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Keyword: oil

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  • Massive Fire Engulfs Pemex Oil Tanker in Gulf of Mexico

    09/25/2016 3:11:01 PM PDT · by rockinqsranch · 9 replies
    gcaptain/Reuters ^ | September 25, 2016 | Natalie Schachar and Noe Torres
    MEXICO CITY, Sept 24 (Reuters) – A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm.
  • Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class

    09/25/2016 2:32:40 PM PDT · by Lorianne · 23 replies
    Wall Street Journal ^ | 23 September 2016 | Ahmed Al Omran, Nikhil Lohade
    Lower revenue hurts economy, prompting government to withdraw some benefits; as cost of living rises, consumers cut back on spending ___ With a slowing economy and shrinking foreign reserves, the kingdom is coming under pressure to take steps that support the price of oil, as it did this month with an accord it struck with Russia. ... a sharp drop in the price of oil, Saudi Arabia’s main revenue source, has forced the government to withdraw some benefits this year—raising the cost of living in the kingdom and hurting its middle class, a part of society long insulated from such...
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • T. Boone Pickens Says Obama Is A Loser For The Energy Industry

    09/22/2016 1:29:56 PM PDT · by bananaman22 · 16 replies
    Oilprice.com ^ | 22-09-2016 | Julianne
    According to energy magnate T. Boone Pickens, Obama has been a loser for the energy industry. And not just a loser, but “a complete loser”. That he is not a fan of President Obama’s policies—including his energy policies--comes as no surprise. Pickens said in 2014 that Obama was “the worst president we’ve ever had”.
  • Pipeline opponents interrupt oil industry meeting to make case - (leave in vehicles)

    09/21/2016 12:15:50 PM PDT · by Last Dakotan · 3 replies
    InForum ^ | 9/21/2016 | Amy Dalrympl
    MINOT, N.D. — A handful of Dakota Access Pipeline opponents took over the stage Wednesday, Sept. 21, as North Dakota's top oil regulator spoke to an oil industry group's annual meeting. The elders of the Oglala Lakota Nation referred to the pipeline as the "black snake" as they took the podium and microphone while Department of Mineral Resources Director Lynn Helms was speaking to the North Dakota Petroleum Council. "We want you guys to hear our voice and see us," one woman said. "We're not just some hashtag out there just making a scene. We want to be heard. We...
  • Frack Sand: The Unsung Hero Of The OPEC Oil War

    09/20/2016 7:31:04 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 20-09-2016 | Jim
    “Right now, it’s all about the frack sand. The story of US shale resilience is now about huge quantities of high-quality frack sand. This is the backbone of the comeback.” Welcome to the Mega-Frack Hydraulic fracturing involves injecting highly pressurized water into a well and then pouring sand into it in order to keep the tiny fractures created by the water blast open, and then widening them so that more crude oozes from the shale rock. The US response to the oil price war has been the ‘mega frack’, which means that producers are creating more fractures in rock because...
  • Venezuela Crises Compound as Oil Industry Falls Into Disarray

    09/20/2016 6:39:31 AM PDT · by C19fan · 17 replies
    NY Times ^ | September 20, 2016 | Nicholas Casey and Clifford Krauss
    One oil rig was idle for weeks because a single piece of equipment was missing. Another was attacked by armed gangs who made off with all they could carry. Many oil workers say they are paid so little that they barely eat and have to keep watch over one another in case they faint while high up on the rigs. Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray. To add insult to injury, the Venezuelan government has been forced to turn to its nemesis, the United...
  • Obama Administration’s Lawless Decision Delays a Much-needed Infrastructure project

