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Articles Posted by thackney

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  • Upcoming Super Bowl will be first to be lit with energy-efficient LED lights

    01/30/2015 5:42:48 AM PST · by thackney · 67 replies
    Energy Information Administration ^ | JANUARY 30, 2015 | Energy Information Administration
    Before the start of the 2014 NFL regular season, University of Phoenix Stadium in Arizona, home to Super Bowl XLIX, retrofitted 312 high-performance light-emitting diode (LED) stadium light fixtures. The LED fixtures replaced more than 780 metal halide high-intensity discharge (HID) fixtures and will illuminate the field during the Super Bowl on February 1. University of Phoenix Stadium was the first stadium in the NFL to light its playing field using only LEDs. The new lights draw approximately 310 kilowatts of energy compared with the 1,240 kilowatts required by the old system, a savings of about 75%. Assuming an electricity...
  • Contributions of Horizontal Drilling and Hydraulic Fracturing to the USA Economy

    01/30/2015 5:37:01 AM PST · by thackney
    Oil Pro ^ | 1-29-2015 | Richard Goodwin
    Horizontal Drilling and Hydraulic Fracturing, represent technology developed in the 1980’s, are responsible for extracting Shale Gas and Shale Oil [Unconventional Liquid Hydrocarbons] from previously non-productive shale formations about one mile below the surface. As this technology was applied throughout the USA environmental upsets occurred (e.g. well water contamination in Weis County TX and Methane leaks in Dimrock PA. Recent peer review studies [Cornel, Stanford, Duke, Texas University, Penn State University and Ohio State University] have shown that these incidents could have been avoided by maintaining proper well integrity. State regulatory agencies now require adherence to industry standards, to ensure...
  • The most important thing to understand about the coming oil production cutbacks

    01/27/2015 4:42:52 AM PST · by thackney · 25 replies
    Resource Insights ^ | JANUARY 25, 2015 | KURT COBB
    What the current oil price slump means for world oil supply is starting to emerge. "Layoffs," "cutbacks," "delays," and "cancellations" are words one sees in headlines concerning the oil industry every day. That can only mean one thing in the long run: less supply later on than would otherwise have been the case. But perhaps the most important thing you need to understand about the coming oil production cutbacks is where they are going to come from, namely Canada and the United States. Why is this important? For one very simple reason. Without growth in production from these two countries,...
  • Oil, Gas Salary Adjustments Amid Oil Price Decline

    01/25/2015 8:12:38 AM PST · by thackney · 18 replies
    Rig Zone ^ | January 23, 2015 | Gene Lockard
    As many energy industry companies revise their capital expenditures downward for 2015 amid the steep drop in crude oil values, they are making a variety of decisions with regard to worker compensation, according to Aon Hewitt, a global human resource company that tracks corporate performance, reward and talent. The slide in crude oil prices picked up speed late in 2014, about the time that financial decisions for 2015 were being made. As prices continued to dip, many companies within the industry revisited the budgeting process early in the new year in light of the current reality of sub-$50/barrel crude oil....
  • BSEE to Investigate Damage to Unmanned Platform off Louisiana Coast

    01/25/2015 8:10:39 AM PST · by thackney · 11 replies
    Rig Zone ^ | anuary 23, 2015 | Gene Lockard
    The Bureau of Safety and Environmental Enforcement (BSEE) and the U.S. Coast Guard are preparing to investigate an unmanned platform off the coast of Louisiana that has been damaged, BSEE said in a statement. The platform is operated by Energy XXI, GOM, LLC, and is located in 50 feet of water in South Timbalier (ST) Block 27 in the Gulf of Mexico, about 5 miles south of port Fourchon, Louisiana. Energy XXI reported to BSEE at approximately 4:30 a.m. that the ST 27 IA platform had been damaged, and that the damage was possibly caused by a vessel. There was...
  • Video: Anadarko turns massive Gulf spar into marine habitat

    01/25/2015 7:46:15 AM PST · by thackney · 5 replies
    Fuel Fix ^ | January 23, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has turned a 7,200-ton cell spar hull into a dark cave-like habitat for fish, sea anemones and other deep-sea creatures 200 miles off the coast of Louisiana. The Red Hawk spar facility, which began its operations in the Gulf of Mexico a decade ago, is a series of 560-feet-long steel cylinders used to keep Anadarko’s deep-water natural gas production equipment afloat. The Woodlands oil explorer hopes its $30 million investment to transform it into an artificial reef in late September will be a boon to the fishing industry that supports local economies along the Gulf Coast, said...
  • 7 On, 7 Off - The Roughneck Life

