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Keyword: hydrocarbons

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  • Abbas To Sign Accords With Putin in Moscow

    04/11/2015 10:14:46 PM PDT · by Olog-hai · 29 replies
    INN ^ | 4/11/2015, 10:55 PM | (Arutz Sheva Staff)
    Russian President Vladimir Putin will meet Palestinian Authority (PA) Chairman Mahmoud Abbas in Moscow on Monday where the issue of Middle East peace talks will be raised, Russian authorities announced Thursday. “The two leaders will hold talks concerning key aspects of Russian-Palestinian relations and their future, with particular attention on the trade, economy and humanitarian sectors,” the Kremlin said in a statement according to AFP. There will also be “an exchange of ideas on the process of Israeli-Palestinian talks and other problematic regional situations,” the statement continued, adding that North Africa would also be on the agenda. …
  • How much longer can OPEC hold out?

    04/09/2015 9:25:14 PM PDT · by Citizen Zed · 3 replies
    India Info Online ^ | 4-10-2015 | Gaurav Agnihotri, Oilprice.com
    OPEC has been the most talked about international organization among investors, analysts and international political lobbies in the last few months.  When OPEC speaks, the world listens in rapt attention as it accounts for nearly 40 % of the world's total crude output. With its headquarters in Vienna, Austria, one of the mandates of 12- member OPEC is to "ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry." (Source: opec.org).  However, OPEC...
  • Russia may give Greece pre-payment of profits from future gas pipeline project

    04/09/2015 9:44:10 AM PDT · by Lorianne · 9 replies
    CNBC/Reuters ^ | 08 April 2015
    Russia is considering soon giving Greece funds based on future profits Athens would earn from shipping Russian gas to Europe as part of an extension of the Turkish Stream gas pipeline project, a Greek government official said. Plans for the pipeline taking Russian gas from Turkey to Europe via Greece would be linked to lower Russian gas prices, the official added. Greece would pay back the Russian prepayment after the pipeline started operating, the official said.
  • Senators Try To Stop The Coming Oil Train Wreck

    04/07/2015 4:58:51 AM PDT · by thackney · 10 replies
    Forbes ^ | 4/06/2015 | James Conca
    Spearheaded by the Senators from Washington_State, legislation just introduced in the United States Senate will finally address the rash of crude oil train wrecks and explosions that have skyrocketed over the last two years in parallel with the steep rise in the amount of crude oil transported by rail. Oil production is at an all-time high in America, great for our economy and energy independence, but bad for the people and places that lie along the shipping routes. Just since February, there have been four fiery derailments of crude oil trains in North America and many more simple spills. More...
  • State Energy Expert Predicts $1.60-Per-Gallon Gas

    04/07/2015 8:27:21 AM PDT · by Perkinsbob54 · 42 replies
    Roswell Daily Record ^ | 4/7/15 | Jeff Tucker
    ROSWELL – Gasoline prices in New Mexico could drop to as low as $1.60 a gallon this year as the United States and the Organization of Petroleum Exporting Countries engage in an outgoing crude oil price war, an expert told the New Mexico Landmen’s Association on March 27. Dr. Daniel Fine, associate director of the New Mexico Center for Energy Policy at New Mexico Institute of Mining and Technology, said at the landmen’s association’s monthly meeting recently that crude oil storage in the United States is at a near maximum, meaning it will be some time before crude oil prices...
  • Rand Paul's excuse for avoiding the 'religious freedom' law controversy doesn't add up

    04/03/2015 12:10:36 PM PDT · by C19fan · 34 replies
    Business Insider ^ | April 2, 2015 | Hunter Walker and Colin Campbell
    Sen. Rand Paul (R-Kentucky) is the only major Republican likely 2016 presidential candidate who hasn't weighed in on the controversy over Indiana's "religious freedom" law that erupted this week — and his explanation for avoiding the issue is questionable.
  • New Regs Ignore Fact Fracking Doesn't Taint Well Water

