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Keyword: oil

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  • Cruz for President Campaign Asks Radio Stations to Pull False Attack Ads Running in Iowa

    12/01/2015 4:44:21 PM PST · by Isara · 37 replies
    TedCruz.org ^ | 12/01/15
    Ad Makes Bogus Claim About Cruz Support for Oil SubsidiesHOUSTON, Texas - The Cruz for President Campaign today sent a letter to Iowa radio stations requesting they stop running a false ad placed by America's Renewable Future, a lobbyist group that wants to keep taxpayer subsidies going to the ethanol industry.The ad falsely claims, "Politicians like Ted Cruz support subsidies for Big Oil, but want to end support for ethanol.""It is blatantly false to suggest that Sen. Cruz wants to end the Renewable Fuel Standard while maintaining subsidies for oil," Cruz spokesman Rick Tyler said. "Cruz has repeatedly stated that...
  • Cruz Moves to Seize the Moment in Iowa

    12/01/2015 2:03:12 PM PST · by Isara · 23 replies
    Texas Tribune ^ | Nov. 29, 2015 | Patrick Svitek
    U.S. Sen. Ted Cruz, left, speaks at a campaign event on Nov. 28, 2015, in Iowa as U.S. Rep. Louie Gohmert, far right, looks on. (Photo by Patrick Svitek) LENOX, Iowa — On Black Friday, Ted Cruz went out and bought a new pair of boots, knowing he will be spending a good chunk of the next two months in a place more wintry than his humid hometown of Houston. "I surrendered to Iowa's snow and ice," Texas' junior U.S. senator admitted to a group of voters here Saturday afternoon, lifting his pant leg to reveal his purchase. The new footwear...
  • Suzuki, Slavery, and Fossil Fuels

    12/01/2015 1:16:51 PM PST · by Kaslin · 28 replies
    Townhall.com ^ | December 1, 2015 | Calvin Beisner
    In a recent interview, Canadian environmentalist David Suzuki compared the fossil fuel industry with American Southern slavery. That's very powerful rhetoric, but it's a completely false analogy. The slave economy involved a clear cause-and-effect relationship between behavior that is morally reprehensible in principle kidnapping and enslaving people and unambiguous harm to the victims, including captivity, family separation, frequent beatings, back-breaking labor without reward, and unsanitary living conditions. The fossil fuel energy economy is nothing like that. What's the difference? First, the basic behavior of mining coal, oil, and natural gas and extracting energy from them to meet people’s needs is...
  • Radio ads hit Iowa: 'Politicians like Ted Cruz are the worst kind'

    12/01/2015 12:52:20 PM PST · by springwater13 · 75 replies
    Ted Cruz is under attack. The Texas senator's rise in Iowa presidential surveys has attracted criticism from all sides. America's Renewable Future, a bipartisan political group with the support of ethanol and agricultural industry workers, unleashed new digital and radio ads attacking Cruz in Iowa. The senator's opposition to ethanol mandates has drawn the ire of ARF, whose ads claim that Cruz's policy proposals "threaten rural Iowa and thousands of jobs." "Politicians like Ted Cruz are the worst kind: Hypocrites," the ad says. "There are millions of reasons Ted Cruz supports Big Oil instead of Iowa farmers. Call politician Ted...
  • Scrapping 150 projects, Big Oil could become "structurally impaired"

    12/01/2015 12:34:08 PM PST · by thackney · 14 replies
    Fuel Fix ^ | December 1, 2015 | Collin Eaton
    Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects in an industry-wide retreat that could wipe out 19 million barrels from the world's daily regimen of hydrocarbons over the next few years, a new report says. Oil companies have canceled or delayed final investment decisions on about 150 projects that are tied to 125 billion barrels of oil equivalent, which could stay underground for several years longer than expected amid a steep drop in crude prices, energy investment bank Tudor, Pickering, Holt & Co. said Tuesday. "By not sanctioning projects today, you're putting...
  • EIA expands monthly reporting of crude oil production with new data on API gravity

    12/01/2015 8:39:45 AM PST · by thackney · 8 replies
    Energy Information Administration ^ | DECEMBER 1, 2015 | Energy Information Administration
    New data released yesterday by the U.S. Energy Information Administration show that for the first nine months of 2015, most (50.8%) of the crude oil produced in the Lower 48 states were light oils with an API gravity above 40 degrees. The largest share of production was in the 40.1 to 45 degree API gravity range. The new data come from the recently expanded EIA-914 survey, which collects data on production from oil and natural gas well operators. EIA surveys operators for their production in 15 individual states and the federal offshore Gulf of Mexico. Production from the remaining producing...
  • Can We Blame Hedge Funds For Low Oil Prices?