    01/23/2015 9:48:47 AM PST · by thackney · 32 replies
    Oil Pro ^ | 1/22/2015 | Alec Rothman
    So your off week is about over with. It went by too fast again and there is some work to be done before going back to the rig. You still need to do your laundry and pray that at least half of that oil base will come off this time in the wash. You still need to go food shopping - you know the usual grub: protein shakes, cold cuts, bread, eggs, steaks, etc. And, you need to fill up that darn 20+ gallon tank of gas for your 4x4 work truck that you're going to drive on your way...
  • Oil Majors Seek To Claw Back Costs From Service Firms

    01/23/2015 8:13:07 AM PST · by thackney · 4 replies
    Reuters via Rig Zone ^ | January 22, 2015 | Dmitry Zhdannikov
    Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel.... While keen to avoid accusations of ganging up to force terms on suppliers, they are exploring measures that are likely to put further pressure on services companies such as Schlumberger and Halliburton, which have already cut thousands of jobs as business...
  • Iowa ethanol lobby starts 2016 campaign to regain influence

    01/23/2015 5:38:59 AM PST · by thackney · 75 replies
    Fuel Fix ^ | January 22, 2015 | Associated Press
    Renewable-fuels advocates are promising to spend millions putting ethanol back in the debate for Iowa’s first-in-the-nation caucus next year as cheap oil and setbacks in biofuels policy make the additive less central to voters. Iowa Governor Terry Branstad, backed by state corn-grower and renewable-fuels associations and the Washington-based biofuels lobby Growth Energy, on Thursday formed America’s Renewable Future, to make the Renewable Fuels Standard an issue in the 2016 race. The Iowa caucus is set for early January. “We are designing it to look like a presidential campaign, but the RFS is our candidate,” said Eric Branstad, the governor’s son...
  • Death of King Unlikely to Alter Saudi Oil Policy

    01/23/2015 5:22:12 AM PST · by thackney · 3 replies
    Wall Street Journal ^ | Jan. 23, 2015 | RUSSELL GOLD, NICOLE FRIEDMAN and LYNN COOK
    Saudi Arabia has charted a long-term course to drive down oil prices and maintain its major share of the global market—and a change of who is on the throne in Riyadh won’t likely alter this course, energy experts said. Even after the death of King Abdullah, announced early Friday, the kingdom is likely to continue to pump crude in the face of a global glut, which has helped push prices down by more than 55% since last June. Surrounded by unrest and uncertainty in the Middle East, Saudi Arabia is protecting itself by exploiting its big advantages—huge oil reserves and...
  • OPEC, Oil Companies Clash At Davos Over Price Collapse

    01/22/2015 5:26:41 AM PST · by thackney · 18 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Dmitry Zhdannikov
    OPEC defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up. The strain the halving of oil prices since June is putting on producers was laid bare when non-member Oman voiced its first direct, public criticism of the Organization of the Petroleum Exporting Countries' November decision not to cut production but instead to focus on market share. Oil prices have collapsed to below $50 a barrel as a result of a large supply glut,...
  • Eni warns oil may shoot up to $200 without Opec cuts {in 4~5 years}

    01/21/2015 10:02:40 AM PST · by thackney · 48 replies
    BBC ^ | 21 January 2015 | BBC
    talian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies. Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices. He said that would create longer-term shortages and sharp price rises in four to five years' time. Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos. He said: "Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a...
  • Commentary: What I think about when I think about crude {causes for price}

    01/21/2015 9:29:32 AM PST · by thackney · 10 replies
    Fuel Fix ^ | January 21, 2015 | Matt Smith
    Japanese novelist Haruki Murakami was so consumed by running he combined two of his loves to write a book called ‘What I Talk About When I Talk About Running‘. Although an odd concept, it’s actually quite a compelling read. Not only did I think this title was really great (although paraphrased from Raymond Carver), but it also reminded me of my own rather obsessive compulsions. So here are some of the things that I currently think about when I think about crude oil.–Global economic growth. Crude oil demand growth is highly dependent upon economic growth, and specifically from emerging markets....
  • Oman Oil Minister Slams OPEC Policy on Prices, Market Share