    04/02/2015 9:03:55 AM PDT · by raptor22 · 7 replies
    Investor's Business Daily ^ | April 2, 2015 | IBD EDITORIALS
    Energy: New federal regulations on fracking on public land ignore a study documenting that methane found in well water is unrelated to the location of hydraulically fractured oil and gas wells. When the Obama administration recently released its new regulations on fracking — regulations that it said were needed to keep up with the advance and success of the decades-old technology to meet public safety needs — the Independent Petroleum Association of America and Western Energy Alliance immediately filed suit, saying that the new regs were based on "unsubstantiated concerns" that lacked any scientific basis. "Hydraulic fracturing has been conducted...
  • Don't expect oil prices to rebound anytime soon

    04/02/2015 12:15:57 PM PDT · by Perkinsbob54 · 12 replies
    High Country News ^ | 3/8/15 | Jonathan Thompson |
    It’s not even 8 a.m. and rush hour is on in northwestern New Mexico. Dozens of big white trucks and water tankers, neon flags flying, head north to the gas patch. I’m driving south, through Aztec, and as I pass the retro-orange A&W on the edge of town, I pull up alongside a drilling rig. The thing’s huge, too huge, it seems, to be rolling along the same road as my little Nissan. Yet the strange, rolling infrastructure has been a familiar site around here for decades — back in 1948, when a UFO purportedly crashed out on a nearby...
  • Crude falls as Iran deal to include lifting of all oil sanctions

    04/02/2015 11:01:06 AM PDT · by jimbo123 · 5 replies
    Forex Live ^ | 4/2/15 | Adam Button
    WTI crude fell below the earlier lows near $48.50 and down to $48.23 as reports reveal that once the deal is completed (presumably on June 30) all oil and banking sanctions against Iran will be lifted.
  • Fact Check.org Rushes to Defend Federal Fracking Regulations, Steps on a Rake

    03/30/2015 1:26:09 PM PDT · by george76 · 8 replies
    Energy in Depth ^ | March 27, 2015 | Katie Brown
    This afternoon, Fact Check.org produced a fact-check that ostensibly criticizes U.S. Senator Jim Inhofe (R-OK) for his contention that there has never been an instance of ground water contamination caused by hydraulic fracturing. Of course, this piece isn’t really about Inhofe at all; but before we get into that, we can’t help but wonder why they are fact-checking Inhofe and not former EPA Administrator Lisa Jackson … or Energy Secretary Ernest Moniz … or Secretary of the Interior Sally Jewell — all of whom have said exactly the same thing. Rather than a “fact-check,” it reads more like an advocacy...
  • Texas Hasn't Been This Bad In Two Years

    03/30/2015 10:10:07 AM PDT · by blam · 9 replies
    BI ^ | 3-30-2015 | Myles Udland
    Myles Udland March 30, 2015The crash in oil prices is hammering the Texas economy. The latest manufacturing outlook index from the Dallas Fed plunged again in March, to -17.4 from -11.2 in February, indicating deteriorating business conditions in the state. Expectations were for the index to show a reading of -9. But the most important part of this report is the commentary from Texas business leaders, who have given an on-the-ground picture of how the decline in oil prices is affecting one of the country's economies most driven by oil. In March the tune didn't change, as it sounds as...
  • Angola joins Venezuela among biggest losers of oil's tumble

    03/30/2015 8:13:03 AM PDT · by Lorianne · 8 replies
    CNBC ^ | 28 March 2015 | Will Duke
    Plunging oil prices have been an economic windfall for U.S. consumers, primarily through greater savings at the pump. In energy-reliant countries around the world like Angola, however, the effect has been far less beneficial. Social and economic turmoil in countries like Venezuela and Russia—largely because of the swoon in global oil prices—has drawn attention away from Angola, an OPEC member that is Africa's second-largest oil producer. The country churns out 1.75 million barrels of oil per day, according to the Energy Information Agency (EIA). The sub-Saharan country is hugely dependent on oil production to generate revenue for its economy, which...
  • Price decline hits oil patch

    03/29/2015 10:19:40 AM PDT · by Perkinsbob54 · 5 replies
    Albuquerque Journal ^ | 3/25/15 | Kevin Robinson-Avila
    At least 2,000 jobs will likely be lost in New Mexico’s oil and gas industry in the coming months because of sharp declines in the price of crude oil, according to estimates by the New Mexico Energy, Minerals and Natural Resources Department.
  • Saudi Arabia’s Yemen Offensive Might Just Boost Their Oil Revenues

