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Articles Posted by thackney

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  • Bonanza on the Eagle Ford Shale, A new energy revolution is unfolding in South Texas

    04/17/2014 6:10:34 AM PDT · by thackney · 13 replies
    Washington Times ^ | April 15, 2014 | William C. Triplett II
    Truck drivers: All over the interior United States, trucking companies are begging for drivers. The reason? They’ve all gone to Texas. There are $5,000-signup-bonus billboards along the Texas interstates and haulers have “now hiring” posted permanently... Drillers: A tough, sometimes dirty job, mostly performed by young men who can handle physical labor, but they get well paid for it — up to $1,600 a week. Women on the job site: A woman driving a one-ton Ford hauling a trailer passed by coming out of the oil fields in Karnes City, Texas. Women are on the site, usually driving trucks, but...
  • Hydraulic Fracturing: Staying Afloat in Times of Tightening Water Supply

    04/16/2014 4:53:49 PM PDT · by thackney · 7 replies
    Rig Zone ^ | April 16, 2014 | Gene Lockard|
    One of the criticisms levied against hydraulic fracturing, particularly during recent periods of drought, is the amount of water used in the process. However, energy companies are seeking to reduce water use during hydraulic fracturing, even as research shows more water is used in other activities. The numbers put things into perspective. The amount of water used to frack a well varies, but most reporting entities put the figure in a range of about 3 to 6 million gallons of water. In Pennsylvania, the average amount of water per well is about 4.4 million gallons, according to State Impact Pennsylvania,...
  • Drivers aren’t picking up on natural gas-powered F-150

    04/16/2014 1:38:11 PM PDT · by thackney · 65 replies
    Fuel Fix ^ | April 16, 2014 | Ryan Holeywell
    When Ford announced last summer it would sell a version of its F-150 pickup specially made to run on natural gas, many saw it as a watershed moment. Few light-duty vehicles used by everyday consumers are available in a natural gas configuration. Suddenly, the most popular model in America’s best-selling line of vehicles would come in a version that could run on the relatively cheap, clean fuel. But early sales numbers show that the public isn’t exactly clamoring for an F-150 powered by compressed natural gas. Ford readies the trucks for CNG conversion on the assembly line, and contractors later...
  • How Fracking Could Break Colorado Democrats

    04/16/2014 7:36:57 AM PDT · by thackney · 9 replies
    Politico Magazine ^ | April 15, 2014 | ELI STOKOLS
    Jaared Polis really doesn’t care what anyone else thinks. If you saw the Colorado congressman speaking on the House floor last month wearing a clip-on bowtie with a polo shirt under his blazer, you know what I’m talking about. He’s been this way since he first emerged on the scene. About 10 years ago, when he was just 28, Polis was one of four wealthy Colorado Democrats who pooled their considerable personal resources to create a state-of-the-art political machine that was ruthlessly effective in turning this once-red heartland state a stunning shade of blue. But Polis wouldn’t run with that...
  • Eleven Democrats Push Obama to Approve Keystone

    04/16/2014 7:30:07 AM PDT · by thackney · 12 replies
    Wall Street Journal ^ | Apr 10, 2014 | AMY HARDER
    Nearly a dozen Senate Democrats, including five up for re-election this year, are pressing President Barack Obama to approve the Keystone XL pipeline, and they say they want a decision by the end of next month. Most Republicans support the pipeline, but the 11 Democrats who wrote a letter to Mr. Obama urging him to approve the project deliberately made it a one party-effort. While a set of bipartisan signatures can be a powerful thing in the art of Washington letter-writing, these lawmakers clearly want to accentuate the pressure Mr. Obama faces from his own party on this issue. “It’s...
  • How Many Jobs Does Fracking Really Create?

