Oil prices yo-yoed this week, giving analysts whip lash as they hurried to decide what it all means, and forecast what the future holds. On Wednesday the price of a barrel had fallen to about $48, but by Thursday was back up to $52. And as quickly as some were to determine that prices were rallying, other chimed in to point out that it likely won’t last.
The months-long slide in crude oil prices has resulted in thousands of layoffs in Texas, the nation's top oil-producing state. In second-place North Dakota, however, the burgeoning shale oil and natural gas sector will apparently be spared mass job cuts in the short term.
A Texas-based company that makes piping and casing for oil and gas drilling has postponed plans to build a manufacturing plant in northeast Nebraska. Tejas Tubular Products President Maximo Tejeda told the Norfolk Daily News that he remains committed to building a mill next to Nucor Steel in Norfolk.
Even with gas prices hovering around $2 per gallon, Washington state lawmakers are considering a raft of bills to encourage more drivers to turn to electric cars in the name of reducing pollution. Plug-in-and-charge automobiles are gaining popularity in the state. Washington records show there were nearly 12,000 registered electric cars by the end of last year.
After a dramatic weekend of clashes between Islamic State (ISIS) fighters and Kurdish forces, an oilfield in Iraq has been left burning and damaged. As of Monday, service from the oilfield was still halted, potentially putting a dent in revenue from the country’s key export.
The rapid increase in domestic oil production in recent years helped fuel a banner year for Texas' economy in 2014. As the price of oil has plummeted to less than half its summer value, however, the industry continues to bear the brunt of job cuts.
The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013.
Gov. John Hickenlooper's task force on oil and gas discussed proposals Monday that would force energy companies to disclose all the chemicals they use in hydraulic fracturing and give local governments more of a say on where wells can be drilled.
The toxic sludge created by a coal ash spill in the eastern U.S. may have settled to the river’s floor — but the debate about how much the company responsible for the spill should now pay is just heating up. A year ago, the collapse of an old drainage pipe owned by Duke Energy Eden triggered the third largest coal ash spill in U.S. history.
The strike is the largest at refineries in more than three decades, though the workers in question represent just a fraction of the roughly 30,000 USW members working at 63 refineries and plants, which account for about two-thirds of the nation's refining capacity.
Several trends have weighed on U.S. factories in recent months. Overseas economies are weak. And the dollar has risen steadily in value as the U.S. economy's strength has attracted international investors. Both trends have weighed on American firms' export sales.
While the proposed Keystone pipeline continues to pit environmental and business interests in Washington against each other, a Canadian energy distributor hopes to dramatically expand a pipeline carrying crude oil across Wisconsin — increasing its capacity far beyond Keystone.
Royal Dutch Shell PLC will move forward with drilling off Alaska's northwest coast if it can obtain permits it needs and drill safely, its chief executive officer said Thursday. Speaking in London on the company's fourth-quarter earnings, Ben van Beurden said Shell will move forward with its plan to use two drill vessels in the Chukchi Sea, subject to getting permits and legal clearance.
A report released by a global research group recommends that governments cease most attempts to bolster bioenergy production, arguing they "undercut efforts to combat climate change and to achieve a sustainable food future."
It's been a rough start to 2015 for safety concerns at pipelines transporting oil, natural gas or their byproducts throughout the country. This week, a pipe in West Virginia became at least the fifth to rupture so far this year, exacerbating concerns about structural weaknesses and lax oversight in the industry.
In a sign of the impact on the oil sector of the slump in energy prices, Royal Dutch Shell Plc said Thursday it plans to cut spending by $15 billion over the next three years amid a drop in earnings. Shell is the first major energy company to report earnings, so its quarterly update is watched for hints on the performance of the wider industry.
Amid falling oil prices, a South Africa-based energy company is delaying final plans for a $14 billion gas-to-liquid plant in Louisiana. Sasol made the announcement Wednesday in a news release about its plans to conserve cash in response to lower world oil prices.
Critics claim it will disastrously increase the pollution blamed for global warming and put communities along its 1,179-mile route at risk for a damaging spill, all for oil and products that will be exported anyway. Which is it? A check of some of the claims about the pipeline as a bill approving it heads toward likely passage...
Hess announced this week that it plans to spend $1.8 billion in the Bakken, down from $2.2 billion in 2014. Hess President and Chief Operating Officer Greg Hill said the company will also have fewer drilling rigs and will complete fewer operating wells.
Oil accounts for a tiny fraction of electricity for the U.S. as a whole, but it powered more than 70 percent of Hawaii's electrical needs as of late 2013, according to the U.S. Energy Information Administration — and all of it had to cross an ocean to get there.
Federal officials are seeking the public's input on whether surveys for a proposed natural gas pipeline should be allowed in the Monongahela National Forest. The proposed 550-mile Atlantic Coast Pipeline would run through West Virginia, Virginia and North Carolina. Its path includes about 17 miles through the national forest in...
The U.S. Environmental Protection Agency announced Monday that the greenhouse gas permit was granted for the Tenaska Brownsville Generating Plant in Brownsville. A Tenaska spokeswoman says a few construction permits and approvals related to interconnections are still required.
The proposal, announced by Interior Secretary Sally Jewell, would also include leases in the Gulf of Mexico and off the Alaskan coast, though the administration also called for protecting potential drilling sites within that state's Arctic National Wildlife Refuge.
A legal settlement will require petroleum companies to provide justification when they claim the ingredients in the chemical products they pump underground during hydraulic fracturing in Wyoming are trade secrets that must be shielded from public disclosure.
Officials in southeastern West Virginia are turning the water back on for about 12,000 Lewisburg area residents who lost service after a diesel fuel spill. Media outlets report the state Bureau of Public Health notified the city around 7 p.m. Monday that it could restart its water treatment plant.