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Keyword: petroleum

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  • High gasoline prices push up U.S. consumer prices

    07/22/2014 5:49:00 AM PDT · by SoFloFreeper · 19 replies
    Reuters ^ | 7/22/14
    U.S. consumer prices rose in June as the cost of gasoline surged, but the overall trend continued to point to a gradual build up of inflationary pressures. The Labor Department said on Tuesday its Consumer Price Index increased 0.3 percent last month after May's 0.4 percent gain. Gasoline accounted for two-thirds of the rise in prices last month. In the 12 months through June, the CPI increased 2.1 percent after a similar rise in May.
  • Gulf of Mexico saturated with oil?

    01/30/2007 8:39:08 AM PST · by milwguy · 57 replies · 1,890+ views
    petroleumnews ^ | 01/30/2007 | milwguy
    Chevron's announcement this week that the Jack Field located in the Gulf of Mexico 270 miles southwest of New Orleans may have as much as 15 billion barrels of oil was not the only recent find of oil in the Gulf. In March, Mexico announced the discovery of a new huge oil find, the Noxal Field some 60 miles from the port of Coatzacoalcos on the coast of Veracruz state. Estimated to contain as much as 10 billion barrels of oil, the find could well be larger than Cantarell, Mexico's biggest oil field, near Yucatan. Like the Jack Field discovery,...
  • Earth Day: Hail Fossil Fuels, Energy Of The Future

    04/22/2014 6:04:09 AM PDT · by rktman · 27 replies ^ | 4/21/2014 | MARK J. PERRY
    On Earth Day, according to various advocates, "events are held worldwide to increase awareness and appreciation of the Earth's natural environment." As we observe the event Tuesday, it might be a good time to appreciate the fact that Americans get most of their plentiful, affordable energy directly from the Earth's "natural environment" in the form of fossil fuels (coal, natural gas, and petroleum). It's largely those energy sources that fuel our vehicles and airplanes; heat, cool and light our homes and businesses; power our nation's factories; and in the process significantly raise our standard of living. Shouldn't that be part...
  • Is This Oil Field the Next Bakken?

    04/17/2014 2:57:59 PM PDT · by ckilmer · 61 replies ^ | April 17, 2014 | Robert Baillieul
    Is This Oil Field the Next Bakken? By Robert Baillieul - April 17, 2014 Over the past few years a handful of energy companies have been silently buying massive tracts of land in a little known area of Louisiana. Early estimates suggest that this oil rich region could contain 7 billion barrels of recoverable oil… putting it on par with other prolific shale fields like the North Dakota Bakken and the Texas Eagle Ford. And their bets are starting to pay off. Many of the area’s big oil producers have reported spectacular numbers from their drilling operations. And this could...
  • Financial questions seen for US shale gas, tight-oil plays

    04/02/2014 7:14:39 PM PDT · by Lorianne · 5 replies
    Oil & Gas Journal ^ | 25 March 2014 | OGJ editors
    Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the author of a March comment published by the Oxford Institute for Energy Studies (OIES). But a reorientation of the industry toward “the most commercially sustainable areas” of unconventional-resource plays might extend the period of growth, writes the analyst, Ivan Sandrea, an OIES research associate and senior partner of Ernst & Young London. The producing industry has demonstrated it can create opportunities, innovate operationally, and address environmental issues despite evolving government policies and questions of public acceptance, Sandrea writes....
  • Report: Condensate could be first crack in oil export ban

    04/02/2014 11:31:58 AM PDT · by thackney · 31 replies
    Fuel Fix ^ | April 2, 2014 | Jennifer A. Dlouhy
    A simple tweak by the Commerce Department would allow the U.S. to begin selling ultralight fossil fuels overseas, a significant first step in easing the 39-year-old ban on crude exports, a new report says. The analysis released by Sen. Lisa Murkowski, R-Alaska, focuses on condensate, a natural gas liquid made up of light fuels such as propane and butane. The fuels generally flow as liquids at normal temperatures even if they’re gas underground. Though it is chemically different than crude, condensate is swept under the oil export ban — at least as long as the light hydrocarbon is coming out...
  • US gasoline prices reach six-month high as ethanol climbs