    04/15/2014 1:52:51 PM PDT · by thackney · 38 replies
    National Journal ^ | April 14, 2014 | Clare Foran
    Fracking creates jobs. That's the linchpin of the oil and gas industry argument for permitting the controversial drilling practice. And it's become the industry's trump card as the debate rages—among policymakers and scientists—over whether fracking is safe for the people and environment around it. Getting an exact count of how many people collect paychecks as a result of fracking, however, is more art than science, and in many cases—particularly when it comes time for industry backers and politicians to tout the practice—a close look at the numbers shows that some of the largest estimates are based on the most generous...
  • Engaged Oil, Gas Employees is the Key to Retaining Talent

    04/15/2014 1:35:15 PM PDT · by thackney · 5 replies
    Rig Zone ^ | April 15, 2014 | Robin Dupre|
    Employees in the industry need to be motivated, challenged and awarded to be highly engaged in an industry that is witnessing recruiting and retaining challenges, a panelist discusses. - - - - - As the war for talent rages on in the oil and gas sector, employee engagement is a serious concern on the corporate agenda of every major company, remarked a panelist discussing employee engagement at a Health, Safety and Environment conference hosted by SPE International in Long Beach, California. Employee engagement or an engaged employee is defined as one who is fully absorbed by and enthusiastic about their...
  • Musings: The Oil Industry's Era of Austerity - Part Two

    04/15/2014 1:21:10 PM PDT · by thackney · 4 replies
    PPHB via Rig Zone ^ | April 15, 2014 | G. Allen Brooks
    This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. As the major oil companies struggle with how best to boost their profitability in an era of rising oilfield costs, business models are being adjusted. The changes are a reflection of managements’ attempts to change the culture of their organizations. The most popular theme is to split a company’s business into separate units with different investment and operational characterizations. For example, a popular way to split an integrated oil company is to put the most capital-intensive businesses – refining, petrochemicals, transportation and...
  • MARKET WATCH: NYMEX oil price jumps on EIA’s reduced oil production forecast

    04/14/2014 11:00:48 AM PDT · by thackney · 9 replies
    Oil & Gas Journal ^ | 04/09/2014 | Paula Dittrick
    The benchmark US crude oil futures price jumped more than $2/bbl on Apr. 8 after the US Energy Information Administration released a report saying government analysts reduced their earlier oil production forecast for this year and next. EIA estimates the US will produce 8.37 million b/d during 2014, down from an earlier forecast of 8.39 million b/d. During 2013, US oil production was 7.44 million b/d. For 2015, EIA revised its production forecast to 9.13 million b/d, down from an earlier forecast of 9.16 million b/d. US total oil consumption for 2014 was forecast at an average 18.9 million b/d,...
  • Oil and gas salaries average $130,000: Survey

    04/14/2014 9:41:30 AM PDT · by thackney · 9 replies
    Calgary Herald ^ | APRIL 9, 2014 | DAN HEALING
    Hays finds most employers expect to pay more, hire more in 2014 Canadian oil and gas worker salaries jumped six per cent to an average of $130,000 US in 2013 and the trend is expected to continue, according to a survey released Wednesday. Furthermore, despite ongoing worries about oil transportation bottlenecks, nearly three-quarters of employers who took part in the survey by global recruiting firm Hays Oil & Gas say they expect their companies will hire more people in 2014. “This past year, the industry has taken a pause,” said John Faraguna, global managing director of oil and gas for...
  • California to see surge in oil brought in by rail

    04/14/2014 7:56:20 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | April 14, 2014 | Associated Press
    California is preparing for an oil boom — brought in on rail cars. There are no pipelines that bring crude oil into California. For decades, the fuel that powers the state’s 32 million vehicles has come from tanker ships or in-state production. But government regulators predict a surge in U.S. oil production will means a steep increase in the number of trains carrying it to California refineries. The Ventura County Star reported Sunday that the increase in rail traffic will happen quickly, jumping from 9,000 carloads in 2011 to more than 200,000 carloads by 2016, according to California Energy Commission...
  • Liquefied natural gas shows potential as a freight locomotive fuel

