Keyword: energy

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  • #AGU14 NASA’s Orbiting Carbon Observatory shows surprising CO2 emissions in Southern Hemisphere

    12/21/2014 9:42:09 PM PST · by Ernest_at_the_Beach · 26 replies
    Wattsupwiththat.com ^ | December 20, 2014 | Anthony Watts
    Global atmospheric carbon dioxide concentrations from Oct. 1 through Nov. 11, as recorded by NASA’s Orbiting Carbon Observatory-2. Carbon dioxide concentrations are highest above northern Australia, southern Africa and eastern Brazil. Preliminary analysis of the African data shows the high levels there are largely driven by the burning of savannas and forests. Elevated carbon dioxide can also be seen above industrialized Northern Hemisphere regions in China, Europe and South America and Africa. Image credit: NASA/JPL-CaltechThe first global maps of atmospheric carbon dioxide from NASA’s new Orbiting Carbon Observatory-2 mission demonstrate its performance and promise, showing elevated carbon dioxide concentrations across...
  • Fuel cans from hell

    12/21/2014 8:20:29 AM PST · by rey · 64 replies
    What is wrong with environmental wackos that they think the laws of physics do not apply to them? The screwy new fuel cans that have no vent are impossible to use. Supposedly the vent will release something undesirable into the air but as that vent is only open when the can is I cannot imagine having a vent is worse than having the can open. Without a vent, the can sort of glugs splashing fuel about, certainly more harmful that vapors and more wasteful. Typical moronic ideas based on desires and not reality.
  • Guess What Happened The Last Time The Price Of Oil Crashed Like This?

    12/20/2014 8:06:02 PM PST · by NKP_Vet · 64 replies
    http://www.prophecynewswatch.com ^ | December 6, 2014 | Michael Snyder
    There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months. Well, now it is happening again, but this time the stakes are even higher. When the price of oil falls dramatically, that is a sign that economic activity is slowing down. It can also have a tremendously destabilizing affect on financial...
  • North Sea oil industry 'close to collapse'

    12/19/2014 12:13:59 PM PST · by Lorianne · 31 replies
    BBC ^ | 18 December 2014 | Ben King
    The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse". Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims. "It's almost impossible to make money at these oil prices", Mr Allan, who is a director of Premier Oil in addition to chairing Brindex, told the BBC. "It's a huge crisis." "This...
  • Obama: Keystone benefits for U.S. consumers, workers nominal (More crap sandwich advice)

    12/19/2014 1:34:17 PM PST · by AngelesCrestHighway · 26 replies
    Reuters ^ | 12/19/14 | Staff
    U.S. President Barack Obama said on Friday that construction of the Keystone XL pipeline to transport crude oil from Canada to the U.S. Gulf Coast would only nominally benefit American consumers and workers. "There is very little impact - nominal impact - on U.S. gas prices, what the average American consumer cares about," Obama told reporters during an end-of-year press conference. In his strongest comments on the Canada-to-U.S. pipeline to date, Obama picked apart some of the most common arguments proponents have used to urge the president to approve it: that it would create jobs, lower domestic gasoline prices and...
  • The reason oil could drop as low as $20 per barrel

    12/19/2014 12:11:58 PM PST · by C19fan · 68 replies
    Reuters ^ | December 19, 2014 | Anatole Kaletsky
    How low can it go — and how long will it last? The 50 percent slump in oil prices raises both those questions and while nobody can confidently answer the first question (I will try to in a moment), the second is pretty easy. Low oil prices will last long enough for one of two events to happen. The first possibility, the one most traders and analysts seem to expect, is that Saudi Arabia will re-establish OPEC’s monopoly power once it achieves the true geopolitical or economic objectives that spurred it to trigger the slump. The second possibility, one I...
  • Chevron, Statoil Announce First Oil Strike In New Gulf Of Mexico Field

    12/19/2014 12:23:47 PM PST · by Lorianne · 14 replies
    Oil Price ^ | 03 December 2014 | Andy Tully
    Two multinational energy giants, Chevron Corp. of the United States and Norway’s Statoil, have begun extracting oil and gas from the large Jack and St. Malo fields in US waters of the Gulf of Mexico. The two fields are among the largest in the Gulf and are expected to yield 94,000 barrels of oil equivalent and 21 million cubic feet of gas per day for an estimated 30 years, Chevron said in a statement on Dec 2. The Jack field’s reserves were discovered in 2004 and the St. Malo oil was discovered a year earlier. The fields are situated about...
  • Feds set standards to regulate coal ash

