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Keyword: oil

Brevity: Headers | « Text »
  • Anti-local fracking control bill advances in Texas

    04/21/2015 5:05:57 AM PDT · by thackney · 2 replies
    Platts ^ | 20 Apr 2015 | Platts
    A bill being debated in the Texas Legislature that would severely limit local municipalities' power to regulate oil and natural gas drilling moved one step closer to becoming law Monday. In a 125-20 vote, the Republican-dominated Texas House of Representatives approved on third reading H.B. 40. The legislation would "expressly pre-empt local ordinances that ban or limit oil and gas operations," including hydraulic fracturing. The bill will now move to the state Senate, which, like the House, is Republican-controlled. If passed by both houses of the legislature it will move to the desk of Republican Governor Greg Abbott, who has...
  • CERAWeek: Smaller budgets shouldn’t sacrifice on oil industry innovation, Saudi Aramco says

    04/21/2015 4:56:16 AM PDT · by thackney
    Fuel Fix ^ | April 20, 2015 | Robert Grattan
    Innovation is vital for the energy industry, even when times are tough, three industry executives told IHS Energy CERAWeek attendees Monday. Crude oil prices have fallen by roughly 50 percent since the summer of 2014, and the resulting squeeze has strained budgets and led to thousands of layoffs across the industry. But Muhammad Al-Saggaf, the acting head of Saudi Aramco’s shared operations and services, warned that while research might appear easy to cut, abandoning innovation during a downturn can put the future of a company at risk. “A downcycle is actually an opportunity,” Al-Saggaf said. “It is easier to find...
  • CERAWeek: U.S. and Wall Street take over OPEC’s role as global swing producer

    04/21/2015 4:54:13 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | April 20, 2015 | Collin Eaton
    Financial markets underpinning the U.S. shale boom have emerged as the world’s de facto regulator of global oil production, taking over from the Saudi Arabia-led cartel that effectively abdicated its decades-old role in November, a top IHS researcher said Monday. The Organization of the Petroleum Exporting Countries “is not what it used to be; it’s no longer the balancer of the oil market,” said Jim Burkhard, chief researcher of global oil markets for IHS, during a panel on the first day of the week-long IHS Energy CERAWeek conference at the Hilton Americas-Houston. For a generation, Burkhard said, OPEC could influence...
  • CERAWeek: Former diplomat says lifting Iranian sanctions won’t flood oil markets

    04/21/2015 4:52:44 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | Rhiannon Meyers | April 20, 2015
    Lifting sanctions against Iran in exchange for restrictions on its nuclear program won’t immediately flood the world with oil as some have feared, recently retired U.S. Deputy Secretary of State William Burns said Monday. His comments, made on the opening day of the five-day IHS Energy CERAWeek conference Monday, addressed the concerns that have rocked oil markets as diplomats met in Switzerland to hammer out the details of a deal to cut off Iran’s pathways to making a nuclear bomb. News leaking out of the negotiations caused oil prices to swing wildly in the days leading up to the framework...
  • MAGELLAN AND TRANSCANADA TO PURSUE HOUSTON PIPELINE CONNECTION

    04/21/2015 4:22:03 AM PDT · by thackney · 4 replies
    Oil Gas Financial Journal | 4/15/2015 | OGFJ
    Magellan Midstream Partners LP (NYSE: MMP) and TransCanada Corp. (NYSE: TRP) have entered into a joint development agreement to pursue a project to connect TransCanada's Houston tank terminal to Magellan's East Houston terminal. The project would include the construction of a 9-mile, 24-inch-diameter pipeline, in which Magellan and TransCanada would have a 50/50 ownership interest. The project would give TransCanada's Keystone and Marketlink shippers access to Magellan's Houston and Texas City, Texas, crude oil distribution system. Michael Mears, Magellan's president and CEO, commented that this connection would provide its customers with additional supply options for the Houston Gulf Coast refining...
  • 5 years after BP spill: What's changed in offshore drilling

    04/20/2015 12:53:05 PM PDT · by Citizen Zed · 3 replies
    eaglefordtexas.com ^ | 4-20-2015 | Cain Burdeau | The Associated Press
    NEW ORLEANS — As oil gushed from BP’s ruptured well five years ago and public outrage built by the day, the Obama administration issued a six-month moratorium on drilling in the Gulf of Mexico. When the well was finally capped after nearly three months, political and industry pressure mounted on the White House to lift the ban, which it did about a month earlier than planned. Since then, oil and gas drilling Gulf has bounced back strongly and the number of deep-water drilling rigs has actually increased from 35 to about 48. Drillers are pushing into even deeper water and...
  • Bill to Standardize Drillings Setbacks Passes Texas House