    12/01/2015 8:35:25 AM PST · by bananaman22 · 15 replies
    Oilprice.com ^ | 01-12-2015 | Michael McDonald
    When oil prices were spiking in 2008 and some commentators were predicting prices of $200 a barrel, many pundits and politicians turned to blame speculators and hedge funds for pushing prices upwards. That period of high prices passed and speculators avoided any tough new regulations in part due to mix empirical evidence surrounding the causes of price volatility. Now though, the opposite case is being made; hedge funds shorting oil may be behind recent volatility and the current low price of oil. Given the benefits to consumers from low oil prices, there is little talk of new regulation to prevent...
  • Are OPEC Countries Creditworthy At $50 Crude?

    12/01/2015 8:34:04 AM PST · by bananaman22
    Oilprice.com ^ | 01-12-2015 | Dalan McEndree
    As the December 4, 2015 OPEC meeting in Vienna approaches, all eyes are on Saudi Arabia and its Gulf Arab allies in OPEC—Kuwait, United Arab Emirates, and Qatar—and their decisions on crude output levels. Will these four influential crude producers or won’t they, governments, energy companies, and industry observers worldwide ask, accede to the wishes of their fellow OPEC members and proactively rebalance the global crude market to save their fellow OPEC members’ faltering economies and energy industries? Are governments, energy companies, and industry observers asking the right question? Probably not: these four influential OPEC members should be worrying about...
  • Putin: Turkey SHOT DOWN down Russian plane to DEFEND ISIS oil supplies

    12/01/2015 6:36:07 AM PST · by Iron Munro · 33 replies
    PamelaGeller.com ^ | Nov. 30, 2015 | Pamela Geller
    Putin says Russia has proof ISIS oil routed through Turkey…and Obama has/is supporting these killers. Obama is on the wrong side every time. Every time. Obama has a perfect record of siding with evil every time. Russia has 'more proof' ISIS oil routed through Turkey, Erdogan says he'll "resign if it’s true," By RT, Nov 30, 2015 Russia has received additional intelligence confirming that oil from deposits controlled by Islamic State is moved through Turkey on an industrial scale, said Vladimir Putin. President Recep Erdogan said he will resign if this is confirmed. Moscow has grounds to suspect that the...
  • Russian-Turkish Tensions Heating Up: Erdogan Says He'll Resign if Putin Proves Turkey Buys ISIS Oil

    12/01/2015 5:44:55 AM PST · by Michael van der Galien · 17 replies
    PJ Media ^ | 12-01-2015 | Michael van der Galien
    Tensions between Russia and Turkey continue to rise. Their relationship suffered a deadly blow when Turkey shot down a Russian jet last month. Ever since, Russia's President Putin and his Turkish counterpart Erdogan have gone after each other, both in public and privately. In the last few days, Putin has accused Turkey of buying ISIS oil. The Russian president is convinced that the terrorist group is shipping massive amounts of oil to the Turkish black market, where it's then sold for a relatively low price. Putin's accusations are backed up by Mowaffak al Rubaie, a former Iraqi Governing Council member...
  • The American energy story Obama won’t tell the world

    12/01/2015 4:37:37 AM PST · by thackney · 2 replies
    Reuters ^ | November 29, 2015 | Kevin McCarthy
    President Barack Obama is poised to repeat his history of weak-handed negotiations on the world stage when nearly 200 countries gather in Paris on Monday to consider an international response to climate change. According to the president, rejecting the Keystone XL oil pipeline and piling regulations on the fossil fuel and power industries in the United States are necessary to preserving America's credibility as a leader on the world stage. But by doing this, Obama ignores the strongest card in America's hand as he steps to the table: the advances our energy sector has made to reduce carbon emissions while...
  • Raymond James expects Iraqi oil surge to slow in 2016

    12/01/2015 4:28:17 AM PST · by thackney · 1 replies
    Fuel Fix ^ | November 30, 2015 | Robert Grattan
    Iraq had added roughly 1 million barrels per day of oil production in 2015, surprising analysts and adding to a global glut of crude that has driven down international oil prices. But those rapid gains are likely to fall off in 2016 and beyond, as Baghdad slows investment in the country's oil fields and boost from short-term gains fades, according to a new analysis by financial services firm Raymond James. Following nearly a decade of steady, 200,000 barrel per day growth each year, Iraqi oil production jumped from roughly 3.4 million barrels per day in February of this year to...
  • Iran offering flexible contracts to woo billions in foreign investment

