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.
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.
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 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.
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.
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.
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.
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.
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.
The U.S. Court of Appeals for the District of Columbia Circuit on Thursday lifted a stay on the Environmental Protection Agency’s implementation of its Cross-State Air Pollution Rule, although legal arguments on challenges to some aspects of the regulation are set to take place next March, E&E reports.
Producers for American Crude Exports, or PACE, for short, is made up of more than a dozen independent oil companies who would like to see the decades-old U.S. ban on crude exports overturned, Reuters reports.
The Federal Energy Regulatory Commission staff has cleared the Constitution pipeline on its environmental impact, leaving Commissioners to make the final decision on the project, which is intended to add some 650 million cubic feet of natural gas capacity in New York and New England, FuelFix reports.
If the Federal Energy Regulatory Commission approves changes that PJM Interconnection will suggest to the rules, it’s possible the wholesale electricity market manager might find a way to keep a demand response program going despite legal challenges, E&E reports.
Rising global supply and sluggish demand were continuing to weigh on oil prices. U.S. benchmark crude for December delivery dropped $1.08 to settle at $81.01 a barrel on the Nymex, $1.74 lower than the price a week ago, while Brent finished at $86.13, a loss of 70 cents on the day and 3 cents less than last Friday’s settlement price, Reuters reports.
ConocoPhillips, alongside partners including BP and Exxon Mobil, has announced what it says is the first new drilling in the North Slope’s Kuparuk River Field in nearly a dozen years, a well to come on line in 2016 that will add 8,000 barrels a day of production, Platts reports.
In one of the most hotly contested and expensive House races in the country, Rep. Nick Rahall, D-W.Va., is battling against Republican candidate Evan Jenkins and powerful conservative groups backed by the Koch brothers, The New York Times reports.
Kristin Jacobs – who has turned in a strong performance in her campaign to be elected to the Florida House of Representatives in a flood-prone Miami district – is one of a number of candidates who are successfully pressing climate change as an issue even when polls say it’s not a top voter concern, The New York Times reports.
Opower says pilot programs run in Vermont and Southern California over the summer, which involved contacting customers to ask them to go easier on their air conditioning and then reporting back to them on how much electricity they saved compared to their neighbors, cut usage by nearly 3 percent on a number of hot days, The Washington Post reports.