    01/21/2015 7:56:25 AM PST · by thackney · 7 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Rania El Gamal & Andrew Torchia
    Oman oil minister Mohammad bin Hamad al-Rumhy sharply criticised OPEC's production policy on Wednesday, saying it was creating volatility in the market without benefiting oil producers and that his country was suffering. In November, OPEC decided to keep its output unchanged despite sliding prices. Analysts believe the policy is being engineered by Saudi Arabia and other top Gulf producers to protect their market share against higher-cost suppliers outside OPEC, such as U.S. shale oil producers. Oman is a significant oil producer but it lacks the huge oil and financial reserves of its Gulf neighbours, and it is not an OPEC...
  • Stakeholders Seek Nigeria’s Withdrawal from OPEC

    01/21/2015 6:33:16 AM PST · by thackney · 3 replies
    This Day Live ^ | 20 Jan 2015 | Ejiofor Alike
    Stakeholders in Nigeria’s oil and gas sector have queried the relevance of Nigeria’s membership of the Organisation of Oil Exporting Countries (OPEC) and urged President Goodluck Jonathan to withdraw the country from the cartel. These stakeholders gathered at the weekend in Lagos at a symposium organised in honour of a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Ayodele Marinho, who celebrated his 80th birthday. They argued that OPEC as presently constituted serves only the interest of Saudi Arabia and its Gulf allies, which have contributed in the plummeting prices of crude oil because of a selfish...
  • Now It's Halliburton's Turn - Coming Workforce Reductions At Big Red Will Impact Thousands

    01/20/2015 9:46:05 AM PST · by thackney · 6 replies
    Oil Pro ^ | 1/20/2015 | Joseph Triepke
    Following Schlumberger's 9,000 lay-offs announced last week and Baker Hughes' 7,000 earlier this morning, Halliburton said today that it will execute workforce reductions similar to its peers during the first quarter. Halliburton COO Jeff Miller said: "We have already taken the initial steps on headcount internationally. As North America (NAM) activity falls, we will make adjustments in the US as well. We expect our headcount reductions to be in-line with our primary competitors. We will minimize discretionary spending. There is likely to be more restructuring in first quarter as we put initiatives in place to temper the impact of the...
  • Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared

    01/20/2015 7:01:57 AM PST · by thackney · 1 replies
    Upstream ^ | 20 January 2015 | Upstream
    Full Title: Samir Kamal, Libya’s governor for oil cartel Opec for the past two years, has disappeared in Tripoli. The senior manager at the country’s Ministry of Oil has not been seen since leaving his place of work on Thursday afternoon, numerous media reports say. Reports in Libya suggest he was abducted and had resisted attempts by some individuals to profit from his position as a representative of the major North African producer at Opec. The Vienna-headquartered 12-member organisation has so far resisted pressure to slash output amid continued oil price weakness. Earlier this month Kalam told Reuters: "Something should...
  • On to Plan B as Oil Work Stalls in Texas

    01/20/2015 6:43:19 AM PST · by thackney · 32 replies
    New York Times ^ | JAN. 19, 2015N | CLIFFORD KRAUSS
    ...businesses and workers are bracing for the worst. A Mexican restaurant has started a Sunday brunch to expand its revenues beyond dinner. A Mercedes dealer, anticipating reduced demand, is prepared to emphasize repairs and sales of used cars. And some well-off oil company managers are cutting back at home, rethinking their vacation plans and cutting the hours of their housemaids and gardeners. Dexter Allred, the general manager of a local oil field service company, began farming alfalfa hay on the side some years ago in the event that oil prices declined and work dried up. He was taking a cue...
  • Baker Hughes to lay off 7,000 in coming months

    01/20/2015 5:37:26 AM PST · by thackney · 9 replies
    Fuel Fix ^ | January 20, 2015 | Robert Grattan
    Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter. The announcement came shortly after the oil service company reported that its net income for the three months ending December 30 rose to an adjusted $629 million, or an adjusted earnings per share of $1.44 in 2014. In the same period of 2013, Baker Hughes reported $248 million in profit. The company said it expects to book a one-time charge in the next period in the range...
  • Exxon begins production from Russian field

