Kuwait indicated it would follow Saudi Arabia's lead on not immediately cutting oil production amid plunging prices, further indicating that Venezuela's call for an emergency meeting won't be answered, Bloomberg reports.
For those hoping the Energy Information Administration will make a definitive case for or against the U.S. oil exports ban, this weekend was a letdown.
EIA's study for the Obama administration on the tie between oil exports and gasoline prices is almost done, and the preliminary numbers don't show a strong link, Administrator Adam Sieminski said Sunday on the Platts Energy Week program.
That's not the news either side of the debate wants to hear. They alternatively contend that lifting the ban would drive gasoline prices down or up. But a finding of little impact takes some of the sting out of both arguments, in a fight that may not be resolved anytime soon.
The recent decline in crude oil prices is putting pressure on some oil producers working the Bakken shale to curb their drilling plans for 2015, as the extraction process requires prices between $70 and $80 per barrel to make target returns, Bloomberg reports.
Though CSX wasn't initially responsive to a merger proposed by Canadian Pacific Railway, people familiar with talks tell The Wall Street Journal that a deal is still possible as Canadian Pacific Chief Executive Hunter Harrison makes the case that the move would streamline rail transport.
HOUSTON (AP) — Targa Resources is buying Atlas Pipeline Partners and Atlas Energy in a deal valued at close to $6 billion, creating a huge energy transportation and storage company.
Targa Resources Partners LP, based in Houston, will pay $4 billion and assume $1.8 billion in debt for Atlas Pipeline. Each Atlas Pipeline unitholder will receive 0.5846 units of Targa Resources Partners and a one-time cash payment of $1.26 per Atlas Pipeline unit for total consideration of $38.66 per Atlas Pipeline unit.
U.S. stock indexes sank in late trading Monday, led by decline in energy stocks and the price of oil falls further.
The market is coming off a turbulent week during which it was shaken by concerns over shaky global growth prospects. Investors were also looking ahead to earnings news from a number of big companies later this week including General Electric, Intel and Bank of America.
NEW YORK (AP) — If you're a driver, a shipper or an airline, low oil prices sure feel nice. But there are downsides to the recent plunge in oil prices — for the oil industry and for the economy.
Low fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things. Problem is, two factors behind the oil-price drop — a weaker global economy and a stronger dollar — could hurt the U.S. economy by reducing exports, employment and spending. And all that, in turn, could outweigh the economic benefit of cheaper fuel.
Bloomberg examines the growth of fuel smuggling in Indonesia, ranging from small-time thieves to crime syndicates taking advantage of the nation's poor fuel distribution policies and more than $20 billion in yearly subsidies.
Prices for Brent crude for November fell 1.5 percent Monday to settle at $88.89 per barrel after dropping to $87.74 per barrel midday, the lowest front-month price since December 2010, Reuters reports. U.S. crude ended at $85.74, down 8 cents.
A greater-than-expected increase in crude inventories, coupled with falling stock prices and a strong dollar, sent oil prices tumbling again Wednesday. U.S. benchmark crude for December delivery slid 2.5 percent, or $1.97, to settle at $80.52 a barrel on the Nymex, while in London Brent lost $1.51 to end the trading day at $84.71, Reuters reports.
A lawsuit filed by Citizens for Responsibility and Ethics in Washington -– or CREW -– alleges that the Environmental Protection Agency failed to comply with a Freedom of Information Act request to release documents relating to the biofuels mandate in the 2014 Renewable Fuel Standard, The Hill reports.
Duke Energy CEO Lynn Good told NPR in an interview that she is focusing on making sure that the company is taking the right steps to address the Dan River coal ash spill, but she hopes that in a year or two the utility can move beyond the matter.
Three states in New England and two on the West Coast headed the list when it came to energy efficiency in 2014, while North Dakota, home to the Bakken shale, brought up the rear, in a survey published Wednesday by the American Council for an Energy-Efficient Economy, according to U.S. News & World Report.
Insurance companies are covering less but losing more money as a result of natural disasters, and sustainability advocate Ceres found in a survey that many “show a profound lack of preparedness” when it comes to the impact of climate change, The New York Times reports.
Sen. Joe Manchin, D-W.Va., has cruised waters off the Rhode Island coast to view the impact of climate change on marine life, and now Sen. Sheldon Whitehouse, D-R.I., is visiting his colleague’s home state to learn first-hand about the impact of government policy on the lives of coal miners, the Los Angeles Times reports.
An analysis of state environmental data by the Natural Resources Defense Council found that 5 million people in California already live within a mile of an active oil or gas well, and expanding drilling could expose them to greater health risks, the Los Angeles Times reports.
Four major corporations announced Wednesday they will offer employees discounts on buying or leasing home solar systems through Geostellar, in what's called the Solar Community Initiative program, The New York Times reports.
In order to cope with Western sanctions, the state-owned oil giant Rosneft is asking the Russian government for more than 2 trillion rubles, the equivalent of nearly $50 billion, The Wall Street Journal reports.