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Keyword: oil

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  • 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,...
  • Where is the Oil?

    06/26/2015 5:37:02 AM PDT · by thackney · 10 replies
    Real Clear Energy ^ | June 25, 2015 | Phil Verleger
    For several months, oil market pundits (economists, analysts, company spokespeople, and government officials) have warned of a developing global crude oil surplus. Early this year, IEA economists even asserted world storage capacity might be exhausted. Today pundits still suggest we will confront a serious imbalance by year’s end. The market data do not reflect these views. Since Saint Patrick’s Day, prices have increased as much as thirty-seven percent from their recent lows. Some of the rise can be attributed to passive investor and speculator buying. However, speculation is not the whole story. The sharp contango (when a future market price...
  • U.S. refinery capacity reaches 18 million barrels per day

    06/25/2015 9:48:54 AM PDT · by thackney · 6 replies
    Energy Information Administration ^ | June 24, 2015 | Energy Information Administration
    U.S. operable atmospheric crude distillation (CDU) capacity increased by 0.2% in 2014, reaching 18.0 million barrels per calendar day (b/d) according to EIA's recently released annual Refinery Capacity Report (Figure 1). This was the second consecutive year of modest capacity growth following the 2.9% increase in 2012 that resulted from the restart of East Coast refineries that had closed in 2011. The capacities of secondary units that support heavy crude processing and production of ultra-low sulfur diesel and gasoline, including thermal cracking (coking), catalytic hydrocracking, and hydrotreating/desulfurization, also increased. The refinery capacity reported for the start of 2015 includes expansions...
  • Rigzone 2Q Survey Reveals Oil, Gas Companies Reluctant to Hire

    06/25/2015 9:40:23 AM PDT · by thackney · 4 replies
    Rig Zone ^ | 6/25/2015 | Valerie Jones|
    Still grappling with market uncertainty, 51 percent of global hiring managers decreased their hiring efforts in the past three months, according to Rigzone’s latest global hiring survey. Additionally, 13 percent have completely frozen their recruitment plans. Since oil prices bottomed out in mid-March, the industry has seen slight increases in oil price per barrel, but not enough for oil and gas companies to feel comfortable enough to actively increase hiring plans in the near future, the survey revealed. In fact, 54 percent of global hiring managers said they believe job cuts are more likely in the next six months and...
  • US climate skeptics say Pope wrong, poor need cheap fuel

    06/18/2015 9:28:54 PM PDT · by 2ndDivisionVet · 15 replies
    France24 ^ | June 18, 2015 | Agence France-Presse
    MIAMI (AFP) - US climate change skeptics and deniers said Thursday that Pope Francis was wrong to urge action against global warming because continuing to burn cheap fossil fuels could actually help the poor. The reactions to Pope Francis' encyclical on climate change ranged from anger to polite disagreement, with US Republican presidential candidate Jeb Bush saying he respects the Catholic leader but prefers to make decisions about the environment in the political realm. "Look, the climate is changing," Bush said at a campaign event in Iowa, according to CNN. "I believe there are technological solutions for just about everything....
  • Windmills and solar plants kill hundreds of times more birds than oil spills

    06/18/2015 6:27:38 AM PDT · by rktman · 12 replies
    americanthinker.com ^ | 6/18/2015 | Thomas Lifson
    Along with polar bears in ice floes drifting out to sea, a favorite image of the greenies is oil-soaked birds, flung before us every time there is an oil spill, even one so minor that the media expresses it in gallons, not barrels of oil, in order to make it seem large scale. The recent pipeline spill at Refugio State beach in California sounded much worse as 100,000 gallons than 2380 barrels. And pictures of oil soaked birds were ubiquitous.
  • Why The Oil Rally May Well Be Over

    06/17/2015 10:58:45 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 17-06-2015 | Pricepoints
    The oil markets could be about to enter another round of soft prices. The OPEC decision on June 5 to leave its collective target unchanged was widely expected. As a result, oil prices barely flinched. But there are other reasons to think that oil prices could see a bit of a downturn in the coming weeks. First, OPEC revealed in its latest monthly oil report that it is still producing well above its stated 30 million barrel per day target. Saudi Arabia’s output inched up another 25,000 barrels per day in May from the month before in a further sign...
  • Hillary would charge new fees for fossil fuel extraction

