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Keyword: oil

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  • Warren Buffett criticizes Keystone XL delay, says U.S. 'thumbing nose' at Canada

    03/02/2015 6:50:21 PM PST · by thackney · 29 replies
    Calgary Herald ^ | 03.01.2015 | ALEXANDER PANETTA
    The Keystone XL pipeline got an emphatic endorsement Monday from a powerful backer of President Barack Obama who questioned the handling of the file. To billionaire investor Warren Buffett, the delay is a thumbing of the nose at Canada. "I would have passed Keystone," Buffett said in an interview with CNBC. "I think that we have an enormous interest in working with Canada, as they have in working with us. That oil is going to get sold. If we make it more difficult for them, who knows how they'll feel about making things more difficult for us someday." Because Buffett...
  • Why Oil Rig, Budget Cuts Will Be Slow To Curb Shale

    03/02/2015 1:16:31 PM PST · by gogeo · 2 replies
    Investors Business Daily ^ | Feb 27, 2015 | Gillian Rich
    While U.S. shale producers have slashed billions of dollars from capital budgets and taken more than 600 oil rigs offline since October, it may be several months before production actually falls as companies focus on their most efficient wells. Read More At Investor's Business Daily: http://news.investors.com/business/022715-741288-us-oil-spending-down-but-production-slow-to-fall.htm#ixzz3TGVUN2zT Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
  • Fact-checker calls out Obama for saying Keystone ‘bypasses’ US

    03/02/2015 10:54:14 AM PST · by jazusamo · 20 replies
    Fox News ^ | March 2, 2015
    President Obama earned a double-barreled rebuke Monday from The Washington Post's fact-checker, for repeating a faulty claim that the Keystone XL pipeline "bypasses" the U.S. -- and for saying it would only carry "Canadian oil." The president made the claims in an interview last week with WDAY of Fargo, N.D. Obama continued to downplay the impact of the Canada-to-Texas oil pipeline, just days after vetoing a bipartisan-backed bill that would approve the construction project. Senate Majority Leader Mitch McConnell, R-Ky., has teed up a vote to override that veto later this week. In the local interview, Obama said: "I've already...
  • Airstrikes, Oil Prices Hit Islamic State’s Funding

    03/01/2015 3:11:02 PM PST · by thackney · 21 replies
    Wall Street Journal ^ | Feb. 27, 2015 | STACY MEICHTRY And SAM SCHECHNER
    Airstrikes against Islamic State militants and falling oil prices have hurt the group’s ability to fund operations across Iraq and Syria, according to an international agency that fights terror financing. In a report issued Friday, the Paris-based Financial Action Task Force, or FATF, said U.S.-led airstrikes targeting refineries and transport convoys have managed to disrupt Islamic State’s ability to deliver oil to the black market. Islamic State’s “ability to efficiently extract, refine and sell petroleum and petroleum products from the territory in which it operates has significantly diminished,” the report said. Bank looting, kidnapping and ransom have helped offset the...
  • This Key Market Signal Says Oil Is Heading to $60 a Barrel

    03/01/2015 10:33:00 AM PST · by ckilmer · 19 replies
    fool.com ^ | March 1, 2015 | By Matt DiLallo
    This Key Market Signal Says Oil Is Heading to $60 a Barrel By Matt DiLallo | More Articles March 1, 2015 | Comments (1) Given the dramatic drop in the price of oil over the past few months, the burning question on a lot of minds is "What will the price of oil do next?" It seems like everyone has an opinion on that question. The range of predictions goes from $10 at the bottom to a staggering $200 a barrel at the top. What that range tells us is that where oil will go in the future is anyone's...
  • Low Oil Price May Stifle Deepwater Drilling And Oil Sands But Not Fracking

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

    02/28/2015 7:21:12 AM PST · by thackney · 15 replies
    Fuel Fix ^ | February 27, 2015 | Collin Eaton
    Diesel engine and gas turbine maker Dresser-Rand Group is cutting 8 percent of its 8,100-employee workforce around the world in coming weeks, the company said Friday, trimming operating costs as falling crude prices have crushed profits in the oil service sector. The Houston firm, which makes oil industry tools including compression equipment and steam turbines, said the plan will cost $50 million in severance and other charges as it divests assets this year. But its “flexible” manufacturing business will enable the company to start realizing savings from fixed costs this year, it said. “While current market conditions may generate discomfort...
  • Making the Moral Case for Fossil Fuels

