The plan released by the Department of Transportation to improve oil train safety would have 15,000 older tank cars converted to carrying Canadian tar sands oil without performing any major retrofits, a prospect that alarms environmental campaigners, E&E reports.
With the world appearing to be awash in oil and demand in China slipping in July, prices were dropping again Wednesday. U.S. benchmark crude was down 17 cents to $97.20 a barrel in electronic trading on the Nymex, while in London Brent crude for September delivery fell for a fourth straight day, trading 24 cents lower to $102.78, Reuters reports.
The first shipment of crude since the end of a yearlong blockade has sailed from the Libyan port of Ras Lanuf, carrying 670,000 barrels in a tanker chartered by Austrian energy group OMV, National Oil Corporation said Wednesday, Reuters reports.
Mexico’s national oil company Pemex will get to keep the lion’s share of the country’s reserves, giving it a big head start even as the country opens its doors to private energy companies, sources told The Wall Street Journal.
The recent deal that pulled fracking measures off Colorado’s ballot in November notwithstanding, the public relations battle over the oil and gas industry in the state is continuing, and drilling services giant Halliburton has a new ad running to promote the company there, FuelFix reports.
A report from the International Energy Agency which points to ample crude supplies and lessening oil demand sent prices tumbling Tuesday. West Texas Intermediate crude fell 71 cents to $97.37 a barrel in trading on the New York Mercantile Exchange, while in London Brent crude dropped 1.6 percent to settle at a 13-month low, down $1.66 to $103.02, Bloomberg reports.
Refiners Axeon Specialty Products and LyondellBasell NV are refusing to accept delivery of Kurdish crude until the legal cloud over its ownership is lifted, leaving the tankers Minerva Joy and United Kalavrvta waiting, anchored outside U.S. waters, Reuters reports.
The Energy Department's statistics wing on Tuesday offered drivers who have enjoyed declining gasoline prices more good news: The pain at the pump should continue to lessen.
In its monthly short term energy outlook, the Energy Information Administration said the prime driver of gasoline costs, crude oil prices, should remain steady for the rest of the year despite record U.S. refinery demand.
Stricter sanctions against Russia are restricting some of its equipment and personnel in the country, Schlumberger said Tuesday, warning that the situation could affect its profits in the third quarter, FuelFix reports.
HOUSTON (AP) — Texas-based energy company Apache Corp. said it believes the killing of one of its supervisors in the western Egyptian desert in a carjacking was an isolated incident.
Spokesman Bill Mintz wouldn't elaborate Tuesday on how the Houston company made this assessment. He said the slaying was a police matter and that the company was cooperating with investigators.
Security officials in Egypt said the Apache worker's body was found Friday in a car on a road outside Cairo. The man had been shot to death as he was driving last Wednesday in the desert between Qarun and Karama, southwest of Cairo.
By pushing for international agreement on a climate accord – which would "name and shame" violators rather than prosecute them – President Obama hopes to come up with a global deal on the issue that would avoid him having to present a legally binding treaty for Senate ratification, The New York Times reports.
$1.4 million will settle federal claims stemming from a crude oil spill from a pipeline operated by an Exxon Mobil subsidiary in Louisiana back in 2012, an amount the company has agreed to pay, The Hill reports.
A greater-than-expected decline in crude stockpiles reported by the Energy Information Administration Wednesday helped push oil prices up. U.S. benchmark crude gained 15 cents to $94.01 a barrel after settling 51 cents higher on the Nymex Tuesday, while in London Brent crude for October delivery rose 21 cents to $102.71, Reuters reports.
Texas lawmakers examined the impact of the oil boom in a hearing Tuesday, where the Texas Oil & Gas Association said it has brought the state $48 billion in wage payments and $11 billion in royalties a year, the Houston Chronicle reports.
High returns from fossil fuel investments make it difficult for the divestment movement to attract support, although dumping coal stocks may be a more attractive proposition than turning away from oil and gas companies, says a new report from Bloomberg New Energy Finance, according to National Journal.
In a change of plans, Duke Energy said at a Florida Public Service Commission hearing Tuesday it would buy an existing natural gas-fired plant from Calpine Finance Construction Co. instead of building one of its own, the Tampa Bay Times reports.
The Tokyo Electric Power Co., operator of the crippled Fukushima Dai-ichi nuclear plant, must pay the husband of a suicide victim in the region $470,000, under a ruling from a Japanese court, The Washington Post reports.
Although leaders in Moscow and Kiev spoke of “positive” results from Tuesday’s talks between Russian President Vladimir Putin and Ukrainian leader Petro Poroshenko, there appeared to be no letup in fighting Wednesday, Bloomberg reports.