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Keyword: opec

Brevity: Headers | « Text »
  • Greece is 'close to the abyss' as black hole in public finances widens

    04/15/2015 7:48:25 AM PDT · by C19fan · 29 replies
    UK Telegraph ^ | April 15, 2015 | Mehreen Khan
    The depth of Greece's financial woes have been laid bare as official figures showed the country has fallen further into the red following the election of its Leftist government. Greece's primary budget surplus, which excludes its debt interest payments, shrunk to just over €1bn during January and February, compared to €3.17bn over the same period in 2014, according to figures from the Ministry of Finance.
  • Islamist Turkish President Erdogan Says A 'Mastermind' Is Plotting Against Turkey...

    04/14/2015 4:47:03 PM PDT · by markomalley · 22 replies
    Memri ^ | 4/14/15
    Since October 2014, Turkish President Recep Tayyip Erdogan has regularly referred to the concept of a "Mastermind" (ust akil, "supra-intellect," in Turkish) that, he says, is plotting against Turkey. This concept has been applauded by the Islamist pro-AKP media. Erdogan's December 12, 2014 speech, which focused on this "mastermind" concept, inspired the production of a two-hour "documentary" by one of the leading Turkish television channels, the pro-AKP A Haber. The film, titled "The Mastermind," first aired on March 15, 2015 and has been broadcast repeatedly since then; in addition, the Turkish Islamist pro-AKP media are circulating the film on their...
  • 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...
  • REVEALED: The oil middleman between the Syrian regime and ISIS

    03/07/2015 11:25:20 AM PST · by elhombrelibre · 3 replies
    The Telegraph ^ | 7 Mar 15 | Unknown
    A Syrian businessman described as the "middleman" for oil deals between ISIS and Bashar al-Assad's regime will be targeted for European Union sanctions on Saturday. The listing of George Haswani, the owner of HESCO engineering company, sheds more light on financial links between Syria's regime and the Islamic State of Iraq and the Levant (ISIS or Isil or Islamic State or Daiesh).
  • Abbas To Sign Accords With Putin in Moscow

    04/11/2015 10:14:46 PM PDT · by Olog-hai · 29 replies
    INN ^ | 4/11/2015, 10:55 PM | (Arutz Sheva Staff)
    Russian President Vladimir Putin will meet Palestinian Authority (PA) Chairman Mahmoud Abbas in Moscow on Monday where the issue of Middle East peace talks will be raised, Russian authorities announced Thursday. “The two leaders will hold talks concerning key aspects of Russian-Palestinian relations and their future, with particular attention on the trade, economy and humanitarian sectors,” the Kremlin said in a statement according to AFP. There will also be “an exchange of ideas on the process of Israeli-Palestinian talks and other problematic regional situations,” the statement continued, adding that North Africa would also be on the agenda. …
  • 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...
  • How much longer can OPEC hold out?

    04/09/2015 9:25:14 PM PDT · by Citizen Zed · 3 replies
    India Info Online ^ | 4-10-2015 | Gaurav Agnihotri, Oilprice.com
    OPEC has been the most talked about international organization among investors, analysts and international political lobbies in the last few months.  When OPEC speaks, the world listens in rapt attention as it accounts for nearly 40 % of the world's total crude output. With its headquarters in Vienna, Austria, one of the mandates of 12- member OPEC is to "ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." (Source: opec.org).  However, OPEC...
  • Russia may give Greece pre-payment of profits from future gas pipeline project

    04/09/2015 9:44:10 AM PDT · by Lorianne · 9 replies
    CNBC/Reuters ^ | 08 April 2015
    Russia is considering soon giving Greece funds based on future profits Athens would earn from shipping Russian gas to Europe as part of an extension of the Turkish Stream gas pipeline project, a Greek government official said. Plans for the pipeline taking Russian gas from Turkey to Europe via Greece would be linked to lower Russian gas prices, the official added. Greece would pay back the Russian prepayment after the pipeline started operating, the official said.
  • 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...
  • 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...
  • Greece demands 279bn(Euros) from Germany in Nazi War Reparations

