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Tumbling Oil Prices: The Winners and Losers on The World Stage

December 8, 2014 10:43 am | by Rajesh Kumar, Mint, New Delhi (TNS) | Articles | Comments

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.

Iowa Coalition Holding Anti-Pipeline Meeting

December 5, 2014 10:57 am | by Gavin Aronsen, Ames Tribune; Iowa | News | Comments

A coalition of groups opposed to Texas-based Energy Transfer Partners’ plans to build a 343-mile stretch of a crude oil pipeline across 18 Iowa counties has organized a public meeting to discuss the possible impact.          

Shale Gas Line to The Northeast Gets Federal Nod

December 4, 2014 10:58 am | by MARC LEVY, Associated Press | News | Comments

Federal energy regulators have approved a $700 million pipeline project designed to bring cheap Marcellus Shale natural gas from Pennsylvania into high-priced markets in New England and New York. The project's backers said Wednesday that the Federal Energy Regulatory Commission's approval means the 124-mile Constitution Pipeline could be built and operational by next winter.

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Ex-BP Executive Fighting Gulf Oil Spill Charges

December 4, 2014 10:45 am | by KEVIN McGILL, Associated Press | News | Comments

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.

Breached Pipeline Causes Israel Oil Spill

December 4, 2014 10:38 am | by Associated Press | News | Comments

Israel says a breached pipeline has caused a large oil spill in the southern part of the country. Guy Samet, an Environment Ministry official in charge of southern Israel, told local media that Thursday's spill near the Red Sea port of Eilat could take months to clean up.

'Gas Wars' Break Out When Price Falls Below $2

December 4, 2014 10:27 am | by Chris Woodyard, USA TODAY | News | Comments

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.

Iraqi Government and Kurds Reach Deal to Share Oil Revenues

December 3, 2014 2:59 pm | by New York Times | News | Comments

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.

Report Calls For More Study of Pavillion Disposal Pits

December 3, 2014 12:31 pm | by By BENJAMIN STORROW, Star-Tribune staff writer; Casper, Wyo. | News | Comments

Regulators need to study 20 natural gas disposal pits to determine if a link exists between Pavillion's gas field and the area's contaminated drinking water, according to a draft report by the Wyoming Oil and Gas Conservation Commission.

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Garrett Commission Votes to Endorse Findings on Shale Gas Drilling

December 3, 2014 10:56 am | by By Elaine Blaisdell, Cumberland Times-News; Cumberland, Md. | News | Comments

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.

Market Currents: How The Energy Boom Helps Americans

December 3, 2014 10:46 am | by The Pittsburgh Tribune-Review | Articles | Comments

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.

AmeriGas Leak Grew Fast

December 3, 2014 10:37 am | by By Emma Breysse, Jackson Hole News & Guide; Jackson, WY | News | Comments

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.

Nearly One-Third of Natural Gas Pipeline Capacity Into the Northeast Could be Bidirectional by 2017

December 2, 2014 1:28 pm | by Tu Tran, Today in Energy | Articles | Comments

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.

Could Wyoming's Oil Boom Be Over Before It Started?

December 2, 2014 11:46 am | by By BENJAMIN STORROW, Casper Star-Tribune | News | Comments

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.

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Turkey, Russia Look to Shake up Gas Market

December 2, 2014 11:06 am | by SUZAN FRASER, Associated Press, PABLO GORONDI, Associated Press | Articles | Comments

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.  

Egyptian Militant Group Says It Killed U.S. Oil Worker

December 1, 2014 11:46 am | by Maamoun Youssef, AP | News | Comments

A passport said he was a 58-year-old from Texas and his identification cards said he worked for Texas-based energy company Apache Corp. and Qarun Petroleum Co. Apache said in August that one of its supervisors had been killed in an apparent carjacking in Egypt's Western Desert.

Ukraine Gets Loan To Modernize Pipelines

December 1, 2014 11:40 am | by Peter Leonard, AP | News | Comments

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.

What Is OPEC Thinking?

November 26, 2014 10:40 am | by Jonathan Fahey, AP Energy Writer | News | Comments

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.

EIA: Gas Prices Lowest Since '09 Thanksgiving

November 26, 2014 9:36 am | News | Comments

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.

Proposed Rail Terminal Would Be The Largest For Oil In The U.S.

November 25, 2014 11:34 am | News | Comments

A proposed oil terminal in Vancouver, Washington would handle more crude than any single rail facility in the U.S. Vancouver Energy, a joint venture, would handle an average of 360,000 barrels of oil per day, or up to four trains daily.

Profire Energy Acquires VIM Injection Management

November 24, 2014 11:25 am | News | Comments

Profire Energy, a technology company that creates, installs and services burner management systems and other combustion technologies for the oil and gas industry, has acquired the assets of VIM Injection Management, an oilfield chemical-injection technology company.

Clariant Reduces Carbon Footprint In Supply Chain By 65 Percent

November 24, 2014 10:14 am | News | Comments

Through supply chain analysis and planning involving their Oil Services business and its regional procurement team, the company partnered with the manufacturer of a subsurface chemical and switch from bulk tanker truck deliveries to intermodal transport.

Judge Denies Bid To Halt Illinois Fracking Rules

November 24, 2014 9:49 am | by Jim Suhr, Associated Press | News | Comments

A judge in southwestern Illinois has denied a bid by a landowners group to suspend the state's new rules for high-volume oil and gas drilling, ruling that the plaintiffs failed to show they would suffer immediate harm if the fracking was to go forward.

Explosion On Gulf Platform Kills 1, Injures 3

November 21, 2014 11:31 am | by The Associated Press | News | Comments

An explosion occurred on an offshore oil and gas platform in the Gulf of Mexico on Thursday, killing one person and injuring three.                    

Report: Bird Needs Buffer From Drilling

November 21, 2014 11:19 am | by Matthew Brown, Associated Press | News | Comments

A government study with significant implications for the U.S. energy industry says the breeding grounds of a struggling bird species need a 3-mile or larger buffer from oil and gas drilling, wind farms and solar projects.     

PG&E Fined $10.8M Over Calif. Natural Gas Blast

November 21, 2014 11:12 am | by The Associated Press | News | Comments

Pacific Gas and Electric Co. has been fined $10.85 million for a March natural gas explosion that destroyed a cottage in Carmel.                     

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