    03/26/2015 4:42:04 PM PDT · by E. Pluribus Unum · 2 replies
    The Daily Caller ^ | 03/26/2015 | Michael Bastasch
    Militia men loyal to Yemen's President Abd-Rabbu Mansour Hadi take photos near an army tank in Yemen's southern port city of Aden March 19, 2015.Saudi Arabia’s decision to send troops to the borders of war-torn Yemen has jolted global oil markets, sending crude prices up 6 percent on fears of supply disruptions.Higher oil prices are just what the Kingdom needs after months of having to take money from their reserves to finance government programs. News of Saudi air strikes on the Yemeni capital and an Arab offensive to push back the Iran-backed Houthi rebels sent oil up more than...
  • The E.U. Experiment Has Failed

    03/16/2015 8:23:01 PM PDT · by annalex · 33 replies
    Hoover Institution ^ | March 5, 2015 | Bruce Thornton
    The E.U. Experiment Has Failedby Bruce ThorntonThursday, March 5, 2015 The slow-motion crisis of the European Union is the big story that rarely gets the attention it deserves. Even an event like the recent terrorist attack in France that left 17 dead is often isolated from the larger political, economic, and social problems that have long plagued the project of unifying the countries of Europe in order to harness its collective economic power, and to avoid the bloody internecine strife that stains its history. On the economic front, the E.U.’s dismal economic performance over the last six years was summed...
  • Crony Biofuel Politics Wag the Dog

    03/14/2015 9:47:48 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | March 14, 2015 | Paul Driessen
    Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad warned, referring to Renewable Fuel Standards that require refiners to blend increasing amounts of ethanol into gasoline. “It is the Holy Grail, and I will defend it,” said Rep. Steve King, another Iowa Republican. It is vital for reducing carbon dioxide emissions and preventing dangerous climate change...
  • Oil Prices Drop as Production Hums Along Despite a Brimming Supply

    03/14/2015 1:29:35 AM PDT · by Berlin_Freeper · 9 replies
    nytimes.com ^ | MARCH 13, 2015 | STANLEY REED
    Just as the oil market appeared to be stabilizing, the price of crude resumed its descent on Friday. The drop, of about 4 percent, came after a report from the International Energy Agency warning that oil pouring into tank farms in the United States might “soon test storage capacity limits.” The agency, whose reports are closely monitored by oil traders, said that overflowing storage “would inevitably lead to renewed price weakness.” American production of oil continues to increase despite recently announced cutbacks in new drilling by producers.
  • Oil-Eating Microbes Have Worldwide Underground Connections

    03/13/2015 12:10:35 PM PDT · by SunkenCiv · 32 replies
    Scientific American ^ | February 15, 2015 | David Biello 
    Living deep underground ain't easy. In addition to hellish temperatures and pressures, there's not a lot to eat. Which is why oil reservoirs are the microbes' cornucopia in this hidden realm. Microbes feast on many oil reservoirs, but it has been unclear how the microorganisms got to those locales. One proposal has been that the microbes colonize a pool of dead algae corpses and then go along for the ride as the pool gets buried deeper and deeper and the algae slowly become oil. That's the so-called "burial and isolation" hypothesis. But under that set of rules each pool of...
  • Southern New Yorkers Consider Secession After Cuomo's Permanent Ban On Fracking

    03/09/2015 8:22:29 AM PDT · by SeekAndFind · 19 replies
    Zero Hedge ^ | 03/09/2015 | Thomas Miller via Oilprice.com,
    Submitted by Thomas Miller via Oilprice.com,One could argue America was conceived from intense frustration that ultimately led to separation. Fed up with what they perceived as excessive control by the Crown, colonists to the “New England”, in essence, seceded in 1776, and thus the United States was born.Now, there is a renewed and growing secession conversation brewing in the New England region, this time fueled by a commodity: Natural gas. Infuriated by Governor Andrew Cuomo’s December decision to permanently instill a ban against hydraulic fracture stimulation, or fracking, residents in 15 communities in the Southern Tier of New York...
  • Low Oil Price May Stifle Deepwater Drilling And Oil Sands But Not Fracking