    04/07/2015 10:20:23 AM PDT · by tcrlaf · 44 replies
    UK Telegraph ^ | 4-7-2015 | Mehreen Khan
    Greece has demanded nearly €279bn in reparations from Germany, more than the value of its current bail-out, as the cash-strapped country continues to pursue compensation for crimes carried out by the Third Reich. A parliamentary committee established by Prime Minister Alexis Tsipras put an official number on the claim, which includes the cost of a forced Nazi loan made by the Bank of Greece and the return of archaeological treasures. Greece suffered a brutal occupation at the hands of the Third Reich in 1941, with over 40,000 people starving to death in Athens alone. SNIP--- Berlin moved to quickly to...
  • 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...
  • Rand Paul's excuse for avoiding the 'religious freedom' law controversy doesn't add up

    04/03/2015 12:10:36 PM PDT · by C19fan · 34 replies
    Business Insider ^ | April 2, 2015 | Hunter Walker and Colin Campbell
    Sen. Rand Paul (R-Kentucky) is the only major Republican likely 2016 presidential candidate who hasn't weighed in on the controversy over Indiana's "religious freedom" law that erupted this week — and his explanation for avoiding the issue is questionable.
  • 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...
  • 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.
  • Fact Check.org Rushes to Defend Federal Fracking Regulations, Steps on a Rake

    03/30/2015 1:26:09 PM PDT · by george76 · 8 replies
    Energy in Depth ^ | March 27, 2015 | Katie Brown
    This afternoon, Fact Check.org produced a fact-check that ostensibly criticizes U.S. Senator Jim Inhofe (R-OK) for his contention that there has never been an instance of ground water contamination caused by hydraulic fracturing. Of course, this piece isn’t really about Inhofe at all; but before we get into that, we can’t help but wonder why they are fact-checking Inhofe and not former EPA Administrator Lisa Jackson … or Energy Secretary Ernest Moniz … or Secretary of the Interior Sally Jewell — all of whom have said exactly the same thing. Rather than a “fact-check,” it reads more like an advocacy...
  • Texas Hasn't Been This Bad In Two Years

    03/30/2015 10:10:07 AM PDT · by blam · 9 replies
    BI ^ | 3-30-2015 | Myles Udland
    Myles Udland March 30, 2015The crash in oil prices is hammering the Texas economy. The latest manufacturing outlook index from the Dallas Fed plunged again in March, to -17.4 from -11.2 in February, indicating deteriorating business conditions in the state. Expectations were for the index to show a reading of -9. But the most important part of this report is the commentary from Texas business leaders, who have given an on-the-ground picture of how the decline in oil prices is affecting one of the country's economies most driven by oil. In March the tune didn't change, as it sounds as...
  • Angola joins Venezuela among biggest losers of oil's tumble

    03/30/2015 8:13:03 AM PDT · by Lorianne · 8 replies
    CNBC ^ | 28 March 2015 | Will Duke
    Plunging oil prices have been an economic windfall for U.S. consumers, primarily through greater savings at the pump. In energy-reliant countries around the world like Angola, however, the effect has been far less beneficial. Social and economic turmoil in countries like Venezuela and Russia—largely because of the swoon in global oil prices—has drawn attention away from Angola, an OPEC member that is Africa's second-largest oil producer. The country churns out 1.75 million barrels of oil per day, according to the Energy Information Agency (EIA). The sub-Saharan country is hugely dependent on oil production to generate revenue for its economy, which...
  • Price decline hits oil patch

    03/29/2015 10:19:40 AM PDT · by Perkinsbob54 · 5 replies
    Albuquerque Journal ^ | 3/25/15 | Kevin Robinson-Avila
    At least 2,000 jobs will likely be lost in New Mexico’s oil and gas industry in the coming months because of sharp declines in the price of crude oil, according to estimates by the New Mexico Energy, Minerals and Natural Resources Department.
  • Senate GOP asking new questions about emails for Clinton and (Huma) Abedin

