Oil

Senate Democrats
Oil

Dems, GOP scramble to send Keystone XL pipeline to Obama

Election year politics prompted dueling moves Wednesday by Senate Democrats and House Republicans to quickly pass bills to give final approval to the Keystone XL oil sands pipeline.

The Dec. 6 runoff between vulnerable Sen. Mary Landrieu, D-La., and her GOP challenger, Rep. Bill Cassidy, drove leaders in both chambers to consider votes on approval legislation. The House is to vote on Thursday, with the Senate to take up a bill by Landrieu next Tuesday.

Oil

Gas to average under $3 in 2015, government says

NEW YORK (AP) — The average price of gasoline will be below $3 a gallon in 2015, the Energy Department predicted Wednesday. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year.

Economists say lower gasoline prices act like a tax cut, leaving more money for consumers to spend on other things. Consumer spending is 70 percent of the U.S. economy.

Oil

Brent dips below $80 for first time since 2010, WTI falls

Source: 
Bloomberg

Brent crude for December dipped below $80 a barrel for the first time since 2010 before closing at $80.38 a barrel - still a four-year low. West Texas Intermediate prices fell 76 cents to end the day at $77.18 a barrel, Bloomberg reports.

Oil

Saudi output hit seven-month low in October, as OPEC production fell

Source: 
Bloomberg

OPEC in a monthly report said that Saudi Arabia led the group's production declines last month, falling 69,900 barrels a day to 9.6 million, a seven-month low. Overall, the group's production fell to a three-month low of 30.25 million barrels a day, Bloomberg reports.

Oil

Court: Occidental and contractor not liable for 1998 bombing

Source: 
Reuters

A U.S. federal appeals court refused to hold Occidental Petroleum and security contractor AirScan liable for the deadly 1998 bombing of a Colombian village, Reuters reports.

Oil

OPEC projects lower market share next year

Source: 
Reuters

OPEC projected that 2015 demand for its oil will be a million barrels a day lower than the cartel's current output level, because increased shale oil production in the U.S. will continue to squeeze its market share, Reuters reports.

Oil

Phillips 66 to sell Malaysian refining stake for $635M

Source: 
FuelFix

Phillips 66 announced plans to sell its stake in a Malaysian refinery to Petronas for $635 million in cash, a move that will end the company's refining capacity in Asia, FuelFix reports.

Oil

Pew survey sees declining support for fracking, Keystone XL

Source: 
National Journal

A new survey from the Pew Research Center found that 59 percent of Americans support the Keystone XL pipeline, down seven points from March of last year. Additionally, the poll found more Americans oppose hydraulic fracturing than support it by a 47-41 margin, a near flip from the March 2013 numbers, National Journal reports.

Office of Sen. Mary Landrieu
Oil

Landrieu, House GOP seek quick Keystone XL votes

Sen. Mary Landrieu, D-La., on Wednesday called on the Senate to bring up her bill as soon as Thursday to approve the Keystone XL oil sands pipeline, as Republicans in the House moved to do the same with a new bill by her re-election opponent. 

On the Senate floor, Landrieu said she would by late afternoon attempt to call up the approval bill by her and Sen. John Hoeven, R-N.D., under a request for unanimous consent to proceed. That tactic requires that no other senators object.

House Republican leaders, at the same time, announced a vote as soon as Thursday on an approval bill by Rep. Bill Cassidy, R-La.

Landrieu faces a runoff election on Dec. 6 against Cassidy, who has been leading in polls. 

She said her and Hoeven's bill has the support of the 60 senators, including all current Senate Republicans, needed to overcome a filibuster.

"We can do this. Se, se puede. We can do this, we can pass the Keystone pipeline," she said.

Oil

Brent, WTI both see lower prices

Source: 
Bloomberg

Brent crude for December dropped as much as 85 cents before recovering to $81.32 a barrel, a 35 cent decline. West Texas Intermediate fell to $77.10 a barrel in electronic trading, Bloomberg reports.

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