    12/01/2015 4:26:43 AM PST · by thackney · 3 replies
    Fuel Fix ^ | November 30, 2015 | Collin Eaton
    Iran's new, more flexible petroleum contracts are expected to seduce a bunch of high-tech oil companies back to the Islamic Republic's giant fields, even as oil markets fear a surge of new Iranian barrels could offset worldwide production declines that were supposed to help fix the global oil oversupply next year. At a conference in Tehran over the weekend, Iran announced that if international oil sanctions are lifted in coming months, it wants Big Oil to invest at least $30 billion in dozens of contracts designed to shield western oil companies from low crude prices by paying them production fees....
  • Iraqi Politician Claims Turkey Lets ISIL Sell Oil for Meager $20 a Barrel

    11/30/2015 1:52:04 PM PST · by Lorianne · 15 replies
    Sputnik News ^ | 28 November 2015
    Turkey allows the Islamic State terrorist group to sell Iraqi and Syrian oil for just $20 a barrel, Iraq's former National Security Adviser Mowaffak al-Rubaie wrote on Saturday. In a statement posted on his Facebook page al-Rubaie, who is also a leader of the Law-Governed State parliamentary coalition, outlined Ankara’s four-pronged support for the Islamic militants, with the illegal oil trade topping the list. “First and foremost, the Turks help the militants sell stolen Iraqi and Syrian oil for $20 a barrel, which is half the market price,” Mowaffak al-Rubaie wrote. Turkey in general, and Istanbul in particular, is also...
  • Erdogan Says Will Resign If Oil Purchases From ISIS Proven After Putin Says Has "More Proof"

    11/30/2015 11:59:11 AM PST · by amorphous · 25 replies
    Zero Hedge ^ | 30 Nov 2015 | Tyler Durden
    "I've shown photos taken from space and from aircraft which clearly demonstrate the scale of the illegal trade in oil and petroleum products," Vladimir Putin told reporters earlier this month on the sidelines of the G-20 summit in Antalya. Putin was of course referencing Islamic State's illicit and highly lucrative oil trade, the ins and outs of which we've documented extensively over the past two weeks:
  • IEA Sees India's Oil Demand Rising to 10 MMbopd by 2040

    11/30/2015 8:49:50 AM PST · by thackney · 5 replies
    Rig Zone ^ | November 30, 2015 | Chee Yew Cheang
    India's oil demand is poised to reach 10 million barrels of oil per day (MMbopd) by 2040 -- up from 3.8 MMbopd last year -- as domestic energy consumption looked set for strong growth over the next 25 years, boosted by rising incomes and population as well as increased urbanization and industrialization, the International Energy Agency (IEA) commented Friday on its launch of the "India Energy Outlook 2015" report. "India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and on the...
  • ‘Oxygen for jihadists’: ISIS-smuggled oil flows through Turkey to intl markets – Iraqi MP

    11/29/2015 7:41:46 PM PST · by Mariner · 12 replies
    Russia Today ^ | 29 Nov, 2015 | Unattributed
    Terroist group Islamic State earns millions of dollars selling oil on the black market in Turkey, Iraqi MP and former national security adviser, Mowaffak al Rubaie told RT. He also revealed that wounded terrorists are being treated in Turkish hospitals. “In the last eight months ISIS has managed to sell ... $800 million dollars worth of oil on the black market of Turkey. This is Iraqi oil and Syrian oil, carried by trucks from Iraq, from Syria through the borders to Turkey and sold ...[at] less than 50 percent of the international oil price,” Mowaffak al Rubaie said in an...
  • Wisconsin's largest oil pipeline system may see major expansion

    11/30/2015 5:37:52 AM PST · by thackney · 18 replies
    Journal Sentinel ^ | Nov. 28, 2015 | Lee Bergquist
    A company that owns the largest oil pipeline system in Wisconsin is considering construction of a major new pipeline that is likely to rekindle many of the arguments from the Keystone XL debate. Calgary-based Enbridge Inc. told investment analysts in October the company was contemplating building a new line that would start in Superior and travel the length of the state. Executives say they are weighing many factors: an anticipated political fight, the pace of new oil development in Canada and the prospects of higher oil prices. Crude oil's sharp price decline has curtailed many new oil projects, but the...
  • THE JACKI DAILY Show! Listen live at 2PM Eastern!<P>