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

    02/27/2015 11:29:22 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | February 27, 2015 | Donald Lambro
    WASHINGTON -- In the days leading up to President Obama's veto of the Keystone XL pipeline, 14 oil tanker railroad cars derailed in West Virginia and exploded in a fiery environmental disaster. It was reported that residents in the area compared the thunderous fireball and poisonous smoke that blackened the sky to "a scene from the apocalypse" -- describing it as "something biblical, or wrath-of-God type stuff." This wasn't a rare, isolated accident. In the last several years it's become all too common across our country, as the oil industry has struggled to find ways to transport its petroleum to...
  • Obama Approves Funding for Pipeline

    02/26/2015 5:57:23 PM PST · by mission9 · 19 replies
    In 2014, the World Bank Group committed $5 billion in new technical and financial support for energy projects in six African countries, including Kenya, which have partnered with US president Barack Obama’s Power Africa initiative. Among the projects funded, is the world's longest heated pipeline, which will bring newly discovered Ugandan oil fields to market. The Japanese conglomerate, Toyota, is the major contractor. Much of the oil, is committed to Asian markets, like China. On February 24, 2015 President Barack Obama, vetoed the Keystone XL pipeline, which would be a big boost to mid American and Canadian oil production. When...
  • Oil Storage Sinks as Price Bobs

    02/27/2015 6:27:18 AM PST · by thackney
    Wall Street Journal ^ | Feb. 26, 2015 | ERIC YEP
    Fewer oil tankers are being used to store crude than traders and shipbrokers had expected at the start of the year, as a recent run-up in oil prices upended a popular trading strategy. “There were around 25 to 30 large tankers taken last month, but only around 10 of these are being used for oil storage now,” a Singapore-based shipbroker said, citing industry data. Many market watchers had expected big commodity-trading firms to capitalize on the price gap between different oil-futures contracts by buying physical barrels, storing them on ships and locking in profits by selling futures contracts for delivery...
  • Texas Legislature Gets Down to Business

    02/27/2015 5:59:12 AM PST · by thackney · 3 replies
    Texas Alliance of Energy Producers via Rig Zone ^ | February 26, 2015 | Alex Mills
    Before the Texas Legislature got down to business a month ago, there was a strong feeling among insiders that the big issues would be water, transportation, and taxes. So far, the leadership has kept true to those projections. Already, Governor Abbott has called for a $2.2 billion reduction in property taxes and a $2 billion franchise tax decrease. Lt. Governor Dan Patrick and House Speaker Joe Straus also have stated their belief that a primary goal should be tax reduction, and funding for transportation. The House Energy and Natural Resources committees already have held a joint hearing on water and...
  • Bakken Decline Rates Worrying For Drillers

    02/27/2015 5:35:17 AM PST · by thackney · 9 replies
    Oil Price ^ | 26 February 2015 | Ron Patterson
    I have been supplied an Excel spreadsheet of all North Dakota wells back to 2006, thanks to Enno Peters and Dennis Coyne. I only used the data back to 2007 however. This is a wealth of information if we want to know how many wells came on line in a given month, we simply count them. We are given the monthly production data for each month. And since we have the monthly production data we can very easily figure the decline rate of each well, or any group of wells for any month or year. A note on the data....
  • How the US transports oil, in 5 graphics

    02/26/2015 5:30:15 AM PST · by thackney · 24 replies
    BROOKINGS INSTITUTION via Business Insider ^ | FEB. 25, 2015 | JOSEPH KANE, ROBERT PUENTES AND ADIE TOMER
    The proposed Keystone XL pipeline has stirred considerable debate about the future of American energy policy. While the Senate’s recent vote to block its construction tables the discussion for the time being, it does not resolve major questions about how the U.S. transports oil today. With the ongoing shale gas boom, the U.S. is set to pass Saudi Arabia as the world’s top oil producer. Looking beyond KXL, such a rapid rise in production means American transportation networks are straining under new pressures to safely and efficiently move all this energy between different markets. The following figures show how Keystone...
  • Potential market implications of outage at ExxonMobil's Torrance, California refinery