    04/14/2014 5:40:43 AM PDT · by thackney · 15 replies
    Energy Information Administration ^ | APRIL 14, 2014 | Energy Information Administration
    EIA projects that liquefied natural gas (LNG) will play an increasing role in powering freight locomotives in coming years. Continued growth in domestic natural gas production and substantially lower natural gas prices compared to crude oil prices could result in significant cost savings for locomotives that use LNG as a fuel source, according to EIA's Annual Energy Outlook 2014 (AEO2014). Taken together, the 7 major U.S. freight railroads consumed more than 3.6 billion gallons of diesel fuel in 2012, or 7% of all diesel fuel consumed in the United States. The fuel cost more than $11 billion in 2012 and...
  • NuStar opens new Corpus Christi dock for Eagle Ford crude (photos)

    04/14/2014 5:14:18 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | April 11, 2014 | Jennifer Hiller
    San Antonio-based NuStar Energy LP this week celebrated the opening of its new dock at the Port of Corpus Christi, built to move crude oil from the Eagle Ford Shale. NuStar now has three loading docks in the Port of Corpus Christi and has upgraded and added to the terminal’s pump systems. Its North Beach Terminal has a capacity of 400,000 barrels per day. The new dock was scheduled to be complete in the second quarter but finished early. NuStar moved its first load of crude from the new dock in mid-February. It held a ceremony Thursday with executives, employees...
  • Lower prices pull down natural gas reserves in 2012

    04/11/2014 8:07:46 AM PDT · by thackney · 3 replies
    Energy Information Administration ^ | April 11, 2014 | Energy Information Administration
    Lower natural gas prices drove down U.S. proved reserves in 2012, despite notable gains in the Marcellus and Eagle Ford shale gas plays. The decline stopped a 14-year trend of consecutive increases in natural gas reserves, according to newly published estimates in EIA's U.S. Crude Oil and Natural Gas Proved Reserves 2012. Proved reserves are volumes of natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Natural gas proved reserves, estimated as wet natural gas that includes natural gas plant liquids, decreased 7%...
  • Natural gas has largest storage withdrawal on record

    04/11/2014 8:02:26 AM PDT · by thackney · 5 replies
    DROVERS CATTLENETWORK ^ | 04/10/2014 | Energy Information Administration
    (For the Week Ending Wednesday, April 9, 2014) Spot prices rose slightly at most hubs for the report week (Wednesday, April 2, to Wednesday, April 9) and went up significantly at the benchmark Henry Hub, following declines the previous week. The Henry Hub spot price rose from $4.35/MMBtu last Wednesday to $4.66/MMBtu yesterday. At the New York Mercantile Exchange (Nymex), the May 2014 contract increased from $4.364/MMBtu on Wednesday to $4.586/MMBtu yesterday. Working natural gas in storage rose to 826 billion cubic feet (Bcf) as of Friday, April 4, according to the U.S. Energy Information Administration (EIA) Weekly Natural Gas...
  • James River Coal pushed into bankruptcy

    04/10/2014 12:13:12 PM PDT · by thackney · 10 replies
    Richmond Times-Dispatch ^ | JOHN REID BLACKWELL | JOHN REID BLACKWELL
    A combination of a heavy debt load and a dramatic decline in demand and prices for coal pushed Richmond-based James River Coal Co. into Chapter 11 bankruptcy court protection. The company, which filed for Chapter 11 protection on Monday along with more than 30 of its subsidiary businesses, said in court filings Tuesday that it lost an estimated $16 million in 2013, as coal volumes and revenue dropped dramatically from 2012 to 2013. “The debtors’ businesses have reached the point of unsustainability absent utilization of the tools presented by Chapter 11,” James River Coal Chairman, President and CEO Peter Socha...
  • Crude oil reserves at start of 2013 reach highest level since 1976

