Oil

Oil

Scientist says shale oil production limited by technology

Source: 
FuelFix

Speaking at an Energy Information Administration conference, Schlumberger scientist Robert Kleinberg said unconventional oil wells in shale formations recover only five-percent of available oil, and existing methods aren't doing much to boost recover rates, FuelFix reports.

Oil

BP retirement-plan lawsuit revived in court

Source: 
Reuters

The 5th Circuit Court of Appeals in New Orleans has revived a case brought against BP by several participants in employee retirement plans, allowing the plaintiffs to resume their arguments that the company deceived them into buying stock ahead of the 2010 Gulf of Mexico spill, Reuters reports.

Oil

Refining industry not on board with railcar proposal

Source: 
Reuters

Though the American Petroleum Institute and the Association of American Railroads agreed to a deal to phase out old crude-carrying train cars in exchange for safer ones, the American Fuel and Petrochemical Manufacturers isn't on board, saying their members own many of the tank cars affected, Reuters reports.

Oil

Groups seek ban of oil in older railroad tank cars

SEATTLE (AP) — Two environmental groups are asking the U.S. Department of Transportation to immediately ban shipments of volatile crude oil in older railroad tank cars, citing recent explosive oil train wrecks and the department's own findings that those accidents pose an "imminent hazard."

The petition filed Tuesday by the Sierra Club and ForestEthics seeks an emergency order within 30 days to prohibit crude from the Northern Plains' Bakken region and elsewhere from being carried in the older tank cars, known as DOT-111s.

Oil

Oil falls below $100 for first time since May

The price of oil fell below $100 a barrel for the first time since May even as the deteriorating security situation in Libya has raised questions about whether the country can soon increase crude exports.

Benchmark U.S. crude for August delivery fell 95 cents to close at $99.96 a barrel on the New York Mercantile Exchange. Oil is down 5 percent since the beginning of the month.

Oil

DOE watchdog reports capacity issues at strategic reserve

Source: 
Reuters

An Energy Department inspector general report found that delayed maintenance is causing capacity problems for the U.S. Strategic Petroleum Reserve, a problem for officials overseeing quick drawdowns of the supply, Reuters reports.

Oil

Libyan oil production rises despite continued fighting

Source: 
The Wall Street Journal

Libyan oil production is returning at a higher pace than expected, up to 554,000 barrels a day, with output from the Sharara oil field growing, despite government battles with rebels at an airport in Tripoli, The Wall Street Journal reports.

Oil

Baker Hughes: 10-percent growth in Eagle Ford wells this year

Source: 
FuelFix

Baker Hughes reported in its latest well count that 2,364 new wells have started production in the Eagle Ford Shale in the first half of 2014, a 10.8-percent increase over the same period last year, FuelFix reports.

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.

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