    06/17/2015 8:35:41 AM PDT · by 2ndDivisionVet · 19 replies
    High Country News ^ | June 16, 2015 | Elizabeth Shogren, DC Correspondent
    Candidate for Democratic nomination tells Republican presidential hopefuls to heed scientists on global warming.During her official launch speech last weekend, Democratic presidential candidate Hillary Clinton tossed out a big clue about the direction she would take the country’s climate change policy. If elected, she vowed, she would seek to make the United States a “clean energy superpower” and pay for the transition in part with “additional fees and royalties from fossil fuel extraction.” Coming just days before Pope Francis’s leaked appeal to address climate change grabbed headlines around the globe, Clinton’s comments made little splash in the media. But that...
  • Frack Ban Repealed......

    06/17/2015 7:13:03 AM PDT · by ALASKA · 6 replies
    Denton Record-Chronicle ^ | June 16, 2016 | Peggy Heinkel-Wolfe
    Denton’s 7-month-old ban on hydraulic fracturing fell early Wednesday morning in what city leaders dubbed a “strategic repeal.” Several City Council members said repealing the ban could help neutralize a pair of lawsuits against the city that were on the move again. Council member Greg Johnson called the option the least of three bad choices. Only Council member Keely Briggs voted against the ordinance to repeal, which passed 6-1. The Texas General Land Office and the Texas Oil and Gas Association amended their lawsuits against Denton's ban late Monday. They both cited House Bill 40 as the basis not only...
  • FDA orders food manufacturers to stop using trans fat within three years

    06/16/2015 11:58:02 AM PDT · by tcrlaf · 35 replies
    CNN ^ | 6-16-2015 | Jen Christenson
    Artificial trans fat will have to disappear from the American diet, according to the U.S. Food and Drug Administration. The FDA on Tuesday ruled that trans fat is not "generally recognized as safe" for use in human food. The department gave food manufacturers three years to remove the partially hydrogenated oils, or PHOs, from their products. The companies can petition the FDA for a special permit to use it, but no PHOs can be added to human food unless otherwise approved by the FDA. Eating a diet rich in trans fat is linked to higher body weight, heart disease and...
  • Oil exploration in the U.S. Arctic continues despite current price environment

    06/12/2015 5:49:05 AM PDT · by thackney · 4 replies
    Energy Information Administration ^ | JUNE 12, 2015 | Energy Information Administration
    Alaska's crude oil production has declined from 1.8 million barrels per day (MMb/d) in 1991 to 0.5 MMb/d in 2014, and it is expected to continue declining through 2040. Almost 75% of Alaska's crude oil production from 1990 to 2012 was from the Prudhoe Bay and Kuparuk River fields in the central North Slope, which respectively produced 4.9 billion and 1.7 billion barrels of crude oil over this period. Crude oil production in Alaska is sensitive to the challenging environment—including variable ice conditions and limited time without ice coverage—as well as pipeline economics. However, recent conditional approval granted to Royal...
  • IEA: Crude demand returns, and OPEC steps up

    06/12/2015 5:44:52 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | June 11, 2015 | Collin Eaton
    The world’s appetite for crude is making a comeback as economies improve and cheap oil draws out more buyers, the International Energy Agency says. In its monthly oil market report released Thursday, the IEA revised its estimate of daily global oil demand in the first half of the year by 400,000 barrels, as the United States and other developed nations reversed a “long declining, seemingly entrenched, trend to a rising one.” Worldwide, daily demand was 93.3 million barrels for the last six months, up 1.6 million from the same period last year. And the IEA believes demand could rise to...
  • Oil company Pemex has biggest exploration success in 5 years

