Mexican Senate committees approved the hydrocarbons law, an essential part of finalizing an energy reform package that seeks to open Mexico's oil and gas markets to outside investment, Reuters reports.
NASHVILLE, Tenn. (AP) — The truck-stop company owned by Cleveland Browns owner Jimmy Haslam and Tennessee Gov. Bill Haslam may have put the worst behind it after federal attorneys agreed not to prosecute Pilot Flying J for cheating customers.
In an agreement with prosecutors, the nation's largest diesel retailer acknowledges that employees cheated trucking companies out of promised fuel rebates and discounts. Pilot has agreed to pay a $92 million penalty, which is within the range of what the company would be expected to pay if convicted at trial.
The price of oil paused Tuesday after tumbling last week as a deteriorating security situation in Libya raised questions over the restoration of exports following an agreement between the government and a regional militia.
Prices fell sharply last week as worries about supply disruptions from Iraq eased and on the prospect of more supplies from Libya. Weaker than expected economic data for the first half of the year prompted the International Energy Agency and other experts to trim their forecasts for short and medium term demand.
Iraq's parliament has met to begin forging a path for a new government in the face of threats from Sunni insurgents, preparing for votes on a new parliamentary speaker, a president and a prime minister to replace Nouri al-Maliki, Reuters reports.
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.
After meeting with White House adviser John Podesta along with eight other Democratic senators, Sen. Al Franken of Minnesota told reporters he believes the EPA will increase its biofuels blending targets when it sets final levels for the 2014 Renewable Fuel Standard, Platts reports.
The Transportation Secretary is defending his department’s proposed rule to improve oil train safety – faced with environmentalists’ demands to pull old DOT-111 tank cars from service immediately, Anthony Foxx said on PBS that the transition away from them will take time given the percentage of them in service now, The Hill reports.
The Supreme Court ruled in favor of the Board of Immigration Appeals last month in a complicated case where the statute in question was ambiguous, which may be a preview of legal challenges to the Environmental Protection Agency’s rule to limit carbon emissions for power plants based on the Clean Air Act, E&E reports.
Russian oil giant Rosneft is working on a plan to reduce the impact of Western sanctions on its operations, CEO and sanctions target Igor Sechin said in a statement as the company reported a jump in pre-sanctions second quarter net income to $4.9 billion, Reuters reports.
The Office of Surface Mining has issued hundreds of environmental violations including cessation orders, while $2 million in unpaid penalties have piled up on coal mines in five states that are owned by billionaire James Justice, according to an investigation by E&E.
Instead of an expected slowdown, Texas 2013 oil production increased to a level near the record set in 1972, pushed by higher oil prices that climbed on international unrest, according to an industry analysis, FuelFix reports.
More utilities are joining Germany’s balancing market, where the government pays them to add or cut power to the grid within seconds to balance out surges and drops caused by increasing reliance on wind and solar energy, Bloomberg reports.
Rep. Cory Gardner, R-Colo., who’s challenging Democratic Sen. Mark Udall in a key election contest, said at the Heritage Foundation Thursday that even lawmakers from states that have imposed fracking bans voted in favor of his legislation to push LNG exports, The Hill reports.
Despite increasing violence in parts of Libya including the capital, a tanker has arrived in Brega and should leave next week bound for Genoa loaded with 750,000 barrels of crude, the port said on its Facebook page, according to The Wall Street Journal.