With U.S. production piling oil into storage at record levels, the Louisiana Offshore Oil Port – originally build to handle imports – has been auctioning off space to store domestic crude, The Advocate reports.
MEXICO CITY (AP) — Mexico's state-run oil company continues to search for three missing workers from a platform fireball that killed four others, while beginning to restore production at the damaged Gulf of Mexico facility, officials said Sunday.
Petroleos Mexicanos, or Pemex, will start processing 170,000 barrels of crude by Monday and expects to restore 80 percent of the pre-fire production in the coming week, said Gustavo Hernandez, general director of exploration and production.
The author of a recent study concluding that the 40-year-old crude oil export ban is artificially discounting the price of high-quality shale oil, says the current low-price environment is one of the biggest obstacles to action on the issue.
In an interview with EnergyGuardian, Kenneth Medlock, senior director of the Center for Energy Studies at Rice University’s Baker Institute for Public Study, said the reluctance among lawmakers to lift the ban stems from a fear that they may be blamed for gasoline price increases.
WASHINGTON (AP) — A weakening U.S. economy spilled into the job market in March as employers added just 126,000 jobs — the fewest since December 2013 — snapping a 12-month streak of gains above 200,000.
The unemployment rate remained at 5.5 percent, the Labor Department said in its monthly report Friday.
BEIJING (AP) — Prosecutors charged former national security chief Zhou Yongkang with corruption and leaking of state secrets, setting the stage for him to become the highest-level politician to stand trial in China in more than three decades.
The Supreme People's Procuratorate announced the long-expected indictment on its website Friday following a lengthy investigation that also scrutinized Zhou's former allies in government and the oil industry, but gave no new substantial details of the accusations against him.
Mexican oil company Pemex says it will meet its obligations for oil deliveries despite a deadly platform fire in the Gulf of Mexico, seeing no need to declare force majeure, a spokesperson told Bloomberg.
The nuclear industry believes the six percent output from nuclear plants that could be credited towards emissions reduction goals under the Environmental Protection Agency’s Clean Power Plan is an arbitrary number that should be changed, The Hill reports.
Gains in the dollar were putting pressure on oil prices early Monday, despite continued fighting in Yemen. U.S. benchmark crude was down 33 cents to $56.82 a barrel in electronic trading on the Nymex, while in London Brent lost 47 cents to $64.81 a barrel, Reuters reports.
Antitrust charges filed by Michigan Attorney General Bill Schuette against Chesapeake Energy Corp., as well as allegations the company misled landowners over leases, will be settled by a $25 million payment, The Wall Street Journal reports.
Santa Catalina Island is sinking slowly and gradually, according to a study from a Stanford University researcher, who also suggests that the situation could pose a tsunami threat for the Los Angeles area in the far distant future, the Los Angeles Times reports.