Data showing a modest increase in U.S. crude production last week, coupled with President Obama’s strong push to win support for his nuclear deal with Iran, sent oil prices retreating once again. Light, sweet crude for September delivery lost 59 cents to settle at $45.15 a barrel on the Nymex, while in London, Brent fell 40 cents to $49.59, The Wall Street Journal reports.
LOS ANGELES (AP) — More than two months after oil from a ruptured pipeline fouled California beaches, documents released Wednesday disclosed that the spill might have been far larger than earlier projected.
Plains All American Pipeline had estimated that the May 19 break along a corroded section of pipe near Santa Barbara released up to 101,000 gallons of crude. The resulting mess forced a popular state park to shut down for two months, and goo from the spill washed up on beaches as far as 100 miles away.
Reports of a decline in U.S. crude inventories helped support oil prices early Wednesday, although gains were held in check by a strong dollar. U.S. benchmark crude rose 32 cents to $46.06 a barrel in electronic trading on the Nymex, while in London Brent jumped 46 cents to $50.45, Reuters reports.
Plains All American – which said it booked a $65 million expense in the second quarter related to an oil spill from its pipeline near Santa Barbara – reported a 57 percent drop in profit to $124 million compared to the period a year ago, FuelFix reports.
BUCHAREST, Romania (AP) — A Romanian court has rejected an appeal by the general manager and six executives of a subsidiary of Russian oil company Lukoil who have been indicted on tax evasion and money laundering charges.
The Court of Appeal in Ploiesti dismissed the appeal made by general manager Andrey Bogdanov, a Russian citizen, and six Romanian and Russian managers at the Petrotel Lukoil refinery against their indictment. The decision was published Wednesday.
A rebound in China’s faltering stock market helped stabilize oil prices Tuesday, although traders told Reuters as a result of the continuing supply glut any recovery would only be temporary. U.S. benchmark crude rose 57 cents to settle at $45.74 a barrel on the Nymex, while in London, Brent nearly hit the $50 mark, gaining 47 cents to $49.99.
The $1.3 trillion lost by investors in energy stocks since oil prices started to slide in June 2014 amounts to more than Mexico’s GDP, and hit pension funds as well as billionaires such as Carl Icahn, Bloomberg reports.
A group of 13 states led by North Dakota is pressing for a federal judge's injunction against the Environmental Protection Agency's Clean Water Rule to take effect nationwide after the agency said it would enforce the rule in states not involved in an initial lawsuit, The Hill reports.
Sen. Michael Bennet, D-Colo., said he's willing to support ending the Commerce Department ban on crude oil exports if the policy change is accompanied by other actions to promote clean energy and address climate change, FuelFix reports.
Wisconsin Gov. Scott Walker, a Republican presidential hopeful, told voters in San Antonio that the U.S. should behave like an "energy rich country" and lift the ban on crude exports, the San Antonio Business Journal reports.
White House Senior Adviser Brian Deese has spearheaded the Obama administration's climate agenda during his first six months on the job, and plans to play an active role in upcoming budget battles with Congress and December's United Nations climate talks in Paris, E&E reports.
A new report from Citigroup says that large natural gas discoveries in Egypt and Iran could reduce demand for liquefied natural gas in the Middle East, limiting opportunities in the market for U.S. producers looking to export, Bloomberg reports.
Gas stations are an increasingly tempting target for credit card information thieves and other fraudsters, The Wall Street Journal reports, prompting both the credit card and fuel industries to move more quickly on defensive actions.
French state-owned nuclear company EDF announced it would delay construction of a next-generation nuclear plant in Flamanville for another year, citing a new increase in cost, The Financial Times reports.
The Australian Competition & Consumer Commission will delay until Sept. 17 its decision to approve or reject Shell's proposed takeover of U.K.-based BG Group; the deal was approved by the European Commission on Wednesday, The Wall Street Journal reports.