    03/28/2015 2:27:53 PM PDT · by afraidfortherepublic · 17 replies
    Fox News ^ | 3-28-15
    Senate Republicans are renewing efforts to learn why Huma Abedin, a top assistant to then-Secretary of State Hillary Clinton, was allowed to keep working at the agency under a special, part-time status while also being employed at a politically-connected consulting firm. The new requests are being made by Iowa GOP Sen. Chuck Grassley, chairman of the Senate Judiciary Committee, following revelations that both women used a private Internet server and email accounts for State Department correspondence. Grassley says the earlier requests to the department have been largely ignored, ~snip~ Grassley’s probe started in 2013, when he requested all communications between...
  • Scott Walker Lands Former Senator as National Security Expert for 2016 Race

    03/27/2015 12:19:22 AM PDT · by Cincinatus' Wife · 20 replies
    Daily Signal ^ | March 26, 2015 | Ken McIntyre
    What were Talent’s first impressions?“I found him to be exactly what he appears to be: He’s very down to earth, he has an air of confidence about him but there’s no arrogance with it. I like that. He’s just a regular guy.”Wisconsin Gov. Scott Walker has added one of Washington’s leading advocates of military readiness to the ranks of advisers helping prepare him for a likely campaign for president. Jim Talent, who represented Missouri in both the House and Senate before becoming a fellow at The Heritage Foundation, confirmed Thursday that he has joined Walker’s budding national security and foreign...
  • Saudi Arabia’s Yemen Offensive Might Just Boost Their Oil Revenues

    03/26/2015 4:42:04 PM PDT · by E. Pluribus Unum · 2 replies
    The Daily Caller ^ | 03/26/2015 | Michael Bastasch
    Militia men loyal to Yemen's President Abd-Rabbu Mansour Hadi take photos near an army tank in Yemen's southern port city of Aden March 19, 2015.Saudi Arabia’s decision to send troops to the borders of war-torn Yemen has jolted global oil markets, sending crude prices up 6 percent on fears of supply disruptions.Higher oil prices are just what the Kingdom needs after months of having to take money from their reserves to finance government programs. News of Saudi air strikes on the Yemeni capital and an Arab offensive to push back the Iran-backed Houthi rebels sent oil up more than...
  • Futures Tumble As Yemen War Starts; Oil, Gold Surges

    03/26/2015 4:23:04 AM PDT · by sheikdetailfeather · 5 replies
    Zero Hedge ^ | 3-26-2015 | Tyler Durden
    In a somewhat surprising turn of events, this morning's futures reaction to last night's shocking start of a completely unexpected Yemen proxy war, which has seen an alliance of Gulf State launch an air, and soon land, war against Yemen's Houthi rebels, is what one would expect: down, and down big. This is surprising, because on previous occasions one would expect the NY Fed, or its pet hedge fund, Citadel, or the BOJ or ECB (via the CME's "Central Bank Incentive Program") to aggressively buy ES to prevent a slide, something has changed, and for the BTFDers, that something may...
  • Saudi Deploys 100 Fighter Jets, 150,000 Soldiers for Anti-Houthi Campaign (Yemen)

    03/25/2015 9:02:50 PM PDT · by kristinn · 147 replies
    Al Arabiya News ^ | Thursday, March 26, 2015
    Saudi deploys 100 fighter jets, 150,000 soldiers for anti-Houthi campaign. Also from Al Arabiya: UAE, Kuwait, Bahrain, Qatar, Jordan Deploy Warplanes Against HouthisThe UAE, Kuwait, Bahrain, Qatar and Jordan have deployed fighter jets to join the Saudi air force in the ongoing air campaign against Yemen’s Houthi rebels, Al Arabiya News Chanel reported. The UAE has deployed 30 fighter jets, Bahrain 15, Kuwait 15, Qatar 10 and Jordan 6 warplanes, according to the news channel. Pakistan and Egypt are also taking part in the military campaign, contribution with air and naval forces. Al Arabiya said Egypt, Pakistan and Sudan have...
  • Breaking: Saudi Arabia Starts Bombing Yemen: U.S. Officials

    03/25/2015 4:12:08 PM PDT · by kristinn · 111 replies
    NBC News via Twitter ^ | Wednesday, March 25, 2015 | Richard Engel
    US officials confirm to @NBCNews that Saudi Arabia has started bombing rebel positions inside #Yemen. NO indication of troops crossing in.
  • Yemen crisis: Iran calls Saudi air strikes on Houthis 'dangerous'