    12/19/2014 11:53:50 AM PST · by aimhigh · 9 replies
    Knoxville News Sentinel ^ | 12/19/2014 | Michael Collins
    Six years after a devastating coal ash spill in Roane County, the federal government is putting in place standards to regulate ash from coal-fired power plants as a nonhazardous material, the U.S. Environmental Protection Agency announced today. The new rules, the first-ever federal regulations for the storage and disposal of coal ash, would require industries to install liners and put in place other safeguards for new and existing storage ponds. Groundwater monitoring systems would have to be installed to detect pollutants, any existing contamination would have to be cleaned up immediately, and impoundments that are already polluting groundwater above health-safety...
  • What’s Really Driving Saudi’s Reluctance?

    12/19/2014 10:50:36 AM PST · by thackney · 42 replies
    Oil Pro ^ | 12/19/2014 | Kurt Rippelmeyer
    There are numerous stories, on the internet, regarding the decline of oil prices. Everybody has an opinion or forecast, but unfortunately, they range from the eternal optimist to depths of the ultra deep (well ok the deepwater) drill rig. The majority of these posts talk about the glut in recent months as supply overwhelms the demand. Mostly thanks to slumping economies around the world, especially the largest users of petroleum. There is also significant chatter around the internet about Saudi Arabia (KSA) and their reluctance to curb production, which would help the price of oil go back up, to the...
  • US stripper well operators eye closures amid low oil prices

    12/19/2014 6:30:24 AM PST · by thackney · 30 replies
    Financial Times ^ | 14 DEC 2014 | Gregory Meyer
    Analysts examining the effect of the oil price’s precipitous decline on companies should spare a thought for stripper well operators, the mom-and-pop businesses that coax the last trickles of crude from long-ago drilled holes. Although tiny in isolation — the average stripper well yields less than 2 b/d — there are more than 400,000 such wells in the US supplying about 11 per cent of US oil production. They produced 700,000 barrels per day in 2012, the latest year for which data are available — as much as the OPEC member Qatar, according to data from the Interstate Oil &...
  • Wyoming lawmakers back bill to promote coal exports

    12/19/2014 5:27:35 AM PST · by thackney
    Casper Star-Tribune ^ | 12/18/2014 | BENJAMIN STORROW
    Wyoming could help finance the construction of a coal export dock in the Pacific Northwest, according to the executive director of the Wyoming Infrastructure Authority. Loyd Drain said he had a "serious" conversation with an unidentified party in the past six months about the possibility of financing a coal port. His comments come as state lawmakers ready a bill that would boost the WIA's borrowing authority to $3 billion and allow the agency to work on projects outside Wyoming. "If our ability to provide the financing for a facility is the catalyst to get the dang thing built, then we’ll...
  • EIA, Analyst: US Crude Production Strong, Despite Rig Count Decline

    12/19/2014 5:05:37 AM PST · by thackney · 8 replies
    Rig Zone ^ | December 18, 2014 | Gene Lockard
    Rig counts have trended lower in recent weeks, and the drop is right on schedule, according to online economic blog Zero Hedge. There is a lag time of about four to six months before initial declines in crude oil prices lead to a reduction in rig counts, and it’s been about that long since crude oil prices began sliding last summer. But while analysts acknowledge the reduction in rigs, they say production levels will continue to grow, though not as quickly. There can be a reduction of as much as 10 to 25 percent in the number of wells without...
  • TransCanada CEO says it's not easy, but oil business is 'resilient'

    12/19/2014 5:02:56 AM PST · by thackney
    CTV News ^ | December 18, 2014 | Lauren Krugel
    The CEO of TransCanada Corp. (TSX:TRP) says he doesn't see the oil industry's appetite for new pipelines faltering even though crude prices have skidded to the lowest point in more than five-years. In an interview in his downtown Calgary office, Russ Girling said he's seen ups and downs far more drastic over his career and expects the oilpatch will come out of the latest downturn in reasonably good shape. "There's a tremendous need to build irrespective of the price of the commodity right now," Girling said. "We're being pressed to get these facilities online as quickly as we possibly can."...
  • The Conventional Wisdom On Oil Is Always Wrong