    04/10/2014 8:03:19 AM PDT · by thackney · 7 replies
    Energy Information Administration ^ | APRIL 10, 2014 Crude o | Energy Information Administration
    U.S. crude oil proved reserves rose for the fourth consecutive year in 2012, increasing by 15% to 33 billion barrels, according to the U.S. Crude Oil and Natural Gas Proved Reserves (2012) report released April 10 by the U.S. Energy Information Administration. U.S. crude oil and lease condensate proved reserves were the highest since 1976, and the 2012 increase of 4.5 billion barrels was the largest annual increase since 1970, when 10 billion barrels of Alaskan crude oil were added to U.S. proved reserves. Contributing factors to higher crude oil reserves include increased exploration for liquid hydrocarbons, improved technology for...
  • Houston fills with crude oil that can’t be shipped out

    04/10/2014 5:59:57 AM PDT · by thackney · 43 replies
    Bloomberg News via Fuel Fix ^ | April 10, 2014 | Naomi Christie and Dan Murtaugh
    Bloomberg article so link only My notes and highlights below
  • Summer average gasoline price expected to be close to last year's level

    04/09/2014 1:21:20 PM PDT · by thackney · 20 replies
    Energy Information Administration ^ | APRIL 9, 2014 | Energy Information Administration
    Drivers are expected to pay an average $3.57 per gallon for regular gasoline this summer, close to last year's level, according to the U.S. Energy Information Administration's April Short-Term Energy and Summer Fuels Outlook. The price for Brent crude oil—which typically accounts for about two-thirds of the retail price of gasoline—is expected to average $105 per barrel this summer driving season (April through September), which is about $2 below its level last summer. However, the benefit of lower crude oil prices is expected to be almost fully offset by higher wholesale margins compared to last summer, although expected wholesale margins...
  • IRS Puts Damper On Newer Types Of Energy Partnerships

    04/09/2014 10:31:03 AM PDT · by thackney · 4 replies
    Reuters via Rig Zone ^ | April 09, 2014 | Patrick Temple West; Editing by Terry Wade, Meredith Mazzilli and Ken Wills
    The Internal Revenue Service has temporarily stopped issuing private letter rulings (PLRs) that energy companies sometimes request when setting up master limited partnerships for their tax benefits. Lawyers specializing in the oil and gas sector have said the IRS wants to review the scope of assets that can qualify as tax-free for master limited partnerships (MLPs), which have lured hundreds of billions of dollars from investors seeking high yields. "There has been a pause," IRS Commissioner John Koskinen told reporters on Tuesday at a congressional hearing. He did not say how long the delay would last. "(The pause) is to...
  • Feds fine oil company for failing to report production

    04/09/2014 8:38:06 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | April 9, 2014 | Associated Press
    The federal government is fining an Artesia oil man more than $700,000 for failing to submit reports on production on its federal leases in New Mexico. The Department of the Interior’s Office of Natural Resources Revenue said Tuesday it has assessed Louis Fulton, doing business as C.F.M. Oil Company, a $717,136 civil penalty.
  • General Electric funneling billions into new energy infrastructure

    04/09/2014 8:28:32 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | April 9, 2014 | Collin Eaton
    A natural gas pipeline stretching 435 miles across Mexico’s Yucatan Peninsula is just one piece of General Electric’s multibillion-dollar bid to shore up energy infrastructure in North America, where an oil and gas boom has drawn a wave of investments to new pipelines. GE’s energy investing arm has more than $3 billion tied up in 43,500 miles of pipeline, the largest U.S. liquefied natural gas export facility and other energy transportation and storage ventures. But it has started to shift its attention to early-stage ventures as U.S. and Canadian pipeline operators collect billions for new projects that link remote shale...
  • Oil companies pay $630M in Pennsylvania drilling fees

    04/09/2014 5:35:05 AM PDT · by thackney · 11 replies
    Fuel Fix ^ | April 8, 2014 | Collin Eaton
    Anadarko Petroleum, Chesapeake Energy and others will pay the state of Pennsylvania about $225 million in fees this year for drilling in the gas-rich Marcellus Shale — too little, according to critics of the state law setting the fee say. The fees, enacted in 2012, flow to local governments to fund basic needs like bridges, roads, firefighting equipment and environmental programs. By the end of the year, the recurring charges on nearly 6,500 natural gas wells will have brought more than $630 million to state coffers. “We are building a stronger Pennsylvania by harnessing our abundant resources to create jobs...
  • Half of power plant capacity additions in 2013 came from natural gas

