MEXICO CITY (AP) — Mexico's Senate debated the final pieces of legislation Wednesday needed to enact a dramatic expansion of the role of foreign and private companies in the state-run oil industry.
The Senate was expected to approve the final packages of laws to regulate private oil and gas drilling that is being allowed for the first time since the industry was nationalized 76 years ago. The overhaul is supported by the governing Institutional Revolutionary Party, the conservative National Action Party and a smaller party that together can form a majority.
The amount of crude brought to California by rail in June increased from Utah, but decreased from Canada and North Dakota’s Bakken shale, Bloomberg reports, noting that the quantities are still dwarfed by international imports of more than a million barrels a day.
News that crude stocks at the Cushing hub increased by 83,000 barrels sent oil prices lower again Wednesday. U.S. benchmark crude for September delivery settled down 46 cents to $96.92 a barrel on the New York Mercantile Exchange, while in London Brent crude dropped 2 cents to $104.59 a barrel, its lowest close since November, Reuters reports.
Blueknight Energy Partners said Wednesday it will build a 160-mile pipeline from Eaglebine – the northeast tip of the Eagle Ford Shale – to a terminal on the Houston Ship Channel, to make it easier for drillers to send up to 100,000 barrels of oil a day out of the region, FuelFix reports.
Continued fighting by rival militia groups continues to pose a threat to Libya’s main fuel depot even though a major fire burning in eight tanks since Saturday has been brought under control, according to a spokesman for the National Oil Corp., The Wall Street Journal reports.
Data from the American Petroleum Institute showing a drop in crude stocks last week has prompted a rebound in oil prices. U.S. benchmark crude for September delivery increased 16 cents to $97.54 a barrel in electronic trading on the Nymex, while in London Brent crude gained 17 cents to $104.78, Reuters reports.
EOG Resources Inc. Tuesday reported a 7 percent increase in second quarter profit to $706 million on strong performance in North Dakota’s Bakken Shale and in Eagle Ford Shale and the Permian Basin in Texas, FuelFix reports.
The compromise in Colorado between environmentalists and the oil industry over controlling methane emissions from drilling could serve as an example for other parts of the country, according to Noble Energy CEO Chuck Davidson, FuelFix reports.
Oil prices fell Tuesday on expectations of lower demand as refineries schedule maintenance in the autumn. Benchmark West Texas Intermediate for September delivery closed 91 cents lower, to $97.38 a barrel on the New York Mercantile Exchange, while in London Brent crude dropped 80 cents to $104.61, Bloomberg reports.
The power substation in San Jose where a sniper attack last year raised concern about the security of the country’s grid has been breached again, according to Pacific Gas and Electric, which said thieves cut through a fence and stole some equipment, The New York Times reports.
A corn ethanol plant at the Port of Indiana-Mount Vernon, which Valero Energy Corp. bought in March, has restarted, FuelFix reports. It is expected to boost the company’s output to 1.3 billion gallons a year, making Valero the country’s third-largest ethanol producer.
Oil looks set to finish out the week higher in the wake of another positive piece of data on the U.S. economy, news of an unexpected rise in consumer confidence. West Texas Intermediate crude for October delivery was up 66 cents to $95.21 a barrel on the Nymex, while in London Brent crude settled 35 cents higher to $102.81, Bloomberg reports.
Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.
Sen. Mary Landrieu, D-La., listed her parents’ home in New Orleans as her address in filing last week to qualify for the ballot in Louisiana, prompting some critics to question her residency status, The Washington Post reports.
Clean Air Act violations for the release of phosgene, methyl chloride and oleum at a West Virginia facility between 2006 and 2010 will cost DuPont $1.3 million in fines, the Environmental Protection Agency and the Justice Department said in announcing a settlement, The Hill reports.
A project to build a big $25 billion water tunnel system in Northern California poses water quality problems to the Sacramento-San Joaquin River Delta and a possible threat to smelt and salmon, the Environmental Protection Agency said in a letter accompanying comments posted online, the Los Angeles Times reports.