    12/19/2014 4:54:53 AM PST · by thackney · 21 replies
    538 Economics ^ | DEC 18, 2014 | BEN CASSELMAN
    In 2008, I moved to Dallas to cover the oil industry for The Wall Street Journal. Like any reporter on a new beat, I spent months talking to as many experts as I could. They didn’t agree on much. Would oil prices — then over $100 a barrel for the first time — keep rising? Would post-Saddam Iraq ever return to the ranks of the world’s great oil producers? Would China overtake the U.S. as the world’s top consumer? A dozen experts gave me a dozen different answers. But there was one thing pretty much everyone agreed on: U.S. oil...
  • Don't expect a Cuban oil bonanza

    12/19/2014 4:48:35 AM PST · by thackney · 9 replies
    Politico ^ | 12/17/14 | MATT DAILY and ELANA SCHOR
    More U.S. travelers may soon start flocking to Cuba, but don’t expect oil executives to follow them. Cuba is believed to hold sizable oil and gas resources off its northwest coast, in the eastern Gulf of Mexico — raising speculation that the Communist nation could become an attractive target for energy companies if Wednesday’s diplomatic thaw eventually leads to the end of the five-decade-old U.S. trade embargo. But exploration by Brazilian, Malaysian and Spanish companies in the past few years has failed to produce any gushers — and the current worldwide glut of cheap oil is not going to encourage...
  • Exxon Mobil Shows Rising U.S. Output as Prices Fall

    12/18/2014 1:16:24 PM PST · by Up Yours Marxists · 29 replies
    Salt Lake Tribune ^ | December 18, 2014 14:15 GMT | Joe Carroll (Bloomberg News)
    Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting...
  • Russia Angling for Share In Israeli Natural Gas [Ezekiel 39-39]

    12/18/2014 12:15:51 PM PST · by Jan_Sobieski · 5 replies
    Hamodia ^ | 06/08/2014 | Hamodia Staff
    YERUSHALAYIM (Hamodia Staff) - Russia wants in on the Israeli natural gas boom, but the U.S. wants them to stay out, and that’s why they haven’t made progress negotiating with the Israelis, ambassador to Israel Sergey Yakovlev hinted in an interview with Globes. Russia has been seeking entry into the Mediterranean gas fields for some time, but so far to no avail. Gazprom, for one, showed interest in becoming a partner in the Leviathan reserve, one of the most important in the Mediterranean Sea, but nothing substantive came of it...
  • Global Warming, Empty Gestures

    12/18/2014 6:37:24 AM PST · by Kaslin · 9 replies
    Townhall.com ^ | December 18, 2014 | Debra J. Saunders
    I have a theory as to why Americans don't worry all that much about global warming: High-profile purveyors of climate change don't push for reductions in greenhouse gases so much as focus on berating people who do not agree with their opinions. They call themselves champions of "the science" yet focus on ideology more than tangible results. Their language is downright evangelical. Recently, science guy Bill Nye joined other experts who objected to the media's use of the term "climate skeptic." They released a statement that concluded, "Please stop using the word 'skeptic' to describe deniers." Deniers? Like Judas? Why,...
  • Crude Oil Is Rolling Over

    12/18/2014 10:06:12 AM PST · by blam · 49 replies
    BI ^ | 12-18-2014 | Myles Udland
    Myles Udland December 18, 2014Crude oil is starting to roll over. In late morning trade, West Texas Intermediate crude oil futures were giving up earlier gains and were down more than 1% on the day. WTI futures were down near $56 a barrel on Thursday, after briefly touching $59 a barrel earlier. On Wednesday, crude oil had a wild ride, spiking ahead of the Federal Reserve's announcement before giving up those gains. (snip)
  • ISRAEL MAKES NEW DISCOVERY OFF ITS COAST

