American Petroleum Institute data showing an unexpectedly large 4.6 million increase in crude inventories sent oil prices slightly downward early Wednesday. West Texas Intermediate crude fell 15 cents to $45.08 a barrel in electronic trading on the Nymex, while in London Brent slipped 9 cents to $48.14, Reuters reports.
Investment banking firm Tudor Pickering & Holt Co. is predicting that the long period of sub $50-a-barrel crude will cause declines in production in the Permian Basin, Eagle Ford Shale and Bakken Shale next year, FuelFix reports.
ANCHORAGE, Alaska (AP) — Royal Dutch Shell's decision to end its quest for oil in the Arctic waters off Alaska sparked jubilation among environmental activists, who said Tuesday that they will seize the opportunity to seek an end to all drilling to in the region.
But while Shell's move is a definite setback for oil companies, it does not mean offshore drilling is dead or that the Arctic Ocean has any greater protection now than it had last week.
LINCOLN, Neb. (AP) — The developer of the Keystone XL pipeline is shifting course in Nebraska and will withdraw lawsuits seeking to gain access to the property of landowners who oppose the project, the company announced Tuesday.
TransCanada Inc. said it will abandon its current efforts to invoke eminent domain through the courts and will reapply for state approval despite having received the go-ahead from former Republican Gov. Dave Heineman in 2013.
OKLAHOMA CITY (AP) — Citing low energy prices, Chesapeake Energy Corp. said Tuesday it was laying off 740 employees, most of them at its Oklahoma City headquarters, after the company reported a second-quarter loss of more than $4 billion in August.
The company said the layoffs represent about 15 percent of its workforce, cuts that will hit hardest at the company's Oklahoma City office, where more than 560 people lost their jobs. Following the layoffs, the oil and natural gas producer will still employ about 4,000 people, including about 2,500 in Oklahoma City.
DES MOINES, Iowa (AP) — The link between ending a 40-year oil export ban and lower prices at the gas pump is not as direct as Republican presidential candidate Jeb Bush would have voters believe in his new energy proposal, industry economists said Tuesday.
Still, Bush's overall premise that lifting the ban would expand economic growth held up to independent scrutiny. Environmentalists said the negative impact on the planet would be too great.
Oil closed nearly 2 percent higher ahead of the weekly reports from the American Petroleum Institute and the Energy Information Administration on U.S. crude supplies. West Texas Intermediate gained 80 cents to settle at $45.23 on the Nymex, while in London, Brent was 89 cents higher to $48.23, Reuters reports.
A three-judge appeals panel has rejected environmentalists’ attempt to require a full National Environmental Policy Act study on the entire Flanagan South pipeline, which carries oil sands crude into Oklahoma, E&E reports.
There's no need for the Environmental Protection Agency's final rule to limit toxic emissions from petroleum refineries, oil and refining groups said Tuesday, arguing that the agency itself has found the sector is emitting at safe levels.
The regulation requires operators to monitor fugitive emissions within and at the fence lines of facilities, quickly identify and repair the source, and publicly disclose the data.
“EPA analyses, supported by extensive industry monitoring data, show that air emissions from refineries are already at safe levels,” Bob Greco, director of the American Petroleum Institute's Downstream Group, said in a statement.
Grid operators and utilities will bring their arguments Wednesday to the U.S. Supreme Court against the Federal Energy Regulatory Commission rule requiring them to offer incentives to customers who cut electricity use during peak demand, E&E reports.
A bill signed into law by Pennsylvania Gov. Tom Wolf last week clarifies the legal liabilities involved when a driller uses mine water in the hydraulic fracturing process, the Pittsburgh Post-Gazette reports.
A class action lawsuit filed in federal court in Los Angeles Monday is citing California emissions laws in demanding Volkswagen immediately buy back diesel vehicles caught up in the company’s emissions testing scandal, the Los Angeles Times reports.
Data from China showing the country imported more crude last month, alongside bargain hunting after Monday’s price collapse, were helping to support oil early Tuesday. West Texas Intermediate crude rose 1.2 percent to $47.64 a barrel in electronic trading on the Nymex, while in London Brent gained 1.3 percent to $50.88, The Wall Street Journal reports.
Johnson Controls Inc. is putting lithium-ion batteries into energy storage systems at the Merchandise Mart building in Chicago and in a U.S. military base in Puerto Rico, the Milwaukee Journal Sentinel reports.
United Parcel Service vehicles running on alternative fuel have logged more than 500 million miles, more than halfway to the company goal of hitting a billion miles by 2017, the Pittsburgh Post-Gazette reports.