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Sunoco Investing $2.5 Billion In Gas Pipeline

November 7, 2014 11:32 am | News | Comments

The 350-mile Mariner East 2 pipeline would provide four times the capacity to move gas from Marcellus Shale drilling sites in western Pennsylvania to its Marcus Hook storage and distribution facility near Philadelphia.          

Texas Voters Say No To Fracking - Energy Group Goes To Court

November 6, 2014 11:49 am | by Emily Schmall, AP | News | Comments

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.

GOP Eager To Move On Keystone XL

November 6, 2014 11:23 am | by Donna Cassata, AP | News | Comments

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.

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IHS: Mexican Reforms Could Attract Petrochemical Investment

November 5, 2014 2:37 pm | News | Comments

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.

Texas Leads Nation In New Oil & Natural Gas Jobs

November 5, 2014 1:51 pm | News | Comments

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.

OPEC Shaken By Saudi Slashing Of Oil Prices

November 5, 2014 1:37 pm | by George Jahn, AP | News | Comments

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.

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.                 

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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.

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.

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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.

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.

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.                                     

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