    11/29/2015 10:05:27 AM PST · by RaceBannon
    The Jacki Daily Show ^ | 11/29/15 | The Jacki Daily Show
    THE JACKI DAILY Show! Listen live at 2PM Eastern! Now playing also on station KWEL in Midland-Odessa! The host of the Jacki Daily show has had an impressive career in energy, law, and politics.Most recently, Jacki served as General Counsel to an engineering firm specializing in energy, national security and environmental cleanup. Previously, she served many years as legal counsel on Capitol Hill to the Chairman of the Subcommittee on the Constitution and the former Ranking Member of the Commercial and Administrative Law Subcommittee, advising on the oversight of federal agencies. Prior to her career in Washington, she worked as...
  • Obama Knows That Turkey Is Buying Oil From ISIS And He Isn’t Doing Anything To Stop It

    11/28/2015 9:01:29 AM PST · by SeekAndFind · 26 replies
    EAD ^ | 11/28/2015 | Michael Snyder
    <p>At this point, is there anyone that still doesn’t know that ISIS is selling hundreds of millions of dollars of stolen oil in Turkey? As you will see below, this is very much an open secret, but the mainstream media in the United States is being strangely silent about this. Why? Well, because if the truth came out Turkey would have to be kicked out of NATO and Barack Obama would probably be facing impeachment proceedings. He claims to be fighting ISIS, and yet an endless parade of trucks carrying oil that ISIS has stolen goes back and forth over the Turkish border with his full knowledge and approval. Barack Obama is very much aware that Turkey is buying oil from ISIS and he refuses to do anything about it. If the Republicans are looking for a scandal which could completely wreck Obama’s presidency and essentially secure the 2016 election for them, this is it.</p>
  • How Turkey Exports ISIS Oil To The World: The Scientific Evidence

    11/28/2015 8:38:21 AM PST · by amorphous · 4 replies
    Zero Hedge ^ | 28 Nov 2015 | Tyler
    Over the course of the last four or so weeks, the media has paid quite a bit of attention to Islamic State’s lucrative trade in "stolen" crude. On November 16, in a highly publicized effort, US warplanes destroyed 116 ISIS oil trucks in Syria. 45 minutes prior, leaflets were dropped advising drivers (who Washington is absolutely sure are not ISIS members themselves) to "get out of [their] trucks and run away." The peculiar thing about the US strikes is that it took The Pentagon nearly 14 months to figure out that the most effective way to cripple Islamic State’s oil...
  • How Turkey Exports ISIS Oil To The World: The Scientific Evidence

    11/27/2015 12:40:07 PM PST · by Nachum · 20 replies
    zero hedge ^ | 11/27/15 | tyler durden
    Over the course of the last four or so weeks, the media has paid quite a bit of attention to Islamic State’s lucrative trade in “stolen” crude.On November 16, in a highly publicized effort, US warplanes destroyed 116 ISIS oil trucks in Syria. 45 minutes prior, leaflets were dropped advising drivers (who Washington is absolutely sure are not ISIS members themselves) to “get out of [their] trucks and run away.”The peculiar thing about the US strikes is that it took The Pentagon nearly 14 months to figure out that the most effective way to cripple Islamic State’s oil trade is...
  • World View: Russia Accuses Turkey Of 'Industrial Scale' Oil Purchases From ISIS

    11/27/2015 7:13:23 AM PST · by Fennie · 26 replies
    Breitbart ^ | November 27, 2015 | John J. Xenakis
    On Tuesday, after the Russian warplane was shot down by Turkey, Russia's president Vladimir Putin said: ISIS has big money, hundreds of millions or even billions of dollars, from selling oil. In addition they are protected by the military of an entire nation [i.e.,Turkey]. One can understand why they are acting so boldly and blatantly. Why they kill people in such atrocious ways. Why they commit terrorist acts across the world, including in the heart of Europe. Russia's Prime Minister Dmitry Medvedev alleged on Wednesday that Turkish officials were benefiting from ISIS oil sales, while Russian Foreign Minister Sergey Lavrov...
  • Colorado’s skyrocketing electricity prices could get much worse

    11/26/2015 7:59:46 PM PST · by george76 · 49 replies
    Independence Institute ^ | November 24, 2015 | michael
    The cost of electricity for Colorado residents skyrocketed 63 percent between 2001 and 2014, far outpacing median income in the state at just 24 percent over the same time period ... Retail residential electricity rates increased from 7.47 cents per kilowatthour in 2001 to 12.18 cents per kilowatthour by 2014, a 63.1 percent hike. Coloradans median income, however, went up just 24.1 percent, from $49,397 to $61,303. Median income in Colorado actually declined between 2008 and 2012. ... Not to mention the state's many business owners, including small business owners, who face the same hikes in energy costs that could...
  • Meet The Man Who Funds ISIS: Bilal Erdogan, The Son Of Turkey's President

