Energy Information Administration predictions of a decline in production from most U.S. shale plays helped oil prices recover Tuesday after four straight days of losses. West Texas Intermediate crude for December delivery rose 34 cents to settle at $44.21 a barrel on the Nymex, while in London, Brent gained 25 cents to $47.44, Marketwatch reports.
BUENOS AIRES, Argentina (AP) — Argentina's Supreme Court on Tuesday ordered the government-run YPF energy company to disclose clauses of an investment deal with U.S.-based Chevron Corp. to produce oil and gas by hydraulic fracturing in one of the world's largest shale deposits.
The decision, published on the website of the official judicial news agency, follows a request by Sen. Hector Giustiniani after YPF refused to disclose environmental and other information on the project in the southern province of Neuquen.
International Energy Agency predictions of continued low oil prices but steep declines in investment appeared to leave oil traders little moved early Tuesday. U.S. benchmark crude rose 10 cents to $43.97 a barrel in electronic trading on the Nymex, while in London Brent fell 3 cents to $47.17, Reuters reports.
Monthly drilling data released by the Energy Information Administration shows production continues to grow in the Permian Basin and the Utica Shale, but has started to decline in other U.S. shale plays, FuelFix reports.
TransCanada Corp., the company behind the Keystone XL pipeline, has maintained that it’s still considering its options despite President Obama’s rejection of the project, and Republican lawmakers have been marshaling their support for it, The Hill reports.
Days after rejecting the Keystone XL pipeline, President Barack Obama is working the decision into his list of accomplishments on climate action, touting it as a “serious” move on global climate leadership.
Speaking at an event in Washington hosted by Organizing for Action, the political advocacy group that grew out of his presidential campaigns, Obama highlighted the move as part of his larger push for a strong United Nations climate deal in Paris.
“America is leading the world towards dealing with climate change in a serious way. Global action--one of the reasons the State Department decided the Keystone pipeline would not serve the national interest,” he said to applause. “Approving that project would have undercut our global leadership. And we’ve got to lead by example.”
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.