    04/20/2015 9:45:18 AM PDT · by thackney · 2 replies
    Rig Zone ^ | April 17, 2015 | Deon Daugherty|
    Legislation to set standards for cities that wish to regulate the oil and gas drilling within their city limits passed the Texas House Friday with more than two-thirds approval. House Bill 40 heads to the Texas Senate Monday, where, if it can sustain the momentum that’s carried it this far, could soon become law. And that’s got some special interests groups in a tizzy. “If some Austin lawmakers are successful, oil and gas drilling could be coming to a school, playground of daycare center near you,” wrote Luke Metzger, director of Environment Texas in an opinion piece published in the...
  • EOG has lion’s share of 900 North Dakota wells awaiting fracking

    04/20/2015 5:21:24 AM PDT · by thackney · 10 replies
    Bakken.com ^ | April 16, 2015 | Ernest Scheyder
    Oil producer EOG Resources Inc has the lion’s share of an estimated 900 North Dakota wells waiting to be fracked, according to state data, showing that even major oil titans are mothballing operations while they hope for a rebound in oil prices. For months the conventional wisdom in North Dakota’s Bakken shale formation had been that smaller producers with weak cash flow comprised the bulk of that estimate. While the estimate had been published monthly, it was not clear until a Tuesday update from the state’s Department of Mineral Resources (DMR) who was dominating the list. Oilfield service companies have...
  • Optimizing Removal of Engine Sludge, pre-Oil Change

    04/19/2015 5:48:45 PM PDT · by gaijin · 78 replies
    MyBrain ^ | today | me
    There are over 100 pre-oil change treatments products for removing engine sludge. Each product endorser swears on a stack of Bibles that IT is the best --the others are all dastardly liars. But see, I trust Freepers: Is there a stand-out product, detergent, or some DIY product for gasoline-powered car engines that average Joe's can buy or formulate and run in their engine for 10 minutes right before an oil change in order to free up engine sludge...? This gasoline-powered Camry has not changed oil in over 10,000 miles, I believe. Sorry for the Vanity, I think this is almost...
  • Big Oil is Killing Whales (waaaah-bulance alert)

    04/17/2015 8:34:42 AM PDT · by Vigilanteman · 22 replies
    Sierra Club ^ | 17 April 2015 | Michael Brune
    Dear _________, When oil companies explore for oil, they force whales to endure a noise 100 times louder than a jet engine. Every ten seconds. For weeks at a time. Can you imagine? Seriously-can you? That's like standing next to 100 planes taking off at the same time, 8,000 times a day. Unbelievably, it looks like the Department of the Interior could approve this kind of sonic assault on whales any day now. If they do, whales could go deaf or even die. Yes, the seismic testing Big Oil uses is disruptive enough to kill a whale. For the 400...
  • New maps highlight geologic characteristics of U.S. tight oil, shale plays

    04/17/2015 5:25:39 AM PDT · by thackney · 15 replies
    Energy Information Administration ^ | APRIL 17, 2015 | Energy Information Administration
    EIA is currently in the process of updating maps of major tight oil and shale gas plays, including the Eagle Ford and Marcellus plays, which will help to better characterize the geology of key areas of production in the United States. EIA's most recent maps focus on shale and tight oil plays, and characterize plays based on geologic characteristics, including rock type and age. Understanding geologic history and processes helps exploration and production companies reduce the risk of drilling dry, nonproducing wells and better understand hydrocarbon resource potentials. Production of crude oil and natural gas occurs in two classes of...
  • AP: Offshore wells buried during Hurricane Ivan have been leaking oil into the Gulf since 2004