    04/02/2014 6:58:35 AM PDT · by thackney · 33 replies
    Bloomberg News via Fuel Fix ^ | April 2, 2014 | Barbara Powell
    Link only due to Bloomberg content
  • Texas producing 36 percent of US crude

    04/02/2014 6:55:02 AM PDT · by thackney · 23 replies
    Fuel Fix ^ | April 1, 2014 | Ryan Holeywell
    Texas is producing about 36 percent of the country’s crude oil — three times more than any other state, according to the latest monthly figures from the U.S. Energy Information Administration. Texas pumped nearly 2.9 million barrels of crude daily of the 7.9 million barrels produced nationwide in January, the latest month for which figures are available. The Gulf of Mexico produced about 17 percent, the second-largest portion, followed by North Dakota with about 12 percent of the U.S. crude. California and Alaska rounded out the top five crude-producing areas, each home to about 7 percent of the nation’s oil....
  • Energy IQ: Think You Know Energy?

    03/20/2014 5:28:15 PM PDT · by Fester Chugabrew · 2 replies
    Did you know that the U.S. is now the world’s largest producer of petroleum products in the world? Or that U.S. carbon emissions hit their lowest levels in 20 years last October thanks to increased natural gas use? Get ready to put your energy knowledge to the test!
  • Thanks to Fracking, U.S. Will Pass Saudi Arabia In Oil Production

    03/12/2014 3:59:46 PM PDT · by VitacoreVision · 15 replies
    The New American ^ | 12 March 2014 | Warren Mass
    Thanks to Fracking, U.S. Will Pass Saudi Arabia In Oil Production 12 March 2014 Thanks to fracking, or hydraulic fracturing, a process used to extract oil from shale, the United States will soon pass Saudi Arabia as the world’s largest oil producer....
  • Libya threatens to bomb North Korean tanker if it ships oil from rebel port

    03/09/2014 1:34:46 PM PDT · by mojito · 24 replies
    Reuters ^ | 3/8/2014 | Ulf Laessing and Feras Bosalum
    Libya threatened on Saturday to bomb a North Korean-flagged tanker if it tried to ship oil from a rebel-controlled port, in a major escalation of a standoff over the country's petroleum wealth. The rebels, who have seized three major Libyan ports since August to press their demands for more autonomy, warned Tripoli against staging an attack to halt the oil sale after the tanker docked at Es Sider terminal, one of the country's biggest. The vessel started loading crude late at night, oil officials said. The oil dispute is just one facet of the deepening turmoil in the North African...
  • Use That Pen To Approve Keystone XL Pipeline Jobs, Mr. President

    02/04/2014 9:03:10 AM PST · by SeekAndFind · 11 replies
    IBD ^ | 02/04/2014
    The shovel-ready pipeline from Canada gets yet another clean bill of health as yet another State Department review says it will have negligible environmental impact, unlike the crude-carrying trains that are replacing it. President Obama promised in the State of the Union that 2014, his sixth year in office, would be a "year of action" on jobs, unlike the first five that saw the labor force participation rate sink to its lowest level in decades. In his weekly radio address on Jan. 18, he said he wanted "to work with Congress this year on proven ways to create jobs, like...
  • Exclusive: Reuters investigates business empire of Iran's supreme leader ($95 billion)

    11/11/2013 8:11:54 PM PST · by Beave Meister · 9 replies
    (Reuters) - Iran's supreme leader Ayatollah Ali Khamenei controls a business empire worth around $95 billion - a sum exceeding the value of his oil-rich nation's current annual petroleum exports - a six-month Reuters investigation shows. The little-known organization, called Setad, is one of the keys to the Iranian leader's enduring power and now holds stakes in nearly every sector of Iranian industry, including finance, oil, telecommunications, the production of birth-control pills and even ostrich farming. Setad has built its empire on the systematic seizure of thousands of properties belonging to ordinary Iranians - members of religious minorities, Shi'ite Muslims,...
  • Remembering Ploesti

