RIO DE JANEIRO (AP) — Oil was to have been Brazil's "passport to the future," but the grand dreams tied to state company Petrobras have been brought to a screeching halt not only by falling crude prices, but by a crisis of its own making.
An expanding investigation into a kickback scandal at Brazil's largest company is rippling through the industry, suspending contracts, cutting off credit supplies and forcing layoffs at shipyards and other firms that had been gearing up for the anticipated oil boom.
GOGAMA, Ontario (AP) — A CN Rail train carrying crude oil derailed early Saturday in northern Ontario, causing numerous tank cars to catch fire and spill into a local river system, officials said.
It was the third CN oil train derailment in northern Ontario in less than a month, and the second in the same area, renewing concerns about the safety of shipping crude oil by train and further suggesting that new safety requirements for tank cars carrying flammable liquids are inadequate. CN said the cars had been retrofitted with protective shields to meet a higher safety standard known as the 1232.
MANILA, Philippines (AP) — Four Filipinos are among nine foreigners abducted by still-unidentified armed men from an oil field in central Libya and their abductors have yet to communicate any demand, officials said Monday.
Department of Foreign Affairs spokesman Charles Jose said the Philippines was working with the employer of the nine, Austrian-owned VAOS Oil Service, the Libyan government and embassies of the other foreigners abducted on Friday. An Austrian, a Czech, two Bangladeshis and a Ghana national were also taken.
NEW YORK (AP) — A strong jobs report shook up the financial markets on Friday.
U.S. employers added 295,000 jobs last month, the government said. That was more than economists were expecting and, combined with a drop in the unemployment rate, raised the likelihood of the Federal Reserve raising interest rates sooner than had previously been expected.
The slide in crude prices was continuing to affect drilling rigs this week, with the U.S. oil rig count falling 64 to 922 and the total oil and gas count standing at 1,192, around 38 percent less than in September, FuelFix reports.
Energy companies whose collateral has shrunk as a result of the oil price slide are using different methods to deal with their debt: Some are refinancing with leveraged loans, others are selling bonds or stock or assets, Reuters reports.
A group of Senate Republicans from coastal states this week slammed an Obama administration proposal to reconsider how revenues from offshore Gulf Coast energy development should be allocated, pledging to block the policy and advance their own revenue sharing agenda for energy producing states.
In a March 4 letter to the President Obama, made public Friday, the group said the proposed 2016 Interior Department budget would “deprive” Gulf Coast states of revenue pledged under the 2006 Gulf of Mexico Energy Security Act, known as GOMESA.
More than 3,000 wells across the country have been drilled but not tapped, as companies like Apache Corp. and EOG Resources Inc. wait for the prices of crude to rise before pulling it out of the ground, Bloomberg reports.
Although sand and water are the primary substances used in fracking, an Environmental Protection Agency analysis of data from FracFocus.org found that nearly 700 chemical additives appear as well, according to The Hill.
Republicans with a college degree are more likely to say that the threat posed by climate change is exaggerated, while Democrats with higher education are more concerned about the issue, according to a Gallup poll, National Journal reports.
Possible GOP presidential contender Rick Santorum told North Carolina lawmakers Thursday that President Obama’s moves to regulate power plant emissions reflect a “quasi-religious” zeal to close coal-fired plants, The Associated Press reports.
Under pressure from Democrats, Republican and the White House to step down, Rafael Moure-Eraso has resigned as chairman of the U.S. Chemical Safety Board, although the CSB said he would remain a member until mid-April, National Journal reports.
A budget amendment from Sen. John Barrasso, R-Wyo., which some say is a referendum on opposition to the Environmental Protection Agency’s proposed Waters of the U.S. rule, was approved on a 59-40 vote, E&E reports.