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Russian energy giant Gazprom pledged to appeal what they described as an “unprecedented” fine after the Polish anti-monopoly watchdog UOKiK ordered them to pay some $7.61 billion (€6,47 billion) over the Nord Stream 2 pipeline. The Polish regulator said that building the pipeline would increase Gazprom’s dominance on the Polish market. The project, which would allow Germany to double its gas imports from Russia, is “tantamount to breaking the rules of law and of fair competition” and the current situation may trigger “serious consequences for Poland’s and the EU’s economy,” they added. Gazprom is spearheading the Baltic Sea construction effort...

UK Special Envoy to Yemen Alan Duncan Claims US Controlled by Jewish BankersPosted By Daniel Greenfield On October 15, 2014 @ 12:24 pm In The Point | 18 Comments Alan Duncan, the UK’s Special Envoy to Yemen and Oman, a former oil industry man and current MP, offered a calculated insult to the United States and a staple of Nazi anti-Semitic propaganda as part of his unfortunate campaign against the Jewish State.After denouncing Israeli “Apartheid” despite having built his career working with an oil company that actually propped up Apartheid in South Africa, Duncan demanded that all candidates be...

TEHRAN - Iran has left the development of two oilfields to the energy giant British Petroleum (BP), an informed source told the Tasnim News Agency on the condition of anonymity. The announcement is a follow-up to the September meeting between Iranian Oil Ministry officials and BP top managers, where the Iranian side headed by Amir Hossein Zamani Nia, the deputy oil minister for international affairs and trade, agreed to transfer the development of two oilfields to BP based on the new model of Iranian oil contracts, known as Integrated Petroleum Contract (IPC), which is due to be unveiled soon. ---snip---...

Shell joins BP in corporate exodus from membership of the conservative, free-market lobbying group, which continues to deny the science of climate changeRoyal Dutch Shell have announced they will end their membership of the far-right American Legislative Exchange Council (Alec) because of its continuing denial of the science of climate change. In a statement released on Friday, a Shell spokesman said: “Alec advocates for specific economic growth initiatives, but its stance on climate change is clearly inconsistent with our own.” Shell joins fellow oil major BP in a corporate exodus from the conservative, free-market lobby group. Shell’s decision comes...

The Obama administration gave conditional approval on Monday for Shell Gulf of Mexico, Inc. to start drilling for oil and gas in the Arctic Ocean this summer. The approval is a major victory for Shell and the rest of the petroleum industry, which has sought for years to drill in the remote waters of the Chukchi seas, which are believed to hold vast reserves of oil and gas. “We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea, recognizing the significant environmental, social and ecological resources in the region and establishing high standards for the...

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 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...

Undaunted by the long battle over Keystone XL and current low oil prices, TransCanada Corp. is planning to build another border-crossing pipeline that would ferry North Dakota crude to refineries in Eastern Canada. TransCanada executives confirmed Friday they have signed contracts with shippers for enough capacity on the proposed 285-mile Upland pipeline to go forward with the project. It would move as many as 70,000 barrels a day of oil away from North Dakota’s Williston Basin, giving producers another alternative to shipping that crude by rail. “There is no question that production is up in North America, across the board,”...

The National Right to Work Foundation announced Wednesday that three employees at LyondellBasell filed unfair labor practice charges against the United Steelworkers Union. The charges allege that union officials from Steelworkers Local 13-227 are harassing workers who are going back to work. The charges were filed Monday with the National Labor Relations Board, according to the foundation that is providing free legal help. The foundation accused an unnamed local union official of making threats toward workers who continue to work during the strike. The group also alleges that union officials have allowed a union Facebook page to threaten union-represented employees...

The ongoing shale oil renaissance and the United States’ abundant natural resources has transformed our energy landscape, allowing American consumers access to affordable fuel supplies and spurring significant investment and job growth across our economy.But in order for this renaissance to continue, it is critical that lawmakers ensure that U.S. policy keeps pace so that our energy resources are being leveraged to provide the maximum benefit to the nation’s economy and international geopolitical interests. ADVERTISEMENT This point was made clear at a recent House Energy and Commerce subcommittee hearing, where witnesses emphasized the enormous value that the changing dynamics in...

Chevron Corp. said Tuesday it would sell off more assets and cut back on capital spending, as the integrated oil and gas giant looks to protect its finances from lower crude prices. Chevron said it would put about $15 billion of assets up for sale through 2017 — up from a previous $10 billion target — and cut capital spending incrementally to roughly $30 billion in 2017. In January, Chevron had said it would trim capital spending to $35 billion in 2015, down about $5 billion from its 2014 budget. Despite the cuts, the San Ramon, California-based company said it...

Expected post-Lunar New Year cargo growth will accelerate equipment, cargo handling and other costs going forward, maintain ocean carrier executives. While the full impact on ocean carrier deployments to U.S. West Coat ports has yet to be measured, major players comprising the Transpacific Stabilization Agreement (TSA) are standing firm on raising rates. According to TSA spokesman, Niels Erich, container shipping lines have begun the slow work of repairing their networks as U.S. West Coast congestion difficulties ease. “At the same time, forward bookings suggest that post-Lunar New Year cargo demand will resume after the week-long Asia holidays and continue to...

Hours after an explosion ripped through a Torrance refinery, residents for miles around continue to grapple with ash, a gas odor and concerns over poor air quality while inspectors confirmed that a filtration device was the source of the blast. A smoke advisory was issued for areas near the ExxonMobil refinery due to Wednesday morning's explosion and fire.

A three-alarm fire was reported around 8:50 a.m. at a processing unit at 3700 West 190th St. in Torrance, according to officials. When crews arrived on scene they found evidence of an explosion and a small ground fire, which firefighters quickly extinguished. ... Residents and approximately 30 schools in the Torrance School District were instructed to shelter in place. That advisory was lifted by police around 11:45 a.m.

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...

HOUSTON – The United Steelworkers (USW) today said that Houston area oil workers will sponsor a noon rally at Shell Headquarters on Friday, Feb. 6, to show management that union members are united in their drive for a fair contract that improves safety throughout the industry.Union members began a strike at nine U.S. refineries and chemical plants in California, Kentucky, Texas and Washington on Feb. 1, after their previous contract expired and industry negotiators, represented by Shell, failed to address serious concerns raised by the USW regarding the health and safety of workers and their communities.USW members account for about...

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...

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...

Union Calls on Industry to Negotiate Solutions to Protect Workers and Communities(PITTSBURGH) -- An explosion and fire today at a refinery in Southern California underscores the United Steelworkers’ demand for improved safety conditions to protect both workers and communities.The explosion at the ExxonMobil refinery in Torrance, Calif., occurred as 5,200 members of the United Steelworkers (USW) are conducting unfair labor practice strikes at 11 refineries across the country with safety as a major concern.“Our members work in dangerous and too often deadly conditions,” said USW International President Leo W. Gerard. “While employers have reaped billions of dollars in profits over...

HOUSTON (Reuters) - Union leaders on Thursday rejected the sixth contract offer Royal Dutch Shell made to U.S. refinery workers and a pause in negotiations was called on the fifth day of a strike, though talks are expected to resume.