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Keyword: drillbabydrill

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  • Trump's revenge: U.S. oil floods Europe, hurting OPEC and Russia

    04/24/2018 11:09:46 AM PDT · by Berlin_Freeper · 52 replies
    reuters.com ^ | April 23, 2018 | Olga Yagova, Libby George
    As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.
  • Trump's revenge: US crude oil floods European markets in blow to OPEC and Russia

    04/24/2018 7:42:20 AM PDT · by afraidfortherepublic · 90 replies
    UK Express Finance News ^ | 4-24-18 | Darius McQuaid
    THE United States is flooding the European markets with record amounts crude oil as US producers seize on Russia and the Organisation of the Petroleum Exporting Countries (OPEC) pact to cut output resulting in soaring oil prices. US crude oil is seen as the cheaper option as the OPEC and Russia pact begins to bite after agreeing jointly to oil output jointly by 1.8million barrels per day (bpd) help rebalance the market and to help elevate the benchmark Brent prices. Now, the relatively high prices brought about by that pact, coupled with surging US output, are making it harder to...
  • Trump's tweet gatecrashes OPEC's celebration

    04/20/2018 10:40:04 AM PDT · by Oldeconomybuyer · 21 replies
    Reuters ^ | April 20, 2018 | by Rania El Gamal, Alex Lawler, Dmitry Zhdannikov
    With oil prices hitting $75 per barrel, it was meant to be one of the smoothest meetings OPEC has had in recent years. The night before the meeting, the ministers gathered in Jeddah celebrated with a traditional Saudi sword dance - just as U.S. President Donald Trump had done when he visited Saudi Arabia last May. Little did they know that Trump was about to spoil their post-meeting party when he tweeted that oil prices had rallied too far. “Looks like OPEC is at it again. With record amounts of oil all over the place, including the fully loaded ships...
  • New Mexico oil production gushes to all-time record (#3 in nation)

    03/13/2018 10:36:42 AM PDT · by CedarDave · 16 replies
    The Albuquerque Journal ^ | March 12, 2018 | Kevin Robinson-Avila
    New Mexico oil production is booming at levels never before seen in state history, pushing output last year to an all-time record of 171 million barrels, according to the latest statistics from the state Oil Conservation Division. That’s more than double the 85 million barrels the state produced in 2011, when modern drilling technology began pumping new life into the aging Permian Basin in southeastern New Mexico and West Texas. Output last year climbed 17 percent over 2016, when the state produced 146 million barrels. The boom reflects massive investments in the New Mexico side of Permian, where huge companies...
  • A ‘Major Second Wave’ of U.S. Fracking Is About to Be Unleashed Upon the World

    03/07/2018 5:44:48 PM PST · by Hojczyk · 39 replies
    Time ^ | March | By JUSTIN WORLAND
    The International Energy Agency (IEA) said in a new forecast this week that growth in U.S. oil production will cover 80% of new global demand for oil in the next three years. U.S. oil production is expected to increase nearly 30% to 17 million barrels a day by 2023 with much of that growth coming from oil produced through fracking in West Texas. Republicans politicians and policymakers celebrated the news and sought to take credit for the development. Trump has sought to portray himself as a savior of the U.S. oil and gas industry, opening up federal lands to oil...
  • U.S. Will Be the World’s Largest Oil Producer by 2023, Says IEA

    03/05/2018 5:17:42 AM PST · by RoosterRedux · 21 replies
    WSJ ^ | Sarah Kent
    The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday. U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year, said the International Energy Agency, which advises governments and corporations on industry trends. American oil output will surge past Russia, currently the world’s largest crude producer at about 11 million barrels a day. The IEA’s closely watched five-year forecast showed the U.S. hitting...
  • U.S. to overtake Russia as top oil producer by 2019 at latest: IEA

    02/27/2018 12:20:14 AM PST · by Berlin_Freeper · 17 replies
    reuters.com ^ | February 27, 2018 | Osamu Tsukimori
    The United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country’s shale oil boom continues to upend global markets.
  • Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

