The seven judges on Nebraska’s Supreme Court – expected to release a decision on a Friday in the next few weeks -- could speed up or slow down development of the Keystone XL pipeline, depending on whether they back a lower court ruling which held that the pipeline route should have been a matter for the state’s Public Service Commission, Reuters reports.
The relentless decline in crude prices appears to be having some impact on drilling, as the number of operating oil rigs fell by 29 last week, according to statistics from Baker Hughes, FuelFix reports.
WASHINGTON (AP) â Falling gas and food costs pushed down overall U.S. wholesale prices last month, evidence that cheaper oil worldwide is limiting inflation.
The Labor Department said Friday that the producer price index fell 0.2 percent in November, after rising by the same amount in October. In the past 12 months, producer prices have risen just 1.4 percent, the smallest yearly increase since February.
DHAKA, Bangladesh (AP) — Authorities in Bangladesh were urgently assessing environmental damage in one of the world's largest mangrove forests on Friday after an oil tanker sank, threatening wildlife in the UNESCO World Heritage site, officials and local media said.
The oil tanker carrying more than 350,000 liters (92,500 gallons) of bunker oil sank Tuesday on a major river flowing through the Sundarbans after being hit by a cargo vessel.
Oilfield services giant Halliburton, whose CFO Mark McCollum said falling oil prices were hitting the company’s international operations the hardest, has announced it will shed 1,000 jobs in Eastern Hemisphere operations, FuelFix reports.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.