The decline in oil prices that began in mid-2014 is taking a toll on tax revenues in top oil- and gas-producing states, even as production has increased or remained steady, the government’s energy statistic agency said.
An analysis from the Energy Information Administration published Thursday reported that tax revenues in Texas, North Dakota, Alaska and Oklahoma, four of the five largest oil and gas producing states, have fallen alongside the slide in oil prices from August 2014 to January 2015.
NEW YORK (AP) — The price of oil fell for the fifth time in 6 days on continuing concerns about rising supplies in the U.S. and around the world. Benchmark U.S. crude fell $1.12 to close at $47.05 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 46 cents to close at $57.08 in London.
In other futures trading on the NYMEX, natural gas fell 9 cents to close at $2.734 per 1,000 cubic feet; wholesale gasoline rose 1.6 cent to close at $1.810 a gallon; and heating oil rose 4.1 cent to close at $1.779 a gallon.
According to an Energy Information Administration analysis, consumers weren’t getting much of the benefit from lower natural gas prices this winter because of regulation, hedging and seasonal demand, FuelFix reports.
CAIRO (AP) — The U.K.-based energy company BP on Friday announced agreements worth $12 billion to develop a major gas field in Egypt, which has been trying to attract foreign investment after four years of unrest.
BP said in a statement that the investment is "a vote of confidence in Egypt's investment climate."
BRUSSELS (AP) — The European Union is concerned that Russia might want to enforce its old gas contract with Ukraine once their current arrangement runs out, saying it could contravene Moscow's peace obligations.
EU energy chief Maros Sefcovic said Thursday that any return to the previous contract between Russia's Gazprom and Ukraine's Naftogaz "would be quite difficult, complicated."
With the Keystone XL pipeline still delayed, Transcanada has filed with the State Department to get approval for the Upland Pipeline, which would bring Bakken crude north to Saskatchewan, The Wall Street Journal reports.
A unanimous ruling from a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit leaves in place Environmental Protection Agency regulations on heavy truck efficiency and greenhouse gas emissions, The Hill reports.
Word that Russia, Norway and possibly Saudi Arabia are ramping up oil production pressured prices Friday. U.S. benchmark crude dropped 1 percent, or 59 cents, to $57.15 a barrel on the New York Mercantile Exchange, while in London Brent gained 43 cents to $65.28 a barrel, a new five-month high, The Wall Street Journal reports.
Alliant Energy’s Wisconsin Power & Light has formally asked state regulators to approve a new gas-fired plant that will cost $750 million, alongside a solar facility intended to generate 2 megawatts, the Milwaukee Journal Sentinel reports.
Two Democrats – Sens. Joe Manchin of West Virginia and Bob Casey of Pennsylvania – have introduced comprehensive mine safety legislation intended to beef up regulatory enforcement and close loopholes in the 1952 Federal Coal Mine Safety Act, WVPN reports.