MEXICO CITY (AP) — Mexico's Gulf coast state of Tabasco has set up an emergency plan to supply drinking water to the capital of Villahermosa after oil thieves punctured a pipeline, contaminating rivers that normally supply the city.
The spill late last week sent workers with the state-owned oil company scrambling to limit damage, and four of Villahermosa's water treatment plants were shut down as a precaution.
The United States is on track to become a net energy exporter by 2030 while keeping its energy-related carbon emissions below 2005 levels - even without new regulations on power plant emissions, a new report says.
The Energy Information Administration's 2015 Annual Energy Outlook, which forecasts trends through 2040, projected that under several scenarios the U.S. would become a net natural gas exporter within the next two years.
NEW YORK (AP) — The price of oil rose on indications that U.S. oil production in places like North Dakota is beginning to slip as a result of a sharp pullback in drilling activity in recent months.
Benchmark U.S. crude rose $1.38 to close at $53.29 a barrel in New York.
Brent crude, a benchmark for international oils used by many U.S. refineries, rose 50 cents to close at $58.43 in London.
Norfolk Southern shares slumped five percent after forecasting disappointing first-quarter results as demand for coal shipments for export fell. Shares fell $5.24 to $99.63. The railroad company reports results on April 29.
The Energy Information Administration, in its annual forecast of U.S. energy trends, projects that the U.S. will become a net exporter of natural gas by 2017.
In its Annual Energy Outlook for 2015, EIA said total net U.S. energy imports would continue to decline over the coming years, and will ultimately end by 2030, as domestic gas and oil production expands and consumption sees modest growth of .30 percent through 2040.
Though the agency expects domestic production growth to decline after 2020, petroleum imports would account for just 17 percent of total supply in 2040, down from 33 percent in 2013.
The report, which forecasts energy trends through 2040, also addressed energy-related carbon emissions, projecting that U.S. levels would stay below 2005 levels. The report did not take into account the Environmental Protection Agency's proposed Clean Power Plan.
Yemen tensions and an Energy Information Administration report predicting a decline in U.S. shale output helped boost oil prices early Tuesday. U.S. benchmark crude increased 40 cents to $52.31 a barrel in electronic trading on the Nymex, while London Brent rose 30 cents to $58.23, Reuters reports.
A tweet by Environmental Protection Agency Administrator Gina McCarthy concerning the agency's carbon pollution rules was cited in a letter that 15 states sent to a court reviewing their request to throw out the regulations, The Hill reports.
Expectations that weekly data on U.S. crude inventories will show another stock build was pressuring oil prices early Tuesday. U.S. benchmark crude lost 40 cents to $56.59 a barrel in electronic trading on the Nymex, while in London Brent fell 43 cents to $64.60, Reuters reports.
The $86.8 billion in bonds issued by companies in the oil and gas sector globally is up 10 percent from a year ago, a trend which would keep the slump in energy prices going longer, according to The Wall Street Journal.