WASHINGTON (AP) — For six and a half years, the White House has had a quick comeback to questions about its yet-to-be-announced decision on the proposed Keystone XL pipeline: Talk to the State Department.
Under a George W. Bush-era executive order, oil pipelines crossing U.S. borders require a presidential permit, setting off a government-wide review that the State Department coordinates. President Barack Obama, in no rush to anger either environmentalists or energy advocates, has deflected criticism about the long-delayed decision by arguing that his administration is merely carrying out his Republican predecessor's directive in the ordinary way.
Crude prices have been slumping and gasoline prices in the Midwest soaring as a result of a shutdown at the BP refinery in Whiting, Indiana, Bloomberg reports, noting that the outage could continue for a month.
The price of U.S. crude oil has tumbled to its lowest level in more than six years.
The latest slide on Tuesday came as OPEC said its production rose to a three-year high. China also devalued its currency, suggesting economic growth there was softer and could cause lower crude demand.
China’s move to devalue the yuan snuffed out Monday’s oil market rally, Reuters reports. U.S. benchmark crude lost 25 cents to $44.71 a barrel in electronic trading on the Nymex early Tuesday, while Brent fell 10 cents to $50.31.
Offshore project start-ups will boost U.S. crude production through the end of the year, according to OPEC’s latest monthly forecast, which increased its projection for demand growth slightly, Reuters reports.
Chevron had been outperforming rivals Exxon Mobil and Shell over the past five years, but the company’s performance has taken a beating since oil prices started sliding over a year ago, Dow Jones reports.
ANCHORAGE, Alaska (AP) — With a key safety vessel repaired and in northern waters, Royal Dutch Shell PLC has applied to amend its federal exploratory drilling permit to allow drilling into oil-bearing rock in the Arctic Ocean off Alaska's northwest coast.
Shell last month received permission to begin some drilling at two sites in the Chukchi Sea but was banned from digging into petroleum zones roughly 8,000 feet below the ocean floor.
A problem at the BP refinery in Whiting, Indiana that pushed up gasoline prices had a knock-on effect on crude Monday, along with a drop in the dollar. U.S. benchmark crude gained $1.09 to settle at $44.96 a barrel on the Nymex, while in London Brent jumped 3.7 percent, or $1.80, to $50.41, Reuters reports.
Dismissing a story in Canadian media that a decision on the Keystone XL pipeline is imminent, White House spokesman Josh Earnest said the State Department is still reviewing the proposed project, The Hill reports.
Environmentalists plan to protest the Obama administration approval of drilling in Arctic waters when the president visits Alaska, while the state’s governor and others plan to push for more oil and gas production, National Journal reports.
Despite New Orleans’ recovery from Hurricane Katrina – hailed by President Obama in a visit Thursday – the federal government is still falling short when it comes to improving flood defenses, according to an analysis from the Georgetown Climate Center, E&E reports.
Oil was rising again Friday after prices a day earlier racked up the biggest single day increase since March, 2009. U.S. benchmark crude for October delivery was up $1.56 to $44.12 a barrel on the Nymex, while in London Brent jumped $1.18 to $48.74, The Wall Street Journal reports.
Seeo – a California-based developer of electric car batteries that holds a licence for patents from the Lawrence Berkeley National Laboratory – has been acquired by international car parts company Robert Bosch, Reuters reports.
An analysis prepared for the New England Coalition for Affordable Energy -– which was funded by the American Petroleum Institute and America’s Natural Gas Alliance -– found that New England could end up paying $5.4 billion more for energy if the region fails to upgrade its infrastructure, the New Haven Register reports.
Hercules Offshore didn’t appeal a move by Nasdaq to have its stock deslisted from the exchange in the wake of its Chapter 11 filing, so the company stock – trading for 7 cents a share Thursday afternoon – is now handled in the over-the-counter market, FuelFix reports.
In the heart of Colorado’s drilling boom, Weld County saw the highest rate of job growth in the country even though the state adopted air pollution rules seen as a precursor to those under consideration at the Environmental Protection Agency, E&E reports.