    03/01/2015 8:53:15 AM PST · by thackney · 27 replies
    Forbes ^ | 3/01/2015
    Saudi Arabia and OPEC may have dropped oil prices to stifle production in the U.S. and other competing nations, but they didn’t drop it enough to stifle the U.S. oil and gas boom from fracking, a senior expert with McKinsey and Company said in Chicago. “If the Saudis think they’re going to put U.S. shale players out of business, they’re probably not, although there will be less drilling,” Joe Quoyeser told about 125 people, mostly graduate students, at Northwestern University’s Kellogg Energy Conference on Wednesday. ”But there are other elements of oil supply that are needed to balance the market...
  • This Key Market Signal Says Oil Is Heading to $60 a Barrel

    03/01/2015 10:33:00 AM PST · by ckilmer · 19 replies
    fool.com ^ | March 1, 2015 | By Matt DiLallo
    This Key Market Signal Says Oil Is Heading to $60 a Barrel By Matt DiLallo | More Articles March 1, 2015 | Comments (1) Given the dramatic drop in the price of oil over the past few months, the burning question on a lot of minds is "What will the price of oil do next?" It seems like everyone has an opinion on that question. The range of predictions goes from $10 at the bottom to a staggering $200 a barrel at the top. What that range tells us is that where oil will go in the future is anyone's...
  • The Most Economically-Correlated Commodity Is Flashing Red (Lumber)

    01/22/2015 5:58:17 AM PST · by blam · 29 replies
    Zero Hedge ^ | 1-22-1015 | Tyler Durden
    Tyler Durden 01/21/2015 While Crude Oil and Dr. Copper are often cited as economic indicators, as @Not_Jim_Cramer notes, in fact Lumber prices are the most correlated with ISM and GDP of all industrial commodities. That is a problem. Lumber prices are tumbling and are breaking the 6-year up-trend that has 'proved' the recovery. With no CCFD manipulation and less financialization than crude, perhaps Lumber is the real canary in the economic collapse coalmine... Lumber is the most correlated to ISM and GDP of all the industrial commodities... and that is not good for the US economy...
  • The Saudi project, part two Oil is back over $60 a barrel. Is the market returning to normal?

    02/20/2015 4:33:23 AM PST · by thackney · 61 replies
    The Economist ^ | Feb 21st 2015 | The Economist
    STAGE one of Saudi Arabia’s plan—or perhaps hope—to restructure the oil market is taking longer than expected. By refusing to rein in production while prices fell, the Saudis permitted a big surplus to grow and served notice on higher-cost rivals (Russia, Venezuela, American shale-oil producers) that they would not prop up other people’s profit margins at the expense of their own market share. That signal has been weakened by the growing amount of oil in storage, which is absorbing most of the glut. World oil stocks rose about 265m barrels last year and Société Générale, a French bank, reckons they...
  • Is The Oil Price Decline a Sign of Impending Deflation?

    02/22/2015 10:09:49 AM PST · by OwenKellogg · 14 replies
    American Thinker ^ | February 19, 2015 | Frank Ryan, CPA
    Conventional wisdom indicates slowing global economy and increased production are the root causes behind the precipitous drop in oil prices since mid-2014. ~~ snip ~~ Further signs of the impact of deflation, despite trillions of stimulus funds, include: 1.Negative interest rates on short-term securities and debt instruments. 2.The reduction of risk premiums in short and long-term debt financing for governments. 3.Increasing costs of healthcare for virtually every American, which adversely affects disposable income. 4.Declining real wages in the United States due to tax increases at the state and local levels. 5.Declines in labor force participation rates. 6.Lack of wage growth...
  • Fossil Fuels Keeping More Than 200 Million Americans From Freezing Today

    02/22/2015 9:19:44 AM PST · by Vince Ferrer · 18 replies
    Real Science ^ | 2/22/2015 | Steven Goddard
    The US is experiencing an historic deep-freeze with much of the country more than 20 degrees below normal. Most of the people in America would be freezing right now without fossil fuels. The government responds by lying about the temperature, trying to make energy prices skyrocket, and doing everything they can to cut off the supply of fossil fuels. Obama: My Plan Makes electricity Rates Skyrocket
  • Obama targets oil and gas industry, demands massive reduction in methane emissions