    04/08/2014 6:52:57 AM PDT · by thackney · 7 replies
    Energy Information Administration ^ | APRIL 8, 2014 | Energy Information Administration
    Natural gas-fired power plants accounted for just over 50% of new utility-scale generating capacity added in 2013. Solar provided nearly 22%, a jump up from less than 6% in 2012. Coal provided 11% and wind nearly 8%. Almost half of all capacity added in 2013 was located in California. In total, a little over 13,500 megawatts (MW) of new capacity was added in 2013, less than half the capacity added in 2012. Natural gas. Natural gas capacity additions were less than in 2012, as 6,861 MW were added in 2013, compared to 9,210 MW in 2012. The capacity additions came...
  • Here's Why Warren Buffett and General Electric Are Betting Big on Natural Gas

    04/07/2014 5:33:14 AM PDT · by thackney · 7 replies
    Motley Fool ^ | March 30, 2014 | Jason Hall
    "Our confidence is justified both by our past experience and by the knowledge that society will forever need massive investments in both transportation and energy." -- Warren Buffett, 2013 letter to Berkshire Hathaway shareholders According to the company's most recent fact sheet, Berkshire Hathaway subsidiary BNSF Railways ships enough coal every year to power 10% of America's houses, and enough crude oil to fill the gas tanks of nearly 650,000 cars every day. Transporting energy is pretty important to BNSF, and BNSF is pretty important to Berkshire, having generated some $3.8 billion in net income in 2013. At the same...
  • Gas boom creates chemical bond between Gulf Coast, foreign firms

    04/07/2014 5:26:04 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | April 6, 2014 | Emily Pickrell
    Foreign companies are making big bets on the Gulf Coast petrochemical corridor, where capital investment is surging because of cheap U.S. natural gas, other lower costs and the existing industry infrastructure. Domestic natural gas and its byproducts including ethane — a building block petrochemical companies use to make plastics and other materials — are low-priced relative to most of the world because of the surge in oil and gas production from U.S. shale plays. The bargain-rate raw material has caused a stampede of recent international investment along the Gulf Coast in Louisiana and Texas, the center of the U.S. petrochemical...
  • Why you shouldn’t bet on higher natural gas prices

    04/06/2014 5:53:39 PM PDT · by thackney · 30 replies
    Stockhouse ^ | April 2, 2014 | Matt Badiali
    In January, 40% of natural gas production in North Dakota went to waste. You read that right. 400 million cubic feet of natural gas was lit on fire and burnt. But that's peanuts compared to how much total natural gas goes to waste every year in the U.S. And it's why I see natural gas prices being low this year... Longtime Growth Stock Wire readers know about the U.S.'s booming oil production in shales like North Dakota's Bakken and Texas' Eagle Ford and Permian Basin. Natural gas is a byproduct of oil production... And the shale plays are producing more...
  • Opponents of natural-gas exports have it all wrong

    04/05/2014 6:20:53 PM PDT · by thackney · 35 replies
    MarketWatch ^ | April 4, 2014 | Diana Furchtgott-Roth
    Opinion: 4 reasons why exporting natural gas is the right thing for America Americans opposed to the export of U.S. natural gas give many reasons for their position. But almost all of them are wrong. The problem is that people underestimate the amount of this country’s natural gas and the potential effect exports could have on the world market. Russia has swallowed parts of Georgia and Ukraine. No one is proposing that America send soldiers to defend those countries, even though we guaranteed Ukraine’s sovereignty in 1994 under the Budapest Memorandum. Instead, we can help our allies by diminishing Russia’s...
  • Net energy imports in 2013 lowest in more than 20 years