    01/20/2015 5:33:28 AM PST · by thackney · 3 replies
    Fuel Fix ^ | January 19, 2015 | Robert Grattan
    Exxon Mobil Corp. said Monday it has begun producing from the third and final field of its Russian Sakhalin-1 project. The Sakhalin-1 project is a joint venture with several Russian oil and gas companies and is operated by Exxon Neftegas Ltd. The third field, Arkutun-Dagi, is expected to reach a peak production of 90,000 barrels per day, Exxon Mobil said in its announcement. Exxon Neftegas owns a 30 percent interest in the field and Japan’s Sakhalin Oil and Gas Development Co. Ltd. holds another 30 percent interest. India’s ONGC Videsh Ltd. also holds a 20 percent interest and several affiliates...
  • Canadian drilling services firm files bankruptcy

    01/20/2015 5:28:48 AM PST · by thackney · 3 replies
    Fuel Fix ^ | January 19, 2015 | Vicki Vaughan
    A Canadian company that expanded into South Texas in 2012 with a pioneering waterless technique to fracture shale rock has filed for bankruptcy protection as it seeks to reorganize. The company, GasFrac Energy Services Inc. of Calgary, Alberta, may be the first firm to seek bankruptcy protection among those that established a South Texas presence as drilling in the Eagle Ford Shale boomed. GasFrac filed Chapter 15 bankruptcy in Canada on Thursday and later that day in federal bankruptcy court in San Antonio. A U.S. Chapter 15 case is ancillary to a primary filing in the debtor’s home country. GasFrac...
  • Senate tees up votes on Keystone XL, exports, climate

    01/20/2015 5:21:22 AM PST · by thackney · 9 replies
    Fuel Fix ^ | January 20, 2015 | Jennifer A. Dlouhy
    The fate of the oil that flows through the Keystone XL pipeline and the source of the steel used to make it are set to be decided this week in the U.S. Senate. The chamber is expected to vote on as many as three amendments to GOP-backed legislation to authorize the TransCanada Corp. pipeline on Tuesday, with more than four dozen other possibilities on the horizon. Few are without controversy, and many are meant to send a message or put senators in a difficult spot, casting votes on such issues as protectionism, oil spills and climate change. The first three...
  • Anadarko pumps first oil at Lucius field in the Gulf

    01/19/2015 9:55:31 AM PST · by thackney · 35 replies
    Fuel Fix ^ | January 19, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has harvested the first barrels of petroleum at its deep-water Lucius project in the Gulf of Mexico, one of the biggest startups expected in the U.S. offshore region this year. The Woodlands-based oil explorer’s massive Lucius production facility includes a 23,000-ton truss spar, which is a 110-foot-diameter floating cylindrical hull that can handle up to 80,000 barrels of oil and 450 million cubic feet of natural gas a day. The Lucius field, named after an heir to the Roman throne, houses 300 million barrels of oil equivalent about 230 miles offshore in 7,200 feet of water. The...
  • Enbridge, Enterprise deliver high-volume Canadian crude to the Houston area

    01/19/2015 8:36:44 AM PST · by thackney · 6 replies
    Houston Business Journal ^ | Jan 16, 2015 | Jordan Blum
    Canada-based Enbridge Inc. (NYSE: ENB) and Houston-based Enterprise Products Partners LP (NYSE: EPD) celebrated Jan. 16 the beginning of delivery of Canadian tar sands crude oil to the Houston area through a new pipeline system. While the Keystone XL pipeline remains mired in political debate, Enbridge and Enterprise on Dec. 21 delivered the first high-volume Canadian crude to Freeport, Texas through the newly completed Seaway Pipeline system twin loop and the new Flanagan South pipeline. The two pipeline systems connect in Cushing, Oklahoma, with the new Seaway loop delivering up to 450,000 barrels of oil a day of Canadian crude...
  • China's Yards Brace for Leaner Times as Oil Slump Sours Rig Building Spree

    01/19/2015 8:20:16 AM PST · by thackney · 2 replies
    Reuters via Rig Zone ^ | January 19, 2015 | Brenda Goh & Rujun Shen
    For China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse. As crude prices slide, oil producers are slashing new project spending. With a near 40 percent slice of a global market worth tens of billions of dollars, Chinese rig builders that offered juicy financing terms and discounts to leapfrog Asian rivals in recent years are now the most exposed to a slowdown. Diversifying to pull out of a downturn in traditional shipbuilding, China's state and privately owned yards have lured orders away from regional peers, building scores of rigs...
  • Range Resources cuts spending plan amid low prices