    01/14/2015 10:41:52 AM PST · by TigerClaws · 19 replies
    Taking direct aim at the oil-and-gas industry, President Obama on Wednesday put forth long-awaited regulations on methane emissions, setting an ambitious goal of reducing those emissions by 45 percent over the next decade and again drawing the ire of many in the energy industry. The move comes just days before the State of the Union address and underscores that, in the final two years of presidency, Mr. Obama is looking to cement his legacy on climate-change and environmental issues. Read more: http://www.washingtontimes.com/news/2015/jan/14/obama-hits-oil-and-gas-industry-demands-massive-re/#ixzz3Op4IqMql Follow us: @washtimes on Twitter
  • Crude Oil Is Crashing Again ($46.77)

    01/12/2015 5:47:20 AM PST · by blam · 51 replies
    BI ^ | 1-12-2015 | Myles Udland
    Myles UdlandJanuary 15, 2015Good morning! It is a new week and crude oil is making new lows.(snip)(snip)
  • Equities Decouple from Oil

    12/20/2014 10:19:39 AM PST · by Kaslin · 4 replies
    Townhall.com ^ | December 20, 2014 | Charles Payne
    The 419-point move for the Dow +2.4% is the biggest since November 30, 2011. A lot was short covering, but those covering were not mom and pop investors…but sometimes, smart money throws in the towel. Yesterday, the biggest news was not headline news and most market-watchers were not paying attention either. The decoupling of equities from oil is huge; even after a rebound attempt in oil failed and crude tumbled, stocks kept moving higher.This is big stuff. It clears the way for good news on gas to be good news, not a deflationary red flare.Here’s the technical part of our Special...
  • The silent crash in commodities—a warning sign

    12/09/2014 2:07:10 PM PST · by RightGeek · 35 replies
    CNBC ^ | 12/9/2014 | Ron Insana
    If the commodity markets were followed as widely as the stock market, the financial world would be buzzing with the news of a crash that has taken place in the value of "stuff." While the plunging prices of oil, natural gas and gasoline are making headlines every day, thanks to the benefits accruing to consumers of energy products, the message of the commodity markets, in many ways, is hardly a reassuring one when it comes to the outlook for global economic growth. Basic materials prices for the likes of copper, nickel, iron ore, and other industrial commodities, have collapsed, both...
  • Must-know: Tighter-than-expected oil supply in the future

    08/21/2014 4:09:40 PM PDT · by ckilmer · 24 replies
    marketrealist ^ | Aug 21, 2014 10:08 am EDT | Russ Koesterich, CFA
    Must-know: Tighter-than-expected oil supply in the future By Russ Koesterich, CFA - Disclosure • BlackRock  • Aug 21, 2014 10:08 am EDT First, here’s a quick look at my expectations for oil supply and demand. Currently, oil prices remain elevated because global demand has continued to climb, despite slower growth in China (FXI), and supply overall has been unexpectedly constrained by both geology and geopolitical unrest. Looking forward, oil supply is likely to remain constrained and oil demand is likely to continue to grow.Oil supply: There’s a good chance that future oil supply may be tighter than expected. Currently, oil prices...
  • ISIS' thirst for oil could lead to 'global catastrophe' if unchecked, experts say

    08/21/2014 6:53:42 PM PDT · by 2ndDivisionVet · 21 replies
    Fox News ^ | August 21, 2014 | Joshua Rhett Miller
    Islamic State's thirst for blood has the world on edge, but its equally insatiable yearning for oil could prove a "catastrophe" for the global economy if the terror organization isn't stopped, experts say. The jihadist group, formerly known as ISIS, now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day by selling up to 40,000 barrels via middlemen in illicit deals. The black market oil sells for roughly $25 to $60 per barrel, compared to the current market rate of $102, according to Luay al-Khatteeb, founder and executive director...
  • Refracking brings 'vintage' oil and gas wells to life

    08/21/2014 9:24:35 AM PDT · by ckilmer · 26 replies
    samachar ^ | Aug 20, 2014,
    Refracking brings 'vintage' oil and gas wells to life Aug 20, 2014, 10.43AM IST (The development highlights…) HOUSTON/WILLISTON, NORTH DAKOTA: A fracking boom isn't enough for U.S. oil and gas producers - they're now starting the re-fracking boom.Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high, has been troubled by quick declines in oil and gas output. The development highlights how producers must constantly invest and tinker, both to...
  • Eagle Ford wave lifts Blue Dolphin Energy refinery

