DENTON, Texas (AP) — The council governing a North Texas city that sits atop a large natural gas reserve rejected a bid early Wednesday morning to ban further permitting of hydraulic fracturing in the community after eight hours of public testimony.
Denton City Council members voted down the petition 5-2, sending the proposal to a public ballot in November.
WASHINGTON (AP) — Vice President Joe Biden is telling Ukraine's leader that the U.S. and Europe are talking about imposing new costs on Russia for continuing to escalate the conflict in Ukraine.
Biden and Ukrainian President Petro Poroshenko spoke by phone on Tuesday. The White House says they discussed how Russia is continuing to support pro-Russian separatists and how the conflict has apparently escalated in recent days.
DENTON, Texas (AP) — A North Texas community that sits on what's believed to hold one of the biggest natural gas reserves in the U.S. could become the first city in the state to ban hydraulic fracturing, with Denton City Council members set to vote Tuesday night on a citizen-led petition.
Industry groups and state regulators warn that such a ban ban could be followed by litigation and a severe hit to the city economy. The City Council is holding a public hearing Tuesday night, with a vote to follow.
WASHINGTON (AP) — The United States is considering imposing unilateral sanctions on Russia over its threatening moves in Ukraine, a shift in strategy that reflects the Obama administration's frustration with Europe's reluctance to take tougher action against Moscow, according to U.S. and European officials.
Until now, the U.S. has insisted on hitting Russia with penalties in concert with Europe in order to maximize the impact and present a united Western front. The European Union has a far stronger economic relationship with Russia, making the 28-nation bloc's participation key to ensuring sanctions packages have enough teeth to deter Russia.
The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports.
Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.
The price of oil paused Tuesday after tumbling last week as a deteriorating security situation in Libya raised questions over the restoration of exports following an agreement between the government and a regional militia.
Prices fell sharply last week as worries about supply disruptions from Iraq eased and on the prospect of more supplies from Libya. Weaker than expected economic data for the first half of the year prompted the International Energy Agency and other experts to trim their forecasts for short and medium term demand.
FORT WORTH, Texas (AP) — States where hydraulic fracturing is taking place have seen a surge in earthquake activity, raising suspicions that the unconventional drilling method could be to blame, especially the wells where the industry disposes of its wastewater.
Fracking generates vast amounts of wastewater, far more than traditional drilling methods. The water is pumped into injection wells, which send the waste thousands of feet underground. No one knows for certain exactly what happens to the liquids after that. Scientists wonder whether they could trigger quakes by increasing underground pressures and lubricating faults.
Lacking any catalysts, the price of oil barely changed Monday. Meanwhile, gasoline prices in the U.S. slipped to three-month lows.
Benchmark U.S. crude for August delivery rose 8 cents at $100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 45 cents to $107.71 on the ICE Futures exchange in London.
The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.
Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.
The Environmental Protection Agency has announced that the deadline for compliance with the 2013 Renewable Fuel Standard – which mandated the blending of 16.55 billion gallons of biofuels into U.S. transportation fuels – will now be 30 days after the long-delayed publication of the final rule on the 2014 standard, Platts reports.
In Pittsburgh, street action appeared to outweigh the testimony inside the Environmental Protection Agency hearing on its rule limiting carbon emissions from existing power plants, as thousands of coal miners rallied against the measure, faced off by a smaller number of climate activists, E&E reports.
The Department of Energy has granted Oregon LNG a 20-year conditional permit to export natural gas to countries that don’t have free trade agreements with the U.S., now it’s up to the Federal Energy Regulatory Commission to approve plans for construction of facilities, FuelFix reports.
A project in Freeport, Texas to export liquefied natural gas – which already has a permit from the Department of Energy – has now won approval from the Federal Energy Regulatory Commission to start construction, The Hill reports.
Word that a refinery in Coffeyville, Kansas might be shut for up to four weeks following a fire Tuesday has sent crude prices plummeting. Benchmark West Texas Intermediate dropped $2.10 to settle at $98.17 a barrel on the New York Mercantile Exchange Thursday, while in London Brent crude fell 49 cents to $106.02, Reuters reports.
Tax incentives for drilling and capital expenditures mean drillers active in the shale boom are deferring paying billions in income taxes, according to the group Taxpayers for Common Sense, The Wall Street Journal reports.
Hundreds rallied in Boston Wednesday to express their opposition to a Kinder Morgan natural gas pipeline proposed to run through northwest Massachusetts, urging Gov. Deval Patrick to pull his support from it, The Associated Press reports.
Increasing taxes on certain forms of energy -– gasoline, in particular -– would encourage people to use cleaner fuel more efficiently, offering health benefits and a leg up in the fight against climate change, according to the International Monetary Fund and its president Christine Lagarde, National Journal reports.
Apache Corp., whose second quarter profit of $505 million was half the amount it earned a year earlier, said Thursday it might look to sell off its international assets to concentrate on drilling in U.S. shale, and that it was already trying to find a buyer for its stake in a Canadian natural gas project, and alternative financing for one in Australia, The Wall Street Journal reports.