    11/26/2015 6:13:20 AM PST · by FR_addict · 21 replies
    www.zerohedge.com ^ | 11/25/2015 | Tyler Durden
    ...The prime source of money feeding ISIS these days is sale of Iraqi oil from the Mosul region oilfields where they maintain a stronghold. The son of Erdogan it seems is the man who makes the export sales of ISIS-controlled oil possible. Bilal Erdogan owns several maritime companies. He has allegedly signed contracts with European operating companies to carry Iraqi stolen oil to different Asian countries. The Turkish government buys Iraqi plundered oil which is being produced from the Iraqi seized oil wells. Bilal Erdogans maritime companies own special wharfs in Beirut and Ceyhan ports that are transporting ISIS smuggled...
  • Gaia Beats Mars: How Our Military Is Being Turned Into Green Eco-Wussies

    11/26/2015 7:21:27 AM PST · by markomalley · 15 replies
    Breitbart National Security ^ | 11/26/15 | James Delingpole
    Islamic State earns about $500 million a year from its oil revenues. But according to former CIA director Mike Morrell, US fighter aircraft have been ordered not to bomb their oil wells in case they cause “environmental damage.”Yes. That makes sense. Clearly one of the main priorities in any war of attrition should be to do everything possible to protect your enemies’ lives, wellbeing and resources.Some might argue that a merciless death cult which now controls swathes of Iraq and Syria and a population of around 10 million, which makes $2 billion a year from oil and extortion, which rapes and...
  • Ex-CIA chief: Fear for environment stays US hand on ISIS oil wells

    11/25/2015 7:27:13 PM PST · by 2ndDivisionVet · 29 replies
    The Hill ^ | November 25, 2015 | Bradford Richardson
    A former CIA director says concerns about environmental impact have prevented the White House from bombing oil wells that finance the Islamic State in Iraq and Syria (ISIS). “We didn’t go after oil wells, actually hitting oil wells that ISIS controls, because we didn’t want to do environmental damage, and we didn’t want to destroy that infrastructure,” Michael Morell said Tuesday on PBS’s “Charlie Rose.” Morell cautioned that he does not “sit in the room anymore” where strategic decisions are made, but said prior to the Paris terrorist attack earlier this month, “There seemed to have been a judgment that,...
  • U.S Drillers’ Operating Loses Could Surge In 2016

    11/25/2015 9:27:01 AM PST · by bananaman22 · 3 replies
    Oilprice.com ^ | 25-11-2015 | Mike
    What do you do when all of the low hanging fruit is gone? That question is one that oil producers are increasingly facing as they confront an oil price slump that is now more than a year old and shows no serious signs of abating. With oil prices having fallen by nearly half over the last sixteen months, it is little wonder that oil companies found their balance sheets under pressure. From Exxon to Continental all oil companies have faced problems in maintaining their capital spending and more importantly, their profitability. In light of that, it is little wonder that...
  • WATCH: Heidelberg Spar Upended in Gulf of Mexico

    11/25/2015 6:16:07 AM PST · by SWAMPSNIPER · 12 replies
    gcaptain.com ^ | November 24, 2015 | Mike Schuler
    Anadarko's Heidelberg Spar has made the 400 mile trip from Ingleside, Texas to its new home at the Green Canyon 859 block in the deepwater Gulf of Mexico, where it has now been upended.
  • Oil Jobs Lost: 250.000 And Counting, Texas Likely To See Massive Layoffs Soon

    11/24/2015 7:44:46 AM PST · by bananaman22 · 12 replies
    Oilprice.com ^ | 24-11-2015 | Charles
    Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb. According to Graves & Co., an industry consultant, oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if oil prices remain in the dumps
  • Riyadh Feels the Pinch: The True Cost of Saudi Subsidies

    11/24/2015 5:15:41 AM PST · by thackney · 18 replies
    Geopolitical Monitor ^ | November 17, 2015 | Kirstin Berndt
    In downtown Riyadh, SUV-populated intersections and lushly landscaped parks leave little indication that Saudi Arabia is rapidly depleting its oil and water resources. The Saudi predilection for gas-guzzling vehicles and water-intensive leisure spaces is hardly surprising- governmental subsidies have long obscured the true cost of these resources. Saudis pay about 60 cents a gallon at the pump, which makes the average cost to fill a tank less than $20. Electricity, powered primarily by oil, costs only USD 0.6 per kilowatt hour. Drinking water supplied to Saudi households is so cheap that it is practically free. These low commodity rates are...
  • Energy Downturn Spreads Beyond the Oil Patch