    04/02/2014 1:09:41 PM PDT · by thackney · 9 replies
    Energy Information Administration ^ | APRIL 2, 2014 | Energy Information Administration
    Total U.S. net imports of energy, measured in terms of energy content, declined in 2013 to their lowest level in more than two decades. Growth in the production of oil and natural gas displaced imports and supported increased petroleum product exports, driving most of the decline. A large drop in energy imports together with a smaller increase in energy exports led to a 19% decrease in net energy imports from 2012 to 2013. Total energy imports declined faster—down 9% from 2012 to 2013—than in the previous year, while export growth slowed. Crude oil production grew 15%, about the same pace...
  • 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....
  • ZUBRIN: The folly of blocking natural-gas exports

    04/01/2014 10:39:49 AM PDT · by thackney · 9 replies
    The Washington Times ^ | 3/31/2014 | Robert Zubrin
    The boom in American natural-gas production during the past several years, and the consequent crash of domestic natural-gas prices, has caused many to call for the liberation of U.S. natural-gas exports. The ongoing Russian invasion of the Crimea and threat to the rest of Ukraine has added still greater urgency to these calls, as the need take action to weaken Russian President Vladimir Putin’s natural-gas stranglehold over Europe has become vital. Despite these economic and national security imperatives, there are still those who maintain that allowing American natural-gas producers to export their product would damage the national interest. According to...
  • Study: Gasoline prices will fall if US exports crude

    04/01/2014 5:08:21 AM PDT · by thackney · 44 replies
    Fuel Fix ^ | March 31, 2014 | Jennifer A. Dlouhy
    The oil industry’s leading trade group on Monday cast exports of U.S. crude as an economic win for consumers, fighting against criticism that selling the fossil fuel overseas would mean higher prices at home. The American Petroleum Institute commissioned a study by ICF International and EnSys Energy predicting lower gasoline prices, domestic job growth and other economic benefits if the United States lifts its 39-year-old ban on exporting U.S. crude. “Consumers are among the first to benefit from free trade, and crude oil is no exception,” said API Vice President Kyle Isakower told reporters in a conference call Monday. “Gasoline...
  • Five states and the Gulf of Mexico produce more than 80% of U.S. crude oil

    03/31/2014 12:40:35 PM PDT · by thackney · 9 replies
    Energy Information Administration ^ | MARCH 31, 2014 | Energy Information Administration
    Five states and the Gulf of Mexico supplied more than 80%, or 6 million barrels per day, of the crude oil (including lease condensate) produced in the United States in 2013. Texas alone provided almost 35%, according to preliminary 2013 data released in EIA's March Petroleum Supply Monthly. The second-largest state producer was North Dakota with 12% of U.S. crude oil production, followed by California and Alaska at close to 7% each and Oklahoma at 4%. The federal offshore Gulf of Mexico produced 17%. Total U.S. crude oil production grew 15% in 2013 to 7.4 million barrels per day. Texas...
  • How Liquid Natural Gas May Revolutionize Shipping, And Make Goods Cheaper

    03/31/2014 12:36:06 PM PDT · by thackney · 32 replies
    International Business Times ^ | March 29 2014 | Stephen Starr
    At a noisy, bustling shipyard 20 miles south of Istanbul, the world’s second-ever tugboat powered by liquefied natural gas sits at the end of a pier, awaiting its first water trial. “Then it’s off to Norway,” said with no little pride Ruchan Civgin, the contracts manager at Sanmar Shipyard, of the 115-foot vessel. “The first boat left in January.” Further south along the Marmara Sea coast, another shipbuilder is rolling out LNG-powered fish-feed vessels, used to transport feed for fish farms, for international markets. These ships may be the vanguard of a global boom in LNG-powered shipping, produced by the...
  • Here Comes $75 Oil

    03/31/2014 12:25:50 PM PDT · by thackney · 62 replies
    Barron's ^ | MARCH 29, 2014 | GENE EPSTEIN
    The long-term outlook for global oil prices is lower, perhaps much lower, giving a strong boost to the U.S. economy while potentially crippling the economy of Vladimir Putin's Russia. Vast new discoveries of oil and natural gas in the U.S. and around the globe could drive the oil price to as low as $75 a barrel over the next five years from a current $100. The demand side, too, will put pressure on the supremacy of petroleum. For the first time in its 150-year history, the internal combustion engine can be run efficiently on alternative fuels from a number of...
  • Neighbors bicker in Pa. over forced gas drilling