    02/25/2015 6:47:39 PM PST · by thackney · 8 replies
    Energy Information Administration ^ | February 25, 2015 | Energy Information Administration
    On February 18, an explosion and fire occurred at the ExxonMobil refinery in Torrance, California. The Torrance refinery, the third-largest refinery in southern California, has about 20% of the region's fluid catalytic cracking (FCC) capacity and is an important source of gasoline and distillate supply. Based on publicly available information, it can be estimated that Torrance produces about 117,000 barrels per day (bbl/d) of gasoline (about 15-20% of southern California's supply) and about 50,000 bbl/d of distillate and jet fuel (about 10% of southern California supply). Unplanned refinery outages can have noticeable impacts on liquid fuel markets, disrupting supplies of...
  • Roman Abramovich Invests $15M In New US Fracking Technology

    02/25/2015 10:12:21 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 24/02/2016 | James Stafford
    Are the Russians coming to Texas riding the tailwinds of fracking? That depends on who you ask, as some believe Russian forces were behind the anti-fracking vote in Denton, while a $15 million investment in new Texas fracking technology by Roman Abramovich perhaps tells another story. When the anti-fracking campaign started to heat up late last year in Denton, Texas—the heart of the shale revolution—conspiracy theories were spread from within the pro-fracking community that the Russians were behind the whole thing. The logic was that the American shale revolution threatened Russia’s market share. Yet just months after a successful vote...
  • Even Pickaxes Couldn't Stop The Nation's First Oil Pipeline

    02/25/2015 6:10:20 AM PST · by thackney · 2 replies
    NPR ^ | FEBRUARY 24, 2015 | Uri Berliner
    One-hundred-fifty years ago, a man named Samuel Van Syckel built the nation's first commercial oil pipeline in the rugged terrain of northwestern Pennsylvania. His pipeline transformed how oil is transported — and it would change the modern world, too — but not before a battle that makes the debate over the Keystone XL pipeline look meek by comparison. In January 1865, the place where this all happened, called Pithole, was nowhere, really — just a patch of wilderness in the foothills of the Appalachian Mountains. Then drillers struck gushers at three wells and everything changed. By September, an estimated 15,000...
  • New York-Style Fracking Ban Defeated by Colorado Task Force

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

    02/24/2015 3:57:56 PM PST · by Kaslin · 26 replies
    Townhall.com ^ | February 24, 2015 | Daniel Doherty
    Legislation approving the controversial Keystone XL Pipeline has finally reached the presidentÂ’s desk. But donÂ’t celebrate just yet. In a joint op-ed published today in the pages of USA Today, House Speaker John Boehner (R-OH) and Senate Majority Leader Mitch McConnell (R-KY) are urging Americans to begin tempering their hopes and expectations by accepting the inevitable: Tuesday, as promised, the new Congress is sending the White House legislation that would approve the Keystone XL pipeline. This project will support tens of thousands of American jobs. It will bolster the nation's infrastructure and energy security. And it enjoys a broad base...
  • President Obama vetoes Keystone bill

    02/24/2015 12:50:04 PM PST · by E. Pluribus Unum · 33 replies
    Pollutico ^ | 02/24/2015 | Elana Schor
    President Barack Obama vetoed the Republicans’ Keystone XL pipeline bill Tuesday, rejecting Congress’ attempt to take the project’s fate out of his hands — and leaving the GOP prepared to attempt an override vote that will most likely fail.Obama’s veto message was delivered within hours of the legislation arriving on his desk. The White House had previously criticized lawmakers for trying to strip the executive branch’s authority over cross-border energy projects like the $8 billion Canada-to-Texas oil pipeline. Story Continued Below “I’m not shocked obviously,” Senate Energy and Natural Resources Chairwoman Lisa Murkowski (R-Alaska) said even before the widely expected...
  • The stage is being set for a massive financial meltdown...

    02/24/2015 9:21:38 AM PST · by alexmark1917 · 40 replies
    Greek 4 month extension does nothing for the people of Greece. Sub-prime auto loans all time high and delinquencies are rising. Existing home sales implode while home price fall. Baltic Dry Index falls and ship builders are filing for bankruptcy. US blimp in Maryland used to watch the people. Ukraine bans Russian media and sets up their own propaganda media. Poroshenko wants Crimea back as they pull more weapons to the front line. US and the coalition forces getting ready for a major offensive in the middle east. DHS budget in trouble, using fear and a false flag event to...
  • Is there another East Asian-style financial crisis coming?