    12/18/2014 9:47:29 AM PST · by thackney · 37 replies
    Natural Gas Europe ^ | December 18th, 2014 | Karen Ayat
    Israel made another discovery off its coast. The newly discovered field, Royee, may hold up to 3.2 Tcf of natural gas according to a statement made by the Israeli partners in the field Ratio and Israel Opportunity who hold respectively 70%, and 10% stakes. The remaining 20% of the field are held by Edison. Royee is located about 150 kilometers offshore Israel close to its maritime borders with Cyprus and Egypt. The field’s size is yet to be confirmed, but current estimates suggest it is the third largest field discovered to date in Israeli waters after the Leviathan discovered by...
  • Venezuelan President Calls American Oil Fracking “Act of Aggression” [satire]

    12/18/2014 9:28:35 AM PST · by John Semmens · 7 replies
    Semi-News/Semi-Satire ^ | 13 Dec 2014 | John Semmens
    With his country’s economy on the ropes due to declining oil prices, Venezuelan President Nicolas Maduro blamed the United States oil fracking industry. “It is an act of aggression against my country and a crime against humanity,” Maduro maintained. “Venezuela needs high oil prices to support our programs to feed our people. These frackers are destroying our ability to feed ourselves.” While most economists see falling fuel prices as beneficial for the vast majority of consumers, Maduro complained that “most of the beneficiaries are rich, white Americans. Saving them money at our cost is a direct attack on my government’s...
  • Exxon and ConocoPhillips make record-breaking bid for offshore exploration rights

    12/18/2014 7:07:14 AM PST · by thackney · 18 replies
    Houston Business Journal ^ | Dec 17, 2014 | Olivia Pulsinelli
    Exxon Mobil Corp., ConocoPhillips and Canada-based Suncor Energy Inc. The parcel is in the Flemish Pass offshore Newfoundland in northeast Canada. That's where Norway-based Statoil ASA (NYSE: STO) last year made a major oil discovery, its third in the Flemish Pass Basin. The record-breaking bid comes as oil prices have fallen to their lowest levels in years, though production is still going strong, Houston Business Journal previously reported. The news helped boost ConocoPhillips' stock on Dec. 16, when it reached $64.94 per share, up nearly 6 percent, before closing at $63.24, up 2.5 percent. Similarly, Exxon's stock jumped to $89.14...
  • Oil drop sends major central banks in different directions

    12/18/2014 6:58:19 AM PST · by mac_truck · 2 replies
    Reuters ^ | 12/18/2014 | Paul Carrel, Mike Peacock and Howard Schneider
    The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are coming up with very different conclusions. Perhaps unsurprisingly, policymakers looking at robust economic recoveries such as in the United States and Britain are focused on the likely boost to growth and consumption from markedly lower energy prices and the later upward impact that should have on inflation. But for the European Central Bank, battling to revive a moribund economy, the worry is whether cheap oil could tip the euro zone...
  • How Andrew Cuomo Wants to Impoverish New Yorkers: Why did his Dept. of Health ban fracking?

    12/18/2014 6:59:57 AM PST · by SeekAndFind · 21 replies
    National Review ^ | 12/18/2014 | Jillian Kay Melchior
    Thanks to an announcement from the state Department of Health today, New Yorkers will miss out on a multi-billion-dollar industry that has made other states rich. The decision, a ban on fracking, has little to do with sound science and much more to do with the political cowardice of New York’s leaders, the politicization of state agencies, and the political activism of radical environmentalists. The story begins about six years ago, when Governor David Paterson decided to refer a politically controversial decision about fracking to state agencies, ordering a study while instituting a de facto fracking ban. His successor,...
  • North Sea oil industry 'close to collapse'

    12/18/2014 6:24:01 AM PST · by Oldeconomybuyer · 26 replies
    BBC News ^ | December 18, 2014 | By Ben King
    The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse". Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims. "It's almost impossible to make money at these oil prices", Mr Allan, who is a director of Premier Oil in addition to chairing Brindex, told the BBC. "It's a huge crisis." "It's...
  • Mitsui CEO: U.S., Saudis Pushing Oil Prices Lower, Working Together to Hurt Islamic State and Russia

    12/18/2014 5:26:45 AM PST · by thackney · 31 replies
    Wall Street Journal ^ | Dec. 17, 2014 | PETER LANDERS And MARI IWATA
    The head of Mitsui & Co., a big energy investor, said he thinks the U.S. and Saudi Arabia are working together to keep oil prices down in an effort to hurt Islamic State and Russia. Masami Iijima, chief executive of the Japanese trading company, spoke in an interview as crude oil was trading near its lowest level since May 2009. He said the recent decision by the Saudi-led Organization of the Petroleum Exporting Countries to keep production at current levels, which triggered the oil-price plunge, would particularly hurt Islamic State, the militant group that has seized parts of Iraq and...
  • Saudi Arabia's Oil Strategy Is About More Than Destroying The US Shale Business

