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US Oil Falls Below $50 For 1st Time Since 2009

January 5, 2015 5:50 pm | by JONATHAN FAHEY, AP Energy Writer | News | Comments

The price of oil plunged again Monday and fell below $50 a barrel for the first time since April 2009 as evidence mounted that the world will be oversupplied with oil this year. The Energy Department estimates the drop in gasoline prices will save U.S. households $550 this year.

How Long Before Oil Prices Recover?

January 5, 2015 10:45 am | by Meagan Parrish, Editor, Chem.info | Videos | Comments

If you work in manufacturing, the free fall of gasoline prices has, in many ways, been a blessing: Feedstock and transportation costs are down, and consumer confidence is swinging way up. But of course, not everyone has been rejoicing. No matter where you fall in this mix of hope and dread, the main question is: How long will it last?

Carmakers Finish Strong in 2014, Are Even Better Days Ahead

January 5, 2015 10:07 am | by TOM KRISHER, AP Auto Writers; DEE-ANN DURBIN, AP Auto Writers | News | Comments

Buoyed by a resurgent economy, holiday sales, cheap gasoline and low interest rates, Americans headed to car dealers in droves last month, pushing full-year sales to what's likely to be the highest level since 2006. Fiat Chrysler, Nissan and Honda all reported strong December and annual U.S. sales early Monday, with Nissan and Honda hitting record numbers for the year.

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Meetings Scheduled on Gas Pipeline Through North Carolina

January 5, 2015 9:46 am | by JONATHAN DREW, Associated Press | News | Comments

Energy companies that want to build a natural gas pipeline through several North Carolina counties plan to hold public meetings on the project this week in the state. The proposed Atlantic Coast Pipeline would run 550 miles from West Virginia and Virginia before ending in North Carolina's Robeson County.

Harvest Natural Cancels Deal to Sell Its Venezuela Interests

January 2, 2015 10:12 am | by Associated Press | News | Comments

Harvest Natural Resources cancelled the $275 million sale of its remaining assets in Venezuela after failing to garner approval from country's beleaguered government. Venezuela holds a 60 percent stake in Petroandina, a subsidiary of the Houston oil and gas company.

US Rig Count Plummets 35 to 1,840

January 2, 2015 9:29 am | by Associated Press | News | Comments

Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. plunged by 35 last week to 1,840. The Houston firm said Monday in its weekly report that 1,499 rigs were exploring for oil and 340 for gas. One was listed as miscellaneous. A year ago 1,757 rigs were active.

Eufaula Plant Expanding, Adding 20 Jobs

December 30, 2014 1:39 pm | by Associated Press | News | Comments

CARBO Ceramics in Eufaula is expanding and adding 20 jobs, who will join 75 who already work for at the Eufaula plant. The company makes products and provides services for oilfield service companies and operators of natural gas and oil wells.

NYC Fields Over 200 Pre-Suit Claims From Gas Blast

December 30, 2014 1:33 pm | by Associated Press | News | Comments

New York City could face more than 200 lawsuits over a gas explosion that leveled two buildings and killed eight people earlier this year. The explosion destroyed two five-story East Harlem apartment buildings and injured more than 60 people.

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Shuster: No Plan For Gas Tax Hike, Mileage Fees

December 30, 2014 10:47 am | by HOPE YEN, Associated Press | News | Comments

The chairman of the House Transportation Committee says passing a bill to pay for America's aging roads and bridges will be a top priority next year but is ruling out a gasoline tax hike or motorist user fees as the way to do it. Rep. Bill Shuster, R-Pa., has previously said a vehicle-miles-traveled tax should be considered.

Collateral Damage: US Renewables, Shale Fall Victim to Oil Prices

December 30, 2014 10:31 am | by Russia Today | Videos | Comments

Conventional oil producers are not the only ones affected by falling oil prices. The energy crisis has also hit shale production and green energy in the U.S., Marin Katusa, chief energy investment strategist from Casey Research told RT.

Why The US Will Power The World Economy in 2015

December 29, 2014 1:45 pm | by CHRISTOPHER S. RUGABER, AP Economics Writer | News | Comments

The United States is back, and ready to drive global growth in 2015. After long struggling to claw its way out of the Great Recession, the world's biggest economy is on an extended win streak that is edging it closer to full health. But the new year doesn't look quite so bright in other major countries.

Mining The Largest Shale Gas Reserve in The Northern Hemisphere

December 29, 2014 11:35 am | by VICE News | Videos | Comments

A grassroots resistance movement has emerged to fight the introduction of fracking in the UK, and it appears to be gaining momentum throughout the country. Critics of the process argue that it contaminates groundwater and damages the environment and public health.

