TORONTO (AP) — Oil and gas company Nexen Energy apologized Friday for a pipeline break that spilled about 1.3 million gallons (five million liters) of a mixture of bitumen, water and sand at its Long Lake oilsands facility in northern Alberta this week.
The company, which was taken over by China's CNOOC Ltd. in 2013, said the affected area is about 172,000 square feet (16,000 square meters) along the pipeline's route.
BILLINGS, Mont. (AP) — Three tank cars leaked an estimated 35,000 gallons of oil after a train hauling crude from North Dakota derailed in rural northeastern Montana, the latest in a series of wrecks raising concerns across the U.S. and Canada, authorities said Friday.
No one was reported injured in the accident Thursday night that temporarily led to the evacuation of some homes and followed recent oil train crashes including a 2013 derailment in Quebec that exploded and killed 47 people.
The oil industry has submitted highly critical comments about a new rule intended to beef up offshore drilling safety in the wake of the Deepwater Horizon disaster in the Gulf of Mexico more than five years ago.
In a submission that rivaled the rule itself for length – more than 200 pages including attached appendices, diagrams and data tables – seven trade associations led by the American Petroleum Institute charged that some of the regulation’s provisions would increase risk instead of safety, “would impose unjustified economic burdens,” and “lack articulated rationale.”
WASHINGTON (AP) — Rising gasoline prices pushed inflation up modestly in June, leaving overall consumer prices higher than they were a year earlier for the first time since December.
Economists say the tick up in consumer prices makes it more likely the Federal Reserve will end a policy of keeping short-term interest rates near zero for more than six years. "Rebounding inflation combined with solid employment growth will likely lead the Fed to raise rates in September," said Gregory Daco, head of U.S. macroeconomics at Oxford Economics.
A continued North Sea oil outage was acting to support oil prices early Friday, although they remain on track to decline for a third week in a row. U.S. benchmark crude lost 4 cents to $50.87 a barrel in electronic trading on the Nymex, while in London Brent gained 15 cents to $57.07, Reuters reports.
ConocoPhillips says it will increase its dividend by a penny despite its operations being squeezed by lower crude prices, but it also announced further spending cutbacks that include ditching plans for some deepwater drilling in the Gulf of Mexico, The Wall Street Journal reports.
The drop in oil drilling activity has dented profits for top oilfield services company Schlumberger, which reported close to a 30 percent decline in second quarter net income compared to the period a year earlier. Still, its earnings of $1.21 a share came in substantially above estimates, FuelFix reports.
The Obama administration may be backing away from its insistence that future coal-burning power plants use carbon capture technology, settling instead on a requirement for ultra-supercritical technology in the Environmental Protection Agency's Clean Power Plan, E&E reports.
The U.S. Army Corps of Engineers argued that the Environmental Protection Agency's Clean Water Rule lacks a sound scientific basis in memos made public by the House Oversight and Government Reform Committee Thursday, The Hill reports.
The Department of Energy has agreed to rework its proposed efficiency standards for walk-in freezers and coolers, according to the Air-Conditioning, Heating and Refrigeration Institute, which says it has reached a settlement with the DOE over the issue, The Hill reports.
Sen. Martin Heinrich, D-N.M. says some other Democrats may be willing to go along with him and Sen. Angus King, I-Me., in a willingness to support legislation lifting the ban on U.S. crude exports if it also backs renewable energy such as wind and solar, E&E reports.
Despite data from the Energy Information Administration showing that U.S. crude production peaked at almost 9.7 million barrels a day in March, news of an increase in oil rig count this week piled more pressure on prices. U.S. benchmark crude slumped $1.40, or 2.9 percent, to settle at $47.12 a barrel on the Nymex, while in London, Brent dropped $1.10 to $52.26, its lowest settlement since January, The Wall Street Journal reports.
Chevron is getting nearly a third more oil and gas from its wells in the Permian Basin, and is paying less for oilfield services as well—but even so, its second quarter profits dove 90 percent on lower crude prices, FuelFix reports.
Hess has increased its production forecast for its Bakken Shale operations to up to 110,000 barrels of oil equivalent per day, despite the company dropping the number of rigs it’s operating in the play, Platts reports.
Many witnesses testifying at the first Interior Department hearing on the future of the federal coal program—which was attended by Secretary Sally Jewell—said they wanted to see higher royalty rates to raise more money for U.S. taxpayers, High Country News reports.
Senior creditors for Alpha Natural Resources Inc. will loan money to the beleaguered Virginia-based coal company to help it get through bankruptcy, a filing for which could come as early as Monday, Bloomberg reports.
Although Thursday’s peak demand of 67,624 megawatts didn’t break the all-time record as the Electric Reliability Council of Texas had feared, it's been a huge week for demand, and the grid operator expects high usage throughout the summer, FuelFix reports.