    12/18/2014 5:14:34 AM PST · by thackney · 34 replies
    Business Insider ^ | DEC. 17, 2014 | SHANE FERRO
    Saudi Arabia may not be aiming at the US in its hands-off policy toward falling oil prices. At a panel discussion Wednesday hosted by the Overseas Press Club and Control Risks (the latter a global risk consultancy), the speakers seemed skeptical of the idea that Saudi Arabia was refusing to prop up oil prices because it wanted to force American producers out of the market. (US shale basins are among the most expensive sources of oil to tap.) There may be better political reasons for this move, with a reduction in American shale supply on the market just being the...
  • The (temporary) pain of tanking oil prices

    12/18/2014 4:55:20 AM PST · by thackney · 2 replies
    The Globe and Mail ^ | Dec. 17 2014 | PETER TERTZAKIAN
    “Your numbers must have a bust!” exclaimed my disbelieving friend who produces oil for a living. “I don’t think so,” I said as I led him through some rough calculations. “If the price of a barrel of U.S. light oil averages $60 in 2015, the hit to the Canadian industry will be worse than in 2009.” I noted that at $80 (U.S.) a barrel, there was some immunity to the shock, but a sustained price below $60 will cause the industry to lose most of its white blood cells. “Thanks,” he muttered with a wince, like a kid that had...
  • Obama shift on Cuba won’t mean big oil boom in Gulf of Mexico

    12/18/2014 4:46:59 AM PST · by thackney · 6 replies
    Fuel Fix ^ | December 17, 2014 | Jennifer A. Dlouhy
    President Barack Obama’s decision to normalize relations between the United States and Cuba may lead to more commercial opportunities for Americans within the island nation. But don’t expect U.S. oil producers to move swiftly to take advantage of them. Although geologists believe billions of barrels of crude may be lurking off Cuba’s coast in the Gulf of Mexico, oil companies have had a hard time finding that black gold. When Repsol, Petronas and other oil companies bored exploratory wells in 2012 and 2013, they turned up dry. In some cases, oil wasn’t found, and in others, the discovery was not...
  • Congress blocks sage grouse protections, but work goes on

    12/18/2014 4:41:23 AM PST · by thackney · 11 replies
    Fuel Fix ^ | December 17, 2014 | Associated Press
    U.S. wildlife officials will decide next year whether a wide-ranging Western bird species needs protections even though Congress has blocked such protections from taking effect, Interior Secretary Sally Jewell said Wednesday. They could determine the greater sage grouse is heading toward possible extinction, but they would be unable to intervene under the Endangered Species Act. The bird’s fate instead remains largely in the hands of the 11 individual states where they are found. President Barack Obama signed a $1.1 trillion spending bill late Tuesday with a provision that barred money from being spent on rules to protect the chicken-sized bird...
  • NEW YORK TO BAN FRACKING; ENVIRONMENTALISTS CHEER

    12/17/2014 6:17:38 PM PST · by Hojczyk · 35 replies
    Breitbart Big Government ^ | December 17,2014 | by BREITBART NEWS
    Handing environmentalists a breakthrough victory, New York plans to prohibit fracking for natural gas because of what regulators say are its unexplored health risks and dubious economic benefits. New York, which overlies part of the gas-rich Marcellus Shale formation that has led to a drilling boom in Pennsylvania and other nearby states, has banned shale gas development since 2008, when the state began an environmental review of the drilling technique also known as hydraulic fracturing. Wednesday's announcement, though not final, means a ban is all but etched in stone. "Never before has a state with proven gas reserves banned fracking,"...
  • Do Skyrocketing Electricity Rates in New England Foretell Consequences of Clean Power Plan?

