A drop in the U.S. dollar helped limit the decline in oil prices early Tuesday in the face of continuing fears about crude supplies. U.S. benchmark crude for August delivery dropped 15 cents to $50 a barrel in electronic trading on the Nymex, while in London Brent fell 15 cents to $56.50, Reuters reports.
The move to shale drilling appears to have drawn interest away from shallow waters in the Gulf of Mexico, with the Bureau of Safety and Environmental Enforcement reporting a 74 percent drop in the number of permits issued in the first half of the year, Bloomberg reports.
The supply glut continues to press on crude oil prices, with both Brent and WTI futures losing ground Monday. Light, sweet crude for August dropped 74 cents, settling at $50.15 a barrel, while London Brent was down 45 cents at $56.65, The Wall Street Journal reports.
With drilling activity “scraping along the bottom,” Halliburton President Jeff Miller reported a drop in net income of 93 percent in the second quarter, compared to the year-ago period, FuelFix reports.
BILLINGS, Mont. (AP) — A train that derailed and spilled 35,000 gallons of oil in northeastern Montana was traveling within authorized speed limits, federal officials said Monday as they continued to probe the accident's cause.
The Burlington Northern Santa Fe Railway train loaded with crude from North Dakota was traveling 44 miles per hour before Thursday's wreck, U.S. Federal Railroad Administration spokesman Matthew Lehner said.
The U.S. Chamber of Commerce and the Corporate Council on Africa will host the President of Nigeria, Muhammadu Buhari, for a dinner and keynote address on strengthening ties between the United States and Nigeria by promoting bilateral trade and combating security threats.
California regulators’ concerns about pollution control at Exxon Mobil’s refinery in Torrance are keeping the facility from returning to full capacity following February’s explosion there, the Los Angeles Times reports.
Data showing Saudi crude exports have fallen to their lowest level since December helped to support oil prices early Monday following a steep slide last week. West Texas Intermediate crude for August delivery inched up 5 cents to $50.94 a barrel in electronic trading on the Nymex, while September Brent rose 3 cents to $57.15 in London, Reuters reports.
WASHINGTON (AP) — Nigeria's new president, Muhammadu Buhari, is meeting with President Barack Obama to shore up relations between the U.S. and the nation with Africa's largest economy, and to seek additional assistance in the fight against the Islamic extremist group Boko Haram, whose deadly rampages have killed thousands across the country's north.
Obama's meeting with Buhari is expected to cover Nigeria's economy, which has suffered under the decline in oil prices, additional security issues and government corruption.
SANTA BARBARA, Calif. (AP) — The last of several Southern California beaches soiled by last spring's massive oil spill reopened Friday to enthusiastic crowds that quickly jammed its campgrounds to capacity.
Refugio State Beach opened to day visitors at 8 a.m. and began letting overnight campers in at noon, said Eric Hjelstrom, the beach's section superintendent. By early afternoon, its 60 camping spaces were taken.
In addition to offering states more time to comply with its rules limiting power plant carbon emissions, the Environmental Protection Agency is expected to give them credit for cuts already made and for nuclear power generation, The Wall Street Journal reports.
Lawyers tell E&E that in states refusing to cooperate with the Environmental Protection Agency’s Clean Power Plan limiting power plant carbon emissions, the regulations likely will target the electricity generators themselves.
Shell's 2015 Arctic operations have formally gotten underway, as the company has started drilling in the Chukchi seabed to make room for a blowout preventer where it won’t be disturbed by passing icebergs, FuelFix reports.
Memos from the U.S. Army Corps of Engineers complaining about the Environmental Protection Agency’s consultation failures involving the Clean Water Rule were made public by the House Oversight and Government Reform Committee Thursday, The Hill reports.
The Bayou Bridge pipeline being built by Phillips 66 – alongside Energy Transfer Partners and Sunoco Logistics Partners – will bring crude from terminals in Nederland, Texas, to a market hub in St. James, La., FuelFix reports.
Remarks from the Secretary General indicating that OPEC would maintain its production levels to retain its market share pushed oil prices lower early Friday, Reuters reports. U.S. benchmark crude fell 90 cents to $47.62 a barrel in electronic trading on the Nymex, while in London Brent lost 70 cents to $52.61.
Shell takeover target BG Group responded to the drop in oil and gas prices with a big increase in production, which brought its second quarter results in above analysts’ expectations with earnings of $1.372 billion, Reuters reports.