As Iraq offers price discounts on oil to Asian consumers, Katie Pilbeam investigates if this is a sign that crude producers are waging a price war. Also, Greece's election chaos sends markets crashing on fear that an elected leftist government would pull the country out of the eurozone.
Magnum Hunter Resources Corp. says that it lost control of a natural gas well in Ohio over the weekend. The well located in Monroe County had been temporarily plugged while work was being done elsewhere onsite. But when workers tried to resume production operations Saturday afternoon, the well began to flow uncontrollably.
People who own all-electric cars where coal generates the power may think they are helping the environment. But a new study finds their vehicles actually make the air dirtier, worsening global warming. Ethanol isn't so green, either. The key is where the source of the electricity all-electric cars.
The main goal for the two-week session in Lima was relatively modest: Reach agreement on what information should go into the pledges that countries submit for a global climate pact expected to be adopted next year in Paris. But even that became complicated as several developing nations rebelled against a draft decision they said blurred the distinction between what rich and poor countries can be expected to do.
The recent decline in crude oil prices has created the potential for weaker crude oil production. EIA's Drilling Productivity Report (DPR) includes indicators that provide details on the effect low prices may have on tight oil production, which accounts for 56 percent of total U.S. oil production.
The presidents of the Visegrad Four (V4) countries, or Hungary, Poland, Slovakia and the Czech Republic, and of Austria and Slovenia agreed at their summit in Prague on the need to diversify energy sources and distribution channels, they said in their joint declaration today. The declaration was presented at the close of the two-day summit.
There were 32 fracking health studies in 2011, 66 more in 2012, and 139 more in 2013, when the state Health Department was ordered to conduct its health fracking study. Of health-related papers, 96 percent cited potential health risks from fracking, according to the study.
BBC's Quentin Sommerville is the first journalist to make it to Iraq's largest oil refinery, after the Iraqi army liberated it from Islamic State. Back in the summer, Iraq's army collapsed in the face of the so-called Islamic State. With the help of coalition airstrikes, Iraq has defeated IS forces in its first major battle for the strategic Baiji Oil Refinery in the north of the country.
Russian President Vladimir Putin and Prime Minister Narendra Modi today assured industry leaders from the two countries of measures to enhance bilateral trade and investments. Putin, who is on a visit to India, was accompanied by a high-level delegation that includes business tycoons. Representatives of India Inc. raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure.
The “fissured landscape” of the shale gas industry is drawing regulators’ eyes as they seek to enforce labor laws, U.S. Department of Labor officials said. The department announced an agreement with roughly 145 oil and gas employers to pay a combined $4.5 million in back wages to 5,300 workers.
Bangladesh today retrieved an oil-leaking sunken tanker, two days after it capsized in a river at the Sundarbans, as the oil overnight spread in 34,000 hectares at the world's largest mangrove forest, which is home to dolphins, rare acquatic animals and Royal Bengal tigers.
A congressional investigation into the way states regulate the disposal of the often toxic waste generated during the fracking of oil and gas has expanded. Rep. Matthew Cartwright, D-Pa., launched the investigation in October by singling out his home state for the inquiry.
In a report released today, PwC US examines whether shale will continue to help drive a resurgence in U.S. manufacturing. The answer? A resounding yes. The report, titled “Shale Gas: Still a Boon For U.S. Manufacturing?” studied key areas such as cost savings, and estimated that the “shale effect” could save U.S. manufacturing $22.3 billion annually by 2030, assuming a high natural gas recovery and low-price scenario.
Flying could get cheaper next year as airlines say they will finally start passing on some of the savings made on plummeting oil prices. Carriers are forecasting record profits for 2015 thanks to cheaper fuel and rising demand. As a result, they expect to cut the average ticket price by 5 percent in 2015, excluding surcharges and taxes.
A gas tanker truck exploded outside Jerusalem on Wednesday after colliding with a vehicle, killing one person, the Israeli police said. According to the police, the gas truck flipped over after colliding with a car-carrier trailer in the Jerusalem-Tel Aviv Highway, causing the gas-laden truck to burst into flames.
North Dakota officials on Tuesday ordered the oil industry to reduce volatile gases in Bakken crude oil to make it safer to transport via oil trains. The order by the state Industrial Commission, a three-member board that includes the governor, requires oil companies to use equipment that removes light, potentially explosive hydrocarbons before shipping. It takes effect April 1.
Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015. In a monthly report, OPEC forecast demand for the group's oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation.
The chances of natural gas price spikes this winter are low and getting lower by the day. A mostly mild December so far has helped pipeline companies increase the amount of gas in storage, making up for consumption in November when winter got an early start. Those storage levels mean there will be more than enough gas throughout the winter.
Criminal charges have been filed against a New Castle company in connection with the explosion of a storage tank in Pymatuning Township that killed a welding contractor last year. Reed Oil Co. was charged Nov. 26 by the state attorney general with two counts of unlawful conduct for violating state Department of Environmental Protection laws.
While consumers rejoice at lower gasoline prices, states with fuel taxes that increase or decrease with the wholesale price of gasoline or the inflation rate are struggling to deal with declining revenues. Even in states with a per-gallon tax, fuel-efficient cars and reduced driving have combined to lower revenues from gas taxes, which are often dedicated to road maintenance and construction.
A new oil refinery near Dickinson is ramping up to begin producing diesel fuel. KXMB-TV reports that the $350 million Dakota Prairie Refinery received its first shipment of 27,000 barrels of crude last week. Once the plant is fully operational, it will process 20,000 barrels of crude each day into diesel and other products.
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.
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.
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.