    11/24/2015 5:12:30 AM PST · by thackney · 12 replies
    Wall Street Journal ^ | Nov. 23, 2015 | CHESTER DAWSON
    The prolonged slump in crude prices is rippling beyond the oil industry into areas of the North American economy... ...crude-market decline in its 17th month and nearly a year after OPEC dealt prices a sharp blow by refusing to rein in output, lower profits and mounting losses are crimping budgets, spurring multiple rounds of job cuts and driving some energy companies to seek bankruptcy protection. Signs of that distress are spreading throughout once-booming oil-producing regions across North America. Sales of single-family homes in Houston fell 10% on the year in October, the first double-digit decline this year, according to the...
  • "Get Out Of Your Trucks And Run Away": US Gives ISIS 45 Minute Warning On Oil Tanker Strikes

    11/23/2015 12:14:39 PM PST · by amorphous · 25 replies
    Zero Hedge ^ | 23 Nov 2015 | Tyler
    Last week, in the wake of Russian and US airstrikes on ISIS oil convoys, we asked three important questions: 1.Who are the commodity trading firms that have been so generously buying millions of smuggled oil barrels procured by the Islamic State at massive discounts to market, and then reselling them to other interested parties? In other words, who are the middlemen? 2.Can it possibly be true, as officials now claim, that the Obama administration refrained from bombing Islamic State oil trucks because Washington thought the group was "only" making $100 million per year instead of $400 million? 3.Is it likely,...
  • Turkey: The Country ISIS Uses As A Home Base And Where It Has Sold...Oil (Turkey helps AQI and MB)

    11/23/2015 8:17:20 AM PST · by SetFree · 8 replies
    Z3 News ^ | November 23, 2015 | Michael Snyder
    Article: "The same official confirmed that Turkey, a longstanding member of NATO, is not just supporting ISIS, but also other jihadist groups, including Ahrar al-Sham and Jabhat al-Nusra, al-Qaeda’s affiliate in Syria. “The distinctions they draw [with other opposition groups] are thin indeed,” said the official. “There is no doubt at all that they militarily cooperate with both.”" Video: (Video portion: Judicial Watch released USG documents showing Turkey backing ISIS and America knew in August, 2012 that Salafist (one of the violent jihadist beliefs), Muslim Brotherhood (MB) and AQI (Al Qadea in Iraq) are the major forces driving insurgency (turned...
  • Russian airstrikes destroy 472 terrorist targets in Syria in 48 hours, 1,000 oil tankers in 5 days

    11/23/2015 4:27:41 AM PST · by tcrlaf · 60 replies
    RT ^ | 11-23-2015 | RT
    Russian airstrikes have torched more than 1,000 tankers taking stolen crude oil to Islamic State refineries. This blow against the jihadists comes as the Russian Air Force has hit 472 terrorist targets in two days in Syria, making 141 sorties. All Russian aircraft have successfully returned to the Khmeimim airbase near Latakia, Major General Igor Konashenkov, spokesman for the Russian Defense Ministry, said in a daily briefing.
  • Year after key OPEC meeting, oil bankruptcies rise to 37

    11/20/2015 10:22:11 AM PST · by thackney · 8 replies
    Fuel Fix ^ | November 20, 2015 | Collin Eaton
    A year after Saudi Arabia and its oil cartel decided to keep their oil wells running and let plunging prices correct a global oversupply, the number of bankruptcy cases among North American oil drillers has risen to 37. And that figure could double next year if crude stays cheap, as at least as many oil companies appear to be on the precipice of running out of cash or are coming up on deadlines to pay off their debt, attorneys at Dallas-based Haynes & Boone said Friday. The casualty count could end up growing larger than in the 2009 financial crisis,...
  • UAE oil minister defends OPEC’s decision not to cut production

    11/20/2015 4:50:21 AM PST · by thackney · 4 replies
    Al Arabiya ^ | 19 November 2015 | Reuters
    United Arab Emirates’ energy minister said on Wednesday he did not regret last year’s OPEC decision not to cut the production ceiling in the face of falling prices. “I am sure that the decision was right and I am confident that the market will stabilise,” Suhail al-Mazrouei said at an industry conference in Dubai. “We are not regretting the decision we took, we had no option,” he said. “Yes it’s painful for many producers around the world and we share that pain, but it doesn’t mean that we need to do something that is not sustainable.” The Organization of Petroleum...
  • ISIS oil revenue 'damaged' by airstrikes, low price