    03/26/2015 2:43:04 AM PDT · by piasa · 14 replies
    Zee Media Bureau ^ | Thursday, March 26, 2015 - 14:20
    Tehran: In what may intensify the Yemen crisis, Iran has termed Saudi Arabia's military intervention against the Houthi rebels as “dangerous”, reports said Thursday. Saudi Arabia which had earlier warned to act in the wake of continued advance of Houthis, on Wednesday started conducting air strikes against the rebels which it considers as being supported by rival Iran. Saudi Arabia and its Gulf allies believe the Shiite rebels, known as Houthis, are tools for Iran to seize control of Yemen and say they intend to stop the takeover. The Houthis deny they are backed by Iran. Reacting to Saudi strikes,...
  • Things that will happen if Venezuela implodes

    03/25/2015 2:33:39 PM PDT · by Citizen Zed · 45 replies
    cnbc ^ | 3-25-2015
    An economic implosion is becoming increasingly likely in Venezuela , and the country's debtholders, trade partners and neighbors are bracing for the fallout. The country's energy-dependent economy requires oil prices above $100 per barrel in order to sustain itself. Oil accounts for 95 percent of the country's export earnings, and combined with gas, it's 25 percent of the country's gross domestic product. Internationally traded Brent crude prices have fallen more than 48 percent in the past year. Meanwhile, a combination of inflation and currency controls have generated scarcity of basic needs such as flour, toilet paper and medicine. Venezuelans stand...
  • Arab Media Lashes Out at Obama for Iran Negotiations

    03/24/2015 6:18:31 PM PDT · by Kaslin · 16 replies
    The Washingon Free Beacon ^ | March 24, 2015 | Abraham Rabinovich
    Saudi commentator: ‘He is gambling with the future of the region’JERUSALEM—With Washington cozying up to Tehran as nuclear negotiations approach countdown stage, Arab media in the region are lashing out at the United States for jilting its Arab allies. Unlike Israelis, who are focused on the danger of nuclear weapons in the hands of a regime calling for their country’s elimination, citizens of Arab states are concerned about Iran’s imperial ambitions. The nuclear threat is seen as a tool to further those ambitions rather than a direct threat. Khaled Al-Dahil, a Saudi political commentator writing in the London-based daily Al-Hayat,...
  • ‘Spiderweb’ of sanctions means Iranian oil unlikely to flood the market

    03/24/2015 5:14:44 AM PDT · by thackney · 1 replies
    Financial Post ^ | 03.22.2015 | YADULLAH HUSSAIN
    Iran’s oil and gas sector holds plenty of promise but analysts say a deal between Tehran and global powers on nuclear issues this week is unlikely to spur either a flood of Iranian oil into the market or an investment bonanza by oil majors into the country. Iran and six world powers have been working to secure an agreement by March 24 to curb Tehran’s key nuclear activities for at least 10 years in exchange for gradual sanctions relief. “My guess is that on March 24th nothing will be done,” said Richard Nephew, who once led the Iran sanctions file...
  • Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth

    03/24/2015 5:06:03 AM PDT · by thackney · 9 replies
    Wall Street Journal ^ | Feb. 19, 2015 | SUMMER SAID and BENOÎT FAUCON
    Saudi Arabia’s refusal late last year to rein in oil production helped trigger the price crash that has hurt oil-producing countries and publicly listed energy companies alike. And now even the kingdom’s own oil company is feeling the pain. As a result, state-owned Saudi Aramco is looking for ways to cut costs everywhere, from pushing contractors for better deals on oil-well services to negotiating discounts on its phone and power bills, according to people familiar with the matter. The company—the world’s largest oil producer—is also considering slashing its future spending on production and exploration by as much as 25%, much...
  • Libya rivals fight for control of country's oil wealth

    03/24/2015 4:56:38 AM PDT · by thackney · 7 replies
    AFP ^ | March 22, 2015 | AFP
    <p>The latest row erupted this week as UN envoy Bernardino Leon, who is mediating between Libya's warring factions, warned the country was heading towards destruction unless a political deal is found.</p> <p>It also comes as the jihadist Islamic State group, which has made huge profits from illegal oil sales in Syria and Iraq where it has seized chunks of territory, has gained a foothold in Libya.</p>
  • U.S. drillers scrambling to thwart OPEC threat

