribal shareholders are paid a percentage of the revenue from oil and gas production on the county’s 1.4...
  • Chris Faulkner: A Real Look At The Oil Industry’s Self-Proclaimed Frack Master

    07/06/2015 9:18:34 AM PDT · by bananaman22 · 5 replies
    Texas Observer ^ | 06-07-2015 | Steve
    CNN International host Richard Quest strides across the studio and extends his hand to his round-faced, goateed guest. “Breitling Energy is a U.S. company that goes into fracking in a big way,” Quest says. “We have the man who’s called the ‘fracking master’ because you do so much of it.” And so continues Chris Faulkner’s seemingly endless series of TV interviews. Faulkner is CEO of Breitling Energy Corp., and during the last three years he has become the media’s go-to voice from Texas in favor of hydraulic fracturing, also known as fracking. His 45-minute Powering America show and one-minute “Oil...
  • Saudi’s targeting of market share does not appear to be working

    07/06/2015 6:11:40 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | July 6, 2015 | Matt Smith
    Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a memory). But while the world was a very different place back in 1981, one thing is the same now as it was then: the level of Saudi Arabian oil production. According to OPEC data, Saudi oil production reached 10.3 million barrels per day in May,...
  • Iraq, Kurdistan Oil Deal Close to Collapse

    07/06/2015 4:57:49 AM PDT · by thackney · 1 replies
    Wall Street Journal ^ | July 3, 2015 | MATT BRADLEY
    An oil-sales deal between Iraq and the semiautonomous Kurdistan Regional Government is close to collapse about six months after it was signed, undermining the country’s unity as it struggles to fight Islamic State and contain an escalating financial crisis. Months of acrimony between Baghdad and Erbil, the KRG’s capital, came to a head in June, when the Kurdish side reduced the amount of oil it sold through Iraq’s state-owned Oil Marketing Company, known as SOMO, and began ramping up its independent sales of oil through the Turkish port at Ceyhan. The sales undercut an agreement struck in December that gave...
  • Markets are tumbling.

    07/06/2015 3:15:17 AM PDT · by LukeL · 55 replies
    Self
    Dow Futures are already down 125, Oil down 4.4%, Platinum down over $20.
  • Oil prices tumble after Greek no vote to bailout, China stock market turmoil

    07/05/2015 6:55:28 PM PDT · by 2ndDivisionVet · 54 replies
    Reuters ^ | July 5, 2015 | Aaron Sheldrick and Henning Gloystein
    Oil prices fell sharply in early trading on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps over the weekend to prevent a full-blown stock market crash. In a referendum on Sunday, Greeks overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency and pulling down the euro EUR= in early trading on Monday. In China, stock markets face a make-or-break week after officials rolled out a series of measures to prevent a full-blown stock market crash...
  • As Saudis Keep Pumping, Thirst for Domestic Oil Swells

    07/03/2015 4:39:13 AM PDT · by thackney · 3 replies
    Wall Street Journal ^ | July 2, 2015 | SUMMER SAID and AHMED AL OMRAN
    Saudi Arabia is poised to break records for oil production this summer, analysts said, as domestic-energy needs soar during its scorching summer and the holy month of Ramadan and threaten its ability to ramp up exports. Saudi Arabia has said it produced a near-record 10.3 million barrels a day in May, a mark that industry observers said could increase to 11 million barrels this summer as air-conditioning use increases with temperatures reaching 110 degrees Fahrenheit. The country has the ability to produce 12.3 million barrels a day for 90 days, but it has never pumped this much. Saudi output averaged...
  • Records show Clinton withheld emails about oil, terrorism

    07/01/2015 7:17:59 PM PDT · by Lorianne · 8 replies
    Washington Examiner ^ | 27 June 2015 | Sarah Westwood
    Hillary Clinton withheld Benghazi-related emails from the State Department that detailed her knowledge of the scramble for oil contracts in Libya and the shortcomings of the NATO-led military intervention for which she advocated. Clinton removed specific portions of other emails she sent to State, suggesting the messages were screened closely enough to determine which paragraphs were unfit to be seen by the public. For example, one email Clinton kept from the State Department indicates Libyan leaders were "well aware" of which "major oil companies and international banks" supported them during the rebellion, information they would "factor into decisions" about about...
  • U.S. oil rig count jumps up by a dozen, the first increase in 2015

    07/02/2015 12:59:11 PM PDT · by thackney · 7 replies
    Fuel Fix ^ | July 2, 2015 | Jordan Blum
    The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines. The number of actively drilling oil rigs jumped by 12 this week after several weeks of small decreases, which had indicated the streak of rigs being taken offline was nearing its end. The overall rig count, however, only grew by three rigs, because nine rigs drilling mostly for gas were taken out of service, according to data from oil services provider Baker Hughes. That is a switch from last week when three oil rigs were lost, but the gas-focused...
  • Obama administration delivers big blow to Shell’s Arctic drilling plans

