Reports that Saudi Arabia supplied less oil to the global market in September than it did the month before helped to push oil prices higher Thursday. West Texas Intermediate crude for December delivery jumped 2 percent, gaining $1.57 to settle at $82.09 on the Nymex, while in London Brent crude picked up $2.12 to finish at $86.83, Bloomberg reports.
Companies that provide equipment and services for oil drillers could lower their fees to maintain market share in the face of falling crude prices, Occidental CEO Stephen Chazen told a conference call Thursday, following an announcement that his company’s profits dropped 24 percent in the third quarter, Bloomberg reports.
DALLAS (AP) — Profits are soaring at the biggest U.S. airlines as fuel prices drop — but don't expect fares to fall too.
Heading into the busy holiday-travel period, the airlines expect even cheaper fuel, thanks to the nosedive in crude oil prices. The price of jet fuel, an airline's biggest single expense, has dropped by about one-fifth since mid-June.
WASHINGTON (AP) — Islamic State militants are raking in money at a remarkable rate, earning about $1 million a day from black market oil sales alone, a Treasury Department official said Thursday.
David Cohen, who leads the department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks. In addition, he said the group has taken in at least $20 million in ransom payments this year from kidnappings.
An increase in a Chinese manufacturing index combined with faster-than-expected growth in European industrial activity helped boost oil prices early Thursday. U.S. benchmark crude gained 20 cents to $80.72 a barrel in electronic trading on the Nymex, while in London Brent crude was up 25 cents to $84.96, Reuters reports.
California Resources Corp., a production unit that Occidental Petroleum Corp. is planning to spin off next month, saw a drop in net income to $188 million from July to September, which it attributed to lower crude prices and higher production costs, FuelFix reports.
With $9.5 million laid out so far this year on lobbying -– according to figures in disclosure reports filed with the Senate –- Koch Industries has outspent Exxon Mobil and funneled significantly more into advocacy than it did in 2013, E&E reports.
Some ten percent of natural gas produced in drilling fields like those in the Bakken and Eagle Ford shale – most of which is methane -- leaks into the atmosphere, according to a study published in the journal Earth’s Future, E&E reports.
State Department energy envoy Amos Hochstein says the federal government won’t get involved in the dispute between Baghdad and the Kurdistan Regional Government in Iraq over ownership of oil on board the tanker United Kalavrvta, which has been sitting off the coast of Galveston for months, Platts reports.
TransCanada has filed an application running more than 30,000 pages with the country’s National Energy Board, seeking approval of the Energy East pipeline which would carry Alberta oil sands crude east, a process likely to take some 18 months, The Canadian Press reports.
A poll conducted for news organizations in South Dakota found that voters in the state –- which is in the process of renewing an expired permit for it -- overwhelmingly back the Keystone XL pipeline, although the issue does not appear on the November ballot, Gannett’s Argus Leader reports.
A Hart research poll commissioned by three environmental groups finds that 54 percent of voters surveyed in five swing states would be more likely to cast a ballot for a candidate who wants to take action against climate change, and 68 percent back one looking to expand renewable energy, The Hill reports.
Delta Airlines subsidiary Monroe Energy has written to the Surface Transportation Board -- in a letter posted online Wednesday -- complaining that delays to crude-by-rail deliveries are severely disrupting its operations, E&E reports.
Wednesday’s Federal Reserve decision to finish its asset-purchase program pumped up the dollar Thursday, which sent oil prices down. West Texas Intermediate crude for December delivery fell $1.08 to finish trading on the Nymex at $81.12 a barrel, while in London Brent lost 1 percent, or 88 cents to settle at $86.24, Bloomberg reports.
U.S. District Judge Janis L. Sammartino has rejected a request from the Tokyo Electric Power Company to throw out a class action lawsuit filed against it by U.S. Navy sailors exposed to radiation after the Fukushima Dai-ichi nuclear plant disaster, Bloomberg reports.
Net income in the third quarter for midstream operator Enterprise Products Partners was 18 percent higher, at $699 million, compared to the year-ago period, on bigger fees and a larger volume of crude flowing through its pipelines, FuelFix reports.
In a consent decree filed in District Court in Texas, Superior Crude Gathering Inc. has agreed to pay $1.6 million for violations of the Clean Water Act for spilling 2,200 barrels of crude into a wetland four years ago, according to the Environmental Protection Agency, UPI reports.
James Famiglietti, a scientist at NASA’s Jet Propulsion Laboratory, has written a commentary published in the journal Nature Climate Change, backed by new satellite data, which warns that groundwater supplies in the world’s most arid places are continuing to dry up, E&E reports.