    03/24/2015 4:42:36 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 23, 2015 | Associated Press
    OPEC and lower global oil prices delivered a one-two punch to the drillers in North Dakota and Texas who brought the U.S. one of the biggest booms in the history of the global oil industry. Now they are fighting back. Companies are leaning on new techniques and technology to get more oil out of every well they drill, and furiously cutting costs in an effort to keep U.S. oil competitive with much lower-cost oil flowing out of the Middle East, Russia and elsewhere. “Everybody gets a little more imaginative, because they need to,” says Hans-Christian Freitag, vice president of technology...
  • Oil Price Dips Under $55 on Saudi Output Fears

    03/23/2015 5:06:43 AM PDT · by thackney · 6 replies
    Wall Street Journal ^ | March 23, 2015 | GEORGI KANTCHEV
    ...Brent for delivery in May fell 1.1% to $54.71 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $45.64 a barrel, down 2% from last week’s close. Both contracts gained last week with U.S. crude snapping a four-week losing streak. On Sunday, Saudi Arabia’s influential oil minister Ali al-Naimi told a conference in Riyadh that there was no conspiracy behind the Organization of the Petroleum Exporting Countries’ decision last fall to maintain its output target. He said the group could have lost market share if it...
  • Source: China to Lend Venezuela $10B in Coming Months

    03/22/2015 7:04:24 AM PDT · by thackney · 15 replies
    Reuters via Rig Zone ^ | March 20, 2015 | Corina Pons & Alexandra Ulmer|
    hina will lend Venezuela around $10 billion in coming months, half as part of a bilateral financing deal and the other half for the development of oil fields, a senior official at state oil company PDVSA said on Thursday. Fresh funds are a boon for financially squeezed Venezuela and will likely increase market confidence over the OPEC country's ability to meet major debt payments and arbitration awards. Venezuelan bonds rose on Thursday following the news. However, relief may be tempered as the loans appear largely earmarked and will only go so far in countering the steep tumble in oil prices...
  • Feds to impose hydraulic fracturing mandates

    03/20/2015 6:24:47 AM PDT · by shove_it · 14 replies
    FuelFix ^ | 19 Mar 2015 | Jennifer A. Dlouhy
    WASHINGTON — The Obama administration is set to issue the first major federal regulations on hydraulic fracturing on Friday, with new mandates targeting oil and gas wells on public land. The Interior Department rule reflects years of work by regulators seeking to balance environmental interests and economic imperatives in setting baseline standards for the way wells are constructed and stimulated for oil and gas production. But the final version, set to be unveiled Friday by Interior’s Bureau of Land Management, according to stakeholders familiar with the timeline, is unlikely to appease environmentalists who have argued for strong protections or oil...
  • Gasoline price spike in Midwest linked to refinery issues

    03/20/2015 12:16:42 PM PDT · by Citizen Zed · 8 replies
    Consumer Affairs ^ | 3-19-2015 | Mark Huffman
    Gasoline prices in the U.S. are still lower than they have been in years but nonetheless are higher than they were a month ago. And in a handful of Midwestern states, sharply higher. According to the AAA Fuel Gauge survey, the average price of self-serve regular in Indiana jumped 10 cents a gallon in 24 hours, from $2.16 a gallon to $2.26. In Michigan, the average price also jumped a dime a gallon, from $2.25 to $2.35 a gallon. In Illinois, the increase is much less dramatic, rising from $2.35 a gallon to $2.38. But the average price of gasoline...
  • Obama to unveil fracking rules (Hurl)

    03/20/2015 8:36:02 AM PDT · by C19fan · 29 replies
    Politico ^ | March 19, 2015 | Elana Schor
    The Obama administration is set to unveil the first major nationwide safety restrictions on fracking, touching off a fresh political confrontation between the president and his critics in Congress and the energy industry. The Interior Department’s rules — expected to be released Friday morning — are the federal government’s most comprehensive foray to date toward regulating the technology at the heart of the U.S. oil and gas boom, addressing worries such as potential dangers to drinking water. They will also offer oil and gas supporters new room to accuse President Barack Obama of seeking to throttle fossil-fuel production, despite his...
  • Saudi Arabia said to offer jobs to sacked US shale workers