    11/20/2015 4:47:14 AM PST · by thackney · 5 replies
    CNBC ^ | 19 Nov 2015 | Holly Ellyatt
    A combination of successful airstrikes by Western governments and drop in the oil price are helping to cut off a much-needed revenue stream for the so-called Islamic State (ISIS) terrorist group, an energy analyst says. "The damage is being done, which is why we have seen ISIS oil production go from 110,000 barrels a day to 40,000 barrels a day," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Thursday. Following Friday's terrorist attacks in Paris and confirmation that a bomb brought down a Russian airliner in the Sinai desert a couple of weeks ago -- attacks both pinned...
  • Goldman eyes $20 oil as glut overwhelms storage sites

    11/20/2015 4:46:01 AM PST · by GonzoII · 25 replies
    The Telegraph ^ | GMT 19 Nov 2015 | Ambrose Evans-Pritchard
    "The world is floating in oil. The numbers we are facing now are dreadful," said David Hufton from PVM Group The world is running out of storage facilities for surging supplies of oil and may soon exhaust tanker space offshore, raising the chances of a violent plunge in crude prices over coming weeks, experts have warned. Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this winter. The twin-effect could send prices plummeting to $20 a barrel, the so-called 'cash cost' that forces drillers to...
  • Iraqi Oil Selling at $30 as OPEC Readies for New Battles

    11/19/2015 1:25:17 PM PST · by thackney · 32 replies
    Reuters via Rig Zone ^ | November 19, 2015 | Alex Lawler and Rania El Gamal
    Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel. Iraq's output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world's fastest source of supply growth and a key driver of surging OPEC production. At most, that growth is likely to give way to a modest rise next year, easing downward...
  • The Most Important Question About ISIS That Nobody Is Asking

    11/19/2015 1:11:01 PM PST · by amorphous · 52 replies
    Zero Hedge ^ | 19 Nov 2015 | Tyler
    The question of how the Islamic State funds its sprawling caliphate has been discussed in the past: we first broke down the primary driver of ISIS revenue well over a year ago, in September 2014, when we explained that "ISIS uses oil wealth to help finance its terror operations." ... We wonder how long until someone finally asks the all important question regarding the Islamic State: who is the commodity trader breaching every known law of funding terrorism when buying ISIS crude, almost certainly with the tacit approval by various "western alliance" governments, and why is it that these governments...
  • TransCanada and Enmax confirm layoffs in a rough week for Calgary workers

    11/19/2015 8:22:42 AM PST · by thackney · 5 replies
    Calgary Herald ^ | November 18, 2015 | DAN HEALING
    Both TransCanada Corp. and city-owned Enmax Corp. confirmed they laid off staff Wednesday as a provincewide economic slowdown blamed on low commodity prices hits pipeline and utility sectors. "This is a difficult time for all of our employees and contractors, as it is for those at many companies right now. These decisions aren't made lightly," said TransCanada spokesman Mark Cooper in an e-mail. He said the company wouldn't provide details on the reductions until they are complete, refusing comment on anonymous social media postings that claim the layoffs are being rolled out over three days, through Friday, and involve hundreds...
  • Putin hits ISIS where it hurts: Russia hits more than 200 targets in 24 hours as Moscow [tr]

    11/19/2015 6:12:59 AM PST · by C19fan · 15 replies
    UK Daily Mail ^ | November 19, 2015 | Keiligh Baker
    Russia has released footage which shows its fighter jets targeting oil trucks and a refinery, as Moscow confirmed it hit more than 200 targets in Syria in 127 sorties. On Tuesday alone, the day Russia confirmed a terrorist attack caused the downing of a passenger jet in Egypt, it hit 206 targets a defence ministry source told RT. France meanwhile said it had destroyed 35 targets since the terrorist attack. As well as flying from an airfield near Latakia, they also flew strategic bombers from Russian territory.
  • Hitting the Islamic State’s Oil Isn’t Enough

    11/19/2015 4:50:03 AM PST · by thackney · 27 replies
    Foreign Policy ^ | NOVEMBER 17, 2015 | DAVID FRANCIS, DAN DE LUCE
    U.S. and coalition warplanes have launched a rapidly intensifying air campaign against the Islamic State's oil wells, refineries, and pump stations in recent days, mounting combat missions designed to incinerate tanker trucks and knock out the facilities that form the backbone of the group's oil-smuggling racket. The air raids are meant to wreck the Islamic State's ability to profit off captured oil fields, but even if the strikes work, the extremists will have plenty of cash on hand. That's because the militant group's most important revenue stream comes not from crude oil but from extorting money from the millions of...
  • Oil companies announce significant write-downs in third-quarter 2015

