Oil

Oil

Mexican Senate takes step to open oil market

Source: 
Reuters

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.

Oil

Haslam-owned truck-stop chain won't be charged

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.

Oil

Oil halts slide on renewed turmoil in Libya

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.

Oil

Iraqi parliament gathers to map new government path

Source: 
Reuters

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.

Oil

Energy, rail industry reach agreement for sturdier tanker cars

Source: 
Reuters

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.

Oil

Concerns over possible link between injection wells and quakes

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.

Oil

Oil barely changed; US gas prices at 3-month lows

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.

Oil

IEA chief warns U.S. energy boom may not guarantee security

Source: 
FuelFix

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.

Oil

Bank says shale industry to keep up growth, even as prices fall

Source: 
Platts

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.

Oil

N.D. crude production reaches new high in May

Source: 
Platts

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.

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