    12/17/2014 2:32:36 PM PST · by ThethoughtsofGreg · 30 replies
    American Legislator ^ | 12-17-14 | John Eick
    The New York Times ran an interesting article a few days ago discussing the skyrocketing electricity prices residents of New England are being forced to pay even before the winter season begins. The article identifies a resident of New Hampshire named John York who paid $376 to power his small printing business this past October. With no change in the amount of his work or his thermostat, his electricity bill climbed to $788 in November – an increase of 110 percent in just one month. What the article reveals (perhaps unintentionally) are the likely consequences of heavy handed government policies...
  • OIL JUST SPIKED

    12/17/2014 10:05:19 AM PST · by blam · 112 replies
    BI ^ | 12-17-2014 | Sam Ro
    Sam Ro December 17, 2014Oil prices are surging. The price of West Texas Intermediate crude oil on Tuesday rose to $58.98 from $54.20. Brent crude rose to $63.50 from about $58.70. At this point, there seems to be no obvious explanation for the move. On Tuesday, oil prices tumbled to five-year lows. WTI touched $53.60 and Brent sank to $59.86, both were the lowest levels since May 2009. (snip)
  • Cuomo to Ban Fracking in New York State, Citing Health Risks

    12/17/2014 10:03:02 AM PST · by Behind Liberal Lines · 112 replies
    ALBANY — The Cuomo administration announced Wednesday that it would ban hydraulic fracturing in New York State, ending years of uncertainty by concluding that the controversial method of extracting gas from deep underground could contaminate the state’s air and water and pose inestimable public-health risks... That conclusion was delivered publicly during a year-end cabinet meeting called by Gov. Andrew M. Cuomo in Albany. It came amid increased calls by environmentalists to ban fracking, which uses water and chemicals to release natural gas trapped in deeply buried shale deposits.
  • Low Oil Prices to Slow, but Not Derail US Shale Boom

    12/17/2014 9:57:31 AM PST · by thackney · 5 replies
    Rig Zone ^ | December 17, 2014 | Karen Boman
    Recent declines in North Sea Brent and West Texas Intermediate (WTI) crude oil prices – and the recent decision by the Organization of Petroleum Exporting Countries (OPEC) to maintain oil output – has caused speculation about whether the boom in U.S. shale exploration and production could continue. The U.S. shale revolution has created in a boom in U.S. oil production over the past five years, growing from 5.4 million barrels of oil per day (MMbopd) in 2009 to 8.6 MMbopd today. Shale gas production has also soared from 59.3 billion cubic feet per day (Bcf/d) in 2009 to more than...
  • Despite Pain, OPEC Hawks Come Round To Merits Of Riding Out Oil Slump

    12/17/2014 9:55:09 AM PST · by thackney · 13 replies
    Reuters via Rig Zone ^ | December 17, 2014 | Alex Lawler
    OPEC members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to defend prices. While Venezuela - which campaigned for output cuts in the run-up to the Nov. 27 meeting - has continued to call for measures to prop up prices, other nations which usually back such action such as Iran and African members have been silent. "The producers have not blinked. We are just watching and selling oil at whatever the price is,"...
  • Gas industry: Drilling tax could cripple Pa. economy

    12/17/2014 7:50:18 AM PST · by thackney · 18 replies
    Inquirer Harrisburg Bureau ^ | December 17, 2014 | Amy Worden
    Three days after the newly elected Senate majority leader opened the door to negotiations on a natural gas drilling tax, industry leaders reiterated their stand that such a tax would harm the state's economy. Additional taxes would have a "crippling effect on jobs" said Stephanie Wissman, executive director of the Associated Petroleum Industries of Pennsylvania. "It threatens to stifle energy production and the jobs that go with it," Wissman said in a conference call with reporters Tuesday. The prospect of a severance tax on gas production in the lucrative Marcellus Shale - an issue dormant since Gov. Ed Rendell left...
  • Yes, Venezuela could collapse if oil keeps dropping

    12/17/2014 6:44:33 AM PST · by SeekAndFind · 43 replies
    American Thinker ^ | 12/17/2014 | Silvio Canto Jr.
    The drop in gasoline prices is a wonderful Christmas present for U.S. consumers.  It's great up here, but keep an eye on Venezuela.  The country could collapse if prices keep dropping. TIME magazine has a good summary about the mess in Caracas: The economic dysfunction and falling price of oil leaves Maduro in a tough spot. He lacks both the political will and popularity to push through meaningful reforms to push Venezuela’s economic house in order. At the same time, he is being increasingly squeezed by the weakness in the oil price. Hugo Chávez was luckier. At the height of...
  • Oil trains hold upper hand as pipeline called off