    04/17/2015 5:19:20 AM PDT · by thackney · 11 replies
    Fuel Fix ^ | April 16, 2015 | Associated Press
    Full title: AP: Offshore wells buried during Hurricane Ivan have been leaking oil into the Gulf since 2004 Down to just one full-time employee, Taylor Energy Company exists for only one reason: to fight an oil leak in the Gulf of Mexico that has gone largely unnoticed, despite creating miles-long slicks for more than a decade. The New Orleans-based company has downplayed the leak’s environmental impact, likening it to scores of minor spills and natural seeps that the Gulf routinely absorbs. But an Associated Press investigation has revealed evidence that the spill is far worse than what Taylor — or...
  • Schlumberger to cut 11,000 more jobs, profit falls 38.8 pct

    04/16/2015 3:40:04 PM PDT · by Red in Blue PA · 5 replies
    April 16 (Reuters) - Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 38.8 percent drop in quarterly profit and said it would cut a further 11,000 jobs, blaming the fall in drilling activity, particularly in North America. Net income attributable to Schlumberger fell to $975 million, or 76 cents per share, in the first quarter ended March 31, from $1.59 billion, or $1.21 per share, a year earlier.
  • Schlumberger cuts another 11,000 jobs in wake of oil crash

    04/16/2015 3:26:42 PM PDT · by afraidfortherepublic · 12 replies
    Fuel Fix ^ | 4-16-15 | Collin Eaton
    HOUSTON – Oil field services firm Schlumberger announced Thursday it plans to ax another 11,000 workers, kicking off what could be a second major wave of layoffs across the oil industry. The move will bring Schlumberger’s layoffs up to 20,000 employees, roughly 15 percent of its workforce, since it began paring back its payroll earlier this year to cope with low oil prices. The nine-month oil slump has cost the energy industry more than 120,000 jobs so far, according to oil field staffing firm Swift Worldwide Resources. Oil equipment companies have been forced to fine-tune their workforce as they promise...
  • Shell exec: U.S. risks losing drilling dollars to Brazil, Canada and Mexico

    04/16/2015 5:14:34 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | April 15, 2015 | Jennifer A. Dlouhy
    The Obama administration is eyeing an auction of offshore oil drilling leases along the East Coast in 2021, but that’s not enough to keep the United States competitive with other Atlantic nations, a Shell executive told Congress on Wednesday. “The Gulf of Mexico has kept the United States globally competitive for decades,” Mark Shuster, Shell’s executive vice president of upstream Americas exploration, told a House Natural Resources subcommittee. “The U.S. stands to lose a lot if we don’t make new acreage available.” At issue is the Interior Department’s draft plan for selling oil and gas leases on the U.S. outer...
  • The Mysterious Explosion In U.S. Oil Reserves

    04/16/2015 4:15:29 AM PDT · by IBD editorial writer · 63 replies
    Investor's Business Daily ^ | 04/15/2015 | Staff
    Energy: Since 2008, domestic oil and gas production has exploded, and so have the nation's oil and gas reserves. How is that even possible? Weren't we supposed to be running out of oil and gas 40 years ago?
  • Rosneft breaks world record for longest well off Sakhalin Islands

    04/15/2015 6:21:27 AM PDT · by thackney · 37 replies
    Petro Global News ^ | April 14, 2015 | Nicolas Torres
    Rosneft broke another world record Tuesday after drilling the world’s longest well at the Chayvo field off the coast of Russia’s Sakhalin Island. The O-14 production well was drilled to a record breaking depth of 44,291 feet with a horizontal reach of 39,478 feet. The well is part of the Sakhalin-1 project that includes the offshore Chayvo, Odoptu and Arkutun-Dagi fields. Since the start of drilling at Sakhalin-1 the company has broken nine world records including setting two consecutive records for measured depth in 2013. Russia’s Rosneft said the extended reach drilling was among the fastest ever thanks to ExxonMobil’s...
  • Industry Not Expected To Fight Live Offshore Viewing

    04/15/2015 5:07:03 AM PDT · by thackney · 3 replies
    Rig Zone ^ | April 14, 2015 | Deon Daugherty
    Access to images perhaps similar to those that captivated viewers in real time around the world during the Deepwater Horizon disaster would be standard procedure under a new set of proposed federal offshore guidelines. These include the live monitoring of deepwater and high-temperature/high pressure drilling activities, similar to what is currently used onshore. “The real-time monitoring requirement ensures that the operator has access to onshore technical expertise if needed and that there is ‘another set of eyes’ available during critical operations,” according to the statement. Houston personal injury lawyer Charles Herd, a partner at The Lanier Law Firm, which represented...
  • Shale boom to start busting as U.S. output set to fall