    03/20/2015 5:22:54 AM PDT · by thackney · 19 replies
    Arabian Business ^ | 18 March 2015 | Staff writer
    Workers fired from shale fields in the United States after the slump in oil prices are reportedly being offered new jobs in Saudi Arabia. State-owned Saudi Aramco is posting new job ads online aiming to snap up experts in extracting oil from shale, Bloomberg reported. Thousands of US workers have been fired since November as oil prices plunged because of oversupplies, driven in part by an OPEC decision supported by Saudi Arabia, Bloomberg said. It quoted Tobias Read, CEO of recruiter Swift Worldwide Resources, as saying: “We’ve seen people who have historically been reticent to look at Saudi Arabia who...
  • Kuwait: OPEC Has No Choice But to Keep Output Unchanged

    03/19/2015 5:22:57 AM PDT · by thackney · 12 replies
    Rig Zone ^ | March 19, 2015 | Reuters
    OPEC has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said on Thursday, reiterating the view from the emirate that the group will hold its course when it meets next in June. "Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want to lose our share in the market," Ali al-Omair told reporters in Kuwait city. Many OPEC oil ministers, including Saudi Arabia's Ali al-Naimi, have...
  • The Lee-Rubio tax blueprint

    03/18/2015 12:48:39 PM PDT · by Tolerance Sucks Rocks · 22 replies
    The Washington Times ^ | March 17, 2015 | Allen West
    Republican Sens. Mike Lee of Utah and Marco Rubio of Florida have released a blueprint for federal tax reform called “The Economic Growth and Family Fairness Tax Plan.” First, we should not embrace the language of progressive socialism in believing tax reform should have as a goal to advance “family fairness.” The plan should simply be entitled “The American Growth and Opportunity Plan.” That said, the Lee-Rubio plan is a great improvement over the current system. For the individual tax structure, the plan introduces a two-tier system to replace the current seven tax brackets. This plan moves America from a...
  • New Jersey Throws It Into Reverse, Welcomes Tesla

    03/18/2015 2:10:53 PM PDT · by LogicDesigner · 6 replies
    Forbes ^ | March 18, 2015 | Micheline Maynard
    Last year, New Jersey’s state legislature told Tesla its selling style wasn’t welcome. But now, Elon Musk’s electric car company is back in the Garden State’s good graces. On Wednesday, Gov. Chris Christie signed a bill that allows Tesla to sell cars directly to consumers, Bloomberg reported. The move is part of a bill that overhauls the state’s automobile franchise laws. Under the new law, Tesla has to meet some criteria, such as maintaining a service center in New Jersey where the electric vehicles can be fixed. ... But Texas lawmakers have refused to let the company sell directly to...
  • After Tikrit: What to Do With Iraq’s Shia Popular Mobilization Units

    03/18/2015 11:26:52 AM PDT · by BeauBo · 7 replies
    Foreign Affairs ^ | March 16, 2015 | Michael Knights
    Iraq, in short, could be experiencing what Lebanon did decades ago as Hezbollah fighters took the Bekaa Valley. In this case, the land in question is Mesopotamia and the forces are PMUs, but the result will be the same: a swath of land in which the government is gradually ceding ground to powerful paramilitary factions with strong terrorist connections.
  • Oil exporters amass record U.S. bond holdings in crude price plunge

    03/18/2015 5:24:32 AM PDT · by thackney · 4 replies
    Reuters ^ | Mar 17, 2015 | Richard Leong and Gertrude Chavez-Dreyfuss
    The collapse in crude oil prices may have reduced revenues of oil exporters, but it has not soured their appetite for U.S. government debt. Saudi Arabia and other major oil exporters have increased their holdings of U.S. Treasuries to record levels in an effort to counter the effect of the 60 percent drop in oil prices in the last nine months. Global financial assets such as U.S. Treasuries, corporate debt, and equities have benefited from soaring oil prices over the last decade as producers funneled their oil windfall into these markets. With the dollar hovering near a 12-year peak against...
  • Minister: Low Prices Will Hamper Nigeria's Bid To Boost Output

