A report of stockpile builds at Cushing, added to a weak performance on Wall Street Monday, sent oil prices lower. West Texas Intermediate lost 42 cents, or 1 percent, to settle at $43.87 a barrel on the Nymex, while in London, Brent fell 23 cents to $47.19, Reuters reports.
Royal Dutch Shell opened its Quest carbon capture and sequestration project in the Canadian oil sands last week, but there’s unlikely to be any new oil sands CCS projects anytime soon given low crude prices and lack of support from the Alberta government, E&E reports.
WASHINGTON (AP) — The chemical sprayed on the 2010 BP oil spill may not have helped crucial petroleum-munching microbes get rid of the slick, a new study suggests.
And that leads to more questions about where much of the Deepwater Horizon oil spill went. If the new results are true, up to half the oil can't be accounted for, said the author of a new study on the spill in the Gulf of Mexico.
ABU DHABI, United Arab Emirates (AP) — On stage only a short time after the United Arab Emirates said it would increase its oil production despite low worldwide prices, the oil and gas minister of neighboring Oman didn't pull any punches.
"This is (a) man-made crisis in our industry we have created. ... And I think all we're doing is irresponsible," Mohammed bin Hama al-Rumhy said as his Emirati counterpart forced a smile next to him.
Oil prices ticked up early Monday thanks to data on China’s crude imports and comments from OPEC leaders predicting an increase in demand. West Texas Intermediate crude rose 20 cents to $44.49 a barrel in electronic trading on the Nymex, while in London Brent climbed 33 cents to $47.75, The Wall Street Journal reports.
TORONTO (AP) — Following the Obama administration's rejection of the Keystone XL pipeline, the oil industry faces the tricky task of making sure the crude oil targeted for the pipeline still gets where it needs to go.
The pipeline, first proposed by TransCanada Corp. in 2008, was projected to carry 800,000 barrels a day of crude from Canada and North Dakota down to Nebraska, where existing pipelines would bring it to refineries on the Gulf Coast.
ABU DHABI, United Arab Emirates (AP) — Low global oil prices will have a "correction" in 2016, but it won't be solely OPEC that helps to raise prices that have dropped over 50 percent, the United Arab Emirates' energy minister said Monday.
The oil-rich Emirates will raise daily production to 3.5 million barrels in the coming years, Minister Suhail Mohamed al-Mazrouei said at the start of the Abu Dhabi International Petroleum Exhibition and Conference.
WATERTOWN, Wis. (AP) — A Canadian Pacific Railway train derailed Sunday, spilling less than 1,000 gallons of crude oil and prompting evacuations in Wisconsin, the second day in a row a freight train derailed in the state.
Thirteen cars of an eastbound CP train went off the tracks around 2 p.m. in Watertown, in the southeastern part of the state, the railroad said. One tank car was punctured and leaked oil.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.