The price of U.S oil rose slightly Friday, but still ended the week sharply lower as rising supplies continue to outpace global demand growth.
U.S. crude rose 27 cents Friday to close at $42.50, but finished the week down 3 percent after hitting a six-year low on Thursday, and another intraday low of $41.35 a barrel in early morning electronic trading.
An analysis published by Fitch Ratings Friday said that more offshore drillers may follow Hercules into bankruptcy protection, as their cash flows will see more pressure since backlog protections “are falling away at a fast clip,” FuelFix reports.
Refinery problems—in particular the outage at BP’s Whiting facility in Indiana—have combined with pipeline leaks to send gasoline prices soaring in some spots at the height of the summer driving season, The Wall Street Journal reports.
The Commerce Department is moving to approve certain swaps of crude oil with Mexico, a senior administration official said Friday, but while the oil industry and its supporters called it a “positive step,” they urged swifter action to end the long-standing ban on crude oil exports.
The official, who wouldn't speak by name, said that while the Bureau of Industry and Security is rejecting proposed swaps with other countries, it will approve certain barrel-for-barrel trades with Mexico.
PORTLAND, Ore. (AP) — Two more Greenpeace protesters accused of trying to stop a Royal Dutch Shell icebreaker from leaving Portland, Oregon, for an Arctic oil-drilling operation were fined $5,000 by the Coast Guard, officials said Friday.
A total of seven protesters have now been fined for interfering with the safe operations of a vessel, Petty Officer 1st Class George Degener said.
Insulated—in part because of the plunge in the ruble—from the slump in global oil prices, Russian oil giant OAO Rosneft has managed a 27 percent increase in drilling thus far in 2015, Bloomberg reports.
WASHINGTON (AP) — Prices charged by producers rose more slowly in July, reflecting declines in both food and energy.
The Labor Department said Friday its Producer Price Index, which measures inflation pressures before they reach the consumer, increased 0.2 percent in July compared to June when prices had risen 0.4 percent.
EDGARTOWN, Mass. (AP) — The U.S. is easing its longstanding ban on crude oil exports by allowing limited trade with Mexico.
That's according to a senior Obama administration official who wasn't authorized to comment by name and requested anonymity.
Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has sought to import about 100,000 barrels of light U.S. crude a day. Last year it proposed a deal in which the U.S. would trade the light crude for heavier Mexican crude.
The official says the Commerce Department is approving some license applications for the exchange of similar amount of U.S. and Mexican crude.
Congress has pressed the Obama administration to lift the crude oil ban, with Republicans arguing it would make the U.S. an energy superpower. The ban has been in place for four decades.
Oil continued its slide on Friday over concerns about mounting stockpiles and problems with U.S. refinery outages. West Texas Intermediate crude lost 24 cents to $41.99 a barrel in electronic trading on the Nymex – trading at levels not seen since March 2009 -- while in London Brent fell 10 cents to $49.12, Reuters reports.
Secretary of State John Kerry defended the Obama administration's approval of Shell's Arctic drilling program, arguing that "we're not going to suddenly be weaned from oil" and that the offshore Alaskan oil is "cleaner" than other varieties, The Huffington Post reports.
Mathy Stanislaus, the Environmental Protection Agency's top waste official, and Environmental Restoration LLC President Dennis Greaney are set to testify before the House Science Committee on Wednesday on the spill of 3 million gallons of mining waste into Colorado's Animas River, The Hill reports.
News that the U.S. unemployment rate fell to a seven-year-low but new job creation was lower than expected led to lower oil prices Friday, Reuters reports. U.S. crude prices were down 41 cents to $46.34 a barrel, while Brent crude dipped 68 cents to $50 per barrel.
A report commissioned by the Independent Petroleum Association of America projects significant endowment cuts should universities divest from fossil fuel companies, with Harvard facing a potential $108 million loss each year, Bloomberg reports.
United Mine Workers of America International President Cecil Roberts said that the union has reached potential collective bargaining deals between Patriot Coal miners and the two companies bidding for the bankrupt firm's assets, the St. Louis Business Journal reports.
Though the greater sage grouse dominates the discussion of threatened species across declining sagebrush territory in the Western United States, nine other native species including the pronghorn and golden eagle are also at risk, The Washington Post reports.
American Wind Energy Association members plan to slow down the rate of revolutions for turbines this fall in an effort to cut bat killed by blades by 30 percent during the animals' peak migration season, The Hill reports.
Though the stalled Yucca Mountain nuclear waste repository in Nevada has drawn rebukes from the state's top lawmakers, leaders in the nearby town of Pahrump sees the project as a potential economic driver for the struggling region, E&E reports.