    08/03/2013 7:15:16 AM PDT · by jmcenanly · 28 replies
    The Nationl Review Online ^ | August 3, 2013 4:00 AM | Robert Zubrin
    This week marks the 70th anniversary of the U.S. Army Air Corps raid on Ploesti, Romania, one of the most heroic episodes in the history of military aviation. As a result of the twin victories of the Soviets at Stalingrad and of the British at El Alamein in November 1942, the Germans lost their bids to seize either the oil fields of the Caucasus or those of the Middle East. The fuel resources of the Third Reich were thus drastically limited, with the principal supports being the synthetic-oil facilities at Leuna in central Germany and the Romanian oil fields at...
  • US shale oil supply shock shifts global power balance

    05/14/2013 8:25:13 AM PDT · by Red Badger · 52 replies
    BBC ^ | 14 May 2013 Last updated at 10:00 ET | STAFF
    A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says. Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency (IEA). The US will change from the world's leading importer of oil to a net exporter. Demand for oil from Middle-East oil producers is set to slow as a result. "North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven....
  • Breaking: Major shale oil find in South Australia (geopolitical shift coming?)

    01/26/2013 10:00:37 AM PST · by Ernest_at_the_Beach · 22 replies
    JoNova ^ | January 24th, 2013 | joanne
    This is Big. At its very least, they’re talking of 3.5 billion barrels of oil, which is a Very Nice Discovery, thank you. At its largest, they are saying 233 billion barrels — Saudi Arabia, here we come.Near Coober Pedy, Linc Energy has confirmed the Arckaringa Basin has lots of shale oil, so much that it could possibly shift us back to being an oil exporter. (We were self sufficient until 2000, but our oil production has been declining since then.)Any discovery that comes with discussions about “national energy security” is one worth paying attention to. The news stories...
  • White House inactive on attack dangers ('The threat is on nobody's radar screen')

    01/08/2013 10:37:30 AM PST · by Perseverando · 26 replies
    WND ^ | January 7, 2013 | F. Michael Maloof
    WASHINGTON – The United States now is facing two serious national security challenges, but they aren’t expected to be addressed effectively because of the serious budgetary headaches Congress has created, and a virtually deadlocked legislature on just about every issue pending, according to report from Joseph Farah’s G2 Bulletin. And the White House apparently isn’t paying attention. The first is the growing concern of the impact that an electromagnetic pulse, or EMP, event – either natural or manmade – could have on the national grid system, on which the Department of Defense has a 99 percent dependency. The other concern...
  • Wilbur Ross: Shale Gas Could Transform US Economy

    12/31/2012 1:31:38 AM PST · by 2ndDivisionVet · 21 replies
    Newsmax ^ | December 27, 2012 | Forrest Jones and Kathleen Walter
    Policies that allow for the extraction of natural gas and oil in the country's shale deposits could transform the U.S. economy by creating jobs and improving the country's balance of payments, said Wilbur Ross, chairman and CEO of WL Ross and Co. Attempts to burden the energy sector with heavy-handed regulation could wipe out growth in the sector and crimp a sector otherwise poised for lasting growth. "We are very keen on shale gas. We have been for quite some time. I think it's the one thing that could transform the economy, and the great thing about it is it...
  • Hydrocarbons Could Form Deep In the Earth From Methane, Not Animal Remains

    12/25/2012 9:38:49 PM PST · by 2ndDivisionVet · 43 replies
    Popular Science ^ | April 15, 2011 | Rebecca Boyle
    A new study demonstrates how high hydrocarbons could be formed from methane deep within the Earth, aside from the compression and heating of ancient animal remains over the eons. Fused-methane oil would be far less common than your typical petroleum, of course, but the study shows abiogenic hydrocarbons could conceivably occur in some of the planet’s high-pressure and high-temperature zones. Scientists at Lawrence Livermore National Laboratory used supercomputers to simulate what would happen to carbon and hydrogen atoms buried 40 to 95 miles beneath the Earth’s crust, where they would be subjected to prodigious pressures and temperatures. They found at...
  • Kerry Has Investments in Companies Accused of Violating Iran Sanctions