    04/14/2015 5:33:27 AM PDT · by thackney · 37 replies
    Fuel Fix ^ | April 13, 2015 | Collin Eaton
    The shale oil bonanza that made millionaires from Texas to North Dakota is slowing down for the first time in years, a sign that painful industry cutbacks are starting to have an impact. The nation’s oil production is set to slip this month by 57,000 barrels a day as natural declines in older shale wells outpace gains from newly drilled wells, the U.S. Energy Information Administration said in its monthly drilling report on Monday. More than 70,000 barrels of oil a day are expected to be lost from April to May in North Dakota’s Bakken Shale, South Texas’ Eagle Ford...
  • U.S. oil rig count down 42 as industry’s slowdown accelerates

    04/13/2015 5:14:59 AM PDT · by thackney · 24 replies
    Fuel Fix ^ | April 10, 2015 | Ryan Holeywell
    The U.S. energy industry dramatically increased the pace at which it’s slowing activity, laying down 42 oil rigs this week after several weeks of more conservative numbers. There are 760 oil rigs operating in the U.S. currently, down from 802 last week, according to data published Friday by oil field services company Baker Hughes. The decline was the largest one-week drop in the count in a month. Last week, the oil rig count fell by just 11, and the week before it was down by 12. Those were the smallest week-over-week declines in 2015 and may have suggested the oil...
  • IHS: 1,400 wells drilled but not completed in Eagle Ford Shale

    04/13/2015 5:12:21 AM PDT · by thackney · 18 replies
    Fuel Fix ^ | April 13, 2015 | Jennifer Hiller
    There are nearly 1,400 wells in the Eagle Ford Shale that have been drilled but not completed, according to new analysis from the firm IHS. Oil prices are hovering around $50 per barrel, down by half since last summer. And some Eagle Ford oil producers have been drilling but not fracking wells. The delay in completing wells avoids sending new barrels of oil into a cheap market. For a small handful of operators, IHS reports that the drilled-but-not-completed wells will give them a big advantage over competitors. Nearly 40 percent of those 1,400 delayed wells have a break-even costs below...
  • Ahmadinejad and JFK

    06/05/2007 4:42:39 PM PDT · by neverdem · 8 replies · 699+ views
    New York Sun ^ | June 5, 2007 | Staff Editorial
    The thing that caught our eye in the plot to blow up John F. Kennedy International Airport and its oil lines concerns a detail in respect of the arrest of one of the key Guyanese suspects. It was the fact that the former member of the Guyanese legislature who was fingered in the plot, Abdul Kadir, was arrested in Trinidad on his way to Caracas, Venezuela. According to Mr. Kadir's wife, who was quoted in the Guyanese press, he was there to pick up an Iranian visa that would enable him to attend an Islamic conference in Tehran. No doubt...
  • BP & Noble Energy Chosen To Replenish The US SPR

    04/10/2015 10:25:31 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 4/10/2015 | Jeff Reed
    he US Department of Energy announced Thursday afternoon that it has awarded contracts for the delivery of crude oil to the Strategic Petroleum Reserve (SPR) to BP and Noble Energy so as to replenish oil it sold last year (see below). With a capacity of 727 million barrels, the SPR is the largest stockpile of government-owned emergency crude oil in the world. Together, the SPR crude oil and facilities represent a $26 billion investment in energy security ($21 billion for crude oil and $5 billion for facilities). Founded in the wake of the 1973-74 oil embargo, the SPR provides the...
  • OPEC's No-Cut Strategy is Not Working, Iran Says

    04/10/2015 10:11:49 AM PDT · by thackney · 28 replies
    Reuters via Rig Zone ^ | April 10, 2015 | Chen Aizhu & Adam Rose
    OPEC's strategy of holding output steady is not working and the group's members should discuss production levels before its next meeting in June, Iran's oil minister said, a sign of the pain lower prices are causing OPEC's less wealthy producers. However, Bijan Zanganeh also told Reuters it was up to other members of the Organization of the Petroleum Exporting Countries (OPEC) to make way for any extra Iranian crude that reaches world markets if Western sanctions on Tehran are lifted. Oil prices have halved from the $115-a-barrel level hit last June, in a drop that deepened after OPEC refused to...
  • EnCap raises $6.5 billion to pour into North American oil firms

