Iran's President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts. Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran's economy.
A small number of natural gas wells are responsible for the majority of the methane gas being released into the atmosphere during production, but at higher levels than previously estimated by the U.S. Environmental Protection Agency, according to a new study.
Hungary says it has signed three contracts with a Russian company which will allow construction in 2018 on new reactors at the country's only nuclear power plant. Attila Aszodi, government commissioner for the project, said the implementation agreements with Atomenergoprom covered construction details, the reactors' maintenance and their fuel supply.
A U.S. Senate decision is imminent on legislation that would ease the way for a massive copper mine 100 miles north of Tucson. The Senate could vote Wednesday or Thursday on the National Defense Authorization Act, which includes a bill to give 2,400 acres of national forest land near Superior to a foreign mining company.
New Mexico's two U.S. senators are welcoming more than $54 million in penalties being levied against the U.S. Department of Energy for numerous violations that resulted in the indefinite closure of the nation's only underground nuclear waste repository.
Shipments of cut-rate oil from Venezuela to Caribbean and Central American countries under the PetroCaribe program were cut by about 20 percent through October compared with the same period last year, ClipperData, a New York data tracker, has reported. And, according to the International Monetary Fund (IMF), last year Venezuela's preferential oil exports to the 13 PetroCaribe countries declined 15 percent from 2012.
Crude oil prices have fallen over 35 percent since the beginning of the year. However, the decline has been more dramatic since September as crude cracked by about 30 percent during this period. The reasons attributed to this crash in oil prices are, first, increased production in non-OPEC (Organization of the Petroleum Exporting Countries) countries, primarily the U.S., and second, the reluctance of OPEC to cut production.
He's young, he's got two young kids and he lives to do anything outdoors. Robert Watson Jr., of San Antonio, also runs an oil and gas company, EnerJex Resources, which just moved into Weld County's rich resource plays with a small acquisition of about 4,000 acres.
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.
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.
Six countries produce nearly 60 percent of global carbon dioxide emissions. China and the United States combine for more than two-fifths. The planet's future will be shaped by what these top carbon polluters do about the heat-trapping gases blamed for global warming. Here's how they rank, what they're doing.
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.
India said Friday it was optimistic the world would reach an agreement to curb climate change, but said its actions would be focused on boosting its renewable power capacity five-fold rather than on cutting carbon emissions. With hundreds of millions still mired in poverty and without access to electricity, India cannot afford to reduce greenhouse gas emissions at the expense of economic growth.
The propane gas cloud preceding a fire two weeks ago was so large that investigators can’t determine what exactly ignited it. Jackson Hole Fire/EMS released its investigation report of the blaze Tuesday, stating that while investigators could determine the source of the leak, they could not determine the cause of the explosion.
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.
A gap in Indiana regulations says that state officials must personally see dust to take action against the mine. Bear Run provides the region with an economic boost of 625 jobs and more than $8 million in tax payments, while supplying a reliable source of cheap energy.
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.
There is political upheaval across the Middle East, Iran is suffering under Western sanctions, and surprising growth in oil production outside of OPEC is sapping badly-needed revenue. Crude has fallen 32 percent in five months, reducing OPEC revenues by nearly $1 billion a day.
One judge on the appeals court complained that the EPA didn't consider costs in deciding whether regulation is appropriate. "The problem here is that EPA did not even consider the costs. And the costs are huge, about $9.6 billion a year."
The Wyoming Legislature's Joint Minerals, Business and Economic Development Interim Committee voted 13-1 to sponsor a bill that would allow the state to buy natural gas and then contract with a plant to convert it into more expensive products, such as diesel.
Another 50 miners were injured in the disaster, which broke out in the complex run by the state-owned Fuxin Coal Corp. in China's Liaoning province. Of those, 30 had serious burns, eight were in intensive care and four were still in danger of dying.
The national average is 47 cents lower than a year ago, and the lowest price heading into a Thanksgiving holiday since 2009. AAA estimates that during this Thanksgiving holiday weekend 41.3 million people in the United States will travel more than 50 miles from home by car.
Manufacturing production is expected to outpace GDP, with anticipated growth of 3.5 percent in 2015 and 3.9 percent in 2016. A five-year horizon shows that GDP is expected to average 2.8 percent growth and manufacturing production 3.26 percent growth.