Some Colorado residents complain that oil and gas companies have deserted their natural gas-rich region for other states like Wyoming, Texas and Pennsylvania, leaving their local economies to flounder, The New York Times reports.
Congressional proponents of TransCanada's Keystone XL pipeline say they won't give their efforts to force approval of the pipeline, despite its removal from the transportation bill deal, Politico reports.
CEO Paulo Mendonca of OGX Petroleo de Gas, Brazil's second largest oil company, has resigned after his company shares fell 45 percent in the last two days, Reuters reports. Luiz Eduardo Carneiro, the CEO of shipbuilder and leaser OSX Brasil, will take over.
CARACAS, Venezuela (AP) — Venezuela is proposing that OPEC adopt a band of prices for crude oil and hopes to return to prices of about $100 a barrel, the country's oil minister said Thursday.
Venezuela has proposed a price band of between $80 and $120 per barrel, but it remains to be seen in discussions among OPEC members what the range of permissible prices would be, Oil Minister Rafael Ramirez told reporters.
CARACAS, Venezuela (AP) — Venezuela's national oil company will join in exploratory drilling for crude in deep waters off Cuba, the company's president said Thursday.
State-run Petroleos de Venezuela SA, or PDVSA, is next in line to drill after Malaysia's Petronas completes its work, said Rafael Ramirez, Venezuela's oil minister and president of the company. He said Venezuela has budgeted an estimated $40 million for the project.
NEW YORK (AP) — The price of oil hit an eight-month low Thursday as hopes dimmed for a solution to Europe's financial crisis.
Benchmark U.S. crude lost $2.52, or 3.1 percent, to end at $77.69 per barrel in New York. That's the lowest price since Oct. 4. Oil traders also took their cue from U.S. stock markets, which were sharply lower for most of the day.
The Obama administration on Thursday proposed a final five-year Outer Continental Shelf oil and leasing plan that would continue to target offshore drilling to existing federal leased areas in the Gulf of Mexico and in waters off Alaska.
The plan sets in motion a total of 12 Interior Department lease sales in the Gulf, with one each annually in the central and western Gulf, and two in the eastern Gulf in 2014 and 2016.
The department would also hold one sale each in the Chukchi and Beaufort seas off Alaska's North Slope in 2016 and 2017, respectively. The sales, unlike those in the Gulf, will be in specific areas that do not conflict with wildlife and subsistence activities, Interior Secretary Ken Salazar told reporters.
Liberal watchdog group Checks and Balances Project said the State Department inspector general is investigating potential conflicts of interests in the department's environmental review of the Keystone XL pipeline, The Hill reports.