    09/18/2016 7:40:14 PM PDT · by Tolerance Sucks Rocks · 3 replies
    Freedomworks ^ | September 15, 2016 | Kenny Stein
    Seemingly every day some politician or another, usually from the left of the political spectrum, calls for more infrastructure investment. In North Dakota there is a $3.7 billion infrastructure project under construction. This project received all the necessary federal permits and is 60% complete. But now the Obama administration, bowing to radical left wing protestors, has thrown the project into doubt with its unprecedented decision last Friday to halt construction on one section of the project. Apparently infrastructure investment is not the priority we were led to believe. The project in question is known as the Dakota Access Pipeline. It...
  • Why Apache’s Latest Oil Find Is Such A Game Changer

    09/16/2016 12:36:35 PM PDT · by 2ndDivisionVet · 9 replies
    Oil Price ^ | September 15, 2016 | Michael McDonald
    Apache’s recent oil find highlights what could be a new phase in fracking. To date, fracking in the U.S. had really been all about taking explored basins and drilling new wells to get at previously untapped resources. That strategy worked well when oil prices were more than $80 a barrel. At today’s prices though, drilling the old style rigs in mostly depleted fields to get at residual layers of black gold is a money losing strategy. Apache’s find shows that money can be made by taking risks and looking for major new finds in areas that had been passed over...
  • How Does America Keep Finding Vast Stores of Energy?

    09/12/2016 4:22:31 PM PDT · by 2ndDivisionVet · 33 replies
    Slate ^ | September 12, 2016 | Daniel Gross
    By completely overhauling the old rules of the business. Last week, the Wall Street Journal reported on an energy bonanza. A company discovered a new field with “the equivalent of at least two billion barrels of oil” that “has the promise to become one of the biggest energy finds of the past decade.” But the discovery wasn’t made by a foreign company in the Amazon, or deep in the waters off the coast off Africa, or in Kazakhstan—or any of the other politically treacherous, high-risk, low-infrastructure places where Big Oil has been prospecting for gigantic new gushers. Instead, the lucky...
  • Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR

    09/09/2016 2:59:36 PM PDT · by bananaman22 · 36 replies
    Oilprice.com ^ | 09-09-2016 | SPR
    Aging infrastructure could render the U.S. strategic petroleum reserve (SPR) increasingly ineffective, according to a new report from the Department of Energy. The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973, which painfully revealed U.S. oil dependence as high prices drove up inflation, created fuel shortages and lines at gas stations, and rocked the American economy. The SPR was setup to stash 90 days’ worth of supply into storage for safekeeping, meant to be used...
  • Oil! Massive shale discovery in Texas

    09/08/2016 10:08:00 AM PDT · by PAR35 · 65 replies
    CNN ^ | September 8, 2016 | Matt Egan
    An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil. Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing. ... Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.
  • Biggest Draw In Crude Stocks This Century Sees Oil Prices Spike

    09/08/2016 8:53:07 AM PDT · by bananaman22 · 2 replies
    Oilprice.com ^ | 08-09-2016 | EIA
    U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration’s latest report. The American Petroleum Institute (API) report on domestic inventories anticipated a 12 million barrel draw in crude supplies, against expert predictions that inventories would increase by 905,000 barrels.
  • Gartman: ‘’Crude Not Going Above $55 For Years’’

    09/07/2016 10:53:30 AM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 07-09-2016 | Dennis
    In mid-January, everyone's favorite market indicator Dennis Gartman, made an infamous prediction when oil was trading in the mid-$30s, when he said that oil won't hit $44 again "in my lifetime" Sure enough, three months later, oil "killed" Gartman, or at least his credibility, when it jumped above $44. We thought that Gartman had learned his lesson, and would avoid such bombastic forecasts in the future. Turns out we were wrong, and earlier today Gartman again appeared on CNBC, where he said that "investors shouldn't expect the commodity to break through $55 for a few years."
  • Transportation Sector Under Threat From Amazon

