An expected Keystone XL bill amendment by Sen. Ted Cruz, R-Texas, to repeal the 1970s-era ban on crude oil exports got a wary reception on Tuesday by advocates for the pipeline. They said they hoped to approve the legislation without controversial changes.
"It might complicate our debate on Keystone and the passage of Keystone," said Sen. Lisa Murkowksi, R-Alaska, who is pushing for passage of the approval bill as chair of the Senate energy committee, although in the past she also has called for lifting the export ban.
TORONTO (AP) — Alberta's oil-heavy economy will likely dip into recession as oil prices plunge, according to a report by a Canadian economic think-tank.
The Conference Board of Canada said the western Canadian province's latest employment and new housing start numbers are holding steady, but that Alberta will slip into recession if oil prices stay low.
Expectations that data Wednesday will show another increase in U.S. stockpiles, combined with remarks from the UAE oil minister that OPEC will stand firm against production cuts, sent oil into a deeper slide early Tuesday. West Texas Intermediate crude for February delivery dropped $1.24 to $44.83 a barrel in electronic trading on the Nymex, while in London Brent plunged $2.20 to $45.23, Bloomberg reports.
ABU DHABI, United Arab Emirates (AP) — The energy minister for the United Arab Emirates said Tuesday his country is concerned about the balance in the oil market but added that OPEC does not plan to shift its strategy to shore up falling crude prices.
Oil prices have lost well over half their value since late June, with benchmark U.S. prices now trading below $45 a barrel.
The capital and exploration budget for Hess Corp. will drop by 16 percent to $4.7 billion in its 2015 outlay, the company said, adding that the number of rigs it plans to operate will drop by nearly half to an average of 9.5, FuelFix reports.
The industry practice of drillers using a trade secret designation to avoid disclosing which chemicals they use in fracking will get new restrictions, under a legal settlement agreed in Wyoming between environmental groups, state regulators and oilfield services company Halliburton, the Casper StarTribune reports.
Former BP executive David Rainey has seen his request to have the U.S. Supreme Court hear his appeal in an obstruction of Congress case rejected: He stands accused of lying to lawmakers about the severity of the Deepwater Horizon disaster in 2010, Reuters reports.
The coal trade in January will be affected by winter weather, as a trade association official told Platts that at least one barge in Lake Superior was unable to load its cargo as a result of icing, and others were likely delayed.
Even as the Obama administration is shutting some doors to drilling in Alaska, it plans to open up the Atlantic, with an announcement expected from the Interior Department soon, sources tell National Journal.
In a fresh tilt at net metering, Hawaii Electric has applied to the state’s Public Utilities Commission to phase out the existing program of issuing credits to customers with solar panels who supply electricity back to the grid, as the utility claims they are not paying their fair share of grid maintenance, E&E reports.
Companies may be cutting back their exploration and drilling this year as a result of the drop in oil and gas prices, but those who are well positioned will likely be looking to pick off rivals instead, which could lead to an upsurge in mergers and acquisitions, the Pittsburgh Post-Gazette reports.
Having spent $305 million five years ago to purchase the San Francisco-based solar company Recurrent Energy, Sharp Corp. reportedly has found a buyer for the unit above the initial purchase price, sources tell Bloomberg.
The drop in rig count that has followed the slide in oil prices won’t dent U.S. crude production too much in 2015, assuming that prices begin to recover in the later part of the year, according to statistics from the Energy Information Administration, The Hill reports.
Oil gained early Monday after comments from OPEC Secretary General Abdullah al-Badri that prices could climb to $200 a barrel, but resumed its slide after he said there was an excess supply to the tune of 1.5 million barrels per day. West Texas Intermediate crude for March delivery dropped 44 cents to settle at $45.15 a barrel on the Nymex, while in London Brent lost 1.3 percent, falling 63 cents to $48.16, Bloomberg reports.