The continued fall of oil prices could lead to postponement of $150 billion worth of projects in the sector worldwide, a Norwegian consulting firm said today. "Everything will depend on what oil companies decide to do, but if they don't exploit the fields which break even with the barrel above $80, $150 billion will go down the drain," chief analyst at Rystad Energy, Per Magnus Nysveen, tells AFP.
China today launched a major scheme to expand its large network of nuclear power plants, brushing aside remarks by its atomic regulator that the new Chinese technology is still not completely up to standards. The National Development and Reform Commission, China's top economic planner, yesterday announced plans to develop offshore nuclear power projects.
Today, Lloyd’s Register Energy launched a joint industry project (JIP) inviting companies from across the world to tackle the current and future issues faced by manufacturers supplying the energy industry—the latest JIP focuses on additive manufacturing.
After the U.S. House extended tax credits for renewable energy and energy efficiency, environmental advocates and renewable energy businesses are hoping to make them stick. “The Senate needs to act now to ensure a clean energy future,” said Chloe Coffman, campaign organizer with PennEnvironment.
In September, the deficit rose to $43 billion as American exports slumped. The drop in exports was seen as a sign that the U.S. economy was beginning to feel the impact of weakening global growth. But economists believe the trade gap, the difference between imports and exports, will narrow a bit in October, reflecting a fall in world oil prices that will lower American's bills for imported oil.
A controversial bill to privatize national forest land in Arizona has been tucked into the national defense spending bill, to the dismay of those fighting a mining company's efforts to buy the land. If approved, the legislation would open the door for a massive copper mine 100 miles north of Tucson.
It’s been a solid year for U.S. manufacturing. Where will the trends take us in 2015? In the coming year, expect manufacturing to continue to be a bright spot—and potential lifesaver—for the U.S. economy. Here are my five predictions for 2015 and beyond.
A former BP executive accused of obstructing a congressional investigation into the 2010 Gulf oil spill remains on track for a trial next year, despite defense efforts to have the charges dismissed. U.S. District Judge Kurt Engelhardt on Wednesday declined to throw out one count against David Rainey and took under advisement defense motions to throw out another, a Justice Department spokesman said after the morning hearing.
How low are gas prices going? So low that "gas wars," a term not heard in many places since the early 1970s, are breaking out. With gasoline prices crashing, stations are scrambling to stay ahead of each other when it comes to price cuts. It's a boon to consumers who have long griped about sky-high gas prices.
In a far-reaching deal that helps reunite Iraq in the face of a bitter war with Islamic extremists, the central government agreed on Tuesday to a long-term pact with the autonomous Kurdish region to share the country’s oil wealth and military resources. The agreement, which could unite Iraq in the face of a Sunni insurgency, covers the sharing of oil revenues with the autonomous Kurdish region.
Cliffs Natural Resources is selling off coal assets in West Virginia as the mining company continues to shift more toward a pure, iron ore supplier. Cliffs will take a pre-tax loss of $375 million to $425 million on the sale in the four quarter. It will use proceeds from the $175 million sale to Coronado Coal II LLC to pay down debt.
Economic activity in the manufacturing sector expanded in November for the 18th consecutive month, and the overall economy grew for the 66th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
A federal judge has sent a Plaquemines Parish lawsuit against 19 oil and gas companies back to state court for trial. NOLA.com The Times-Picayune reports that U.S. District Judge Jay Zainey's ruling sets the stage for the return of 27 others suits to state courts in Plaquemines and Jefferson parishes.
The Garrett County Commissioners voted unanimously Tuesday to endorse the findings of the Garrett County Shale Gas Advisory Commission to further explore the impacts of drilling. The commissioners also voted to forward the report to the incoming commissioners for a decision on how to best implement policies and procedures for Marcellus shale moving forward.
Americans should welcome global crude-oil prices plunging below $65 a barrel and hope the combination of demand blunted by economic slowdowns in Europe and China and abundant supply driven by soaring U.S. production and OPEC not cutting output will continue.
The chemical sector has one of the lowest rates of economic crime, according to our 2014 Global Economic Crime Survey. And yet, 27 percent of respondents say their company has experienced some form of fraud, up from 22 percent in 2011.
A massive increase in the use and applications of 3D printers is encouraging huge growth in the market for 3D printing materials. The total consumable market in in 2013 was $800m and is expected to reach $8bn by 2025, according to IDTechEx's new report "3D Printing Materials 2015-2025, Status, Opportunities, Market Forecasts."
The Ohio Environmental Protection Agency says it was likely that people within a 1-mile radius of a Chillicothe paper plant might have experienced nausea, sore throats or watery eyes after a chemical compound leaked from the site on Oct. 31.
Spurred by growing natural gas production in Pennsylvania, West Virginia and Ohio, the natural gas pipeline industry is planning to modify its systems to allow bidirectional flow to move up to 8.3 billion cubic feet per day (Bcf/d) out of the Northeast.
Plunging oil prices are prompting companies to shelve expansion plans in the Cowboy State, raising doubts over the future of Wyoming’s fledgling oil boom. Industry executives and observers said they expect drilling in Wyoming to slow after a 40 percent drop in price, months of tepid global demand and news that the Organization of Petroleum Exporting Countries cartel will not curtail production.
Spiraling tensions between Europe and Russia were behind Moscow's decision to scrap the South Stream pipeline, which would have traveled through many Balkan states. Countries in the region on Tuesday were counting the political and financial cost of the shift.
These upgrades could lower the cost of transporting fuel by 20 percent. The loan is being provided to state-owned pipeline operator Ukrtransgaz by the EU's lender, the European Investment Bank. This could help the reliability of the pipeline and lessen the influence of Moscow-backed plans.
Neighborhoods bordering a Marathon oil refinery have been in decline - dealing with abandoned homes, increased crime and the odor, noise and dust that come with living near a refinery. Interstate 75 is nearby, along with a wastewater treatment facility and railroad tracks - all of which have driven down property values.
The justices have let stand an Iowa Supreme Court ruling that said residents could bring a nuisance lawsuit against Grain Processing Corp., which operates a corn processing plant in Muscatine.
Zein proteins make up about 40 percent of the total protein in corn. After extraction, it appears as a pale-yellow powder that can be used for biodegradable plastics, paper coatings, food packaging, antioxidants, medical devices, pharmaceutical products, food and cosmetics.