    03/31/2014 5:22:00 AM PDT · by thackney · 18 replies
    AP via Fuel Fix ^ | March 30, 2014 | Kevin Begos and Marc Levy
    An energy company is dusting off an old, unused state law that can force property owners to accept oil and gas drilling under their land, pitting neighbor against neighbor in a Pennsylvania community and raising the possibility that lawmakers will have to take sides. Houston-based Hilcorp seeks to use a 1961 Pennsylvania law to drill under the property of four holdout landowners in New Bedford, near the Ohio border an hour north of Pittsburgh. The concept, known as “forced pooling,” means that people who don’t sign leases get bundled in with those who do, to make drilling more efficient and...
  • China is now the world’s largest net importer of petroleum and other liquid fuels

    03/29/2014 5:42:17 PM PDT · by thackney · 15 replies
    Energy Information Administration ^ | MARCH 24, 2014 | Energy Information Administration
    In September 2013, China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world. The rise in China's net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth. U.S. total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 million barrels per day, primarily from tight oil plays. In the meantime, Chinese production will increase at a much...
  • Wind power hits Texas record

    03/28/2014 1:24:37 PM PDT · by thackney · 55 replies
    Fuel Fix ^ | March 28, 2014 | Emily Pickrell
    New West Texas transmission lines helped Lone Star wind power reach new gusty heights, hitting a record of more than 10,000 megawatts of generation late Wednesday night. The new West Texas transmission lines – with the unwieldy name of Competitive Renewable Energy Zone lines – cost the state almost $7 billion by the time they were completed last December, but are expected to earn their keep, giving the state the ability to nearly double its use of wind energy. “These Texas wind records were made possible by the completion of the Competitive Renewable Energy Zone transmission lines earlier this year,”...
  • Barge firm faces long legal haul{Houston Ship Channel spill}

    03/27/2014 9:52:35 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | March 27, 2014 | Ryan Holeywell
    Resolving legal issues that arise from Saturday’s fuel spill in Galveston Bay likely will require years of litigation and cost tens of millions of dollars. “You usually don’t talk about environmental cleanups in the millions of dollars range. It’s in the tens of millions of dollars range,” said Noah Hall, who focuses on environmental and water law as an associate professor at Wayne State University in Detroit. “You dump something in the water, and boy is it hard to get back.” Houston-based Kirby Corp., which owned and operated the barge that spilled 168,000 gallons of fuel after a collision Saturday,...
  • The Lights Stay On

    03/27/2014 5:19:29 AM PDT · by thackney · 28 replies
    Planet Gore via National Review ^ | March 25, 2014 | Henry Payne
    The Obama administration’s War on Carbon rages, but the good news is the incandescent light bulb still lives. For the third year in a row, the federal ban on the popular incandescent light bulb — the choice of most Americans — was postponed by Republican House intervention that defunded EPA enforcement of the law. “None of the funds made available in this Act may be used . . . to implement or enforce the standards with respect to incandescent reflector lamps,” reads section 322 of the $1.1 trillion budget signed by the president in January. The language was cheered by...
  • Exxon Mobil refinery receiving crude shipments again after channel closure

    03/27/2014 4:57:31 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | March 26, 2014 | Collin Eaton
    Exxon Mobil Corp. said Wednesday its major refinery in Baytown now can increase output of refined fuels again after closure of the Houston Ship Channel blocked waterborne oil supplies for three days. “We can confirm that we are receiving crude shipments and will be adjusting rates accordingly,” Todd Spitler, a spokesman for Exxon Mobil, said in an emailed statement. Spitler said the Irving oil and gas company does not disclose specifics about its production levels. Exxon Mobil’s refining complex in Baytown is the second-largest of its kind in the U.S. with a daily capacity of 586,000 barrels. “We expect to...
  • US now pumping 10 percent of the world’s crude

