A University of Houston engineering professor voiced concerns that using a popular oil reserve estimate formula developed in 1945 may not be applicable to oil drawn from shale, causing some companies to overestimate the potential at some sites, Bloomberg reports.
WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.
Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.
"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.
JPMorgan Chase & Co.'s commodities chief Blythe Masters announced her resignation from the bank on Wednesday after the company sold its commodities business to Swiss firm Mercuria Energy Group, The Wall Street Journal reports.
Dallas-based refiner HollyFrontier Corp. is standing against the American Petroleum Institute's push for an end to the nation's 39-year-old crude oil export ban, saying lifting it would cause a spike in domestic gasoline prices, FuelFix reports.
Sacramento leaders raised concerns about Valero's proposed rail terminal at its Benicia refinery after learning the project could result in 100 train cars of flammable crude oil traveling through the city each day, The Sacramento Bee reports.
CARSON CITY, Nev. (AP) — Nevada Occupational Safety and Health Administration officials have cited a Fallon oil refining company for three serious violations stemming from a December explosion that left one employee seriously burned.
The action announced Wednesday proposes Bango Refining pay nearly $21,000 in fines. Final determination is still in the administrative process.
According to investigators, workers were attempting to thaw an asphalt recycle line in subzero temperatures on Dec. 9 using plant steam. A propane-fueled weed burner was then used to heat the outside of the line.
The price of oil fell slightly Wednesday, despite a report of an unexpected decline in the nation's supplies.
Benchmark U.S. crude for May delivery slipped 12 cents to close at $99.62 a barrel on the New York Mercantile Exchange.
Brent crude, used to set prices for international varieties of oil, dropped 83 cents to $104.79 a barrel on the ICE Futures exchange in London as traders considered the possible reopening of export terminals in Libya.
The Alberta Energy Regulator said a pipeline owned by Canadian Natural Resources Limited spilled 70,000 liters of oil and processed water near Slave Lake, but the spill is isolated from water supplies, wildlife and people, The Canadian Press reports.
The price of oil was steady Wednesday after a big fall the day before as traders waited for a report on U.S. crude stockpiles.
Benchmark U.S. crude for May delivery was down 2 cents to $99.71 a barrel at 0720 GMT in electronic trading on the New York Mercantile Exchange. The contract slid $1.84 to $99.74 on Tuesday, dented by soft Chinese manufacturing figures and expectations of another increase in U.S. crude stockpiles.
Brent crude, used to set prices for international varieties of oil, was up 6 cents to $105.68 a barrel on the ICE exchange in London.
Critics complain that proposals to increase security of the nation’s power grid, drafted by the industry in the wake of an attack on a California substation last year, won’t do enough to stop anyone intent on sabotage, The Wall Street Journal reports.
Voters are getting a break from unrelenting negative ads by interest groups as the 2014 campaign cranks up, The New York Times reports, noting that 16 percent of the ads run by the Koch brother’s Americans for Prosperity thus far have been positive.
Lawmakers coming under attack for opposing the proposed Keystone XL pipeline will get support for their campaigns from Tom Steyer, according to an open letter the activist published Thursday, The Hill reports.
The Environmental Protection Agency, under court order to issue a regulation protecting fish from water temperature changes caused by power plants, is delaying doing so by another month, pushing the move back until May, The Hill reports.
It’s “tragic” that “so little has been done” to advance chemical safety in the year since the deadly ammonium nitrate blast in West, Texas, AFL-CIO President Richard Trumka said Thursday, The Hill reports.
The Energy Information Administration found that natural gas stockpiles last week increased only 24 billion cubic feet, much less than expected, which triggered the biggest price jump in more than two months on fears that what was depleted during a frigid winter may not be replenished, The Wall Street Journal reports.
A spokeswoman for outgoing Health and Human Services Secretary Kathleen Sebelius said she is not interested in the Senate seat currently held by Republican Sen. Pat Roberts of Kansas, dispelling talk that she might run, The New York Times reports.
A solar summit at the White House, headlined by Energy Secretary Ernest Moniz and senior advisor John Podesta, brought an announcement of $15 million set aside for state, local and tribal authorities to use to develop solar and other projects that could help the fight against climate change, The Hill reports.