    12/17/2014 6:51:30 AM PST · by thackney · 7 replies
    Houston Chronicle ^ | December 16, 2014 | Robert Grattan
    Oil producers in North Dakota don't seem ready to give up their rail cars just yet. Enterprise Product Partners has shelved plans for a pipeline out of the prolific Bakken Shale after the company was unable to secure enough crude shipment deals along the route to make the project viable. The proposed 340,000 barrel-per-day line would have run 1,200 miles from the oil fields of North Dakota to the nation's largest oil transportation hub in Cushing, Okla. Houston-based Enterprise Product Partners originally announced that it would solicit shipping commitments from Sept. 4 to Oct. 17 - a process called an...
  • More than 500 rigs may shut down as oil slides, analysts say

    12/17/2014 6:33:10 AM PST · by thackney · 9 replies
    Fuel Fix ^ | December 17, 2014 | Collin Eaton
    As many as 550 drilling rigs may have to sit on the sidelines of U.S. shale oil patches over the next few months, analysts say, as oil prices have folded nearly in half since this summer. The projections come a few days after Texas drilling rigs led the nation in a 1.4 percent weekly decline in the U.S. active rig count, according to oil field services firm Baker Hughes. Oil companies cut 20 rigs in the Permian Basin, a sharp turnaround from the flurry of rigs and hydraulic fracturing equipment that had rushed to West Texas earlier this year. “We...
  • First job for new Republican Senate is Keystone XL: McConnell

    12/17/2014 5:41:54 AM PST · by mac_truck · 43 replies
    Reuters ^ | 12/16/2014 | Staff
    The new Republican-controlled Senate's first act in January will be approval of the Keystone XL pipeline, Republican leader Mitch McConnell said on Tuesday. McConnell told reporters that the bill would be based on a measure that failed in the Senate last month that was co-sponsored by North Dakota Republican John Hoeven and Louisiana Democrat Mary Landrieu. "It'll be open for amendment," McConnell said. "I will hope that senators on both sides will offer energy-related amendments but there'll be no effort to try to micromanage the amendment process." Landrieu pushed for a Keystone vote in November in a last-ditch effort to...
  • China Wants ‘Made in China’ Nuclear Reactors

    12/17/2014 5:23:52 AM PST · by thackney · 24 replies
    Wall Street Journal ^ | Dec 15, 2014 | BRIAN SPEGELE
    When a unit of North Carolina’s Curtiss-Wright Corp. won a roughly $300 million deal in 2007 to supply components for new reactors in China, industry officials trumpeted China’s nuclear boom as good for U.S. business. Today, Chinese companies are competing for that business—and foreign companies risk getting left out. Meanwhile, Curtiss-Wright’s contract is caught up in a legal dispute, while Chinese authorities blame the company in part for the delay of a landmark nuclear project. U.S. and other foreign companies are now struggling to keep their hold in China, the industry’s biggest growth market and a rare bright spot more...
  • Oil Prices, Sanctions and Currency Collapse Put Putin in a Bind

    12/17/2014 4:37:09 AM PST · by elhombrelibre · 10 replies
    NBC ^ | 16 Dec 14 | Erin McClam
    Vladimir Putin is suddenly feeling the squeeze. The Russian president, earlier this year a swashbuckling land-grabber who seemed to confound the West, finds himself in a three-way economic vise — tumbling oil prices, punishing sanctions and now a collapse in his country's currency. "He really is going to be hit by a perfect storm," said Andrew Kuchins, director of the Russia program at the Center for Strategic & International Studies. "Although much of it is his own making." The value of the Russian ruble plunged by as much as 20 percent on Tuesday despite a desperate attempt by the central...
  • Oil price drop means lost billions for Canada, CIBC says

    12/16/2014 9:42:00 AM PST · by Star Traveler · 18 replies
    CBC News ^ | Tuesday, December 16, 2014 | Pete Evans
    The dramatic decline in oil prices will cost Ottawa about $5 billion in lost revenue and provincial economies a little more than that, one of Canada's biggest banks suggested today. That's one of the main takeaways from a CIBC report that attempts to quantify the impact of plunging oil prices on many aspects of Canada's economy. "The recent dive in crude oil prices is an unprecedented development for the Canadian economy," the report by CIBC economists Avery Shenfeld, Peter Buchanan and Warren Lovely says. There's a broad consensus that the declining price of oil is bad economic news for Canada,...
  • Collapse in oil prices: producers howl, consumers cheer, economists fret