    06/11/2015 5:32:37 AM PDT · by thackney · 1 replies
    Financial Times ^ | June 11, 2015 | Jude Webber
    Mexican state oil company Pemex announced five new shallow­water discoveries in the Gulf of Mexico in what it said was its biggest exploration success in five years. Emilio Lozoya, Pemex chief, made the announcement at the inauguration of a national oil and gas conference one month before Mexico’s historic first oil and gas tender. The July 15 auction, of 14 shallow­water exploration blocks in the same area as the new discoveries, is expected to signal the start of billions of dollars in private investment flowing into the sector. “The certain prospect of 200,000 extra barrels of production is very good...
  • Why Sandpiper Pipeline opponents lost big

    06/11/2015 5:29:14 AM PDT · by TurboZamboni · 2 replies
    Pioneer Press ^ | 6-9-15 | Pioneer Press
    It's a case of dueling press releases. But it deserves a minute of Minnesotans' time -- especially those Minnesotans who oppose the Sandpiper Pipeline and can't understand why their fellow residents keep rejecting their arguments. For those opponents, gaining this understanding is crucial. For indisputable evidence now has surfaced that the pipeline's backers are carrying the day -- evidence in the form of Friday's unanimous vote in favor of the pipeline by the Minnesota Public Utilities Commission. How can that be? How is it that even in famously liberal and environmentally sensitive Minnesota, the Land of 10,000 Lakes, the commission...
  • Oil Prices To Remain Capped In The Short Term, Despite Fewer Shale Oil Barrels

    06/10/2015 8:28:47 AM PDT · by thackney · 14 replies
    Forbes ^ | 6/10/2015 | Trefis Team
    The most recent Drilling Productivity Report from the U.S. Energy Information Administration reveals that the phased impact of lower oil prices on U.S. tight oil production growth, is finally starting to show up and is expected to increase in magnitude over the next couple of months. The agency estimates crude oil production from the seven key regions in the Lower 48 states to have declined by around 44,000 barrels per day, or 0.8% month-on-month in May, and expects the decline rate to increase to around 91,000 barrels per day, or 1.7% month-on-month by July of this year. According to the...
  • Offshore oil drilling banned along new stretch of California coast

    06/10/2015 6:39:05 AM PDT · by thackney · 9 replies
    Mercury News ^ | 06/10/2015
    In the largest expansion of national marine sanctuaries in California in 23 years, the Obama administration on Tuesday more than doubled the size of two Northern California marine sanctuaries, extending them by 50 miles up the rugged Sonoma and Mendocino coasts. Under the dramatic move by the National Oceanic and Atmospheric Administration, the boundaries of the Gulf of the Farallones and Cordell Bank national marine sanctuaries expand from Bodega Bay to Point Arena, permanently banning offshore oil drilling along that stretch of coast. "These waters represent an extraordinary marine ecosystem, one of the richest on our planet," said Maria Brown,...
  • Santa Barbara County official rejects plan to move crude oil by truck

    06/10/2015 6:35:27 AM PDT · by thackney · 4 replies
    LA Times ^ | JUNE 10, 2015 | Javier Panzar
    A Santa Barbara County official has rejected a proposal by Exxon Mobil to send a fleet of 6,720-gallon trucks on as many as 192 daily trips on U.S. 101 while the pipeline the company normally uses is out of commission after last month's oil spill. Dianne Black, assistant director of planning and development for Santa Barbara County, shot down the plan to use as many as eight trucks per hour, 24 hours a day, to transport oil from an Exxon facility near El Capitan State Beach to refineries as far away as San Luis Obispo County. Crude oil typically moves...
  • Craig liquor stores pull New Belgium beer for supporting WildEarth Guardians ( Colorado)

    06/09/2015 4:18:31 PM PDT · by george76 · 24 replies
    Steamboat Pilot & Today ^ | June 8, 2015 | Noelle Leavitt Riley
    Liquor stores and restaurants across Craig are pulling Colorado craft beers off their shelves due to the beer companies’ financial support to WildEarth Guardians, the environmental group that put Colowyo Coal Mine at risk of being shut down. Stockmen’s Liquor pulled 12 brands of beer — including New Belgium Brewery — because they are listed as WildEarth Guardians supporters. “We pulled those beers because their support of WildEarth Guardians... who said their ultimate goal is to shut down coal mines,” said Lori Gillam, owner of Stockmen's. “Craig is a coal mine town.” WildEarth Guardians has a list of business supporters...
  • The Single Most Important Chart In O&G Is On The Move