    09/06/2016 8:29:28 AM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 06-09-2016 | Mike
    Investors in the transportation sector are facing a sea of change thanks to the rise of online commerce. A major part of that change is Amazon.com, and the firms move towards using in-house transportation portends of more evolution to come. With thousands of shipments daily, Amazon.com is leading the way in creating its own in-house transportation via airplanes. This could potentially pave a path for other online retailers, as well as for the future development of other devices like drones which threaten companies that may not have the available funds to invest in them.
  • Southwest oil independents schedule rally Sept. 27 (against OPEC oil imports)

    09/05/2016 5:30:41 PM PDT · by panhandle67 · 27 replies
    Artesia Daily Press ^ | 9/4/2016 | Staff
    New Mexico and Texas oil companies and communities say they will warn Saudi Arabia and Organization of the Petroleum Exporting Countries (OPEC) to stop overproduction of oil and lowering prices as a strategy to slow or shut them down, or face import quotas. Independent oil companies with the Panhandle Initiative to Reduce Imports (PIRI) will hold an industry and public rally from 11:30 a.m. – 2 p.m. Tuesday, Sept. 27, at the Pecos River Village Convention Center, 711 Muscatel Ave., Carlsbad. Lunch and admission are free. Southwest and Rocky Mountain oil producers say they feel they are under OPEC and...
  • Oil pipeline protest rurns violent in southern North Dakota

    09/04/2016 7:24:41 AM PDT · by fulltlt · 21 replies
    Billings Gazzette ^ | 9/4/2016 | AP
    BISMARCK, N.D. — A protest of a four-state, $3.8 billion oil pipeline turned violent after tribal officials say construction crews destroyed American Indian burial and cultural sites on private land in southern North Dakota. Morton County Sheriff's Office spokeswoman Donnell Preskey said four private security guards and two guard dogs were injured after several hundred protesters confronted construction crews Saturday afternoon at the site just outside the Standing Rock Sioux reservation. One of the security officers was taken to a Bismarck hospital for undisclosed injuries. The two guard dogs were taken to a Bismarck veterinary clinic, Preskey said.
  • Trudeau’s China strategy fails unless he gets a pipeline built

    09/01/2016 3:50:33 PM PDT · by DUMBGRUNT · 7 replies
    nationalpost ^ | 1 sept 2016 | Michael Den Tandt
    What’s at issue is the pace of extraction, the means of shipment (rail or pipe), the degree and nature of carbon offsets, access to markets, and consequently the price. Currently, Texas-bound Canadian heavy crude trades at a discount to the global price. De facto, the United States has in Canada a captive supplier. Former prime minister Stephen Harper threatened, after President Barack Obama shelved the Keystone XL pipeline project in 2012, to sell our oil to China instead.... Here’s why this matters, particularly in light of Trudeau’s signature promise to boost property for Canada’s middle class: The resource economy, mineral...
  • Proving 'Em Wrong: How The U.S. Oil And Gas Industry Survived

    08/31/2016 11:02:34 AM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 31-08-2016 | Stuart
    The Saudis counted them out. So did the Russians, even many domestic analysts said North American shale and tight oil and gas production would decline in the face of low prices and that investment would dry up and output would fall. Well, guess what? They have all been proven wrong. Sure, rig counts have dropped and there have been painful layoffs of workers, but the industry is surviving and against all the “experts” advice, production of natural gas from the Marcellus and Utica shales of the U.S. Northeast is averaging 22.63 billion cubic feet per day in August,
  • Colorado's Anti-Fracking Crackup

    08/31/2016 5:08:19 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | August 31, 2016 | Michelle Malkin
    If a pair of extreme green ballot measures fall in the Rocky Mountains and no one in the liberal media is paying attention, does the collapse make a sound? This week, two anti-fracking initiatives backed by deep-pocketed environmental lobbying heavyweights, such as the Sierra Club and Greenpeace, failed to gather enough signatures. The more draconian of the efforts, Initiative 78, would have imposed a mandatory 2,500-foot setback around all oil and gas operations -- essentially halting drilling in upward of 95 percent of Colorado's energy-rich land area. These drastic attempts to sabotage the oil and gas industry didn't just miss...