    11/19/2015 4:43:34 AM PST · by thackney · 6 replies
    Energy Information Administration ^ | November 18, 2015 | Energy Information Administration
    International and U.S. upstream oil companies wrote down $38 billion in assets in the third quarter of 2015, the largest for any quarter since at least 2008 for this set of 46 companies (Figure 1). Low oil prices continue to have a significant effect on the value of companies' assets and future prospects as well as on current revenue. Although the volume of total liquids output for this group of companies increased over third-quarter 2014, the fall in oil prices contributed to a year-over-year decline in revenue. Lower oil prices also contributed to a 33% decline in cash flow from...
  • While US crude imports rise from Iraq, Saudi’s remain subdued

    11/18/2015 9:48:00 AM PST · by thackney · 4 replies
    Fuel Fix | November 18, 2015 | Matt Smith
    It is Margaret Atwood's 76th birthday, and her 2009 novel 'The Year of the Flood' seems an appropriate way to sum up the crude market this year. We await the weekly EIA inventory report this morning, with oil inventories less than 4 million barrels shy of the record of 490.9 mn bbls seen earlier in the year (...in itself an 80-year high). While a near-2 million barrel build is expected from today's report, last night's API report has put the putty cat among the pigeons by yielding a surprise draw of 0.4 mn bbls. The API report also showed a...
  • Why French Military Action In Syria Doesn’t Affect Oil Prices

    11/18/2015 8:45:38 AM PST · by bananaman22 · 3 replies
    Oilprice.com ^ | 18-11-12015 | apache
    The horrific attacks in Paris prompted a swift response from French President Francois Hollande, as he dispatched an aircraft carrier to the Eastern Mediterranean a day after airstrikes hit the key city ISIS stronghold of Raqqa. The United States responded with airstrikes on Monday, November 16, targeting hundreds of trucks that the U.S. military believes are used for smuggling oil. The NYT reported that 116 trucks were destroyed in American airstrikes by A-10 planes and AC-130 gunships in eastern Syria. ISIS generates millions of dollars per day by smuggling oil from Syrian oil fields, a source of revenue that has...
  • Iraq is flooding America with lots of oil

    11/17/2015 11:14:01 PM PST · by Citizen Zed · 23 replies
    cnn money ^ | 11-17-2015
    The U.S. more than doubled its imports of oil from Iraq between August and September, according to a Platts analysis of U.S. Energy Information Administration statistics. The dramatic increase in Iraqi oil imports is only adding to the already-massive supply glut that has pushed down oil prices. Crude oil prices sank to a four-month low of $40.06 a barrel this week and they're down 12% in November alone. The increase in Iraqi oil imports comes at a time of heightened concerns about security in the volatile Middle East region. France, U.S. and Russia have stepped up airstrikes in Syria aimed...
  • Exclusive: How Kurdistan bypassed Baghdad and sold oil on global markets

    11/18/2015 5:19:03 AM PST · by thackney · 7 replies
    Reuters ^ | Nov 17, 2015 | DMITRY ZHDANNIKOV
    Iraq's semi-autonomous region of Kurdistan has for the first time detailed its secretive oil exports operations and said it plans to sell more, whether Baghdad likes it or not, as it needs money to survive and fight Islamic State. The region's minister for natural resources, Ashti Hawrami, said that to avoid detection oil was often funneled through Israel, transferred directly between ships off the coast of Malta, and decoy ships used to make it harder for Baghdad to track. Kurdistan says it had been forced to bypass Baghdad and begin exporting oil directly because the latter refused to respect budgets...
  • Claim: Paris Terrorist Atrocity was a Big Oil Plot

    11/18/2015 4:47:17 AM PST · by smartyaz · 12 replies
    WUWT ^ | 11/17/15 | Eric Worrall
    The Ecologist speculates that the aim of the ISIS terrorists, who have claimed responsibility for the recent Paris terrorist atrocity, might have been aimed at protecting ISIS’ oil business from an anticipated new climate agreement. According to The Ecologist; Is it a coincidence that the terrorist outrage in Paris was committed weeks before COP21, the biggest climate conference since 2009? Perhaps, writes Oliver Tickell. But failure to reach a strong climate agreement now looks more probable. And that’s an outcome that would suit ISIS – which makes $500m a year from oil sales – together with other oil producers. But...