    12/21/2012 10:50:39 AM PST · by Sub-Driver · 22 replies
    Kerry Has Investments in Companies Accused of Violating Iran Sanctions Daniel Halper December 21, 2012 12:59 PM John Kerry, who will be nominated later today to be the next secretary of state, is the richest member of the U.S. Senate. His estimated net worth is, at minimum, $198.65 million, according to disclosure forms. Kerry's disclosure forms also reveal that he has invested in companies accused of doing business with Iran. One of the companies Kerry is invested in is called Petroleo Brasileiro SA Petrobras (Petrobras), it's a Brazilian-based oil and gas corporation. Disclosure forms reveal that Kerry has between $150,000...
  • Salazar announces Alaska Petroleum Reserve plan

    12/19/2012 6:37:11 PM PST · by Nachum · 5 replies
    Anchorage Daily News ^ | 12/19/12 | DAN JOLING — Associated Press
    ANCHORAGE, Alaska — The Interior Department's plan for managing a vast petroleum reserve on Alaska's North Slope calls for a roughly 50-50 split between conservation and oil development plus accommodation for a pipeline that could carry offshore Arctic Ocean oil to the trans-Alaska pipeline. Interior Secretary Ken Salazar on Wednesday announced that the plan will allow for development of nearly 12 million acres within the 23 million-acre National Petroleum Reserve-Alaska, an area roughly the size of Indiana. Salazar said in his announcement that the plan will guide the transition from leasing and exploration to responsible production and transport of the...
  • An American Oil Find That Holds More Than All of OPEC [UT,CO]

    11/13/2012 1:31:10 PM PST · by Red Badger · 40 replies
    ABC ^ | Nov. 13, 2012 | By ALAN FARNHAM
    Drillers in Utah and Colorado are poking into a massive shale deposit trying to find a way to unlock oil reserves that are so vast they would swamp OPEC. A recent report by the U.S. Government Accountability Office estimated that if half of the oil bound up in the rock of the Green River Formation could be recovered it would be "equal to the entire world's proven oil reserves." Both the GAO and private industry estimate the amount of oil recoverable to be 3 trillion barrels. "In the past 100 years — in all of human history -- we have...
  • Pioneering British firm produces 'petrol from air' in breakthrough that could solve energy crisis

    10/20/2012 1:31:35 PM PDT · by 2ndDivisionVet · 62 replies
    The London Daily Mail ^ | October 20, 2012 | Damien Gayle
    A British firm has produced the first 'petrol from air', it emerged today - in a pioneering scientific breakthrough that could end mankind's reliance on declining fossil fuels. Air Fuel Synthesis in Stockton-on-Tees, Teesside, claims to have made five litres of petrol since August using a small refinery that synthesises the fuel from carbon dioxide and water vapour. Experts have hailed the incredible breakthrough as a potential 'game-changer' in the battle against climate change and solution to the globe's escalating energy crisis. While the company is still developing their process and still need to take electricity from the national grid,...
  • Ireland 'close to oil billions'

    10/10/2012 6:53:18 AM PDT · by Red Badger · 17 replies
    BBC ^ | 10-10-12 | Andy Martin
    Ireland is on the verge of securing revenue from oil that could run into billions of pounds. Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. The money generated will depend on the market value at the time of extraction and on licensing arrangements. Providence chief executive Tony O'Reilly Jr said this was the beginning of an Irish oil industry. He described it as a huge success story, following decades of exploration around the Irish coast. "The great news today is that Barryroe is...
  • Crude Oil Drops $3 In A Minute

    09/17/2012 12:02:16 PM PDT · by Kartographer · 18 replies
    Barron's via Yahoo Finance ^ | 9/17/12 | Brendan Conway
    Jittery afternoon in the oil markets, where crude futures plunged $3 in less than a minute shortly before 2 p.m., for no immediately obvious reason. In such cases, the chatter inevitably turns to the Strategic Petroleum Reserve. But we have no credible reports of a release at this point. Heck, we don’t even have a shady report to point to. CNBC’s befuddled anchors are just now floating the idea that options expiry may be playing a role. And CNBC has a White House spokesman saying there’s no change to the strategic petroleum reserve. “Fat finger” error? Probably not: Brent moved...
  • Oil Just Tanked Out Of Nowhere...