    03/27/2014 4:55:56 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 26, 2014 | Emily Pickrell
    Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the world’s oil at the end of last year, the Energy Information Administration reports. Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 percent at the end of 2012. Shale and other dense rock, newly accessible because of advancements in hydraulic fracturing and horizontal drilling, accounted for 3.22 million barrels of the U.S. daily average during the three months ending Dec. 31. The shale boom has given the...
  • Crude oil inventories at Cushing down 29% over the past seven weeks

    03/26/2014 11:34:07 AM PDT · by thackney · 10 replies
    Energy Information Administration ^ | March 19, 2014 | Energy Information Administration
    Crude oil inventories at Cushing, Oklahoma, the primary crude oil storage location in the United States and the delivery location for the New York Mercantile Exchange (Nymex) West Texas Intermediate (WTI) crude oil futures contract, declined 12 million barrels (29%) over the past seven weeks. On March 14, 2014, Cushing inventories were 30 million barrels, 19 million barrels lower than a year ago and the lowest level since early 2012. The recent drawdown of stocks at Cushing resulted from (1) the startup of TransCanada's Cushing Marketlink pipeline, which is now moving crude from Cushing to the U.S. Gulf Coast; (2)...
  • bacon vanity, image from Facebook

    03/26/2014 10:56:17 AM PDT · by thackney · 53 replies
    seen today | someone
  • Big Oil Firms Crack The Whip Over Service Companies

    03/26/2014 10:20:27 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | March 26, 2014 | Gwladys Fouche & Balazs Koranyi|
    Some now ask service firms to come into projects at the start, ditch some tailor-made designs in favour of standardised solutions and stay with projects longer to reduce the number of contractors involved, moves that reduce costs but favour bigger, integrated firms. Oil service shares have suffered over the past year, with European firms hit the most. Analysts at UBS estimate they trade at 14 percent discount to their 5-year average with a further downside risk as investors adjust to a lower growth scenario. "It is evident that the problem is not the services making supernormal returns but rather, given...
  • Norway Giant N.Sea Oil Project Could Face Delay Over Power Plan

    03/26/2014 10:08:35 AM PDT · by thackney · 4 replies
    Rig Zone ^ | March 26, 2014 | Reuters
    Development of the Johan Sverdrup oilfield in the North Sea may be delayed by a year and cost more than planned if Norway's parliament insists on having it be powered from shore, the Dagens Naeringsliv daily newspaper reported on Wednesday. The biggest North Sea field find in decades, it has reserves of up to 2.9 billion barrels of oil equivalent and is expected to start production in 2019 at an initial cost estimated at 100 billion to 120 billion crowns ($16.4 billion-$19.7 billion). Statoil has committed to power the first phase from shore, a move in line with the government's...
  • Houston bayou’s evolution into busy port ongoing

    03/26/2014 7:40:20 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | March 26, 2014 | Associated Press
    ...Port authorities nationwide pay into a fund designed to cover maintenance costs. The Port of Houston pays about $100 million annually into the fund, but gets back only about $25 million — about half of the $50 million needed to maintain one of the world’s busiest channels, said Roger Guenther, the Port of Houston’s executive director. The port typically handles about 70 ships daily, plus 300 to 400 tugboats and barges. And Gulf of Mexico traffic — especially of large ships — is expected to increase with the opening next year of the Panama Canal expansion. Ports will need to...
  • Economist: Transport causing ‘serious logistical challenge’ for shale boom

    03/26/2014 5:55:34 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | March 25, 2014 | Collin Eaton
    Despite major accidents in the past year, U.S. oil companies must keep using the nation’s railroads to move crude to markets while they build a much more extensive pipeline network, an energy economics professor said Tuesday. Oil refineries on the East Coast have virtually no access to the light, sweet crude extracted in Texas’ surging oil fields because there are no pipelines to carry the oil there. It is generally too expensive to ship the crude from the Gulf Coast to buyers in the northeastern U.S. because of quirks in century-old laws, forcing refineries in New Jersey to buy oil...