The price of U.S. benchmark crude continued to decline for a second straight day Friday on anticipation of a decline in U.S. demand for fuel, at $102.29 in electronic trading on the New York Mercantile Exchange at midday in Europe, Bloomberg reports.
The U.S. shale boom has transformed New York state's capital Albany into a busy oil port, where crude from the Bakken Shale gets transferred from rail tankers to barges for a trip down the Hudson River, The New York Times reports.
Demand and production of fuel oil hit record lows in 2013, according to Energy Information Administration data, as it has fallen out of favor with utilities burning cleaner and cheaper natural gas, Platts reports.
The Interior Department Bureau of Ocean Energy Management on Thursday completed a multi-year environmental review that sets the stage for new oil and gas seismic surveys off the Atlantic coast.
The expected surveys do not mean new drilling will happen anytime soon, if at all, a department official said. But the results will replace outdated information on mid- and southern Atlantic plays that will be used to decide whether to offer new leases after 2017.
Rig demand has dropped as major oil companies cut their exploration budgets, according to Transocean Ltd., owner of the world's biggest offshore drilling fleet, which predicts it could take up to two years for demand to recover, Reuters reports.
MALAKAL, South Sudan (AP) — House after house has been burned to the ground. Hospital patients have been shot by armed rebels while lying in their beds. Dozens of corpses litter the streets.
"This is about revenge now. There is no humanity here," said Col. Jan Hoff, an officer in Norway's army who has served in Afghanistan, Iraq and Syria.
South Sudan, he said, is the worst he's seen. "It's absolutely horrific," Hoff said this week as he led a heavily armed U.N. convoy through the streets of Malakal, the capital of oil-producing Upper Nile state. "This is tribe against tribe. In Syria it was foreign fighters against the government. Here I don't think it's about the government."
WARRI, Nigeria (AP) — Shell Nigeria said Thursday it has closed a 6,000-kilometer (3,700-mile) oil pipeline to repair leaks from oil theft.
Shell recently threatened to close the Nembe Creek Trunk Line because of repeated sabotage. It carries about 150,000 barrels daily for Africa's biggest oil producer. Shell did not say how much oil has been lost through the leaks or how the closure may affect Nigeria's daily output of 2.2 million barrels a day.
U.S. utilities are preparing to make expensive investments to improve nuclear plant safety to meet new post-Fukushima standards, with Exelon expected to spend as much as $500 million across its 17 reactors, The New York Times reports.
Despite increased calls for approving liquefied natural gas exports to Ukraine, a limited interest among energy companies and the current regulatory process means it would take years to make any significant impact on Russia's energy influence, Bloomberg reports.
Beyond urging imports of U.S. liquefied natural to Ukraine, European officials are considering reversing natural gas pipelines and limiting purchases of Russian energy in an effort to limit Russia's influence in Ukraine, The Wall Street Journal reports.
Despite a fall in average gasoline prices from recent years, the American Public Transportation Association said in an annual report that Americans used public transportation at the highest recorded rate since 1956, The New York Times reports.
The Edison Electric Institute is lobbying the Obama administration and state governments to limit new restrictions on coal-fired plants and nuclear generators, citing a need to keep electricity prices low during extremely cold weather, Bloomberg reports.
Renewable energy companies are increasing their interest in wind and wave energy projects off the coast of Oregon, but it's uncertain how much environmentalist resistance and regulatory processes will affect the trend, The Wall Street Journal reports.
The Transportation Department and the American Association of Railroads have released a list of urban areas where freight trains carrying crude oil will be required to slow down, but some lawmakers are urging a wider list of areas, National Journal reports.
The public comment period on the State Department's Keystone XL pipeline review ended on Friday, with opponents sending more than 2 million comments opposing the project, doubling the comments in support of the pipeline, The Washington Post reports.