    07/02/2015 5:25:39 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | June 30, 2015 | Jennifer A. Dlouhy
    The Obama administration delivered a major blow to Shell’s Arctic drilling plans on Tuesday, by ruling that wildlife protections bar the company from simultaneously boring two wells into the Chukchi Sea this summer. The decision will force Shell to scale back its hopes of completing two exploratory oil wells in waters north of Alaska this summer and is another setback for the firm that has spent seven years and $7 billion trying to find crude in the Arctic Ocean. At issue is the Fish and Wildlife Service’s decision to allow sound from Shell’s planned drilling to disturb walruses, polar bears...
  • Fossil fuels have made up at least 80% of U.S. fuel mix since 1900

    07/02/2015 5:20:44 AM PDT · by thackney · 6 replies
    Energy Information Administration ^ | JULY 2, 2015 | Energy Information Administration
    While the energy history of the United States is one of significant change, three fossil fuel sources—petroleum, natural gas, and coal—have made up at least 80% of total U.S. energy consumption for more than 100 years. Recent increases in the domestic production of petroleum liquids and natural gas prompted shifts between the uses of fossil fuels (largely from coal-fired to natural gas-fired power generation), but the predominance of these three energy sources is likely to continue into the future. For the first several decades of American history, families used wood (a renewable energy source) as a primary source of energy....
  • Oklahoma court rules earthquake victim can sue oil companies

    07/01/2015 7:40:36 AM PDT · by markomalley · 13 replies
    Reuters ^ | 6-30-15 | Yeganeh Torbati
    An Oklahoma woman who was injured when an earthquake rocked her home in 2011 can sue oil companies for damages, the state's highest court ruled on Tuesday, opening the door to other potential lawsuits against the state's energy companies. Oklahoma has experienced a dramatic spike in earthquakes in the last five years, and researchers have blamed the oil and gas industry's practice of injecting massive volumes of saltwater left over from oil and gas drilling. The state saw nearly 600 quakes of magnitude 3.0 or greater in 2014, compared to just one or two per year prior to 2009, according...
  • Houston among top cities to find a job, despite oil slump

    07/01/2015 5:38:49 AM PDT · by thackney · 4 replies
    Houston Business Journal ^ | Jun 30, 2015 | Olivia Pulsinelli
    Despite the economic effects of the oil slump, Houston is still among the top metropolitan areas to find a job, a new report says. The Bayou City was second only to Provo, Utah, according to new data compiled by Career Builder and summarized by Forbes. The list ranks the largest 150 U.S. metros based on multiple factors, including unemployment rates, job listings growth and the amount of high-paying new jobs. Raleigh, North Carolina; San Jose, California; and Salt Lake City, Utah, round out the top five. Two other Texas metros — McAllen at No. 6 and Austin at No. 9...
  • Current Oil Price Slump Far From Over

    06/30/2015 10:32:51 AM PDT · by bananaman22 · 17 replies
    Oilprice.com ^ | 30-06-2015 | Arthur
    The oil price collapse of 2014-2015 began one year ago this month (Figure 1). The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different.* For oil prices, the phase change was caused mostly by the growth of a new source of supply from unconventional, expensive oil. Expensive oil made sense only because of the longest period ever of high oil prices in...
  • Current Oil Price Slump Far From Over

    06/30/2015 5:45:36 AM PDT · by expat_panama · 36 replies
    Yahoo Finance ^ | Jun 30, 2015 | Arthur Berman
    The oil price collapse of 2014-2015 began one year ago this month (Figure 1). The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different.*  [snip] A New Supply Source and Over-Production  The main cause of the price collapse of 2014-2015 was over-production of oil. Most of the increase came from unconventional  production in the United States and Canada–tight oil, oil sands and deep-water oil....
  • Bragging rights: So who is the world’s top oil producer?

    06/30/2015 5:16:39 AM PDT · by thackney · 1 replies
    Platts ^ | June 30, 2015 | Robert Perkins
    Earlier this month, BP’s latest Statistical Review unintentionally reopened a debate into whether the US has regained the crown as the world’s top oil producer after decades of being out-gunned by Saudi Arabia and Russia. Ostensibly a straight-forward measure of which country tops the leaderboard on oil output, BP’s widely-read yardstick has the US eclipsing both Saudi Arabia and Russia for the first time last year since 1975. Fueled by booming shale oil, BP said, US oil output hit 11.64 million b/d last year, a narrow but decisive margin over Saudi Arabia’s 11.51 million b/d. The devil is in the...
  • How Greece Crisis Could Drag Oil Prices Down

    06/29/2015 9:54:41 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 29-06-2015 | Grexit
    The Greek tragedy is reaching its climax. The discussions between Greece and its European creditors broke down over the weekend, with the two sides still at an impasse. Greek Prime Minister Alexis Tsipras balked at deeper austerity cuts to the Greek economy, cuts that are a prerequisite for further help from Berlin and Brussels. As a result, Greece is approaching the precipice. With a massive debt payment due on June 30 to the IMF, Greece could default. The extent of the fallout is anybody’s guess, but Greece could see the value of its bonds plummet, putting its banks in crisis,...