A North Texas city that sits atop a natural gas reserve is preparing for an extended court battle after voters made it the first in the state to ban further hydraulic fracturing. An industry group and the state's little-known but powerful General Land Office responded by seeking an injunction to stop it from being enforced. Battling the fracking ban will be Texas Land Commissioner-elect George P. Bush.
Republicans' resounding victory gives them an opportunity to push legislation that's been bottled up in the Democratic Senate, from targeting elements of President Barack Obama's healthcare law to constructing the Keystone XL oil pipeline to rolling back environmental regulations.
Recent changes to Mexico’s hydrocarbon laws are opening doors for private oil and gas investment, which is expected to secure more competitive feedstocks for expanded petrochemicals production. It will also allow for cheaper electricity, which will help improve the country’s competitiveness.
In the past decade, growth of jobs in oil and natural gas extraction, drilling, and support activities has outpaced the national average of private sector job gains. Additionally, average wages of oil and natural gas production jobs were $108,000 in 2013.
The Saudis' move to cut prices to the U.S. - aimed at protecting their market share there - will exacerbate OPEC conflicts. Despite OPEC's credo of consensus and unity, the organization is de-facto controlled by its top producer. The prime motivator for the Saudis is to compete against U.S. shale oil.
Turkey doesn't recognize ethnically divided Cyprus as a sovereign state and strongly opposes its gas search, arguing that it ignores the rights of breakaway Turkish Cypriots to any mineral-generated wealth. Cyprus was split in 1974 when Turkey invaded after a coup.
Oil prices sank to four-year lows on Tuesday following reports Saudi Arabia, OPEC's largest oil producer, is cutting its prices for customers in the U.S.
Chevron, ExxonMobil and other oil companies have donated about $7 million to try to defeat the fracking bans. These measures would ban not only fracking but one of the most commonly used drilling methods in the state - steam injection. None of the three counties currently are known to host onshore fracking, which has led some to argue that the vote is no more necessary than banning ice-fishing.
The agency acknowledges that there is a 75 percent chance that one or more large oil spills of 42,000 gallons or more could occur if leases are developed. A supplemental review assumes an extraction of 4.3 billion barrels over the life of the leases.
Judge Janice Clark's decision came a day after two of the smaller players in the suit agreed to a settlement with the New Orleans-area board, which entailed a $50,000 payment for the two Texas companies.
Scores of cities in other states have considered similar bans over health and environmental concerns. But the proposal in Denton is a litmus test on whether any community in Texas — the nation's biggest oil and gas producer — can rebuff the industry and still thrive.
The United States has been recovering steadily as China's economy has weakened. China was growing at a double-digit pace in 2010, when the U.S. was still struggling to escape the recession. Now, the U.S. economy has expanded at a four percent annual pace over the past six months.
While the 1,300-plus wells currently on the Fort Berthold Indian Reservation produce roughly a third of North Dakota's daily output, the tribe only receives a fraction of money generated through royalties and a tax-sharing agreement with the state. That's why the four new wells will be important, say tribal councilmen.
The United States exported its highest level of crude oil in 57 years, and since April, crude exports have included modest amounts of Canadian-produced barrels that were moved through the United States and then re-exported to Switzerland, Spain, Italy and Singapore.
The solid increase suggests consumers largely dismissed concerns about slowing global growth and have ignored the sharp swings in financial markets earlier this month. Instead, greater hiring and lower gas prices are boosting their outlook.
The national average price of gasoline has fallen 33 cents in October, landing at $3.00, according to AAA. The average will fall under $3 by early Saturday morning for the first time in four years. When the national average crossed above $3 a gallon in December of 2010, drivers weren't sure they'd ever see $2.99 again.
Exxon's oil and gas production fell 4.7 percent compared with the same period a year ago, driven mostly by lower natural gas production and the expiration earlier this year of Exxon's rights to production at a field in Abu Dhabi.
In the long term, energy-related carbon dioxide (CO2) emissions are driven by economic and efficiency trends and changes in the fuel mix. But weather fluctuations are a very significant factor affecting year-to-year variation in fossil fuel consumption and their resulting emissions.
Federal regulators say Superior Crude Gathering Inc. has agreed to pay a $1.6 million civil penalty over a 2010 oil storage tanks spill in South Texas.
Talks to guarantee that Russian gas imports flow into Ukraine throughout the winter appeared to be at an impasse Thursday because of doubts over payments from Kiev.
New York regulators have revised their proposed liquefied natural gas storage rules to include size restrictions in response to public comments.
A California-based biofuel company says the Export Import Bank of China may loan up to $270 million to build a plant in Fulton, Mississippi.
The price of oil fell below $80 a barrel Monday morning and investors resumed their retreat from energy stocks.
The Spanish government says it will ask the Constitutional Court to block proposals by the Canary Islands regional government to stage a referendum on oil exploration in waters off the popular tourist archipelago.
Islamic State militants are amassing wealth at an unprecedented pace, earning about $1 million a day from black market oil sales alone, a Treasury Department official said Thursday.