Trying to phase out old DOT-111 tank cars within two years, as proposed in new Department of Transportation regulations, could trigger a shortage and hurt oil and ethanol production, industry officials warned, Platts reports.
Canada’s Talisman Energy has confirmed that it’s in talks to sell some of its assets to Spain’s Repsol, which analysts speculate may include interests in Marcellus Shale and Eagle Ford Shale, The Wall Street Journal reports.
WILLISTON, N.D. (AP) — Officials need to improve communication with residents of North Dakota's booming oil patch during potentially dangerous situations, an emergency manager and residents said, after an oil field service supply facility storing toxic chemicals exploded this week and authorities failed to alert the public for more than six hours.
"They should have done more," Aaron Volesky, a resident of Williston, North Dakota said of the slow release of information. No one was injured or killed in the explosion and fire, which started about midnight Monday and raged most of Tuesday. Flights to and from the town of 20,000 people were canceled for several hours Tuesday as a plume of smoke shot hundreds of feet into the air.
The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.
Freeport-McMoRan Inc. considers its best prospects for growth to be in deep water oil and gas fields in the Gulf of Mexico, vice chairman Jim Flores said Wednesday, adding that the company will likely sell off up to $5 billion worth of land-based assets to help pay for it, Bloomberg reports.
The price of oil rose Wednesday after the government reported that U.S. oil supplies rose more than expected.
The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London.
The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million barrels expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial.
A Harris poll conducted for the American Petroleum Institute found 68 percent of those surveyed support offshore drilling, and Americans likewise back an increase in oil and gas production, FuelFix reports.
Proposals to tighten safety standards for crude carried by rail were published in the Federal Register Friday by the Pipeline and Hazardous Materials Safety Administration, kicking off a period for public comment that will run for 60 days, The Hill reports.
Environmental groups have submitted a petition to the U.S. Court of Appeals for the District of Columbia Circuit, charging an Environmental Protection Agency rule that sets a new deadline for states to submit plans to reduce fine particle pollution violates the Clean Air Act and asking for a review, E&E reports.
With a glut in the Atlantic basin and weaker demand, crude oil Friday dropped to its lowest settlements in months in New York and London despite continued crises in the Middle East and Ukraine. U.S. benchmark crude for September delivery finished the week more than 4 percent lower, falling 29 cents to close at $97.88 a barrel on the Nymex, its lowest settlement since February, while Brent crude tumbled $1.18 to $104.84, Reuters reports.
Although Libyan ports and oilfields have been reopening, sending oil prices tumbling globally, analysts warn that the worst violence to wrack the country since its 2011 civil war shows little sign of abating and the oil industry there remains at risk, The Wall Street Journal reports.
The three West Coast governors, all Democrats -- Jerry Brown of California, Jay Inslee of Washington and John Kitzhaber of Oregon -- have sent a letter to Interior Secretary Sally Jewell, expressing their opposition to including any oil or gas lease sales from their area in her department’s updated plan for the Outer Continental Shelf, The Associated Press reports.
Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.
The latest round of sanctions against Russia over its policy in Ukraine, which would require permits for exporting oil technology to Moscow, poses a problem for Exxon Mobil, which has plans to drill for oil in partnership with state-owned Rosneft in the Arctic and elsewhere, National Journal reports.
The cost of battery technology will have to come down by more than half, but Tesla Motors chief Elon Musk – speaking to investors during a week when he announced partnership with Panasonic to build a battery gigafactory -- is confident that will happen and electric vehicles will achieve price parity with those running on gasoline within 10 years, E&E reports.
Kinder Morgan affiliate El Paso Natural Gas Co. has already begun engineering work on $529 million worth of upgrades to its pipeline system in the Southwest which will enable it to deliver promised natural gas to Mexico, agreed in a 21-year deal signed with the country’s electricity commission, FuelFix reports.
The BNSF Railway is some 811,000 short tons behind on coal deliveries to the Sherco power plant northwest of Minneapolis, Xcel Energy has told the Surface Transportation Board, warning that if the plant runs out of coal it will stop producing electricity, Platts reports.