    06/09/2015 9:54:34 AM PDT · by thackney · 12 replies
    Oil Pro ^ | 6/9/2015 | Joseph Triepke
    Yesterday's Drilling Productivity Report from the EIA better defines the inflection point many in the industry have been waiting for since late-last year. US tight oil production is rolling over, and EIA sees the decline accelerating. We believe the relationship between the US rig count and US oil production is the most critical in O&G today, for it is the cornerstone of most global trough/recovery scenarios. By next month, all of the 2015 production gains will be given up per the EIA, and, at this pace, all of 2014's gains (some 1.1mmbpd) could be wiped away by mid-2016. Of course,...
  • U.S. shale production set to fall again in July, EIA says

    06/09/2015 5:25:46 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | June 8, 2015 | Collin Eaton
    The federal forecast of U.S. shale production is sinking again for the third month in a row, but the decline is still just a thin layer off the top. Daily oil production at the nation’s six biggest shale plays is set to slip by 91,000 barrels from June to July, the Energy Information Administration says. That’s roughly 2 percent of the 5.48 million U.S. barrels anticipated next month, hardly the kind of decline oil-industry stakeholders had expected for after drillers sidelined nearly 1,000 oil-drilling rigs in the last six and a half months. “It’s a pretty resilient industry,” said Bill...
  • Concerns Over Earthquakes Spread To Texas

    06/08/2015 11:37:23 AM PDT · by bananaman22 · 17 replies
    Oilprice.com ^ | 08-06-2015 | quAKE3
    The connection between wastewater injection wells and an alarming increase in the frequency of earthquakes is getting a lot more scrutiny these days. First was Oklahoma, which has suddenly become the earthquake capital of the United States. The number of earthquakes with a magnitude of 3.0 or higher more than quadrupled between 2013 and 2014 in the state. The culprit? Scientists are becoming more confident that the injection of wastewater into disposal wells causes fault lines to “slip,” contributing to the likelihood of an earthquake. The issue has become highly contentious in Oklahoma. But now the controversy has spread to...
  • New data series show more detail for crude oil stocks, storage by region

    06/08/2015 5:57:17 AM PDT · by thackney · 1 replies
    Energy Information Administration ^ | JUNE 8, 2015 | Energy Information Administration
    In an effort to better present crude oil storage capacity and use across the United States, EIA has prepared new tables as part of the semiannual Working and Net Available Shell Storage Capacity Report. The new series show crude oil stocks held at refineries crude oil in tanks and underground storage in each Petroleum Administration for Defense District (PADD). Previously, this information was only available at the national level. Crude oil stocks in tanks and underground storage are used to calculate storage capacity utilization rates and to derive the quantity of crude oil held in pipelines and in transit by...
  • OPEC members approve Indonesia's bid to rejoin: Indonesia Energy Ministry

    06/08/2015 5:19:59 AM PDT · by thackney · 4 replies
    Reuters via Fiscal Times ^ | June 5, 2015 | Alex Lawler and Jonathan Leff
    Te Saudi Arabian government delegation appreciate and fully support the decision of the Indonesian government to become an OPEC member again, because Indonesia is one of the founders of OPEC," Indonesian Energy Minister Sudirman Said said in the statement. Saudi Arabia is Indonesia's top crude supplier. Naimi will also push for Saudi state oil firm Saudi Aramco to invest in Indonesia's downstream sector, Said said.
  • China Now World's Largest Oil Importer; Effect on Global Market

    06/08/2015 5:13:10 AM PDT · by thackney · 37 replies
    Forbes ^ | 6/08/2015 | Tom Morgan
    Although data_opacity makes objective_analysis difficult, market observers reported in April that China has surpassed the United States as the world’s largest oil_importer. This statistical inflection point needs context to understand global consumption trends. While oil bulls are anxious about China’s reduced crude growth appetite, fundamental shifts in Chinese currency and domestic consumption strategies point to long-term growth in Chinese hydrocarbon consumption generally. Keith Johnson wrote in Foreign Policy on May 11, 2015, “… China’s continued and, indeed, deepening reliance on volatile regions for the world for energy supplies, especially the Middle East, points to continued security vulnerabilities for Beijing for...
  • EPA Fracking Study: Drilling Wins