    08/21/2014 5:30:24 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    The Eagle Ford Shale is boosting the fortunes of Blue Dolphin Energy Co., which took a chance when it bought a rusty, mothballed refinery in the small town of Nixon about seven years ago. Blue Dolphin bought the plant out of bankruptcy before the promise of the Eagle Ford was apparent. The company spent tens of millions refurbishing the plant and restarted it in early 2012. Nixon, which is about 54 miles east of San Antonio, straddles Gonzales and Wilson counties in a booming part of the shale play. The plant buys every drop of its crude oil from drillers...
  • Gulf Coast to benefit from refinery retrofits

    08/21/2014 5:27:02 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 21, 2014 | Rhiannon Meyers
    The Texas Gulf Coast will be ground zero for a push to equip refineries to handle a flood of light crude unlocked in the U.S. shale boom, but the investments will be relatively conservative, a petrochemical consultant said Wednesday. Refiners won’t spend the big bucks they dropped when they retooled to handle heavy, high-sulfur crude several years ago, largely because it’s cheaper and simpler to modify a refinery to process lighter crude, said Jim Jones, senior vice president at Dallas-based petrochemical consulting firm Turner, Mason and Company. “It won’t be a $5 billion investment, it will be a couple million...
  • Texas price gap widens as oil production rises

    08/19/2014 12:55:11 PM PDT · by thackney · 18 replies
    Fuel Fix ^ | August 19, 2014 | Robert Grattan
    The gap between crude oil prices in the major trading centers of Midland, Texas and Cushing, Okla. ballooned to $19 Tuesday morning, the widest point this year and second-highest on record. On Tuesday morning, the price for crude oil hit a low of $77.48 per barrel in Midland. In Cushing, the benchmark pricing point for U.S. crude contracts, the price was $96.48. Worldwide crude prices fell, Bloomberg reported, after Iraqi and Kurdish forces regained control of a key dam in Iraq and slowed the advance of Islamic State militants. Midland prices are further depressed because production growth in West Texas’...
  • Oil and gas company debt soars to danger levels to cover shortfall in cash

    08/11/2014 4:08:43 PM PDT · by Lorianne · 19 replies
    Telegraph (UK) ^ | 11 August 2012 | Ambrose Evans-Pritchard
    The world’s leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry. The US Energy Information Administration (EIA) said a review of 127 companies across the globe found that they had increased net debt by $106bn in the year to March, in order to cover the surging costs of machinery and exploration, while still paying generous dividends at the same time. They also sold off a net $73bn of assets. This is a major departure from...
  • Permian’s Oil Surge Creates Need for Pipelines

    08/08/2014 4:22:20 AM PDT · by thackney · 10 replies
    Fox Business ^ | August 07, 2014 | Matthew Rocco
    With crude gushing from the Permian Basin, companies are ramping up efforts to build pipelines and better capitalize on the production surge. Drillers have been producing oil in the Permian for some eight decades. But in recent years, the Texas formation’s central region, which consists of the Delaware and Midland basins, became a hotbed for shale oil. The Permian is now the top oil-producing area in the U.S., accounting for 18% of the nation’s total output in 2013. Based on data from the Energy Information Administration, the Permian recorded production of 1.35 million barrels per day last year. The region...
  • Shale gas: 'The dotcom bubble of our times'

    08/04/2014 5:51:58 PM PDT · by Lorianne · 33 replies
    Telegraph (UK) ^ | 04 August 2014 | Tim Morgan
    On the one hand, many environmental and conservation groups are bitterly opposed to shale development. Ranged against them are those within and beyond the energy industry who believe that the exploitation of shale gas can prove not only vital but hugely positive for the British economy. Rather oddly, hardly anyone seems to have asked the one question which is surely fundamental: does shale development make economic sense? My conclusion is that it does not. That Britain needs new energy sources is surely beyond dispute. Between 2003 and 2013, domestic production of oil and gas slumped by 62pc and 65pc respectively,...
  • We Could Unlock More Than 267 Billion Barrels of Oil in America