    04/10/2015 9:54:03 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | April 10, 2015 | Collin Eaton
    Private equity firm EnCap Investments has closed its tenth energy fund with $6.5 billion to back North American oil and gas producers, the latest firm to collect billions to pump into the shale business. The Houston firm this week joined Blackrock, Walburg Pincus, Riverstone and others in raising more than $25 billion in recent months, according to data collected by Bloomberg, aimed at the battered oil industry after a nine-month slide in crude prices. Many investors see bargains in the business while assets are cheap and oil prices are low. EnCap said its Energy Capital Fund X was “significantly oversubscribed.”...
  • As Colombian Oil Money Flowed To Clintons, State Department Took No Action...

    04/10/2015 8:07:59 AM PDT · by McGruff · 18 replies
    INTERNATIONAL BUSINESS TIMES ^ | April 08 2015 | Matthew Cunningham-Cook
    For union organizers in Colombia, the dangers of their trade were intensifying. When workers at the country’s largest independent oil company staged a strike in 2011, the Colombian military rounded them up at gunpoint and threatened violence if they failed to disband, according to human rights organizations. Similar intimidation tactics against the workers, say labor leaders, amounted to an everyday feature of life. For the United States, these were precisely the sorts of discomfiting accounts that were supposed to be prevented in Colombia under a labor agreement that accompanied a recently signed free trade pact liberalizing the exchange of goods...
  • Wages for oil and gas workers are growing the slowest of any industry

    04/10/2015 4:50:05 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | April 9, 2015 | Ryan Holeywell
    Falling oil prices and a slowdown in the energy sector have meant stagnant oil and gas wages, with workers in the Houston area taking the biggest hit, according to a new study. The oil and gas industry saw the lowest annual wage growth of any industry, just 0.8 percent based on first quarter figures analyzed by PayScale Inc., which tracks wage data. That number is in stark contrast from the historic wage growth of the industry. Since 2006, oil and gas workers have enjoyed a 19 percent increase in wages, the most of any industry. Houston’s wages also showed signs...
  • U.K. Makes a Big Oil Discovery

    Exploration firm U.K. Oil & Gas Investments said Thursday there may be up to 100 billion barrels of oil at an onshore site in south England, near Gatwick airport, a company spokesperson told CNN. That's more than double the amount of oil pumped from Britain's energy offshore North Sea fields in the past 40 years. The company's share of the total reserves are estimated at close to 9 billion barrels. UKOG chief executive Stephen Sanderson described the discovery as a "world class potential resource."
  • Statoil finds oil at new Gulf of Mexico discovery

    04/09/2015 1:00:50 PM PDT · by BBell · 12 replies
    NOLA.com | The Times-Picayune ^ | 4/9/15 | Jennifer Larino
    Statoil has hit oil at a well in the Gulf of Mexico about 220 miles south of New Orleans. The Norwegian company has not yet determined the size of the find. Statoil's discovery, known as Miocene Yeti, targets oil in the well-explored Walker Ridge area of the Gulf of Mexico. Statoil operates the Yeti prospect and owns a 50 percent interest. Partners Anadarko Petroleum Corp. and Samson Offshore own 37.5 percent and 12.5 percent interests, respectively. In a statement, Jez Averty, Statoil senior vice president for exploration in North America, said the company is now "analyzing data to determine the...
  • Huge oil find discovered near Gatwick airport

    04/09/2015 10:50:23 AM PDT · by tcrlaf · 48 replies
    the Scotsman ^ | 4-9-2015 | Scotsman
    AN exploration firm has announced the discovery of billions of barrels of oil reserves at a site near Gatwick airport. UK Oil & Gas Investments (UKOG) said drilling of the 55-square mile site at the Weald Basin had discovered 158 million barrels per square mile. Chief executive Stephen Sanderson said the Horse Hill-1 well required appraisal and testing to prove its commercial viability but that it had “the potential for significant daily oil production”. Together with another discovery, Portland Sandstone, it was a “possible world class potential resource”. Mr Sanderson told the BBC: “We think we’ve found a very significant...
  • Iran Seeks to Mend Fences with Chinese Oil Firms to Get Projects Going

