Santorum criticized the Obama administration's regulations aimed at reducing power plant emissions of mercury and other hazardous air pollutants.
It was the first time the benchmark U.S. oil contract closed at $50 or higher since March 9.
The government predicts that the shale boom won't last much beyond the next decade.
For some, the news triggered speculation that declining storage space in the U.S. - at a time when the market already has too much oil - could further erode crude prices. Others believe the nation's oil capacity is already at or near its peak with millions of gallons of potential space to spare.
The oil company said the cuts are part of a range of initiatives it has been pursuing to manage costs and improve competitive performance.
Republican and Democratic lawmakers in the House have found something in common. Many have issues with the Obama administration's new regulations requiring companies that drill for oil and natural gas to disclose chemicals used in hydraulic fracturing.
Researchers from Michigan State University reported electric vehicles only emit about one-fifth the heat of conventional gas-powered vehicles. In areas with heavy traffic, scientists argued reducing heat emissions from cars could also lead to residents using less air conditioning.
But skeptics questioned how soon the natural gas industry could get up and running in a state without a history of such drilling.
The U.S. is pumping so much oil it's running out of places to stash it, and that could have a big impact on oil prices.
Worker fatalities at U.S. oil refineries between 2005 and 2015 nearly matched the total from the previous decade despite safety recommendations made in the aftermath of a 2005 accident.
Despite the state's ambitious clean-air goals, officials are turning to dirtier, more costly fossil-fuel plants to fill some of the power gap.
The discovery of crude oil here has been a powerful population magnet, not just bringing hordes of outsiders to the Bakken but luring back others who've discovered that, yes, they can go home again.
Industry analyst Trilby Lundberg said Sunday that falling oil prices and strong production at U.S. refineries led to lower numbers at the pump.
In Texas, the cars derailed Saturday evening near Valley Mills, a town about 25 miles northwest of Waco. Texas Department of Public Safety spokesman Trooper D.L. Wilson said that about four homes were evacuated.
Industry groups hammered the proposal; the Independent Petroleum Association of America and the Western Energy Alliance filed a federal lawsuit in Wyoming in hopes of blocking the rules.
After dropping more than 3 percent Thursday, oil was up $1.39, or 3 percent, to $46.86 a barrel. Energy stocks rose far more than the rest of the market, with the S&P 500 Energy sector up 1.3 percent.
Dow Chemical CEO Andrew Liveris discusses why lower crude prices are a benefit for his company, and where he looks to profit outside the U.S.
"There aren’t just challenges with fracking — there are solutions being generated regularly," Strittmatter told Manufacturing.Net in a recent interview.
Refineries responding to the survey expected to increase their capacity for "very light and sweet" crude oil by more than 730,000 barrels per day from 2014 to 2016
Chevron, Exxon Mobil and Royal Dutch Shell each suspended shale exploration in Europe, Russia and China, while those companies have cut fracking spending in nations such as Hungary, Romania, Turkey and Ukraine.
Obama will sign an executive order targeting greenhouse gases at the White House.
The House Taxation Committee held a hearing on a bill Wednesday that would impose a 4.33 percent tax on ethanol products and electricity from renewable sources.
Business and petroleum groups say they want to be able to explore whether significant oil and gas reserves exist that could stabilize energy prices and help the economy overall.
Saudi Arabia hopes U.S. shale workers — many of them casualties of the ongoing downturn in crude prices — will consider the deserts of the Middle East as their new home.
Energy firms have been looking to raise billions in financing by selling big chunks of their own stock — betting that investors smell a buying opportunity.