Oil fell below $104 per barrel on Monday as expectations of increased supply offset strong U.S. job growth.
U.S. crude for August delivery was down 25 cents to $103.81 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract sunk as low as $103.70 on Friday before closing at $104.06.
Brent crude, a benchmark for international oils, was up 2 cents at $110.66 on the ICE exchange in London.
Saying Europe could reap one tenth of its energy needs from hydraulic fracturing in shale, European Union Energy Commissioner Guenther Oettinger urged Germany to keep an open mind on fracking in light of recent recommendations that raise concern on the safety of the process, Reuters reports.
Now that the state of Alaska and four firms – Exxon Mobil, ConocoPhillips, BP and TransCanada – have signed a joint venture agreement, design work is underway on an LNG project that includes an 800-mile pipeline and an export plant, Gov. Sean Parnell said Wednesday, Reuters reports.
WASHINGTON (AP) — A new study explains how just four wells forcing massive amounts of drilling wastewater into the ground are probably shaking up Oklahoma.
Those wells seem to have triggered more than 100 small-to-medium earthquakes in the past five years, according to a study published Thursday by the journal Science. Many of the quakes were much farther away from the wells than expected.
Combined, those wells daily pour more than 5 million gallons (19 million liters) of water a mile or two underground into rock formations, the study found. That buildup of fluid creates more pressure that "has to go somewhere," said study lead author Cornell University seismologist Katie Keranen.
The recent fourth anniversary of the Deepwater Horizon accident and oil spill captured a lot of headlines, as energy supporters and detractors alike weighed in on the significance of the tragic and costly event that occurred in the Gulf of Mexico.
Those closest to the incident, however, remember other benchmark events from the spring and summer of 2010, including the May 28, 2010 lifting of the moratorium on permits for shallow-water drilling operations. Shallow-water drilling, which takes place in 500 feet or less of water, has been the foundation of the Gulf energy industry since the 1950s.
It continues to be a major source of energy activity in the Gulf today, and is currently enjoying an uptick of interest from investors. It also had nothing to do with the Deepwater Horizon, yet was subject to the blanket moratorium on new permit issuance imposed in the wake of the accident.
Following a court ruling backing the power of New York communities to ban fracking, lawyers are speculating that a future legal challenge could come from a landowner challenging the loss of valuable rights known as takings, E&E reports.
Cheniere Energy announced this week it has reached agreement to sell liquefied natural gas to Pertamina, Indonesia’s state-owned energy company, and Australian firm Woodside Petroleum, starting as early as 2019, FuelFix reports.
Cheniere Energy -- the target of investor lawsuits -- won’t go ahead with a plan to issue 30 million shares to cover employee and executive compensation, according to a court filing made last month, The Wall Street Journal reports.
Sen. Jeff Flake, R-Ariz., has introduced a bill – S. 640 -- that would force the Environmental Protection Agency to shoulder the costs of any impact its Clean Power Plan would have on government agencies, E&E reports.
Grid operator PJM Interconnection, in a lengthy analysis of the Environmental Protection Agency’s Clean Power Plan, concludes that it would be cheaper for states to band together to tackle its carbon reduction requirements, rather than going it alone, E&E reports.
Uncertain of federal jurisdiction in the matter, the White House last year decided to leave to North Dakota the task of regulating the explosive gas content of crude being shipped by rail, administration officials have told Reuters.
After a contentious debate that lasted for hours, the Oregon House narrowly approved and sent to Gov. Kate Brown a measure to extend the state’s clean fuels program, intended to reduce the carbon intensity of vehicle fuels, The Oregonian reports.
A day after Maryland’s attorney general recommended that regulators reject the proposed merger between Exelon and Pepco Holdings, the companies announced that they’ll more than double the money set aside to benefit utility customers, The Washington Post reports.
Black Rock Group, the Virginia consulting firm that helped Republican Dan Sullivan win his senate seat last year, will open an Alaska office as planning intensifies for Energy committee chair Sen. Lisa Murkowski's 2016 re-election bid, Alaska Dispatch News reports.
E&E profiles Sen. Tom Udall, D-N.M. the new ranking member of the Interior and Environment Appropriations subcommittee, who it describes as "the Democrats' first line of defense" against Republican lawmakers’ attacks on Obama administration environment and natural resources policies.
The Obama administration is considering a request from Shell and other companies to stop the clock on their 10-year leases to drill in the Arctic, and a decision on the suspensions will be resolved “relatively soon,” Interior Secretary Sally Jewell told a Senate Appropriations subcommittee hearing Wednesday, FuelFix reports.
An Arctic caucus to discuss energy, environment, trade and defense issues has been created by Sens. Lisa Murkowski, R-Alaska and Angus King, I-Maine, ahead of the U.S. taking on the chairmanship of the intergovernmental Arctic Council, The Hill reports.
Libya’s National Oil Corporation says it is no longer able to guarantee security at the 11 oilfields in the center of the country, and has declared force majeure to protect it from legal action against any supply disruptions, The Wall Street Journal reports.