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Israel Supporting Offshore Oil And Gas Rights For Cyprus

November 5, 2014 1:22 pm | by Menelaos Hadjicostis, AP | News | Comments

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 Hit 4-Year Lows After Saudi Discount

November 4, 2014 10:27 am | by Pan Pylas, Associated Press | News | Comments

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.                 

California Counties Take Fracking To The Booth

November 2, 2014 8:31 pm | by Ellen Knickmeyer, AP | News | Comments

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.

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Feds Release Arctic Drilling Review

November 2, 2014 8:25 pm | by DAN JOLING, Associated Press | News | Comments

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.

Oil Company Lawsuit Bill Deemed Unconstitutional

November 2, 2014 8:20 pm | by Kevin McGill, AP | News | Comments

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.                                      

Fracking Ban On The Ballot In North Texas

November 2, 2014 8:15 pm | by Emily Schmall, AP | News | Comments

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.

China's Economic Slowdown Hurts Globally, But Not U.S.

November 2, 2014 8:00 pm | by Christopher S. Rugaber, AP | News | Comments

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.

North Dakota Tribe To Drill Its Own Wells

November 2, 2014 7:52 pm | by Josh Wood, AP | News | Comments

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.

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Crude Exports Continue To Rise

October 31, 2014 1:15 pm | News | Comments

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.

Consumer Index Reaches 7-Year High

October 31, 2014 12:51 pm | by Christopher S. Rugaber, AP Economics Writer | News | Comments

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.

Gas Falls To Nationwide Average Of Under $3

October 31, 2014 12:44 pm | by Jonathan Fahey, AP Energy Writer | News | Comments

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 Earnings Rise On Refining, Chemical Business

October 31, 2014 12:34 pm | by Jonathan Fahey,AP Energy Writer | News | Comments

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.        

Colder Weather Drives Forecast Of 2014 Energy-Related CO2 Emissions

October 30, 2014 11:07 am | by Today In Energy | News | Comments

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.

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Superior Crude To Pay $1.6M Penalty For Oil Spill

October 30, 2014 10:51 am | by The Associated Press | News | Comments

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.                 

Ukraine-Russia Gas Talks Deadlocked

October 30, 2014 10:51 am | by Raf Casert, Associated Press | News | Comments

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.               

NY Revises Liquefied Gas Facilities Proposal

October 29, 2014 11:01 am | by The Associated Press | News | Comments

New York regulators have revised their proposed liquefied natural gas storage rules to include size restrictions in response to public comments.                  

China ExIm May Back Mississippi Biofuel Plant

October 27, 2014 6:36 pm | by The Associated Press | News | 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.                   

Oil Slips Below $80, Energy Stocks Fall

October 27, 2014 11:09 am | by The Associated Press | News | Comments

The price of oil fell below $80 a barrel Monday morning and investors resumed their retreat from energy stocks.                        

Spain Challenges Canary Island Poll On Oil Plans

October 24, 2014 10:15 am | by Associated Press | News | Comments

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.                                     

IS Rakes In $1M/Day In Black Market Oil Sales

October 23, 2014 3:17 pm | by DEB RIECHMANN, Associated Press | News | Comments

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.                                   

Cost-Saving Way To Detect Natural Gas Leaks

October 22, 2014 10:31 am | by American Chemical Society | News | Comments

Scientists say they have developed a new software-based method that finds leaks even when they're small, which could help prevent serious incidents — and save money for customers and industry.                                              

Suspect To Plead Guilty In Oil Patch Killing

October 22, 2014 10:24 am | by MATTHEW BROWN, Associated Press | News | Comments

A Colorado man is set to plead guilty to killing a small-town Montana high school teacher in a slaying that shone a harsh light on the darker side of the Northern Plains' oil boom.                              

Infamous Oilman Dies At 88

October 22, 2014 10:21 am | by Associated Press | News | Comments

Nelson Bunker Hunt, a Texas oilman who once tried to corner the silver market with one of his brothers only to see the move end in financial disaster, has died. He was 88.                      

Judge To Decide Fate Of Oil Company's Bankruptcy

October 22, 2014 10:18 am | by Associated Press | News | Comments

A federal judge is set to decide whether to close out the case of a legally troubled oil drilling company in Kentucky.                                                     

Oil Company Acts Quickly To Replace CEO Killed In Crash

October 22, 2014 10:17 am | by Associated Press | News | Comments

French oil giant Total SA has named Patrick Pouyanne as chief executive to replace Christophe de Margerie, who was killed earlier this week in a plane crash in Moscow.                     

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