    12/16/2014 9:55:53 AM PST · by Star Traveler · 27 replies
    The Guardian ^ | Tuesday, December 16, 2014 | Staff
    The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has analysts arguing over whether this is a good or bad thing. The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has consumers cheering, producers howling and economists wringing their hands over whether this is a good or bad thing. The price of a barrel of oil is just under $56, down from a summer high of $107, and lower than at any time since the US was still in recession...
  • Black Gold Loses Glitter

    12/16/2014 7:55:22 AM PST · by Kaslin · 25 replies
    Townhall.com ^ | December 16, 2014 | Peter Schiff
    The stunning 40% drop in the price of oil over the past few months has scrambled global economic forecasts, changed the geo-political landscape, and has severely pressured many energy sector investments. Economists are scratching their heads to determine if the drop is good or bad for the economy or whether cheap oil will add to or decrease unemployment, or complicate the global effort to "defeat" deflation. While all of these issues merit detailed discussions, the first question to address is if the steep drop is here to stay and whether energy prices will stay low enough, for long enough, to...
  • Scott Walker to EPA: Take Your Clean Power Plan and Keep Walking

    12/16/2014 9:13:50 AM PST · by rktman · 28 replies
    pjmedia,com ^ | 12/16/2014 | Rod Kackley
    The nation’s state legislatures are about to become embroiled in a battle of epic proportions as they line up on either side of the debate over the EPA’s Clean Power Plan. The struggle could define the future of, and indeed the very existence of, the U.S. Environmental Protection Agency. Gov. Scott Walker (R-Wisc.), 49 members of the Wisconsin Legislature and the Public Service Commission of Wisconsin are part of a nationwide, state legislative backlash against the EPA’s Clean Power Plan. EPA officials proposed the plan in June 2014. It is designed to reduce carbon greenhouse gas emissions from fossil-fuel fired...
  • State Senate leader: Divest in coal to fight global warming

    12/16/2014 6:44:26 AM PST · by artichokegrower · 10 replies
    San Francisco Chronicle ^ | December 16, 2014 | Carla Marinucci
    With Republicans threatening to shove climate change to the back seat as they take control of the U.S. Senate, state officials including Gov. Jerry Brown huddled with one of the nation’s leading Democratic donors Monday to talk up ways to keep it on California’s agenda — including legislation that could send a shiver through the coal industry. The state Senate’s top leader said at an Oakland forum organized by billionaire environmental activist Tom Steyer that he’s planning to introduce a measure next year to require the state’s public-employee pension funds to sell their coal-related investments.
  • Price Of Gasoline Drops Below $2 A Gallon In Tulsa Metro

    12/16/2014 7:12:51 AM PST · by Star Traveler · 26 replies
    News on 6 [Tulsa] ^ | Russell Hulstine
    Gasoline prices are falling across northeast Oklahoma and at many convenience stores, it is now below $2 a gallon. Tuesday morning, News On 6 viewers began sending us photos of $1.99 gas prices at QuikTrips across the Tulsa area. Viewers are also reported Kum & Go's in Tulsa area communities are also selling gasoline at $1.99 a gallon. And the lower price for gasoline is not just in the Tulsa area, a South Coffeyville gas station has gas at $1.97 a gallon.
  • Tumbling oil could take thousands of jobs with it

    12/16/2014 5:20:17 AM PST · by thackney · 59 replies
    Tumbling oil could take thousands of jobs with it ^ | December 12, 2014 | Jesse Solomon
    The oil price crash could take thousands of good-paying jobs with it in America and around the world. More cuts are almost certainly on their way. On Monday, ConocoPhillips (COP) became the first major U.S. oil company to reveal that it is slashing spending for 2015, a decision the CEO asserted was "prudent given the current environment." Bad news already started to flow this week: Halliburton (HAL) affirmed that it plans to cut 1,000 positions due to the depressed oil market, and BP (BP) announced an unspecified number of layoffs as part of a $1 billion restructuring plan. It's true...