    03/17/2015 6:26:33 PM PDT · by thackney · 3 replies
    Rig Zone ^ | March 17, 2015 | Reuters
    Consistently low oil prices will hamper Nigeria's bid to boost output to 4 million barrels per day (bpd), Oil Minister Diezani Alison-Madueke was quoted as saying on Tuesday at an oil and gas conference in the capital Abuja. "Flexibility in capex and funding in general will be further constrained in the year 2015," the minister said in a speech read out by Joseph Dawha, group managing director of the Nigerian National Petroleum Corp. Africa's biggest oil producer has been hit hard by global oil prices that have around halved since June, because it accounts for up to 80 percent of...
  • Libya's Recognized Government: Oil Sales Must Go Through NOC In East

    03/17/2015 6:24:21 PM PDT · by thackney · 5 replies
    Reuters via Rig Zone ^ | March 17, 2015 | Ulf Laessing & Ayman al-Warfalli
    Libya's internationally recognized government said on Tuesday that any sales of the country's oil should be arranged through a state firm based in Benghazi under its leadership to prevent fraud. If implemented, the decision would escalate a battle for control that is raging, four years after the ousting of Muammar Gaddafi, between the official government based in the east and a rival administration in Tripoli. Oil markets have been wondering who is owning Africa's largest oil reserves. But so far customers have continued paying for exports worth hundreds of millions of dollars each month through state National Oil Corp (NOC)...
  • The E.U. Experiment Has Failed

    03/16/2015 8:23:01 PM PDT · by annalex · 33 replies
    Hoover Institution ^ | March 5, 2015 | Bruce Thornton
    The E.U. Experiment Has Failedby Bruce ThorntonThursday, March 5, 2015 The slow-motion crisis of the European Union is the big story that rarely gets the attention it deserves. Even an event like the recent terrorist attack in France that left 17 dead is often isolated from the larger political, economic, and social problems that have long plagued the project of unifying the countries of Europe in order to harness its collective economic power, and to avoid the bloody internecine strife that stains its history. On the economic front, the E.U.’s dismal economic performance over the last six years was summed...
  • Crony Biofuel Politics Wag the Dog

    03/14/2015 9:47:48 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | March 14, 2015 | Paul Driessen
    Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad warned, referring to Renewable Fuel Standards that require refiners to blend increasing amounts of ethanol into gasoline. “It is the Holy Grail, and I will defend it,” said Rep. Steve King, another Iowa Republican. It is vital for reducing carbon dioxide emissions and preventing dangerous climate change...
  • Oil Prices Drop as Production Hums Along Despite a Brimming Supply

    03/14/2015 1:29:35 AM PDT · by Berlin_Freeper · 9 replies
    nytimes.com ^ | MARCH 13, 2015 | STANLEY REED
    Just as the oil market appeared to be stabilizing, the price of crude resumed its descent on Friday. The drop, of about 4 percent, came after a report from the International Energy Agency warning that oil pouring into tank farms in the United States might “soon test storage capacity limits.” The agency, whose reports are closely monitored by oil traders, said that overflowing storage “would inevitably lead to renewed price weakness.” American production of oil continues to increase despite recently announced cutbacks in new drilling by producers.
  • Cramer: The gigantic oil crash that hasn't occurred

    03/13/2015 6:43:03 AM PDT · by thackney · 11 replies
    msn ^ | Jim Cramer
    We keep waiting for the bust, the gigantic rollover of oil companies that just plain collapse under their own weight and the $50 price that you get for West Texas Intermediate. It hasn't happened. We keep waiting for the junk bond market that is riddled with $200 billion in oil and gas paper to be crushed by defaults and restructurings. It hasn't been. In fact, the iShares iBoxx $ High Yield Corporate Bd, the high-yield exchange-traded fund that includes a lot of this suspect paper, is pretty much unchanged for the last three years and has enjoyed a sustained rally...