    04/09/2015 5:16:13 AM PDT · by thackney · 1 replies
    Reuters via Rig Zone ^ | April 09, 2015 | Chen Aizhu
    Iran hopes to resolve differences with Chinese energy companies on oil and gas projects in the Islamic republic, as Tehran wants to be ready to raise output quickly after a potential lifting of sanctions... The officials are in China this week to discuss Chinese investments in oil and gas developments in Iran, as well as oil sales, just days after world powers and the OPEC member reached a framework nuclear deal. The talks come ahead of a visit to Beijing by Iranian Oil Minister Bijan Zanganeh, his first since assuming his post two years ago. Iran, the world's fifth-largest oil...
  • Kemp: US Oil Production Is Probably Peaking Right Now

    04/08/2015 9:17:19 AM PDT · by thackney · 22 replies
    Reuters via Rig Zone ^ | April 08, 2015 | John Kemp
    ...Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 million bpd by September, the EIA predicted in the April edition of its Short-Term Energy Outlook (STEO).... Production is forecast not to exceed this month's level for another 18 months. The EIA has cut its forecast for the end of 2016 by 230,000 bpd compared with three months ago... It is unlikely a halving of the rig count can be completely offset by greater target selectivity and other efficiency improvements such as employing only...
  • Routt County commissioners decry Colorado Senate's 'raid' on severance tax fund

    04/08/2015 6:53:05 AM PDT · by george76 · 6 replies
    Steamboat Pilot & Today ^ | April 8, 2015 | Tom Ross
    Steamboat Springs — Routt County commissioners are among local government officials in Colorado who are railing against the latest plans of the state legislature to appropriate $20 million from the mineral severance tax fund to balance the 2015-16 budget. "Since I’ve been a commissioner, this is the fourth or fifth time they’ve raided the severance tax to take care of the state’s budget, and to the detriment of local governments,” Routt County Commission Chairman Doug Monger said. “If we don’t make noise about it, it will become a normal event. We have to get out there and say ‘This really...
  • Shell inks $70 billion deal as Big Oil gets even bigger

    04/08/2015 6:16:24 AM PDT · by thackney · 9 replies
    CNN Money ^ | April 8, 2015 | CNN Money
    The latest example is Royal Dutch Shell's bid for BG Group, a British firm with a stockpile of prized oil fields off the coast of Brazil, and lucrative natural gas holdings in Australia. The companies announced the £47 billion ($70 billion) deal early Wednesday. It's the biggest in the sector since Exxon bought Mobil in 1998, according to Dealogic. Shell will pay a 50% premium to BG's closing share price of £9.10 ($13.56) on Tuesday. If completed, the purchase will add 25% to Shell's oil and gas reserves and 20% to production. Shell also expects "synergies" of around $2.5 billion,...
  • Saudi's Naimi Says Ready To Help Improve Oil Prices, But Not Alone

    04/08/2015 6:12:32 AM PDT · by thackney · 6 replies
    Reuters via Rig Zone ^ | April 07, 2015 | Reem Shamseddine
    Saudi Arabia's oil minister Ali al-Naimi said on Tuesday that the kingdom stood ready to "improve" prices but only if other producers outside of OPEC joined the effort. Naimi said Saudi Arabia had pumped around 10.3 million barrels per day (bpd) in March, marking an increase from previous months. He did not say why output had risen. Naimi also said he expected oil prices that have languished near six-year lows to improve in the near future. Oil prices extended gains late on Tuesday as traders took Naimi's comments as sign he may be open to renewed talks with producers like...
  • Fewer Oil Trains Ply America’s Rails

    04/08/2015 4:33:14 AM PDT · by thackney · 13 replies
    Oil Gas Journal ^ | April 6, 2015 | ALISON SIDER
    The growth in oil-train shipments fueled by the U.S. energy boom has stalled in recent months, dampened by safety problems and low crude prices. The number of train cars carrying crude and other petroleum products peaked last fall, according to data from the Association of American Railroads, and began edging down. In March, oil-train traffic was down 7% on a year-over-year basis. Railroads have been a major beneficiary of the U.S. energy boom, as oil companies turned to trains to move crude to refineries from remote oil fields in North Dakota and other areas not served by pipelines. Rail shipments...
  • State Energy Expert Predicts $1.60-Per-Gallon Gas