    02/24/2015 6:13:26 AM PST · by alexmark1917 · 2 replies
    Falling oil, rising dollar and fears over US rate increase present in 1997-98 Mark Twain reputedly stated that history does not repeat but it rhymed. In an eerie parallel to 1997-98, falling commodity — especially oil — prices, a rising US dollar and potential increases in US interest rates may presage a new financial crisis. Weak growth, high debt levels, disinflation or deflation, policy driven destructive competitive devaluations, inflated financial risk taking and mispricing compounds the problems. The impending crisis may develop as follows. First, US equity prices come under pressure from a stronger dollar. Given 40 per cent of...
  • Australian Mining Giant BHP Just Told The Market Exactly Why Oil Prices Are Going Lower

    02/23/2015 6:40:23 PM PST · by blam · 17 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015 Oil prices have been volatile of late, but a number of banks and commenters have said that oil prices are going lower. In its half-year earnings release on Monday, Australian mining giant told the market exactly why: In response to weaker prices, [BHP] will reduce its Onshore US operated rig count from 26 at period end to 16 by the end of the 2015 financial year. The majority of the revised drilling program will be focused on our liquids rich Black Hawk acreage with activity in the Permian and Hawkville limited to the retention of...
  • Study: Government’s [Unconstitutional] Control of Land Is Hurting Oil Production, Job Growth

    02/23/2015 10:11:18 AM PST · by PapaNew · 8 replies
    The Daily Signal ^ | February 22, 2015 | Ben Smith
    Current government regulations imposed by the Bureau of Land Management are harming energy production and holding back the U.S. economy, a new study reveals. “While federally owned lands are also full of energy potential, a bureaucratic regulatory regime has mismanaged land use for decades,” write The Heritage Foundation’s Katie Tubb and Nicolas Loris. The report focuses on the Federal Lands Freedom Act, introduced by Rep. Diane Black, R-Tenn., and Sen. James Inhofe, R-Okla. It is designed to empower states to regain control of their lands from the federal government in order to pursue their own energy goals. That is a...
  • Texas Business Leaders Say It All: 'Oil At $50 Per Barrel Is Painful'

    02/23/2015 9:39:52 AM PST · by blam · 8 replies
    BI ^ | 2-23-2015 | Myles Udland
    Myles Udland February 23, 2015Manufacturing activity in Texas is plunging and the crash in oil prices is to blame. The Dallas Fed's February manufacturing index fell to -11.2, down from -4.4 in January and well below the -4 reading that was expected. Expectations were for the headline index to come in at -4. In the last couple months, this report has been in focus as business owners in Texas take stock of how the decline in oil prices is weighing on that state's economy. And Monday's report was no different. One business executive in the primary metal manufacturing sector said...
  • Murder on the Merriment Express

    02/23/2015 8:46:06 AM PST · by Kaslin · 19 replies
    Townhall.com ^ | February 23, 2015 | Katie Kieffer
    Like a king cobra on speed, the CSX oil train cut through the falling snow and rolled along the tracks at 33 m.p.h.—transporting 3 million gallons of highly-flammable crude. But the convoy was a poor match for its cargo. At 1:20 p.m. Eastern time on February 16—35 miles outside of Charleston, West Virginia—the 109-car train derailed. Fireballs sliced through the cold air; a house was leveled in flames; hundreds of home owners lost electricity and drinking water; and a Kanawha River tributary oozed with oil. One man told the Los Angeles Times that the spill emanated heat like an “atomic...
  • Internal Affairs: Plan to ban fracking in Santa Clara County introduced

    02/21/2015 8:11:46 PM PST · by E. Pluribus Unum · 15 replies
    San Jose Mercury ^ | 02/21/2015 | By the Mercury News
    In what may have been a mild foreshock to a coming shaker, the topic of a fracking ban was injected into a Santa Clara County committee meeting last week. A proposal to bring the subject to the board of supervisors was put forth by the county's Advisory Commission on Consumer Affairs and sent to the Public Safety Committee for action, which detoured it to the Housing, Land Use, Environment and Transportation Committee, where officials said it belongs.
  • Kemp: Shale Producers Postpone Oil Well Completions

    02/22/2015 5:10:17 PM PST · by thackney · 28 replies
    Reuters via Rig Zone ^ | February 20, 2015 | John Kemp
    EOG Resources became the latest major shale producer to state that it would "delay a significant number of completions" when it announced fourth-quarter results. The company plans to end 2015 with 285 wells awaiting completion services, up from 200 at the end of 2014, it told investors during an earnings call on Thursday. Continental Resources has also announced plans to go slow on well completions in response to the slump in oil prices. Apache and Anadarko Petroleum are among other shale producers to announce a deliberate strategy of delaying completions. U.S. shale producers are postponing well completions to conserve cash...
  • AP Exclusive: Fuel-hauling trains could derail at 10 a year