    09/17/2012 11:21:29 AM PDT · by blam · 31 replies
    TBI ^ | 9-17-2012 | Joe Weisenthal
    Oil Just Tanked Out Of Nowhere... Joe WeisenthalSeptember 17, 2012Trying to get to the bottom of this. Oil just tanked. Here's the USO (ETF), which is a decent intraday proxy, falling nearly 3% in a flash. There's some chatter it's a fat finger, and others wondering if there's some kind of Strategic Oil Petroleum related news. More to come as we figure it out.
  • Crude Petroleum Production 1938

    06/08/2012 7:18:55 PM PDT · by moonshot925 · 4 replies
    June 8 2012 | me
    I got this data from the "League of Nations Statistical Yearbook". It is amazing how much petroleum we produced. 60% of the world's output !!!
  • Wintershall confirms oil discovery off Norway (63-126 Million Barrels)

    05/25/2012 9:09:16 AM PDT · by Red Badger · 8 replies
    Reuters ^ | 22 May 2012 | Reporting by Balazs Koranyi
    May 22 (Reuters) - Germany's Wintershall, the oil and gas arm of chemicals group BASF, confirmed an oil discovery off Norway near the Kristin field in the Norwegian Sea, the Norwegian Petroleum Directorate said in a statement on Tuesday. "The well encountered a 39-metre thick oil column in the Garn formation with reservoir and reservoir quality as expected," it said. "Preliminary calculations confirm earlier resource estimates, though at the upper end of the discovery estimate," it added. An earlier estimate for the discovery was for between 10 and 20 million standard cubic metres of recoverable oil and between 2 and...
  • Bangladesh announces first oil discovery (153 million Barrels)

    05/25/2012 8:44:35 AM PDT · by Red Badger · 3 replies
    Yahoo ^ | 05-21-2012 | Staff
    Bangladesh has struck its first oil, in two gas fields in the northeastern Sylhet region, the chairman of the state-run Oil, Gas and Mineral Corporation (Petrobangla) has said. "This is first time that we have found economically viable oil resources, estimated at about 153 million barrels, in the two gas fields, 280km from the capital," Mohammad Hussain Monsur told reporters on Sunday, adding that production could begin within a year.
  • Iran claims new Caspian Sea oil find (10 Billion Barrels)

    05/25/2012 8:36:55 AM PDT · by Red Badger · 9 replies
    Claims are coming from Iran of the discovery of new Caspian Sea oil reserves. If confirmed, it would be the first discovery of new reserves in the area for over 100 years. Using the Amir Kabir semi-submersible rig, the Khazar Exploration and Production Company has estimated the size of the find at around 10 billion barrels and according to Iran’s oil ministry, the oil is high quality. The offshore reserves are described as deepwater, but an exact depth has not been given. According to Khazar, the find is completely within Iranian territorial waters. The Caspian Sea is also bordered by...
  • Repsol Sinopec announces large pre-salt oil discovery off Brazilian coast (1.2 billion barrels )

    05/25/2012 8:33:13 AM PDT · by Red Badger · 8 replies
    Xinhua ^ | 05-25-2012 | Staff
    RIO DE JANEIRO, May 24 (Xinhua) -- Spanish-Chinese oil venture Repsol Sinopec announced Thursday it has discovered a large hydrocarbon reserve in the pre-salt layer of the Campos Basin, off Brazil's southeastern coast. The discovery is one of the largest finds in the world this year, the company said. The company estimates the BM-C-33 block, where the discovery was made, could hold more than 1.2 billion barrels of oil equivalent. The most recent discovery in the block, the Pao de Acucar (1-REPF-12D-RJS) well, is located some 195 km off the coast of Rio de Janeiro state, in a water depth...
  • Eni makes big oil discovery in Egypt (150-250 million barrels )

    05/25/2012 8:24:30 AM PDT · by Red Badger · 1 replies
    Reuters ^ | 05-24-2012 | Svetlana Kovalyova
    Italy's oil and gas major Eni has made a big oil discovery in the Western Desert of Egypt, part of the group's strategy of refocusing exploration activities in the country by targeting deeper plays in the Western Desert region. The discovery, at the Emry Deep exploration prospect, located in the Meleiha Concession 290 kilometers south west of Alexandria, is estimated at 150-250 million barrels of oil in place and will require further appraisal drilling, Eni said in a statement on Thursday. The full field development foresees an early production phase from the current well to be followed by the drilling...
  • CNOOC posts major oil find in Bohai (146 billion barrels of oil)

