Friday's October unemployment news was so good that it strengthened the dollar and raised expectations for an interest rate hike next month—and that sent oil tumbling, The Wall Street Journal reported. U.S. crude lost 91 cents, settling at $44.29 a barrel on the NYMEX, and losing 4.9 percent for the week. In London, Brent lost 56 cents Friday, ending at $47.42, capping a 4.2 percent loss for the week.
HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by four to 771.
Houston's Baker Hughes said Friday that 572 rigs were seeking oil -- a decline of six -- and 199 explored for natural gas. A year ago, with oil prices about double the prices now, 1,925 rigs were active.
WASHINGTON (AP) — President Barack Obama's decision to reject TransCanada's application to build the Keystone pipeline was seven years in the making. Since the company first proposed the 1,179-mile pipeline, the project has been studied, stalled, slammed and hyped — all amid intense political pressure from powerful interests on both sides of the debate.
Hit with the news of the Keystone XL pipeline rejection only two days after being sworn into office, Prime Minister Justin Trudeau said Friday that he was “disappointed,” but that the relationship between Canada and the U.S. “is much bigger than any one project,” the CBC reports.
Environmentalists cheered the Obama administration's decision to reject the Keystone XL pipeline, while the project's supporters said they aren't giving up, vowing to get the pipeline built through any means possible — a new application, new legislation, or a new president.
One environmental leader said it was “a watershed moment” in the fight against global warming, while the president of TransCanada—the company that applied to build the cross-border pipeline — said “rhetoric won out over reason.”
Announcing the decision Friday, President Barack Obama said approving the project — intended to carry Alberta oil sands crude to refineries in the Gulf Coast — wasn't in the national interest and would “undercut” U.S. leadership on climate change, which is focused on getting a strong global climate deal at United Nations negotiations in Paris next month.
NEW ORLEANS (AP) — A former BP engineer accused of obstructing an investigation into the Gulf of Mexico oil spill by deleting a string of text messages pleaded guilty Friday to a lesser charge, avoiding prison time and ending a legal ordeal that spanned four years.
Prosecutors declined comment after dropping the obstruction charge that could have landed Kurt Mix in prison for 20 years. Instead, he was sentenced to six months of probation.
President Barack Obama on Friday rejected the permit application for the Keystone XL pipeline, saying approval would have undercut American leadership of the global effort to reduce greenhouse gas emissions and combat climate change.
Flanked by Secretary of State John Kerry and Vice President Joe Biden, Obama ended consideration of TransCanada's application for the project, a process that took more than seven years. The pipeline would have carried oil sands crude from Alberta to Gulf Coast refineries.
“America is now a global leader when it comes to serious leadership to fight climate change, and frankly, approving this project would have undercut that global leadership,” Obama said. “And that's the biggest risk we face, not acting. Today we're continuing to lead by example.”
WASHINGTON (AP) — The Obama administration has rejected Canadian energy giant TransCanada's application to build the Keystone XL pipeline.
That's according to three sources familiar with the decision who aren't authorized to comment publicly and spoke on condition of anonymity.
The decision caps a 7-year saga that became one of the biggest environmental flashpoints of Barack Obama's presidency.
Obama and Secretary of State John Kerry are scheduled to make an announcement before noon, although the subject was not announced in advance.
Killing the pipeline allows Obama to claim aggressive action on the environment. That could strengthen his hand as world leaders prepare to finalize major global climate pact next month that Obama hopes will be a crowning jewel for his legacy.
Yet it also puts the president in a direct confrontation with Republicans and energy advocates that will almost surely spill over into the 2016 presidential election.
Oil was recovering early Friday ahead of U.S. employment data and weekly rig count numbers. West Texas Intermediate crude rose 28 cents to $45.48 a barrel in electronic trading on the Nymex, while in London Brent gained 40 cents to $48.38, The Wall Street Journal reports.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.