    02/16/2018 8:28:46 PM PST · by Rabin · 28 replies
    Oilprice.com ^ | Oct 24, 2017 | Zainab Calcuttawala -Scott Angelle
    The U.S. Department of the Interior will offer offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas exploration and development //snipp// This will be the largest such lease sale in the country's history, it will include almost 77 million acres of federal waters in the Gulf. The lease sale will be live streamed online from New Orleans.
  • How Soaring US Oil Exports to China are Transforming the Global Oil Game

    02/10/2018 10:43:27 AM PST · by Oatka · 34 replies
    Reuters via gCaptain ^ | 02/09/2018 | Henning Gloystein
    [Reuters] Bit by bit, the U.S. petroleum industry is turning world oil markets inside out. First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports – largely banned by Washington until just two years ago – challenge the last region OPEC dominates: Asia.
  • ‘Relentless’ growth could see the US topple Russia, Saudi Arabia as world’s largest oil producer

    01/31/2018 5:49:39 PM PST · by GoldenState_Rose · 12 replies
    CNBC ^ | Jan 31, 2018 | Sam Meredith
    The U.S. is well-placed to overtake the likes of Saudi Arabia and Russia as the world's leading energy producer over the next 12 months, according to the latest monthly report from the International Energy Agency (IEA). "This year promises to be a record-setting one for the U.S.," the IEA said in its closely-watched report published Friday. The latest monthly report from the IEA comes at a time when crude futures have climbed to highs not seen since the early days of a slump in December 2014. Brent crude futures hit a peak of $70.37 a barrel on Monday, with the...
  • 'Major' Deep Offshore Oil Discovery Made in US Gulf of Mexico

    01/31/2018 2:45:58 PM PST · by Alas Babylon! · 55 replies
    Rigzone Website ^ | Andreas Exarheas
    Chevron Corporation announced Wednesday that a ‘major’ oil discovery has been made at the Ballymore prospect, located deep offshore in the U.S. Gulf of Mexico. The Ballymore well reached a total measured depth of 29,194 feet and encountered more than 670 feet of net oil pay with ‘excellent’ reservoir and fluid characteristics, Chevron said in a statement on its website. A sidetrack well is currently being drilled to further assess the discovery, which is already deemed commercially viable. “The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy,” Jeff Shellebarger, president of Chevron North America Exploration...
  • Trump Administration Aims to Open Nearly All of America’s Offshore Waters to Drilling

    01/05/2018 11:15:11 AM PST · by Oatka · 16 replies
    Reuters via gCaptain ^ | Jan 4, 2017 | Valerie Volcovici
    As per copyright - link only
  • Trump moves to vastly expand offshore drilling

    01/04/2018 11:11:15 AM PST · by Olog-hai · 35 replies
    Associated Press ^ | Jan 4, 2018 1:04 PM EST | Matthew Daly
    The Trump administration on Thursday moved to vastly expand offshore drilling from the Atlantic to the Arctic oceans with a plan that would open up federal waters off the California coast for the first time in more than three decades. The new five-year drilling plan also could open new areas of oil and gas exploration in areas off the East Coast from Georgia to Maine, where drilling has been blocked for decades. Many lawmakers in those states support offshore drilling, although the Democratic governors of North Carolina and Virginia oppose drilling off their state coasts. Florida Gov. Rick Scott, a...
  • Fleet of robotic ships, subs, and satellites is the future of offshore drilling: Study

    01/03/2018 8:31:08 AM PST · by Oshkalaboomboom · 1 replies
    Washington Examiner ^ | Jan 03, 2018 | John Siciliano
    A fleet of drone ships would be a key part in staving off another major offshore oil disaster in the Gulf of Mexico, according to a new report issued by a task force created after the worst oil spill in the energy industry's history. The National Academies of Sciences' Gulf program issued a report Wednesday that calls for the creation of a fleet of robotic ships, miniature drone-like submarines and underwater gliders to track oil flows along the Gulf's sometimes unpredictable underwater currents. Tracking oil's movements under the water, not just at the surface, became a key problem after the...
  • Trump administration rescinding rules for oil, gas drilling

