The rail industry is prepared to move promptly to implement new federal safety regulations governing the transportation of crude oil, and urged federal officials months ago to make improvements to the newest line of tankers that were involved in a fiery West Virginia crash this week, a top industry official tells EnergyGuardian.
A report from the Energy Information Administration that U.S. crude stockpiles last week hit a record high of 425.6 million barrels kept the pressure on prices early Friday. U.S. benchmark crude for March delivery was 21 cents lower to $50.95 a barrel in electronic trading on the Nymex, while in London April Brent dropped 15 cents to $60.06, Reuters reports.
Canadian pipeline operator Enbridge Inc. made a net profit of $70 million in the fourth quarter – compared to a loss in the period a year earlier – and announced a dividend increase, but the company’s results didn’t meet analysts’ expectations, The Wall Street Journal reports.
NEW YORK (AP) — A slide in shares of utility companies nudged the U.S. stock market lower Thursday.
Utilities were the day's biggest losers, falling 1 percent, and their losses resumed a trend that emerged in late January. Investors have dumped the dividend-rich stocks as the yield of the U.S. 10-year note creeps higher.
Energy stocks also weighed on the market Thursday as oil dropped.
Shale driller EOG Resources – which saw its fourth-quarter profits shrink 23 percent on lower oil prices – says it will keep drilling wells but complete fewer of them until prices increase from their current levels, FuelFix reports.
After suing Exxon Mobil for $8.9 billion in damages for wetland contamination in northern New Jersey, the state has suddenly settled the case for $250 million shortly before a judge was expected to issue a ruling for damages, The New York Times reports.
The Environmental Protection Agency’s rules to limit power plant carbon emissions and clarify its jurisdiction over bodies of water are top of the hit list for lawmakers like Rep. Bill Flores, R-Fla., attending the Conservative Political Action Conference, McClatchy reports.
The American Meteorological Society has sent a letter to Rep. Raul Grijalva, D-Ariz., saying that his investigation into the funding behind climate studies “sends a chilling message to all academic researchers,” National Journal reports.
The Forest Service needs to increase harvesting in the Tongass National Forest or timber mills in Alaska’s southeast will start to go bust, Energy and Natural Resources chair Sen. Lisa Murkowski, R-Alaska, told its chief Tom Tidwell at a hearing Thursday, E&E reports.
Fleet cards issued by the U.S. General Services Administration have been illegally used to pay for $2.4 million worth of gasoline by government workers filling up their own personal cars, News4 Washington reports.
The California state senate has announced it will hold three days of public hearings to examine the operations of the Public Utilities Commission, already in the spotlight for its closeness with the companies it regulates, the Los Angeles Times reports.
Members of the Southeast Louisiana Flood Protection Authority-East will decide Monday whether to appeal a judge’s dismissal of their coastal erosion lawsuit against major oil and gas companies, The Associated Press reports.