    06/05/2015 6:32:57 PM PDT · by 2ndDivisionVet · 7 replies
    Forbes ^ | June 5, 2015 | RobertBradley, Jr.
    Finally, the Environmental Protection Agency has admitted what the oil and natural gas industry has been saying for more than 60 years: “Hydraulic fracturing activities have not led to widespread, systemic impacts to drinking water sources.” EPA’s five-year-long study, requested by Congress, examined more than 950 pieces of information, including published papers and technical reports. While finding “potential vulnerabilities, some of which are not unique to hydraulic fracturing,” the report basically pronounces fracking safe. This conclusion should not be a surprise. In 2011, then-EPA Administrator Lisa Jackson told a congressional panel there has been no evidence linking fracking operations to...
  • Lifting bans on fracking, exports will add many jobs, save consumers billions

    06/04/2015 3:49:43 PM PDT · by snowcloud · 1 replies
    Canada Free Press ^ | 06/04/2015 | Kyle Isakower
    WASHINGTON, D.C.—If Texas were a nation, it would be the No. 3 dry natural gas producer in the world—ahead of Iran, China and Saudi Arabia. Eight individual states now each produce over 3 billion cubic feet of natural gas per day, which would rank them among the world’s top 30 producing countries.
  • State Senate approves McGuire bill to ban oil drilling (off shore)

    06/03/2015 9:11:32 PM PDT · by rey · 13 replies
    Press Democrat ^ | 3 June 2015 | GUY KOVNER
    North Coast state Sen. Mike McGuire’s bill to permanently ban new oil drilling in state waters along the 840-mile California coast was approved by the Senate Wednesday and now moves to the Assembly. Calling the coast a “worldwide wonder,” McGuire, D-Healdsburg, said his bill will protect the natural beauty of the coast, which draws 150 million visitors a year and contributes $40 billion to the state economy. The bill closes a loophole in a 1994 law that banned oil and gas development in state waters, which extend out three miles from shore, but permitted exceptions in cases where state oil...
  • 'No shale gas revolution in Europe'

    06/03/2015 1:58:14 PM PDT · by 2ndDivisionVet · 5 replies
    The British Broadcasting Corporation ^ | June 3, 2015 | Richard Anderson, business reporter
    There will be no US-style shale gas revolution in Europe, the president of the International Gas Union (IGU) has told the BBC."You cannot duplicate [the US experience] in Europe," said Jerome Ferrier. "Politicians are hesitating to accept shale development." Abundant shale gas in the US has helped domestic energy prices fall. As a result some European governments, not least the UK, are keen to develop their own shale resources. Mr Ferrier's comments come a day after a number of major energy firms called for a working price of carbon. Carbon pricing The IGU president, talking to the BBC at the...
  • Forget the Noise: Oil Prices Won’t Crash Again

    06/03/2015 7:54:30 AM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 06-03-2015 | Dan Doyle
    Oil rising to $60/bbl is displeasing some people, particularly the shorts. Some of the more extreme –those calling for oil in the $20’s – have wisely fallen silent. Others, like Goldman Sachs, who a few months ago had set their flag in the 30’s, have unfortunately not gone so silent. They recently moved their flag into the 40’s but they continue to talk a lot. A better strategy – though one that would require some humility — would be to stop talking and listen. Recent and compounding data will soon wash away the walls of worry erected by the experts....
  • Easy Access to Money Keeps U.S. Oil Pumping

    06/02/2015 6:06:43 PM PDT · by Lorianne · 2 replies
    Nasdaq ^ | 31 May 2015
    Wall Street's generous supply of funds to U.S. oil drillers helped create the American energy boom. Now that same access to easy money is keeping them going, despite oil prices that are languishing around $60 a barrel. The flow of money into oil has allowed U.S. companies to avoid liquidity problems and kept American crude production from falling sharply. Even though more than half of the rigs that were drilling new wells in September have been banished to storage yards, in mid-May nearly 9.6 million barrels of oil a day were pumped across the country, the highest level since 1970,...
  • CD-5 upheld, production to begin in December {oil, NPRA}