    07/30/2014 6:51:03 PM PDT · by ckilmer · 36 replies
    fool.com ^ | July 30, 2014 | Tyler Crowe
    We Could Unlock More Than 267 Billion Barrels of Oil in America By Tyler Crowe | More Articles | Save For Later July 30, 2014 | Comments (0) Photo credit: WPX Energy If I had told you five or six years ago that America would be producing more oil than ever before and potentially becoming an exporter of crude within a decade, you probably would have had me institutionalized. Yet thanks to the advancements in drilling techniques, we have been able to access one of the most abundant resources we didn't think were possible: shale and tight oil. Today, oil...
  • The Stunning Key That Could Unlock 160 Billion Barrels of Oil Trapped Underneath America

    07/20/2014 1:42:44 PM PDT · by ckilmer · 69 replies
    fool.com ^ | July 20, 2014 | By Matt DiLallo
    The Stunning Key That Could Unlock 160 Billion Barrels of Oil Trapped Underneath America By Matt DiLallo | More Articles July 20, 2014 | Comments (0)  Photo credit: Flickr/Melissa  It is estimated that there are 160 billion barrels of oil still trapped underneath this country in what are considered depleted oil fields. That's a tremendous amount of oil given that America uses about seven billion barrels of it each year. In fact, if we could only find the key to unlock this trapped oil we could extend fleeting our reserves by more than 22 years.That's why it probably comes as a surprise...
  • Kemp: Peak Petroleum Engineer? Or Still Time to Join the Boom?

    07/17/2014 4:58:32 AM PDT · by thackney · 6 replies
    Reuters via Rig Zone ^ | July 17, 2014 | John Kemp
    Petroleum engineers are among the best paid professionals in the United States. Only chief executives and some specialist doctors earned more last year, according to federal government pay data. Petroleum engineers were paid an average of $132,000 a year, with the top 10 percent on more than $187,000, according to the Bureau of Labor Statistics (BLS). These figures include everyone from the newest graduates to the most experienced engineers with decades of experience, and are based on median earnings in May 2013. Petroleum engineers earned almost four times as much as the average employee across the economy, who was on...
  • Reuters Exclusive: Iraq Tells U.N. that 'Terrorist Groups' Seized Nuclear Materials

    07/09/2014 6:18:37 PM PDT · by kristinn · 44 replies
    Reuters ^ | Wednesday, July 9, 2014 | Michelle Nichols (with Mark Hosenball)
    Insurgents in Iraq have seized nuclear materials used for scientific research at a university in the country's north, Iraq told the United Nations in a letter appealing for help to "stave off the threat of their use by terrorists in Iraq or abroad." Nearly 40 kilograms (88 pounds) of uranium compounds were kept at Mosul University, Iraq's U.N. Ambassador Mohamed Ali Alhakim told U.N. Secretary-General Ban Ki-moon in the July 8 letter obtained by Reuters on Wednesday. "Terrorist groups have seized control of nuclear material at the sites that came out of the control of the state," Alhakim wrote, adding...
  • Canada pulls the plug on the U.S. Keystone Pipeline – will send oil to Asia

    06/29/2014 8:38:39 PM PDT · by Signalman · 52 replies
    WUWT ^ | 6/28/2014 | Anthony Watts
    Obama’s inability to make a decision on Keystone has finally yielded a result – Canada has made the decision for him. Breitbart reports Canada has just approved the Enbridge Northern Gateway Project – a major pipeline to ship Canadian oil to Asia. The Canadian oil will still be burnt – in Asia, instead of America. All the jobs and energy security which Canadian oil could have delivered to America, will instead be delivered to Asia. Rather than purchasing crude from a friendly and allied neighbor, the United States will most likely need to continue its reliance upon hostile sources like...
  • The World Has 53.3 Years of Oil Left

    06/22/2014 10:52:21 AM PDT · by ckilmer · 67 replies
    fool.com ^ | June 22, 2014 | Matt DiLallo
    The World Has 53.3 Years of Oil Left By Matt DiLallo |June 22, 2014 | Photo credit: BP. BP (NYSE: BP  )  has provided an intriguing update to its global oil reserves estimate in the company's latest yearly review of energy statistics. BP raised its reserve estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates. However, there's likely a lot more oil left in the tank beyond what BP sees today. America's energy boom surgesA good portion of the growth in global oil reserves in BP's report comes from the...
  • What Iraq's war may mean for the Keystone pipeline

