Oil

Oil

Railroads gather steel, lumber companies in fight against oil rules

Source: 
Bloomberg

U.S. railroad companies have recruited lumber and steel manufacturers in their fight against proposed rules that would require trains carrying crude oil to travel at slower speeds, arguing the rule would trickle down and hurt other industries, Bloomberg reports.

Oil

Average gasoline prices lowest since 2011, AAA says

Source: 
Bloomberg

As oil prices decline worldwide, motorist group AAA says average U.S. gasoline prices stand at $3.177, the lowest since February 2011, Bloomberg reports.

Oil

North Dakota hits record oil, gas output in August

Source: 
Platts

North Dakota's Department of Mineral Resources said the state's oil and natural gas production hit new records in August, with oil output rising to 1.132 million barrels per day and gas output rising to 1.34 billion cubic feet per day, Platts reports.

Oil

Sides won't say, but Keystone losing priority in energy debate

Source: 
Politico

Energy interests and environmental groups won't explicitly say the long-delayed Keystone XL pipeline is losing political priority, but green groups seem more focused on greenhouse gas reduction as oil companies find new ways to ship Canadian crude oil, Politico reports.

Oil

Oil continues decline on Nymex, ICE

Source: 
Bloomberg

Oil prices continued their decline on the ICE Futures Exchange in London as Brent crude fell by 2 percent to $83.37 per barrel and West Texas Intermediate fell as low as $80.37 on the New York Mercantile Exchange, Bloomberg reports.

Oil

European stocks wallow, Asia gains on oil slump

European stocks wallowed Wednesday on dour growth prospects while Asian shares were mostly higher as a slump in energy prices promised benefits for the region's major economies.

KEEPING SCORE: Amid the prospect Europe will relapse into recession, France's CAC 40 sank 0.8 percent to 4,057.65 and Germany's DAX lost 0.6 percent to 8,767.19. Britain's FTSE 100 swooned 1.2 percent to 6,314.50. Futures augured losses on Wall Street. Dow futures fell 0.2 percent and S&P 500 futures shed 0.3 percent.

ENERGY SLUMP: The price of oil suffered its biggest drop in nearly two years after the International Energy Agency reduced its forecast for demand for this year and 2015. The benchmark U.S. crude futures contract fell $3.90 to close Tuesday at $81.84 a barrel on the New York Mercantile Exchange. That was the biggest drop since November of 2012, and it's the lowest closing price since June of 2012. The contract was down $1.14 at $80.72 on Wednesday.

Oil

Aspen report suggests lifting export ban would lower gas prices

Source: 
Reuters

A study released by the Aspen Institute, a group backed by a number of energy companies, suggests lifting the U.S. crude export ban would press a decline in gasoline prices by putting more oil in the global market where prices are set, Reuters reports.

Oil

Cheaper oil could downgrade Putin's power

Source: 
Bloomberg

Falling oil prices may pose a threat to Russian President Vladimir Putin's power and popularity in his country, as falling revenue, slow economic growth and sanctions by Western nations limit how much his government can raise state pensions and wages, Bloomberg reports.

Oil

OPEC production could spur stronger industry campaign against export ban

Source: 
Reuters

OPEC's decision to maintain oil production despite falling prices may press U.S. producers to increase pressure on Washington to end its long-standing crude export ban by arguing the move would keep production high even if prices continue to fall, Reuters reports.

Oil

Louisiana Sunoco Logistics pipeline still closed after leak

Source: 
The Wall Street Journal

A portion of a Sunoco Logistics oil pipeline in northwest Louisiana is still shut down after a leak of about 4,000 barrels in one of the year's largest pipeline spills, The Wall Street Journal reports.

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