    04/07/2015 8:27:21 AM PDT · by Perkinsbob54 · 42 replies
    Roswell Daily Record ^ | 4/7/15 | Jeff Tucker
    ROSWELL – Gasoline prices in New Mexico could drop to as low as $1.60 a gallon this year as the United States and the Organization of Petroleum Exporting Countries engage in an outgoing crude oil price war, an expert told the New Mexico Landmen’s Association on March 27. Dr. Daniel Fine, associate director of the New Mexico Center for Energy Policy at New Mexico Institute of Mining and Technology, said at the landmen’s association’s monthly meeting recently that crude oil storage in the United States is at a near maximum, meaning it will be some time before crude oil prices...
  • Oil hits 7-week high as fear of Iranian oil flood fades

    04/07/2015 5:19:06 AM PDT · by thackney · 7 replies
    Market Watch ^ | Apr 6, 2015 | William Watts and Eric Yep
    Oil futures rebounded sharply Monday, with the U.S. benchmark closing at its highest level in seven weeks on signs of strengthening Asian demand and expectations a preliminary agreement to curb Iran’s nuclear program won’t see the market immediately swamped with more crude. On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May jumped $3, or 6.1%, to close at $52.14 a barrel. That marked the highest close for a most-active futures contract since Feb. 17. May Brent crude LCOK5, on London’s ICE Futures exchange rose $3.17, or 5.8%, to $58.12 a barrel. Both benchmarks saw their...
  • Senators Try To Stop The Coming Oil Train Wreck

    04/07/2015 4:58:51 AM PDT · by thackney · 10 replies
    Forbes ^ | 4/06/2015 | James Conca
    Spearheaded by the Senators from Washington_State, legislation just introduced in the United States Senate will finally address the rash of crude oil train wrecks and explosions that have skyrocketed over the last two years in parallel with the steep rise in the amount of crude oil transported by rail. Oil production is at an all-time high in America, great for our economy and energy independence, but bad for the people and places that lie along the shipping routes. Just since February, there have been four fiery derailments of crude oil trains in North America and many more simple spills. More...
  • Chevron’s long game, Oil giant keeps drilling, sees Permian as Top 5 asset in the world

    04/06/2015 9:11:29 AM PDT · by thackney · 4 replies
    OA Online ^ | April 5, 2015 | COREY PAUL
    Much of the Permian Basin’s oil boom eluded the world’s supermajor oil companies like Chevron, who took their corporate offices and large management teams from the area in the 1990s as common perception held the region was slowly dying. But during this downturn, the supermajors see opportunity again in the Permian Basin. Chevron, and to a lesser extent Exxon Mobil, plan to pursue aggressive drilling and completion programs this year. In the short-term, that offers some relief for the oil service companies and rig crews hammered by oil prices hovering below $50 per barrel. But it also reflects a long-term...
  • The U.S. oil boom is moving to a level not seen in 45 years

    04/04/2015 3:25:06 PM PDT · by thackney · 23 replies
    Market Watch ^ | Apr 3, 2015 | Myra P. Saefong
    U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy. If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies. The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970. Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information...
  • Five companies face restrictions after flaring too much gas

    04/03/2015 4:58:22 AM PDT · by thackney · 52 replies
    Bismarck Tribune ^ | 4/2/2015 | Lauren Donovan
    he State Oil and Gas Division has taken action against five oil companies that are flaring more gas than is allowed under the state’s new gas flaring order and policies. Starting this month, the companies were ordered to choke down production to 100 barrels per day on certain wells or face potential daily penalties. Division spokeswoman Alison Ritter said this is the highest number of companies and the most wells to be placed under restriction since a flaring order went into effect, calling for companies to capture 77 percent of produced gas by start of January this year. The companies...
  • The Owners of the Keystone Pipeline Just Canceled a Project in Canada

    04/03/2015 4:49:50 AM PDT · by thackney · 29 replies
    New Republic ^ | APRIL 2, 2015 | Rebecca Leber
    TransCanada on Thursday announced a two-year delay to its plans to move the Canadian tar sands. The company is cancelling its plans to build a controversial export terminal in Quebec, citing environmental concern over the endangered beluga whale. This means a delay to plans for finishing the Energy East pipeline, now set for 2020. In the meantime, TransCanada will search for a new location for its port. For once, then, Canadian oil news isn't about the TransCanada-owned Keystone XL, which has faced a six-year delay as the Obama administration sits on a decision to issue a permit. At least not...
  • How Much U.S. Oil and Gas Comes From Fracking? (info graphic)