    05/25/2012 6:49:36 AM PDT · by Red Badger · 8 replies
    UPI ^ | 05-24-2012 | Staff
    BEIJING, May 24 (UPI) -- China National Offshore Oil Corp. announced Thursday it made a new oil discovery in the shallow waters of south Liaodong Bay. CNOOC announced it encountered an oil pay in its Luda 21-2 prospect with a thickness of about 550 feet, which it said was one of the thickest oil layers ever encountered in the area. Zhu Weilin, general manager for exploration at CNOOC, said in a statement the prospect has "fairly good economics in exploration and development." The prospect is located northeast of Bohai Bay, which is estimated to hold as much as 146 billion...
  • Refiners are being squeezed

    05/09/2012 10:27:14 AM PDT · by Oldeconomybuyer · 1 replies
    The Atlanta Journal-Constitution ^ | May 9, 2012 | By Charles T. Drevna
    America’s petroleum refiners manufacture safe, proven and reliable high-quality fuels and other products in an environmentally responsible manner to keep America moving, our economy growing, our citizens employed and our nation secure. But refiners are being squeezed by costly government overregulation, foreign competition, high oil prices and reduced fuel demand. A recent report by the Department of Energy found the compounded burden of federal regulations was a significant factor in the closing of 66 oil refineries in the United States in the past 20 years, wiping out thousands of jobs. Two money-losing refineries in the Philadelphia area are threatened with...
  • Three Cheers for Oil Speculators! (These folks are really the benefactors of humanity)

    05/02/2012 6:57:42 AM PDT · by SeekAndFind · 27 replies
    American Thinker ^ | 05/02/2012 | Howard Becker
    Oil speculators are benefactors of humanity. We should be very grateful to all of them. Next time you see an oil speculator, thank him for what he is doing. Most Americans would strongly disagree with me. But they are wrong -- not morally wrong, but factually wrong. One of the consequences of the recent increase in the price of gasoline has been the demonization of oil speculators. Politicians, journalists, talking heads, bloggers, and agitators have been denouncing speculators and proclaiming that the general public has been harmed by their speculating. Most of the anti-speculator rhetoric has been civil. But some...
  • EPA official apologizes for ‘crucify’ the oil and gas producers comments

    04/26/2012 4:07:08 AM PDT · by SoFloFreeper · 46 replies
    Daily Caller ^ | 4/25/12 | Caroline May
    The Obama-appointed Environmental Protection Agency official who explained that the agency uses a “crucify them” enforcement philosophy against oil and gas companies apologized for his comments on Wednesday night. “I apologize to those I have offended and regret my poor choice of words,” Region 6 EPA Administrator Al Armendariz said in a statement provided to The Daily Caller. “It was an offensive and inaccurate way to portray our efforts to address potential violations of our nation’s environmental laws. I am and have always been committed to fair and vigorous enforcement of those laws. ”
  • North America has the potential to be energy world's next Middle East, report argues

    03/25/2012 4:37:49 PM PDT · by mamelukesabre · 11 replies · 1+ views
    The Telegraph ^ | 4:29PM GMT 22 Mar 2012 | Richard Blackden
    North America's energy sector has the potential to drive a "remarkable resurgence" that could see the Continent become the new Middle East in shaping the global supply of gas and oil, a new report has claimed. Deepwater drilling in the Gulf of Mexico, tapping shale deposits for gas and oil and Canada's oil sands are among the ingredients that could see North America's production of oil and natural gas liquids almost double to 26.6m barrels a day by 2020, according to a report by analysts at Citigroup. "The energy sector in the next few decades could drive an extraordinary and...
  • Petroleum Chief Torches Obama’s Oil Jabber

    03/08/2012 10:48:21 AM PST · by Nachum · 5 replies
    fox ^ | 3/8/12 | fox
    American Petroleum Institute President Jack Gerard went before a Congressional hearing today and blasted President Obama’s double-speak on oil production. “It’s others who have called on the Saudis to produce more. Others, who have called on other sources such as the Brazilians and yet others who recognize that supply matters by calling for release from the strategic oil preserve.”
  • How does oil speculation raise gas prices?