    06/02/2015 8:10:10 AM PDT · by thackney · 13 replies
    Alaska Journal of Commerce ^ | 2015.05.27 | TIM BRADNER
    In what is likely the final action in a lengthy environmental lawsuit against ConocoPhillips’ CD-5 project on the North Slope, U.S. District Court Judge Sharon Gleason denied the plaintiff’s final motion for a summary judgment to invalidate the U.S. Army Corps of Engineers’ Record of Decision and permits for the project. The suit was filed in 2013 by several residents of Nuiqsut, a nearby Inupiat village. The project itself, a satellite of the producing Alpine oil field near the Colville River, has been under construction since 2013 and is nearing completion. Although Gleason ruled in 2014 that the Corps did...
  • Obama's JV team ISIS now threatens the entire global oil supply.

    06/01/2015 5:32:38 PM PDT · by free_life · 12 replies
    Now the End Begins ^ | May 31, 2015 | Geoffrey Grider
    "We have very little food and ammunition, and we can't withstand the suicide bombers, snipers and rockets....All of us are thinking of committing suicide - Iraqi Federal Police Officer. Against this cataclysmic backdrop of bombs falling in Sana’a and with ISIS literally at the gates of the major Iraqi city of Ramadi, many US energy and security experts were shocked to hear President Barack Obama ignore the danger in a recent keynote speech in which he pinpointed global warming as an equally big risk for Americans. “Climate change constitutes a serious threat to global security, an immediate risk to our...
  • Saudi-led oil price war impacts N.C.& Atlantic offshore drilling

    06/01/2015 2:43:38 PM PDT · by brownwill6767 · 4 replies
    John Locke Foundation ^ | 5/21/15 | Mitch Kokai
    Saudi Arabia’s unwillingness to follow its longstanding policy of propping up oil prices means North Carolina might have to wait for offshore energy exploration. That’s the assessment of Daniel Fine, associate director of the New Mexico Center for Energy Policy and project leader of a group developing New Mexico’s state energy policy. Fine described a Saudi-led oil “price war” during a presentation to the John Locke Foundation’s Shaftesbury Society. In the video clip below, Fine explained how falling oil prices tied to Saudi Arabia’s new policy affect North Carolina’s energy options.
  • The Evolution Of The Oil Weapon

    06/01/2015 10:30:49 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 01-06-2015 | Oilwarfare
    In the age of derivatives, swaps, and electronic money transfers, a new form of warfare has emerged: financial warfare. Recently, the US has passed sanctions on countries such as Syria, Venezuela, and North Korea , but the majority of energy related sanctions passed have been targeted at Iran and Russia. An estimated 68 percent of Russia’s government revenue is derived from oil and gas exports, while 80 percent of Iran’s revenue comes from oil exports. That presents a very large target for the use of financial weapons.
  • The Shale Boom Shifts Into Higher Gear

    06/01/2015 8:58:38 AM PDT · by Hojczyk · 7 replies
    The Wall Street Journal ^ | May 31,2015 | DONALD L. LUSKIN And MICHAEL WARREN
    The nimblest and smartest competitors have worked relentlessly to increase their productivity. Leading-edge operators report that they can produce more profitably today at a price of $65 a barrel than they could at $95 a barrel three years ago. Where can they be profitable three years hence—$40 a barrel? $30? The oil patch today is afire with the same technological imperative and competitive mission that has powered the U.S. electronics revolution—think Moore’s Law—to dash headlong down the learning curve, crushing costs and prices and making up for it in volume. Today’s surge in production is coming predominantly from wells that...
  • Easy Access to Money Keeps U.S. Oil Pumping