    04/02/2015 8:46:55 PM PDT · by Citizen Zed · 13 replies
    wsj ^ | 4-1-2015 | MARCELO PRINCE and CARLOS A. TOVAR
  • Don't expect oil prices to rebound anytime soon

    04/02/2015 12:15:57 PM PDT · by Perkinsbob54 · 12 replies
    High Country News ^ | 3/8/15 | Jonathan Thompson |
    It’s not even 8 a.m. and rush hour is on in northwestern New Mexico. Dozens of big white trucks and water tankers, neon flags flying, head north to the gas patch. I’m driving south, through Aztec, and as I pass the retro-orange A&W on the edge of town, I pull up alongside a drilling rig. The thing’s huge, too huge, it seems, to be rolling along the same road as my little Nissan. Yet the strange, rolling infrastructure has been a familiar site around here for decades — back in 1948, when a UFO purportedly crashed out on a nearby...
  • Crude falls as Iran deal to include lifting of all oil sanctions

    04/02/2015 11:01:06 AM PDT · by jimbo123 · 5 replies
    Forex Live ^ | 4/2/15 | Adam Button
    WTI crude fell below the earlier lows near $48.50 and down to $48.23 as reports reveal that once the deal is completed (presumably on June 30) all oil and banking sanctions against Iran will be lifted.
  • New Regs Ignore Fact Fracking Doesn't Taint Well Water

    04/02/2015 9:03:55 AM PDT · by raptor22 · 7 replies
    Investor's Business Daily ^ | April 2, 2015 | IBD EDITORIALS
    Energy: New federal regulations on fracking on public land ignore a study documenting that methane found in well water is unrelated to the location of hydraulically fractured oil and gas wells. When the Obama administration recently released its new regulations on fracking — regulations that it said were needed to keep up with the advance and success of the decades-old technology to meet public safety needs — the Independent Petroleum Association of America and Western Energy Alliance immediately filed suit, saying that the new regs were based on "unsubstantiated concerns" that lacked any scientific basis. "Hydraulic fracturing has been conducted...
  • Brent dips 4% after officials call Iran press event

    04/02/2015 9:29:20 AM PDT · by Citizen Zed · 1 replies
    cnbc ^ | 4-2-2015 | Reuters
    Oil prices briefly fell more than 4 percent to session lows on Thursday after officials announced a press event in Lausanne, Switzerland on nuclear talks between world powers and Iran. If successful, the discussions could allow the Islamic state to release more crude oil onto world markets. Negotiations on Tehran's disputed nuclear program have stretched well beyond a self-imposed March 31 deadline, with diplomats saying the chances of a preliminary accord in the next few hours are finely balanced. Around 11 a.m. EDT on Thursday, a European Union representative told reporters there would be a press conference at an unspecified...
  • New rules for N.D. oil shipments

    04/02/2015 6:30:14 AM PDT · by TurboZamboni · 35 replies
    Pioneer Press ^ | 3-31-15 | James MacPherson
    Following a spate of explosive accidents involving North Dakota crude, the state on Wednesday began requiring companies to remove certain liquids and gases from oil before it's loaded onto rail cars -- a move industry and state regulators believe will make for safer shipments. The rules, developed over the past year, require all crude from the oil patch to be treated by heat or by pressure to reduce its volatility before being loaded onto train cars. "North Dakota's crude oil conditioning order is based on sound science and represents an important step in the ongoing work to ensure that oil-by-rail...
  • Control of southern entrance to the Red Sea the next Mid-East flashpoint

    04/01/2015 10:38:15 AM PDT · by Corky Boyd · 16 replies
    Island Turtle ^ | April 1, 2015 | Corky Boyd
    The Israeli intelligence blog Debka File reports that pro-Iranian Houthi troops have taken over control of the strategic straits (Bab el-Mandeb) at the southern entrance to the Red Sea. This choke point threatens all commercial and military maritime traffic from the oil rich nations bound for the Suez Canal and the Mediterranean. "Control of the Red Sea Bab el-Mandeb Straits passed Tuesday, March 31 to pro-Iranian Yemeni forces when the Yemeni Army’s 117th Brigade loyal to the former Yemeni President Ali Saleh handed positions guarding the waterway to two Houthi commando battalions trained by Iranian Revolutionary Guards. This is revealed...