    03/05/2012 6:41:53 PM PST · by U-238 · 56 replies
    How Stuff Works ^ | 3/1/2012 | Josh Clark
    The next time you drive to the gas station, only to find prices are still sky high compared to just a few years ago, take notice of the rows of foreclosed houses you'll pass along the way. They may seem like two parts of a spell of economic bad luck, but high gas prices and home foreclosures are actually very much interrelated. Before most people were even aware there was an economic crisis, investment managers abandoned failing mortgage-backed securities and looked for other lucrative investments. What they settled on was oil futures. An oil future is simply a contract between...
  • Will the next oil boom be nano-sized?

    02/16/2012 1:02:12 AM PST · by 2ndDivisionVet · 11 replies
    Minnesota Public Radio ^ | February 15, 2012 | Dan Gunderson
    The United States has massive deposits of petroleum locked in shale. Government estimates are there are two trillion barrels of oil, and perhaps 800 billion barrels could be recovered. That's about three times the oil reserves of Saudi Arabia. The problem is finding an efficient way to get that petroleum out of the rock. It's a challenge that's frustrated scientists for decades. Two North Dakota State University researchers are taking a different approach to the problem, and they believe the key to extracting oil from shale is in understanding the material at the nano scale. Nano is breaking materials down...
  • Want a Guaranteed Job After College? Study This

    01/21/2012 7:59:10 PM PST · by SeekAndFind · 23 replies
    Fiscal Times ^ | 01/20/2012 | Kirsten Hayes
    While millions of college grads look forlornly into the worst U.S. job market in decades, Emily Woner pretty much guaranteed herself one of America's best-paid post-graduate jobs before she ever set foot on campus. Spurred by an early interest in following her father's footsteps into the oil sector, Woner secured a post-high school internship with Oklahoma City-based Devon Energy Corp. After summers spent riding seismic trucks in the Barnett shale, designing water pipelines in east Texas and helping model oil reservoirs in Wyoming, she's now a 22-year-old senior at the University of Tulsa waiting to take a job in one...
  • How we became a net petroleum exporter again

    12/19/2011 8:47:09 AM PST · by Nachum · 22 replies
    Hot Air ^ | 12/19/11 | Jazz Shaw
    This one will probably come as a surprise to many of you. Despite the best (read: worst) efforts of the Obama administration and the counter-intuitive nature of what you’re paying for gas and heating bills this winter, the United States is on track to be a net exporter of petroleum products for the first time in more than half a century. The U.S. exported more oil-based fuels than it imported in the first nine months of this year, making it likely that 2011 will be the first time since 1949 that the nation is a net exporter of such goods,...
  • Kern County's rich oil field of history

    11/28/2011 6:03:41 PM PST · by thecodont · 12 replies
    Los Angeles Times / ^ | November 27, 2011 | By Jay Jones, Special to the Los Angeles Times
    Reporting from Taft, Calif.— Anywhere else, linking an aromatic cup of coffee and a gooey glob of oil would quickly kill a restaurant. Not so in Taft, Calif., the Taft Crude Coffee House is a popular stop for hot coffee or iced mocha. And in an era when oil spills tend to be environmental disasters, people here are happy to provide directions to the Lakeview Gusher, even though it spewed more than 9 million barrels of oil, nearly twice the amount spilled in 2010 from the Deepwater Horizon, the ill-fated British Petroleum rig in the Gulf of Mexico. Over 18...
  • Anadarko Discloses Major Oil Find in Colorado

    11/14/2011 2:17:27 PM PST · by Fractal Trader · 31 replies · 2+ views
    Wall Sreet Journal ^ | 14 November 2011 | RUSSELL GOLD
    Anadarko Petroleum Corp. said that land it has leased in the Wattenberg oil field in northern Colorado may hold more than a billion barrels of recoverable oil and natural gas, in the latest sign that energy production in the U.S. is set to surge. The disclosure could vault the Wattenberg onto a growing list of major new oil discoveries in the United States, joining the Bakken Shale in North Dakota and the Eagle Ford in South Texas. These new sources of oil are reversing four decades of declining domestic energy production. What is making them possible are new technologies, including...
  • (Tuscaloosa Marine) Oil shale site impact ‘huge’