    01/19/2015 5:16:48 AM PST · by thackney · 4 replies
    TribLIVE.com ^ | Jan. 15, 2015 | Tribune-Review
    Pennsylvania's most prolific shale gas driller dialed back 2015 spending plans Thursday because of low natural gas prices, following a general belt-tightening among energy companies across the country. Fort Worth-based Range Resources Corp., which has a regional headquarters in Cecil, dropped its capital expenditure plan by a third to $870 million from $1.3 billion. That initial figure was 18 percent lower than its 2014 plan. The company plans to spend nearly all that money in developing Marcellus shale wells and still plans to increase gas production by 20 percent over this year. “The time and effort that Range spent in...
  • Beaumont event touts benefits of Keystone XL

    01/19/2015 5:02:28 AM PST · by thackney · 6 replies
    Beaumont Enterprise via Fuel Fix ^ | January 16, 2015 | Eric Besson
    Despite an oversupply of crude oil that has halved trading prices and led the U.S. to consider lifting a 40-year-ban on crude exports, completing the northern leg of the Keystone XL pipeline remains a priority, U.S. Sen. John Cornyn said Friday in Beaumont. “We know that as global demand goes up, prices will go up,” Cornyn, R-Texas, said. “I think we ought to take advantage of the opportunity we’ve been given because great innovative drilling techniques devised in the United States and the great natural resources we have … help grow our economy and help keep America safe.” Cornyn delivered...
  • BNSF adds oil trains, changes route in Nebraska

    01/19/2015 4:59:37 AM PST · by thackney · 6 replies
    Lincoln Journal Star ^ | January 19, 2015 | Richard Piersol
    BNSF Railway more than tripled the number of trains it moved through Nebraska with a million gallons of oil or more aboard late last year and has changed its route to bypass Lincoln, at least for some trains. Reports filed with the Nebraska Emergency Management Agency show that late last year BNSF expanded the number of oil trains it was required to report from three per week in July to a range of seven to 14 per week. Railroads must report trains that carry at least a million gallons of oil -- about 35 tank cars -- from the Bakken...
  • U.S. rig count sees biggest drop in six years

    01/19/2015 4:57:09 AM PST · by thackney · 11 replies
    Fuel Fix ^ | January 16, 2015 | Ryan Holeywell
    More than 40,000 upstream oil and gas jobs in Texas could be lost as energy sector activity here continues to slow, said Karr Ingham, the economist who compiles the monthly Texas Petro Index tracking the industry’s economic indicators. The latest data point that spells trouble for the industry: data released Friday indicating that that the number of rigs operating in the U.S. was down 74 this week, the rig count’s biggest one-week decline in more than six years. “We’re now at the point where there’s likely to be some damage inflicted on the Texas economy,” Ingham said. “I’d sure be...
  • Mexico suffers gasoline shortages because of pipeline thefts

    01/18/2015 6:52:36 PM PST · by thackney · 39 replies
    Bakken.com ^ | January 13, 2015 | Associated Press
    Mexico’s state-owned oil company acknowledges that pipeline thefts have gotten so bad they’re causing gasoline shortages in some states. The Pemex oil company says thieves repeatedly drilled illegal taps into pipelines carrying gasoline from refineries to distribution centers in north-central Mexico.... Thieves drilled around 2,500 illegal taps in the first nine months of 2104, and stole more than $1 billion in fuel.
  • Wind Must Cut Costs in Face of Cheap Crude

    01/18/2015 6:41:24 PM PST · by thackney · 41 replies
    Renewable Energy World ^ | January 16, 2015 | Richard Heap
    Crude oil prices have dropped to their lowest levels for six years, at under $50 a barrel. If they stay low throughout 2015 then it will cause headaches for the wind sector. This is one of the findings of our latest report, Wind Finance 2015. There are many reasons why oil prices have crashed, including the parlous state of the eurozone; slowing growth in China; and the decision by the Organization of Petroleum Exporting Countries to maintain high levels of production to put pressure on rivals, including fracking and renewables. The major risk for wind investors is that prolonged low...
  • Regional refinery trends evolve to accommodate increased domestic crude oil production