Suicide Bombers Attack Syria Gas Facilities

December 29, 2014 10:07 am | by ALBERT AJI, Associated Press | News | Comments

A Syrian official says two suicide attackers have targeted separate natural gas facilities in the central province of Homs, killing eight people. The state news agency SANA also reported the attacks, saying guards opened fire at the attackers as they drove toward the plants, forcing them to detonate their payloads before reaching their targets.

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In 83 Speeches, Senator Pushes For Climate Change

December 29, 2014 9:49 am | by JENNIFER McDERMOTT, Associated Press | Articles | Comments

Like he did 82 times before, Sheldon Whitehouse stood on the Senate floor and preached the dangers of climate change. In his last speech before Congress adjourned, the senator warned that 2014 is on track to be the hottest year on record.

China Offers to Help Electricity-Starved Nepal

December 26, 2014 10:50 am | by Associated Press | News | Comments

China said Friday that it would help Nepal develop its power industry to alleviate severe electricity outages that can last up to 12 hours a day in the Himalayan nation, where Beijing is trying to increase influence and investment.

The Winners And Losers of Plummeting Oil Prices

December 26, 2014 9:59 am | by CBS Evening News | Videos | Comments

For some, cheaper oil prices made long holiday trips possible. But for others whose bottom line is conneced to the oil industry, the decline is starting to take a toll. For people who's job depend on oil production, the talk is of layoffs and tough times ahead.

Walker Signs LNG Agreement With Japanese Company

December 24, 2014 10:39 am | by Associated Press | News | Comments

Alaska Gov. Bill Walker has signed an agreement with a Japanese energy company formally declaring a commitment to form a partnership in developing Alaska's liquefied natural gas market. Officials say Japanese prefectures have been considering LNG to replace nuclear energy following the shut down of the Fukushima nuclear power plant.

Saudi Arabia Will Not Cut Oil Production

December 23, 2014 1:54 pm | by CNNMoney | Videos | Comments

Saudi Arabia's Oil Minister, Ali al-Naimi, tells John Defterios in an exclusive interview that his country is not conspiring to target U.S. and Russian oil producers by not cutting production. "I was the first minister to welcome the production of Shell Oil," he says.

Israel Challenges Natural Gas Developers Over Monopoly

December 23, 2014 11:40 am | by Associated Press | News | Comments

Israel's antitrust authority said Tuesday it will challenge the ownership structure of the country's natural gas resources, a decision that could rattle an increasingly important industry. A conglomerate of companies including Texas-based Noble Energy has been developing Israel's offshore natural gas deposits.

Oil Patch Towns Looking to Catch up With Demands

December 22, 2014 3:01 pm | by Associated Press | News | Comments

City officials in the North Dakota oil patch say they are forging ahead with housing and infrastructure projects, despite an expected downturn in drilling in the next year. Watford City Mayor Brent Sanford said development and land sales are not slowing down because housing needs for permanent oil field workers have not been met, the Bismarck Tribune reported.

The Keystone Pipeline Debate In The New Year

December 19, 2014 3:49 pm | by Bridget Bergin, Associate Editor, Manufacturing.net | Blogs | Comments

The Keystone Pipeline debate has been raging for years, but a new Senate makeup in 2015 could signal sweeping changes. On one hand, the Keystone pipeline project could greatly benefit the U.S. economy, and on the other, it could drastically harm the environment.

2 Killed, 3 Hurt in Explosion, Fire at Oklahoma Oil Rig

December 19, 2014 3:19 pm | by Associated Press | News | Comments

An explosion and fire early Friday morning killed two people and critically injured two others at an oil rig in southeastern Oklahoma. Authorities said the explosion occurred at the rig about 2 miles west of Coalgate in a remote area of rural Coal County about 100 miles southeast of Oklahoma City.

More Job Losses For The Oil Industry

December 19, 2014 12:46 pm | by CBS Evening News | Videos | Comments

Lower oil prices are buoying Louisiana's fishermen, but putting the squeeze on others. The longer oil prices remain at their current levels, the deeper the job cuts could go. Manuel Bojorquez reports on the threat to jobs in the state's oil industry.

Cuomo Gets Kudos, Scorn For New York Fracking Ban

December 19, 2014 10:05 am | by MICHAEL VIRTANEN, Associated Press | News | Comments

New York Gov. Andrew Cuomo is getting heaped with praise by environmentalists and scorn by business interests for a planned state ban on hydraulic fracturing for natural gas, even as he insists the decision wasn't his. Residents statewide remain almost evenly split on the issue.

Russia's Sinking Economy Becoming a Global Threat

December 17, 2014 12:35 pm | by JOSH BOAK, AP Economics Writer | News | Comments

Russia's suddenly escalating financial crisis risks spilling beyond its borders and endangering parts of the global economy. "Oil hasn't found a bottom yet, so the pain is only going to get worse as the price of oil continues to fall," said a chief market strategist.

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