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Putin, Modi Look to Bolster Trade Agreements in Diamonds, Oil And More

December 11, 2014 5:07 pm | by Press Trust of India | News | Comments

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.

Shale Gas Industry "Ripe For Noncompliance" With Wage Law

December 11, 2014 11:37 am | by Associated Press | News | Comments

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 Salvages Sunken Tanker as Leaking Oil Threatens Rare Wildlife

December 11, 2014 10:43 am | by Press Trust of India | News | Comments

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.

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Congressman Widens Inquiry Into Fracking Waste in Northeast And Midwest

December 11, 2014 10:33 am | by David Hasemyer, InsideClimate New | News | Comments

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.

Shale: A Game-Changer For U.S. Manufacturers

December 11, 2014 9:57 am | by Meagan Parrish, Editor | Articles | Comments

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.

Air Fares Dipping Thanks to Oil Slump

December 10, 2014 5:21 pm | by JOHN HEILPRIN, Associated Press | News | Comments

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.

Gas Tanker Truck Explodes Outside Jerusalem, Killing One

December 10, 2014 11:38 am | by Xinhua News Agency, Beijing | News | Comments

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.

N.D. Regulators Order Treatment of Crude Oil For Safety

December 10, 2014 11:23 am | by David Shaffer, Star Tribune, Minneapolis | News | Comments

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.

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OPEC Cuts 2015 Demand Forecast For Its Oil as Shale Boom Persists

December 10, 2014 10:56 am | by Wochit News | Videos | Comments

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.

Without Another Polar Vortex, Gas Prices Will Stay Low

December 10, 2014 10:17 am | by John Funk, The Plain Dealer; Cleveland | Articles | Comments

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 Filed Against Reed Oil For Fatal Explosion

December 10, 2014 9:59 am | by MELISSA KLARIC, The Herald; Sharon, Pa. | News | Comments

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.

Cheap Gas, Crumbling Infrastructure Spark Fuel Tax Talk

December 8, 2014 12:06 pm | by Elaine S. Povich, Stateline.org | News | Comments

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.

New Dickinson Refinery Gets First Crude Shipment

December 8, 2014 11:49 am | by KXMB-TV, Bismarck, N.D. | News | Comments

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.

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Economic Gloom Grows in Venezuela And PetroCaribe Countries

December 8, 2014 11:43 am | by Tribune Content Agency; Chicago | News | Comments

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.

Tumbling Oil Prices: The Winners and Losers on The World Stage

December 8, 2014 10:43 am | by Rajesh Kumar, Mint, New Delhi (TNS) | Articles | Comments

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.

Iowa Coalition Holding Anti-Pipeline Meeting

December 5, 2014 10:57 am | by Gavin Aronsen, Ames Tribune; Iowa | News | Comments

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.          

Shale Gas Line to The Northeast Gets Federal Nod

December 4, 2014 10:58 am | by MARC LEVY, Associated Press | News | Comments

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.

Ex-BP Executive Fighting Gulf Oil Spill Charges

December 4, 2014 10:45 am | by KEVIN McGILL, Associated Press | News | Comments

A former BP executive accused of obstructing a congressional investigation into the 2010 Gulf oil spill remains on track for a trial next year, despite defense efforts to have the charges dismissed. U.S. District Judge Kurt Engelhardt on Wednesday declined to throw out one count against David Rainey and took under advisement defense motions to throw out another, a Justice Department spokesman said after the morning hearing.

Breached Pipeline Causes Israel Oil Spill

December 4, 2014 10:38 am | by Associated Press | News | Comments

Israel says a breached pipeline has caused a large oil spill in the southern part of the country. Guy Samet, an Environment Ministry official in charge of southern Israel, told local media that Thursday's spill near the Red Sea port of Eilat could take months to clean up.

'Gas Wars' Break Out When Price Falls Below $2

December 4, 2014 10:27 am | by Chris Woodyard, USA TODAY | News | Comments

How low are gas prices going? So low that "gas wars," a term not heard in many places since the early 1970s, are breaking out. With gasoline prices crashing, stations are scrambling to stay ahead of each other when it comes to price cuts. It's a boon to consumers who have long griped about sky-high gas prices.

Iraqi Government and Kurds Reach Deal to Share Oil Revenues

December 3, 2014 2:59 pm | by New York Times | News | Comments

In a far-reaching deal that helps reunite Iraq in the face of a bitter war with Islamic extremists, the central government agreed on Tuesday to a long-term pact with the autonomous Kurdish region to share the country’s oil wealth and military resources. The agreement, which could unite Iraq in the face of a Sunni insurgency, covers the sharing of oil revenues with the autonomous Kurdish region.

Report Calls For More Study of Pavillion Disposal Pits

December 3, 2014 12:31 pm | by By BENJAMIN STORROW, Star-Tribune staff writer; Casper, Wyo. | News | Comments

Regulators need to study 20 natural gas disposal pits to determine if a link exists between Pavillion's gas field and the area's contaminated drinking water, according to a draft report by the Wyoming Oil and Gas Conservation Commission.

Garrett Commission Votes to Endorse Findings on Shale Gas Drilling

December 3, 2014 10:56 am | by By Elaine Blaisdell, Cumberland Times-News; Cumberland, Md. | News | Comments

The Garrett County Commissioners voted unanimously Tuesday to endorse the findings of the Garrett County Shale Gas Advisory Commission to further explore the impacts of drilling. The commissioners also voted to forward the report to the incoming commissioners for a decision on how to best implement policies and procedures for Marcellus shale moving forward.

Market Currents: How The Energy Boom Helps Americans

December 3, 2014 10:46 am | by The Pittsburgh Tribune-Review | Articles | Comments

Americans should welcome global crude-oil prices plunging below $65 a barrel and hope the combination of demand blunted by economic slowdowns in Europe and China and abundant supply driven by soaring U.S. production and OPEC not cutting output will continue.

AmeriGas Leak Grew Fast

December 3, 2014 10:37 am | by By Emma Breysse, Jackson Hole News & Guide; Jackson, WY | News | Comments

The propane gas cloud preceding a fire two weeks ago was so large that investigators can’t determine what exactly ignited it. Jackson Hole Fire/EMS released its investigation report of the blaze Tuesday, stating that while investigators could determine the source of the leak, they could not determine the cause of the explosion.

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