    12/28/2017 4:36:53 PM PST · by Olog-hai · 17 replies
    Associated Press ^ | Dec 28, 2017 5:44 PM EST
    President Donald Trump’s administration is rescinding proposed rules for hydraulic fracturing and other oil- and gas-drilling practices on government lands. The U.S. Department of the Interior announced Thursday the rescission would take effect Friday. The rules developed under President Barack Obama would have applied to drilling on federal lands located mainly in the West. They were set to take effect in 2015 but a judge in Wyoming sided with petroleum industry groups and blocked them at the last minute. …
  • Clearing Up Some Confusing Headlines About The U.S. Oil And Gas Industry

    12/20/2017 5:59:05 AM PST · by x1stcav · 11 replies
    DB Daily Update ^ | 12/19/17 | David Blackmon
    In the oil and gas industry, sometimes it is hard to figure out what is real and what isn’t – what is really happening, and what really isn’t happening. I spent 38 years in the industry, and still have a hard time figuring it all out. Here are some good recent examples of stories whose headlines made bold claims that, upon reading the entire stories, turned out to be quite nuanced: Are investors really abandoning the shale industry? Did the World Bank really cut off funding of oil and gas projects? Has the business case for building the Keystone XL...
  • Trump Doubles Down On ‘Energy Dominance,’ Puts Up Millions Of Acres In Alaska For Drilling

    12/06/2017 12:17:40 PM PST · by Ernest_at_the_Beach · 64 replies
    Dailycaller.com ^ | 1:58 PM 12/06/2017 | Tim Pearce Energy Reporter
    The Bureau of Land Management is auctioning off 10 million acres worth of leases Wednesday for oil and gas exploration in the National Petroleum Reserve-Alaska (NPR-A), 150 miles west of the Arctic National Wildlife Refuge (ANWR).Republicans in Congress are fighting to open ANWR to oil and gas exploration through the GOP tax bill. The Trump administration is moving ahead with oil drilling in Alaska through the NPR-A, 23 million acres free from the federal restrictions that cover ANWR.The 10-million-acre lease offering will be the largest single lease sale in the history of the area. The previous record was set...
  • Watchdog: Trump Offers Substantial Amount of Alaskan Reserve to Oil Companies

    12/05/2017 5:36:04 PM PST · by smileyface · 17 replies
    Sputnik ^ | Dec 6, 2017
    The Trump administration is offering oil companies all 10.3 million acres of available land on the reserve, the Center for Biological Diversity (CBD) said in a press release on Tuesday. The reserve is the single-largest parcel of public land in the United States. WASHINGTON (Sputnik) – The Trump administration has opened up a huge amount of land in Alaska’s National Petroleum Reserve for oil-sale leases, the CBD said. “Oil companies submitted lease bids on Monday for the largest oil-lease sale ever offered in Alaska’s National Petroleum Reserve,” the release said. “Bids will be open on Wednesday.” Trump just opened off...
  • Oil drilling in ANWR moves ahead as part of Senate tax bill

    12/02/2017 9:31:39 AM PST · by GonzoII · 12 replies
    Washington Times ^ | Saturday, December 2, 2017 | Ben Wolfgang
    Republicans took a major step forward early Saturday in their decades-long fight to open a piece of the Arctic National Wildlife Refuge to oil drilling. Included as part of the sweeping tax reform bill passed by the Senate in a 51-to-49 vote is a highly controversial provision to allow energy exploration in a 1.5 million-acre swath of ANWR known as the “1002 area,” which lies along the coast. In total, ANWR spans more than 19 million acres. The drilling provision was seen as key to getting Sen. Lisa Murkowski, Alaska Republican, on board with the tax bill.
  • UPDATE: New ANWR legislation passes by vote of 13-10

    11/16/2017 8:02:32 AM PST · by SpeedyInTexas · 24 replies
    KTUU ^ | 11/15/2017 | Leroy Polk
    Following spirited discussion on both sides of the issue, a vote was called at the Energy and Natural Resources committee hearing, regarding new legislation proposed by Sen. Murkowski. By a vote of 13 in favor and 10 opposed, the legislation passed out of the committee just after 8 a.m.