    01/18/2015 11:36:36 AM PST · by thackney · 9 replies
    Energy Information Administration ^ | Jan 15, 2015 | Energy Information Administration
    Recent rapid growth in U.S. production of light tight oil has raised interest in understanding how U.S. refineries, many of which are configured to process heavier crude oil, might accommodate increased volumes of domestic light crude. The U.S. refinery fleet, which is distributed across Petroleum Administration for Defense Districts (PADDs), varies both within and across regions in capacity, quality of crude oil inputs, utilization rates, and sources of crude supply. More than 50% of the country's refinery capacity and most of the country's heavy crude processing capacity is located in the Gulf Coast (PADD 3). The region's 51 operating refineries...
  • Diesel is on the road to lower prices

    01/17/2015 8:07:20 AM PST · by thackney · 21 replies
    Houston Chronicle ^ | January 12, 2015 | Vicki Vaughan
    Users of diesel fuel - mostly the nation's truckers - haven't seen diesel prices fall as much as gasoline, but that's about to change. Diesel "is slowly joining the party," with prices nationally declining an average of 44 cents a gallon in the last month, said Patrick DeHaan, senior petroleum analyst at consumer website GasBuddy.com. DeHaan expects diesel prices to continue to fall by 35 to 50 cents a gallon nationally in the next month or so. That aligns with the Energy Department's view, which expects diesel to average $3.07 a gallon this year, down from an estimated average of...
  • Caterpillar is latest victim of sliding oil price

    01/17/2015 7:05:54 AM PST · by thackney · 67 replies
    Market Watch ^ | Jan 5, 2015 | Ciara Linnane
    Caterpillar Inc. shares tumbled Monday as the company became the latest victim of the sliding price of oil. Caterpillar’s stock CAT, -0.55% tumbled almost 6% after J.P. Morgan downgraded it to underweight from neutral on concerns about the company’s direct exposure to oil and gas, and indirect exposure to mining, U.S. construction and emerging markets. The maker of diggers and dozers’ direct exposure to the sector is equal to about $6.5 billion, or 12% of revenue, while its indirect exposure may be as much as 15% of revenues, analysts wrote in a note. That means almost 30% of its total...
  • API's Gerard to President Obama: Follow Facts and Science, Not Politics

    01/16/2015 4:56:32 AM PST · by thackney · 6 replies
    Rig Zone ^ | January 15, 2015 | Gene Lockard
    Ahead of President Obama’s upcoming State of the Union (SOTU) address, American Petroleum Institute (API) President and CEO Jack Gerard discussed ways for the president to take a leadership position on the oil and gas industry in the United States. The energy industry has gone from scarcity in the 20th century to abundance early in the 21st century, generating billions in tax revenue, creating millions of new jobs and providing a boost to manufacturing, Gerard said, thus necessitating a new way of thinking about energy. The change also offers the country an opportunity to achieve a level of energy security...
  • Wage growth for oil workers slowed in 2014, data firm says

    01/16/2015 4:51:49 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 15, 2015 | Joshua Cain
    Wages for workers in the U.S. oil and gas industry last year grew at slower rate than the rest of the country for the first time since at least the 2007 recession, according to salary data from PayScale. The company, which tracks salary, benefits and compensation information, showed that oil and gas salaries in 2014 grew just 0.9 percent over the previous year. That’s compared to a 1.35 percent average growth rate over the same time period for the 16 other industries PayScale analyzed. The data showed that oil and gas wages have grown at a slower rate every year...
  • OPEC Says US Shale Production To See Slowdown In Late 2015

    01/15/2015 10:28:46 AM PST · by thackney · 17 replies
    Oil Pro ^ | 1/15/2015 | Kristine Allen
    OPEC said Thursday in its monthly report that the fall in oil prices will potentially slow US shale production by the end of the year. However, the slowdown will not prevent a growing global surplus in 2015 and demand for OPEC's oil to fall to its lowest level in a decade. OPEC increased its 2015 estimate for US oil production in the report, saying annual growth will be slower than previously estimated as lower prices cause companies to reduce investment plans and therefore engage in less drilling. But analysts say that it is going to take months before US production...
  • Saudi Arabia building 600-mile ‘Great Wall’ to keep out Islamic State

    01/15/2015 9:35:16 AM PST · by thackney · 54 replies
    Washington Times ^ | January 14, 2015 | Douglas Ernst
    With the Islamic State terrorist group in control of large swathes of Iraq, Saudi Arabia has decided to build a “Great Wall” that spans 600 miles. Construction of the security apparatus began in September and will include five layers of fencing, watch towers and night-vision and radar cameras
  • The Keystone Catechism, Debate...demonstrated...ignorance of economics on the part of Obama.