    02/22/2015 9:58:51 AM PST · by PROCON · 7 replies
    AP ^ | Feb. 22, 2015 | MATTHEW BROWN and JOSH FUNK
    BILLINGS, Mont. (AP) — The federal government predicts that trains hauling crude oil or ethanol will derail an average of 10 times a year over the next two decades, causing more than $4 billion in damage and possibly killing hundreds of people if an accident happens in a densely populated part of the U.S. The projection comes from a previously unreported analysis by the Department of Transportation that reviewed the risks of moving vast quantities of both fuels across the nation and through major cities. The study completed last July took on new relevance this week after a train loaded...
  • Is The Oil Price Decline a Sign of Impending Deflation?

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

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

    02/21/2015 11:58:20 AM PST · by Olog-hai · 10 replies
    Associated Press ^ | Feb 21, 2015 1:43 PM EST | Tom Murphy
    The first nationwide oil refinery strike in more than 30 years was expected to grow by four more plants over the weekend, including the largest refinery in the U.S., the Motiva Enterprises refinery in Port Arthur, Texas. The United Steelworkers union said Saturday workers at the Motiva Enterprises refinery started their strike at midnight Friday. Employees at two other refineries and a chemical plant in Louisiana planned to strike at the end of Saturday. The union said in a statement that it expanded the strike that started Feb. 1 at refineries largely in Texas and California because the industry has...
  • Reality Check on the Deepwater Horizon Oil Spill Impacts

    02/21/2015 7:17:15 AM PST · by rktman · 9 replies
    americanthinker.com ^ | 2/21/2015 | Sierra Rayne
    As the litigation for the Deepwater Horizon (DWH) oil spill lurches through the legal system, the case has become a magnet for those seeking to take advantage of the deep-pockets oil industry defendant. In addition to those looking to prosper directly from the spill, the environmentalists and their mainstream media allies have exploited the situation to make their case against the use of oil in general -- and more specifically, against offshore drilling and oil production. If you restrict your reading on the topic to what appears in the mainstream media, you may be convinced that the science shows the...
  • Crude Oil Markets Tread Water, Rally Losing Steam

    02/20/2015 11:29:27 PM PST · by Up Yours Marxists · 3 replies
    UPI ^ | February 21, 2015 14:58 GMT | Daniel J. Graeber
    NEW YORK, Feb. 20 (UPI) -- Oil prices were treading water early in the Friday session as markets weighed latest inventory data and production figures from the United States. The price for West Texas Intermediate crude oil, the U.S. benchmark, was relatively unchanged from the previous session to trade at $51.10 for the March contract. WTI has recovered from late January lows below $45 per barrel and have rallied for most of February.
  • Why oil is the 'canary in the coal mine': Analyst

    02/20/2015 11:15:48 AM PST · by george76 · 10 replies
    CNBC ^ | Feb. 20, 2015 | Matthew J. Belvedere
    Since economies drive commodity prices, not the other way around, the collapse in oil is more of a demand issue than it appears, said Stephen Schork, founder and editor of The Schork Report newsletter. The influential oil analyst told CNBC on Friday that there's an "absolute glut" in crude, but the demand side of the equation can't be overlooked. "When you have such a sharp fall in commodity prices, that's because of economic demand. And I think that's a very worrisome telltale." "Oil prices are the canary in the coal mine," Schork said in a "Squawk Box" interview. "I don't...
  • Why Washington’s Anti-Alaska Policies Hurt More Than Just Alaskans

    02/20/2015 5:44:54 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | February 20, 2015 | Cathy Giessel
    Federal overreach isn’t just a catchy talking point. It has real consequences that I see and experience every day in Alaska. Alaska has been the victim of countless actions by the Obama Administration to unilaterally close off areas in Alaska to energy development. In the past two months, President Obama has used his executive authority to close areas in Bristol Bay, the Chukchi Sea and the Beaufort Sea from energy leasing – all without congressional oversight or thorough consultation with Alaskan officials. Then, on a Sunday morning last month we awoke to the news the president would attempt to permanently...
  • Storage Industry Benefits From Oil Contango

    02/20/2015 5:05:05 AM PST · by thackney · 6 replies
    TREFIS ^ | February 19th, 2015 | Tim Maverick
    One might think that the mood at the International Petroleum Week annual convention would be sour, considering the plunge in crude oil prices over the past six months. But quite the contrary . . . for oil traders, at least. They’re ecstatic, celebrating their best market since the 2008 oil price crash. That’s because there’s contango in the oil market – the price of oil for future delivery months is higher than the current spot market price. Storing Oil = Easy Money With the contango, traders can make huge profits simply by storing millions of barrels of oil for sale...
  • The Saudi project, part two Oil is back over $60 a barrel. Is the market returning to normal?

