The American Petroleum Institute and the Association of American Railroads have reached an agreement to make thicker tanker cars for shipping oil and schedule plans for retiring older cars; if the agreement is endorsed by the Transportation Department, it will become a key component of a larger rail safety overhaul, Reuters reports.
FORT WORTH, Texas (AP) — States where hydraulic fracturing is taking place have seen a surge in earthquake activity, raising suspicions that the unconventional drilling method could be to blame, especially the wells where the industry disposes of its wastewater.
Fracking generates vast amounts of wastewater, far more than traditional drilling methods. The water is pumped into injection wells, which send the waste thousands of feet underground. No one knows for certain exactly what happens to the liquids after that. Scientists wonder whether they could trigger quakes by increasing underground pressures and lubricating faults.
Lacking any catalysts, the price of oil barely changed Monday. Meanwhile, gasoline prices in the U.S. slipped to three-month lows.
Benchmark U.S. crude for August delivery rose 8 cents at $100.91 a barrel on the New York Mercantile Exchange. The Nymex contract fell 3.1 percent last week and is down 4.3 percent so far in July. Brent crude, a benchmark for international oils, gained 45 cents to $107.71 on the ICE Futures exchange in London.
International Energy Agency head Maria van der Hoeven warned that surging U.S. oil and gas production may not guarantee energy security, recommending that the government review its gasoline tax rates, FuelFix reports.
Investment bank Raymond James told Platts that increased production efficiency means that U.S. shale exploration firms are becoming immune to sluggish commodity prices, keeping up positive growth even with moderate declines in oil and gas prices, Platts reports.
North Dakota's Department of Mineral Resources said the state's crude oil production climbed 36,379 barrels per day in May from the previous month, setting a new monthly output record of 1,039,635 barrels per day, Platts reports.
The price of oil edged lower Monday after its biggest one-day drop since April on expectations Libyan oil will soon return to the market.
Benchmark U.S. crude for August delivery was down 39 cents to $100.44 per barrel at 0535 GMT in electronic trading on the New York Mercantile Exchange. It fell 3.1 percent last week and is down 4.3 percent so far in July.
Mexico's moves to implement new energy reform measures to open the nation's oil reserves to foreign investment could be hindered by Petroleos Mexicanos' monopoly on energy infrastructure, FuelFix reports.
WASHINGTON (AP) — A string of fiery train derailments across the country has triggered a high-stakes but behind-the-scenes campaign to shape how the government responds to calls for tighter safety rules.
Billions of dollars are riding on how these rules are written, and lobbyists from the railroads, tank car manufacturers and the oil, ethanol and chemical industries have met 13 times since March with officials at the White House and the Pipeline and Hazardous Materials Safety Administration.
DENVER (AP) — Whiting Petroleum Corp. said Sunday it is buying Kodiak Oil & Gas Corp. for $6 billion in stock, worth $13.90 per share, in a deal that will make it the largest producer in the booming Bakken region of North Dakota and Montana.
The combined company had over 107,000 barrels of oil equivalent production per day in the first quarter.
Trying to phase out old DOT-111 tank cars within two years, as proposed in new Department of Transportation regulations, could trigger a shortage and hurt oil and ethanol production, industry officials warned, Platts reports.
The Environmental Protection Agency, ahead of four public hearings set for next week on its proposed rule to limit carbon emissions from existing power plants, says it has already received 300,000 comments on the regulation, The Hill reports.
Texas and Oklahoma -- states that are home to some of the biggest critics of President Obama’s climate policy – would have the most to gain from his administration’s proposed carbon rule because of the boost it would provide the natural gas industry, according to a study being released Thursday by the Center for Strategic and International Studies and the Rhodium Group, The New York Times reports.
Canada’s Talisman Energy has confirmed that it’s in talks to sell some of its assets to Spain’s Repsol, which analysts speculate may include interests in Marcellus Shale and Eagle Ford Shale, The Wall Street Journal reports.
Sen. John Hoeven, R-N.D., says the latest measure he’s introduced to speed Energy Department consideration of LNG export permits –- which would require action within 45 days of a preliminary application being filed with the Federal Energy regulatory Commission -– is a good compromise on the issue, The Hill reports.
Carbon capture should begin at the Kemper County Energy Facility in the fall, and operations at the coal-fired plant are on track for a May start date, according to officials of Southern Co. subsidiary Mississippi Power, E&E reports.
The installation in Texas of a massive transmission system for wind energy, which can handle up to 18,000 megawatts, has encouraged development of clusters of wind farms in its competitive renewable energy zones, The New York Times reports.
Renewable energy advocates attending a public meeting Wednesday asked the Utah Public Service Commission to reject an application from Rocky Mountain Power to charge customers with solar panels an extra fee, the Deseret News reports.
Staff and former members of the Chemical Safety Board continue to paint a picture of an agency in turmoil even as Chairman Rafael Moure-Eraso maintains the CSB is getting its workload under control, National Journal reports.