A lack of infrastructure to capture and use natural gas means oil producers in North Dakota’s Bakken Shale are continuing to flare large quantities of it – 10.3 billion cubic feet worth nearly $50 million in April alone, The Wall Street Journal reports.
With a big chunk of the energy industry bankrolled by debt rated as speculative, any move by the Federal Reserve to increase interest rates could put the brakes on the growth in oil and gas production, the Houston Chronicle reports.
The Interior Department's internal watchdog on Monday scored the Bureau of Land Management for what it called "indefinite" reviews of applications for oil and gas drilling on public lands.
Deputy Inspector General Mary Kendall said in a report that while BLM approves 99 percent of applications, only 6 percent are completed within 30 days upon receipt of a application as required by law, unless the operator fails to submit required information.
The "very long" reviews, which averaged more than seven months in 2012, may be cutting into taxpayer revenues, she said, with backlogs in processing permits at the BLM's 33 field offices causing uncertainty for industry and the government.
Because of lower costs, returns on oil exploration and production were greater in 2001, before the energy boom and at a time when crude oil was priced below $30 a barrel, than they were last year when crude prices were more than three times higher, according to IHS, FuelFix reports.
Former Vice President Dick Cheney, Mexican billionaire Carlos Slim and Ed Whitacre, formerly a high profile executive with AT&T and GM, are among investors putting money into oilfield data collecting company WellAware Holdings Inc., which reported last week raising $37 million in funding, FuelFix reports.
EDMOND, Okla. (AP) — Central Oklahoma residents are demanding to know whether earthquake swarms that have shaken their homes and their nerves in recent months are caused by oil and gas drilling operations in the area.
About 500 people attended a meeting with regulators and research geologists Thursday night in Edmond. Many urged the Oklahoma Corporation Commission, which regulates the oil and gas industry, to ban or severely restrict the wells that are used to dispose of wastewater from drilling and that some scientists say could be linked to the quakes.
WASHINGTON (AP) — The United States is still growing older, but the trend is reversing in the Great Plains, thanks to a liberal application of oil.
The aging baby boom generation helped inch up the median age in the United States last year from 37.5 years to 37.6 years, according to data released Thursday by the Census Bureau. But a closer examination of those numbers shows that seven states — Alaska, Hawaii, Montana, North Dakota, Oklahoma, South Dakota and Wyoming — actually became younger.
Credit for the de-aging of the mainland states between 2012 and 2013 goes to the increase in oil and gas exploration in the Great Plains. The Census Bureau offered no reason for the decrease in Alaska and Hawaii.
WASHINGTON (AP) — China's coercive efforts to enforce its territorial claims in disputed waters are not just raising tensions but damaging its international standing, a senior U.S. official said Wednesday.
Top diplomat for East Asia, Daniel Russel, was speaking at a congressional hearing, two weeks ahead of high-level talks in Beijing, where he said Washington would seek to build "strategic trust" with China and economic cooperation, but would also push for the release of political prisoners.
Appearing before lawmakers, Russel criticized China's recent actions in the East and South China Seas which he said had left its neighbors "understandably alarmed."
A host of influential Democratic politicians and policymakers descend on Las Vegas Thursday to attend the National Clean Energy Summit backed by Sen. Majority Leader Harry Reid, headlined this year by likely presidential candidate Hillary Clinton, National Journal reports.
SolarWorld is asking the Commerce Department to look into claims that the Chinese military hacked into its computers, suggesting that tariffs could be imposed in retaliation for cyberattacks, The New York Times reports.
Weak factory data in China and Europe weighed on oil prices Tuesday. U.S. benchmark crude for October delivery, at $95.23 a barrel in electronic trading on the Nymex, was 73 cents lower than Friday’s close, while in London Brent crude dropped 87 cents to $101.91, Reuters reports.
In a study examining 100 water wells across the Barnett Shale last year, University of Texas researchers reported finding what could be unhealthy levels of arsenic, although an industry spokesman expressed doubt that drilling would be responsible, the Denton Record-Chronicle reports.
Sonoma County is at the forefront of a movement gaining traction in a number of places around the country: Local governments going into the business of generating clean energy for their residents, the Los Angeles Times reports.
A report for the Maine Technology Institute – commissioned by a man since fired by Gov. Paul LePage – found that the alternative energy sector holds the promise of generating jobs when backed by seed money and investment, according to the Portland Press Herald.
An analysis from the World Resources Institute says 38 percent of the world’s shale gas and oil reserves are located in areas with limited water supplies and concludes that may limit the global development of fracking, FuelFix reports.
Ahead of Toyota’s intended launch next year of a hydrogen fuel cell-powered car, an affiliate of the company has started construction on a hydrogen filling station in Nagoya, Japan, The Wall Street Journal reports.