WASHINGTON (AP) — A plunge in energy-related drilling and sluggish manufacturing sent U.S. industrial output down for a fifth straight month in April.
Overall industrial production slid 0.3 percent in April after a drop of the same size in March, the Federal Reserve said Friday. The figures suggest that weakness in manufacturing and mining is weighing heavily on the economy.
WASHINGTON (AP) — A decade-old oil leak where an offshore platform toppled during a hurricane could continue spilling crude into the Gulf of Mexico for a century or more if left unchecked, according to government estimates obtained by The Associated Press that provide new details about the scope of the problem.
Taylor Energy Company, which owned the platform and a cluster of oil wells, has played down the extent and environmental impact of the leak. The company also maintains that nothing can be done to completely eliminate the chronic oil slicks that often stretch for miles off the coast of Louisiana.
Oil prices were steady early Friday, although a growing global inventory build could signal an end to the climb seen in recent weeks, Reuters reports. U.S. benchmark crude for June delivery lost 25 cents to $59.63 a barrel in electronic trading on the Nymex, while in London July Brent was unchanged at $66.70.
SEATTLE (AP) — As a massive oil drill rig moved into Seattle, about two dozen activists in kayaks paddled to the middle of Elliott Bay, linked boats and unfurled a banner to make a stand against Royal Dutch Shell's plan to open a new frontier of fossil fuel exploration in the Arctic Ocean.
The 400-foot-long rig rising nearly 300 feet above the water dwarfed the flotilla of tiny boats on Thursday, as it passed the city's Space Needle and downtown skyline and docked at Terminal 5.
Concerns about overall global supply outweighed factors such as a drop in U.S. stockpiles, pressuring oil prices Thursday. U.S. benchmark crude for June delivery lost 62 cents to settle at $59.88 a barrel on the Nymex, while in London, the expiring Brent contract ended 22 cents lower at $66.59, Reuters reports.
The three Democrats willing to join Senate Republicans in the fight against the new water rule finalized by the Environmental Protection Agency and the Army Corps of Engineers won’t give the GOP the two-thirds majority needed for legislation to block it, The Hill reports.
Shortcomings in Shell Oil Co.’s plan to tow the Kuluk drilling rig across the stormy Gulf of Alaska led to its grounding in 2012, according to a report from the National Transportation Safety Board, FuelFix reports.
Gov. Bill Walker, I-Alaska, visited Seattle to tour an Arctic drilling rig parked there, and then met privately with his Washington counterpart, Democratic Gov. Jay Inslee, to challenge the state’s opposition to Arctic drilling, The Associated Press reports.
Shell appears unfazed by the latest opposition in Seattle to its Arctic drilling fleet: A decision by King County to deny the ships a permit to discharge waste water into the regional sewer system, the Seattle Post-Intelligencer reports.
Increased environmental regulation, lower natural gas prices and reduced demand as a result of economic problems were cited as reasons why CanAm subsidiary Birmingham Coal & Coke filed for Chapter 11 bankruptcy protection Wednesday, Platts reports.
Larger than expected declines in crude and gasoline supplies helped support oil prices Thursday. U.S. benchmark crude gained 17 cents to settle at $57.68 a barrel on the Nymex, while in London, Brent ended 52 cents higher at $62.58, The Wall Street Journal reports.
The biggest change stemming from Mexico’s energy reform might be more integration between U.S. electricity utilities with their counterparts south of the border, Energy Secretary Ernest Moniz said at a conference Wednesday, Bloomberg reports.
Fracking ban supporters continue to look into possible legal challenges to a new state law blocking Denton, Texas from interfering with drilling, while protesters have been picketing a well site, the Denton Record-Chronicle reports.