    10/19/2011 4:00:20 AM PDT · by abb · 33 replies · 2+ views
    The (Baton Rouge) Advocate ^ | October 19, 2011 | Ted Griggs
    The successful development of the Tuscaloosa Marine Shale will have “huge implications” for Baton Rouge and the surrounding parishes, a Devon Energy executive said Tuesday. One can get an idea of an oil shale’s impact by looking at the Eagle Ford formation in Texas, said Harry Livingstone, exploration manager, new ventures for Devon’s Southern region. The first Eagle Ford well was drilled there in 2008, and there are now 241 rigs drilling in the formation, Livingstone said. The shale has generated 13,000 full-time jobs and more than $500 million in salaries. By 2020, the Eagle Ford Shale will have contributed...
  • OECD and IEA recommend reforming fossil-fuel subsidies to improve the economy and the environment

    10/04/2011 1:51:23 PM PDT · by larry hagedon · 7 replies
    IEA website ^ | Oct 4th, 2011 | IEA staffers
    04 October 2011 Paris --- Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. Removing inefficient subsidies would raise national revenues and reduce greenhouse-gas emissions, according to OECD and IEA analyses.
  • New startup believes it has a way to cheaply convert methane to ethylene

    10/04/2011 7:29:58 AM PDT · by Red Badger · 21 replies ^ | 10-04-2011 | Bob Yirka
    When people think of uses for petroleum, they generally think of oil and gasoline, but doing so means ignoring the production of ethylene, a compound used to make many of the products most people use every day, such as plastics. Unfortunately though, as the price of petroleum goes up, so too does the cost of producing ethylene and all the products that come from it. This is why chemical researchers have been searching for years for a way to produce ethylene via anther process. Now, startup company San Francisco based Siluria, believes it has found a pathway there using methane...
  • How North Dakota Became Saudi Arabia

    10/01/2011 10:26:17 PM PDT · by radpolis · 18 replies
    Wall Street Journal ^ | OCTOBER 1, 2011 | STEPHEN MOORE
    Harold Hamm, the Oklahoma-based founder and CEO of Continental Resources, the 14th-largest oil company in America, is a man who thinks big. He came to Washington last month to spread a needed message of economic optimism: With the right set of national energy policies, the United States could be "completely energy independent by the end of the decade. We can be the Saudi Arabia of oil and natural gas in the 21st century." "President Obama is riding the wrong horse on energy," he adds. We can't come anywhere near the scale of energy production to achieve energy independence by pouring...
  • Statoil Announces Huge North Sea Oil Discovery

    08/16/2011 5:33:10 AM PDT · by Red Badger · 22 replies
    ABC News ^ | August 16, 2011 | By BJOERN H. AMLAND
    Norway's Statoil has received a huge boost to its reserves with the announcement that two previous North Sea oil discoveries are connected which may represent the biggest find in the Norwegian continental shelf in 30 years. Statoil said in a statement Tuesday that the Aldous and Avaldsnes oil discoveries together contain between 500 million and 1.2 billion barrels of oil — significantly more than previously thought. Statoil owns a 40 percent stake in both discoveries and is the operator of Aldous. Tim Dodson, the company's vice president for exploration, called the combined discovery "giant," adding that "Norway has not seen...
  • E. coli metabolism reversed for speedy production of fuels, chemicals

    08/10/2011 10:48:58 AM PDT · by Red Badger · 16 replies ^ | 08-11-2011 | Provided by Rice University
    In a biotechnological tour de force, Rice University engineering researchers this week unveiled a new method for rapidly converting simple glucose into biofuels and petrochemical substitutes. In a paper published online in Nature, Rice's team described how it reversed one of the most efficient of all metabolic pathways -- the beta oxidation cycle -- to engineer bacteria that produce biofuel at a breakneck pace. Just how fast are Rice's single-celled chemical factories? On a cell-per-cell basis, the bacteria produced the butanol, a biofuel that can be substituted for gasoline in most engines, about 10 times faster than any previously reported...