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

    02/20/2015 4:28:06 AM PST · by thackney · 15 replies
    FEBRUARY 19, 2015 | John Ydstie
    It's a painful time to be in the oil business. With the price of crude oil about half what it was six months ago, companies large and small are being pressured to cut costs. On the front lines are oil services companies that do everything from drilling to providing electrical power at well sites. Hundreds of thousands of jobs are threatened as companies try to adjust. Gary Evans, CEO of the oil and gas company Magnum Hunter Resources, has a tough message for the people who provide critical services to companies like his: "We've got to lower our cost," he...
  • After West Virginia Oil Train Derailment, Sign Keystone Bill

    02/19/2015 11:08:19 AM PST · by raptor22 · 22 replies
    Investor's Business Daily ^ | February 19, 2015 | IBD EDITORIALS
    Energy: Three million gallons of Bakken crude burning in rural West Virginia after an oil train derails in a snowstorm ought to underscore the environmental safety of replacing rail cars with the Keystone XL pipeline. One of the reasons President Obama says he'll veto the Keystone pipeline bill that, as a result of last November's GOP electoral gusher, has found its way to his desk is that it will only carry Canadian crude to foreign markets and is not worth jeopardizing the environment. Two things are wrong with that argument. The first is that Keystone XL will also bring Bakken...
  • Senators push for oil export deal with Mexico

    02/19/2015 5:07:12 AM PST · by thackney · 7 replies
    Fuel Fix ^ | February 18, 2015 | Jennifer A. Dlouhy
    Twenty-one senators on Wednesday urged the Obama administration to swiftly authorize an exchange of heavy Mexican crude with light U.S. oil. At issue is a Pemex affiliate’s request to export 100,000 barrels per day of light U.S. oil and condensates in exchange for heavy Mexican crude — a transaction that can be approved by U.S. regulators on a case-by-case basis under existing trade laws. “We encourage the Department of Commerce to approve any such applications it has received or may receive from adjacent foreign states such as Mexico,” the senators said in a letter to Commerce Secretary Penny Pritzker. “These...
  • National Bargaining: Greedy Oil Industry Forces Work Stoppage

    02/18/2015 5:44:56 PM PST · by mdittmar · 32 replies
    United Steelworkers ^ | Feb 18, 2015 | United Steelworkers
    Arrogant oil refiners concerned more about profits than the safety and workplace concerns of thousands of USW-represented oil workers forced the union to call an unfair labor practice (ULP) strike.The industry, represented by Royal Dutch Shell, gave the USW no other option when it refused to bargain in good faith over a national contract even though the union was prepared to continue talking beyond the midnight deadline.“Shell refused to provide us with a counter-offer and left the bargaining table,” International President Leo W. Gerard said. “We had no choice but to give notice of a work stoppage.”The negotiations for a...
  • Study: Oil Price Downturn Creates Need for 'Cost Culture' in Industry

    02/18/2015 9:53:36 AM PST · by thackney · 2 replies
    Rig Zone ^ | February 17, 2015 | Karen Boman
    Companies across all sectors of the oil, gas and chemicals industry will need to better plan and manage projects to ensure their survival during the recent downturn in oil prices, according to a recent study by global business advisory firms AlixPartners. Oil and gas companies not only need to improve their ability to plan and manage projects, but create a “cost culture” inside of their companies. Only 30 percent of respondents in a study of 250 high-level industry executives across the world said their companies had explicit return-on-capital targets for projects before the oil price collapse. Perhaps most surprising is...
  • The Federal Lands Freedom Act: Empowering States to Control Their Own Energy Futures