    01/15/2015 7:27:41 AM PST · by thackney · 2 replies
    Nation Review ^ | JANUARY 14, 2015 | George Will
    Not since the multiplication of the loaves and fishes near the Sea of Galilee has there been creativity as miraculous as that of the Keystone XL pipeline. It has not yet been built but already is perhaps the most constructive infrastructure project since the Interstate Highway System. It has accomplished an astonishing trifecta: It has made mincemeat of Barack Obama’s pose of thoughtfulness. It has demonstrated that he lacks even a rudimentary understanding of the most basic economic realities. It has dramatized environmentalism’s descent into infantilism. Obama entered the presidency trailing clouds of intellectual self-regard. His carefully cultivated persona was...
  • Shell scraps plans for multi-billion dollar petrochemical plant

    01/14/2015 10:12:36 AM PST · by thackney · 3 replies
    Fuel Fix ^ | January 14, 2015 | Ryan Holeywell
    Royal Dutch Shell won’t move forward with plans for a new petrochemical plant in Qatar, the company announced Wednesday, citing the “economic climate” facing the energy sector today. The project, dubbed Al Karaana, had been in the works for more than three years. It would have been a joint venture between Shell, which had a 20 percent stake in the project, and state-owned Qatar Petroleum, which had an 80 percent stake. Shell said in a statement that it decided not to move forward with Al Karaana after receiving bids from engineering and construction firms that ”showed high capital costs, rendering...
  • Market expectations of oil price uncertainty have increased in recent months

    01/14/2015 8:00:04 AM PST · by thackney · 6 replies
    Energy Information Administration ^ | JANUARY 14, 2015 | Energy Information Administration
    December was the sixth consecutive month in which monthly average Brent crude oil prices decreased, falling $17/barrel (bbl) from November to a monthly average of $62/bbl, the lowest since May 2009. The December price decline, and its continuation into early January, reflects continued growth in U.S. tight oil production, strong global supply, and weakening outlooks for the global economy and oil demand growth. As oil prices have sharply declined, market expectations of uncertainty in the price outlook have increased as reflected in the current values of futures and options contracts. West Texas Intermediate (WTI) futures contracts for April 2015 delivery,...
  • Clash Looms Over Fuel Economy Standard, As Consumers Snap Up Trucks, Big SUVs

    01/14/2015 5:27:38 AM PST · by thackney · 43 replies
    Wall Street Journal ^ | Jan. 13, 2015 | MIKE SPECTOR and CHRISTINA ROGERS
    Auto makers are on a collision course with U.S. regulators over the timetable to achieve stringent fuel-economy standards as cheap gasoline sends consumers flocking to less-efficient pickup trucks and sport-utility vehicles. Car companies are laying the groundwork to seek some relief when the targets come up for review by regulators in 2017, executives said at the North American International Auto Show in Detroit. They are in some cases already canvassing the White House, Capitol Hill and regulatory agencies to start lobbying for possible changes to fuel economy standards that take effect in 2022. The mileage targets, known as corporate average...
  • Saudi Oil Minister Holds Talks With US Energy Deputy -

    01/14/2015 4:51:34 AM PST · by thackney · 10 replies
    Rig Zone ^ | January 13, 2015 | Reuters
    Saudi Oil Minister Ali al-Naimi met U.S. Deputy Energy Secretary Elizabeth Sherwood-Randall on Tuesday in Riyadh where they discussed oil markets, the official Saudi Press Agency (SPA) reported. SPA gave no specific details about the meeting in a brief statement but said the officials looked into cooperation on energy and environmental issues, climate change, solar energy use and mutual investments. A U.S. energy department spokesman said in addition to those areas, the two officials discussed global oil markets. The trip was Sherwood-Randall's first as deputy energy secretary. "She chose to make her first visit to Saudi Arabia given our strategic...
  • Ratings agencies warn of U.S. oil company, Venezuelan defaults