    06/01/2015 4:31:19 AM PDT · by thackney · 16 replies
    Wall Street Journal ^ | May 31, 2015 | RUSSELL GOLD
    Wall Street’s generous supply of funds to U.S. oil drillers helped create the American energy boom. Now that same access to easy money is keeping them going, despite oil prices that are languishing around $60 a barrel. The flow of money into oil has allowed U.S. companies to avoid liquidity problems and kept American crude production from falling sharply. Even though more than half of the rigs that were drilling new wells in September have been banished to storage yards, in mid-May nearly 9.6 million barrels of oil a day were pumped across the country, the highest level since 1970,...
  • More oil rigs shut down

    06/01/2015 4:18:26 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | May 29, 2015 | Robert Grattan
    Drillers found another 13 oil rigs to set aside this week, as the industry continued to tighten its belt amid low prices. The number of U.S. rigs chasing oil fell to a total of 646, while gas rigs rose by three to 225. Combined, the total Baker Hughes rig count fell by 10 to 875. Miscellaneous rigs were unchanged at four. The rig count, considered a proxy for industry activity, has fallen sharply since oil prices collapsed last summer. Exploration and production companies have slashed budgets and idled rigs as drilling for now-cheaper crude has become less profitable. Overall, Baker...
  • U.S. oil producers are back in the money, but OPEC is not

    05/29/2015 4:35:46 PM PDT · by Hojczyk · 10 replies
    Market Watch ^ | May 29,2015 | Tim Mullaney
    Seeing Saudi Arabia beat its head against the wall has been so fun that now Iraq’s petro-military apparatus has decided it, too, wishes to flood the world’s oil market with fresh supply and bring U.S. shale producers to their knees. To put this in terms Iraqis may grasp: Please do. Texans will meet you in the street with yellow roses. For all the that the Saudis have “won” because Brent has gained about $10 a barrel since January, it’s still as much as $20 cheaper than it was in November 2014 when the Saudi plan became clear. The U.S. production...
  • Opec under siege as Isil threatens world's oil lifeline

    05/30/2015 7:33:57 AM PDT · by Enlightened1 · 13 replies
    The Telegraph ^ | 05/30/15 | Andrew Critchlow
    As the bloc’s 12 oil ministers meet in Vienna, the march of Isil jihadists in the Middle East is putting Iran and Saudi Arabia on a collision course with explosive consequences Thick black smoke rising from the Baiji oil refinery could be seen as a dirty smudge on the horizon as far away as Baghdad after fighters from the Islamic State of Iraq and the Levant (Isil) set fire to the enormous processing plant just over 100 miles north of the capital last week. The decision to torch the refinery, which once produced around a third of Iraq’s domestic fuel...
  • Crude by rail receipts continue to be an important source of supply for West Coast refiners

    05/29/2015 6:11:44 AM PDT · by thackney · 2 replies
    Energy Information Administration ^ | May 28, 2015 | Energy Information Administration
    This Week in Petroleum has previously examined crude oil supply patterns on the West Coast, noting the increase in unaccounted-for supply, and then linking the increase to movements of crude by railroad. EIA’s recently launched crude-by-rail data enable a more detailed analysis of emerging crude oil supply patterns on the West Coast. The data indicate that most crude-by-rail deliveries into PADD 5 are destined for refineries in Washington state, and that despite recent delays in crude-by-rail projects in California, refineries in the San Francisco and Los Angeles areas are not entirely without access to domestic crude oil from other regions....
  • OPEC Concedes Defeat In Anti-Shale Oil War with U.S.

    05/29/2015 4:46:45 AM PDT · by bestintxas · 26 replies
    breitbart ^ | 5/28/15 | c street
    OPEC’s attempt to over-produce crude oil for export to crush prices and bankrupt the American shale-fracking oil boom has failed, according to a draft OPEC long-term strategy report seen by Reuters ahead of the cartel’s policy meeting in Vienna on June 1st. The report forecasts that crude supply from rival non-OPEC producers, led by the U.S., “will grow until at least 2017.” “Since June 2014, oil prices have experienced a significant reduction, reaching levels even lower than the crisis experienced in 2008, yet non-OPEC supply is still showing some growth,” the OPEC report said. Flat-to-down worldwide demand for oil means...