    02/18/2015 8:56:45 AM PST · by thackney · 5 replies
    The Heritage Foundation ^ | February 18, 2015 | Katie Tubb and Nicolas Loris
    Abstract The United States is now the world’s leader in both natural gas and oil production— centuries’ worth of oil, natural gas, and coal resources lie beneath private property as well as under lands owned by state governments. While federally owned lands are also full of energy potential, a bureaucratic regulatory regime has mismanaged land use for decades. The tremendous economic benefits of open energy markets and the proven track record of the individual states’ regulatory structures dictate a re-examination of the way the federal government manages resources on federal lands. The Federal Lands Freedom Act gives states the...
  • Mesa County takes step toward suit over grouse listing ( Colorado )

    02/18/2015 7:31:20 AM PST · by george76 · 13 replies
    Grand Junction Sentinel ^ | February 17, 2015 | Emily Shockley
    Mesa County commissioners on Tuesday directed Mesa County Attorney Patrick Coleman to draft a notice of intent to sue the federal government over the U.S. Fish and Wildlife Service’s listing of the Gunnison sage-grouse as a threatened species. Gunnison County filed its own notice of intent in December to bring civil action against the Fish and Wildlife Service for, the county believes, improperly listing the bird as a threatened species and naming Gunnison County and acreage in a handful of other Colorado and Utah counties, including Mesa, as critical habitat for the sage-grouse. Mesa County decided to follow with its...
  • Drilling to start at Golan Heights oil exploration site

    02/18/2015 5:46:57 AM PST · by thackney · 8 replies
    Jerusalem Post ^ | 02/16/2015 | SHARON UDASIN
    The project involves three years of exploration for conventional oil, north of Nahal El Al near Moshav Natur, a former kibbutz on the southern Golan Heights. Drilling was set to begin at a Golan Heights oil exploration site in the late night hours of Monday, the company announced that evening. The project, which is being implemented by Afek Oil and Gas, involves three years of exploration for conventional oil using up to 10 wells. The company chose site No. 5 out of 10 to start with, located north of Nahal El Al near Moshav Natur, a former kibbutz on the...
  • Why everyone should care about this exploding train

    02/18/2015 5:09:45 AM PST · by ABN 505 · 13 replies
    refiinary 29 ^ | February 17, 2015 | laura barcella
    Yesterday, a train derailed in West Virginia — and exploded. It was carrying more than 100 tons of crude oil, and it burst into flames after going off the rails outside of Charleston. Miraculously, no one was killed, though hundreds were evacuated and one man was hospitalized. Social media users were understandably alarmed by the magnitude of the fire, and photos of the incident quickly spread — looking more like a scene from an action film than anything else. The crash, which could contaminate the entire local water supply, is more than just a West Virginia-specific disaster: It's a reminder...
  • Why Oil Prices Must Go Up

    02/18/2015 4:31:56 AM PST · by thackney · 57 replies
    Real Clear Energy ^ | February 18, 2015 | Nick Cunningham
    It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. While analyzing the short-term trajectory of oil prices is certainly important, it obscures the fact that over the long-term, oil exploration companies may struggle to bring new sources of supply online. Ed Crooks over at the FT persuasively summarizes the predicament. Crooks says that 2014 is shaping up to be the worst year in the last six decades in terms of new oil discoveries (based on...
  • Evacuation order expanded after train derailment near Adena Village and Boomer Bottom

    02/16/2015 12:26:26 PM PST · by cripplecreek · 20 replies
    WTRF.com ^ | February 16, 2015 | Douglas Fritz
    3:00 p.m., UPDATE: Water intakes in Montgomery and Cedar Grove have been closed because of the train accident along the Kanawha River. That is according to the West Virginia Department of Health and Human Resources Bureau for Public Health. It is confirmed that the train was carrying crude oil, some of which spilled into the Kanawha River. While the intakes are closed, customers are urged to conserve water. The Montgomery Water System is part of West Virginia American Water Co. The West Virginia State Police expanded the evacuation order for the area at around 3:15 p.m. to include anyone with...
  • BLM clears way for petroleum reserve development

    02/16/2015 5:07:21 AM PST · by thackney · 7 replies
    Fuel Fix ^ | February 14, 2015 | Associated Press
    The U.S. Bureau of Land Management issued a final decision Friday that it said will open the way for the first oil and gas production from federal lands in the National Petroleum Reserve-Alaska. The decision is a shift from the alternative that BLM had earlier selected as its preferred option. But it aligns with the alternative chosen by the U.S. Army Corps of Engineers. BLM-Alaska spokeswoman Lesli Ellis-Wouters said BLM had indicated it would take into account the Corps’ decision in making its final determination. If the two agencies were not on the same page, ConocoPhillips Alaska would not have...