    01/14/2015 4:45:14 AM PST · by thackney · 12 replies
    Fuel Fix ^ | January 13, 2015 | Collin Eaton
    Two major U.S. credit ratings agencies on Tuesday warned of debt defaults by both U.S. energy companies and oil-dependent Venezuela amid crashing petroleum prices. Fitch Ratings said it expects the default rate for U.S. energy junk bonds to rise from 0.7 percent over the next few years, though it didn’t forecast a specific rate. It said more than $78 billion in the U.S. energy sector’s so-called junk debt is rated at Fitch’s “weak” B- rating – just one spot above the “very weak” CCC rating. That’s up from $55 billion at the end of 2013. Over the past five years,...
  • Why does no one believe the Saudis?

    01/13/2015 10:39:27 AM PST · by thackney · 79 replies
    Oil Pro ^ | 1/13/2015 | Don Minter
    I've been in the oil patch for close to 30 years. During that time, I have seen oil price go down to about $10 per barrel, and I have seen the price rise to over $100 per barrel. I have seen the price swing for no reason at all. I have heard different bogeymen being blamed for changes in the oil price. Supply and demand are certainly part of the oil price equation, but speculation has been a major price driver for at least the last couple of years, beyond the S&D factors. Right now, the Saudis are being blamed...
  • Iran's Rouhani says countries behind oil price drop will suffer

    01/13/2015 5:47:51 AM PST · by thackney · 16 replies
    Reuters ^ | Jan 13, 2015 | MICHELLE MOGHTADER
    Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop. "Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R] "If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added. Oil prices...
  • Where to Find the Cheapest Gas in the Country

    01/13/2015 5:34:59 AM PST · by thackney · 51 replies
    ABC News ^ | Jan 13, 2015 | GOOD MORNING AMERICA
    The cheapest gas in the country costs less than a bottle of soda or cup of coffee. A gas station in Tomball, Texas -- Stripes -- is selling a gallon of regular unleaded gas for $1.42 this morning. The price is 62 cents below the national average of $2.14 a gallon, which is among the country’s lowest levels for gas prices in five years. Stations in 45 states are selling gas for under $2 a gallon, according to Gasbuddy.com.
  • Environmentalists are Wrong about Port Ambrose LNG

    01/13/2015 5:16:02 AM PST · by thackney · 5 replies
    The Energy Collective ^ | January 13, 2015 | Edward Dodge
    The proposed Port Ambrose deepwater LNG terminal near New York City has been denounced by environmentalists as a dirty and dangerous export terminal in disguise. The reality is that LNG is the safest and cleanest fuel available and natural gas is critical in efforts to eliminate air pollution and save lives in New York City. Protesters showed up at a public hearing January 7 on Long Island to encourage Governor Cuomo to veto the proposal for the terminal. The Port Ambrose LNG terminal should be appreciated by environmentalists as a technological marvel that helps provide much needed seasonal supplies of...
  • On Senate’s to-do list: Keystone, climate change, crude exports

    01/13/2015 5:04:08 AM PST · by thackney · 4 replies
    Fuel Fix ^ | January 12, 2015 | Jennifer A. Dlouhy
    The Senate on Monday formally launched debate on legislation to authorize the Keystone XL pipeline, with a procedural vote that also set the stage for weeks of arguments on climate change, crude exports and oil spills. The chamber voted 63-32 to limit debate on a motion to proceed to the Keystone bill, surpassing a 60-vote threshold needed to shut off a potential filibuster on the measure but falling short of the 67 “aye” votes that would be needed to override a presidential veto. Eleven Democrats crossed party lines to vote with the chamber’s Republicans in support of launching debate on...
  • Wholesale power prices increase across the country in 2014

    01/13/2015 4:39:08 AM PST · by thackney · 3 replies
    Energy Information Administration ^ | JANUARY 12, 2015 | Energy Information Administration
    Wholesale on-peak electricity prices were up at trading hubs across the nation between 2013 and 2014, driven largely by increases in spot natural gas prices and high energy demand caused by cold weather in the beginning of the year. Electricity prices were highest in the Northeast, driven by record-high natural gas prices early in the year during a very cold winter. Spot natural gas prices at the Henry Hub averaged $4.38 per million British thermal units (MMBtu) in 2014, an increase of 17% from 2013, and prices at other major trading points were up 16%-40% in 2014. Electricity prices were...