    06/19/2014 6:26:32 AM PDT · by shove_it · 11 replies
    CNBC ^ | 18 Jun 2014 | Javier E. David
    Supporters of the Keystone XL pipeline have found a new talking point: Iraq Violence exploding in one of the world's largest oil-producing nations is ricocheting in the debate over U.S. energy policy. Backers of the pipeline, which would run from Alberta, Canada, to Texas, are pointing to the crisis in Iraq as a rationale for pushing the project forward. Often billed as a possible component for supplying the U.S.'s voracious energy markets with crude oil, TransCanada's long-delayed $5.3 billion pipeline has been mired in delays for six years. On Wednesday, the Senate Energy and Natural Resources committee voted 12-10 to...
  • US Senate Panel Advances Bill To Force Keystone Pipeline Approval

    06/19/2014 5:04:43 AM PDT · by thackney · 16 replies
    Reuters via Rig Zone ^ | June 18, 2014 | Ros Krasny
    The U.S. Senate Energy Committee advanced a bill on Wednesday that would force congressional approval of TransCanada's proposed Keystone XL oil pipeline project, but the measure seems unlikely to be taken up by the full Senate. The bill, the latest effort by lawmakers to breathe life into the long-delayed pipeline from Canada to the U.S. Gulf Coast, will languish without a commitment from Senate Majority Leader Harry Reid to bring it to a vote. The measure, from Democratic Senator Mary Landrieu of Louisiana and Republican Senators John Hoeven of North Dakota and Lisa Murkowski of Alaska, would take a decision...
  • Senate panel votes to approve Keystone (but Reid won't bring it up for vote)

    06/18/2014 12:10:01 PM PDT · by Cincinatus' Wife · 13 replies
    The Hill ^ | June 18, 2014 | Timothy Cama
    The Senate Energy and Natural Resources Committee voted Wednesday to approve the Keystone XL pipeline, delivering a rebuke to President Obama. All Republicans on the panel voted to clear the pipeline, joined by Chairwoman Mary Landrieu (La.) and Sen. Joe Manchin (W.Va.), two Democrats in energy-heavy states, in a 12-10 vote. Proponents of the pipeline expressed frustration with Obama’s refusal to take action for more than five years on the final leg of Keystone, which is planned to run from Alberta’s oil sands to refineries on the United States Gulf Coast. “I really wish we weren’t sitting here years after...
  • We Are So Not Prepared For Another Oil Shock

    06/17/2014 6:55:43 PM PDT · by Lorianne · 18 replies
    Dollar Collapse ^ | 15 June 2014 | John Rubino
    In one sense, energy doesn’t matter all that much to what’s coming. Once debt reaches a certain level, oil can be $10 a barrel or $200, and either way we’re in trouble. But the cost of energy can still play a role in the timing and shape of the next financial crisis. The housing/derivatives bubble of 2006 -2008, for instance, might have gone on a while longer if oil hadn’t spiked to $140/bbl in 2007. And the subsequent recovery was probably expedited by oil plunging to $40 in 2008. With the Middle East now lurching towards yet another major war,...
  • Iraq's biggest oil refinery shut down, foreign staff evacuated

    06/17/2014 8:22:02 AM PDT · by Rusty0604 · 15 replies
    Reuters ^ | 06/17/2014 | Oliver Holmes
    Iraq's biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said on Tuesday, adding that local staff remain in place and the military is still in control of the facility “Due to the recent attacks of militants by mortars, the refinery administration decided to evacuate foreign workers for their safety and also to completely shut down production units to avoid extensive damage that could result," a chief engineer at the refinery said on condition of anonymity.
  • Analyst: Fall Of Baghdad Would Make Current Gas Prices ‘Look Like A Bargain'

    06/14/2014 7:29:57 AM PDT · by MeshugeMikey · 46 replies
    C.B.S. local ^ | June 13, 2014 | Not Attributed
    "any reduction in the flow of Iraqi crude due to the ongoing Islamic insurgency in the northern Iraq cities of Mosul and Tikrit could have worldwide economic consequences, according to oil industry analyst Phill Flynn, who said speculators are watching for the worst-case scenario."