The smaller Gulf states may be able to manage financially with crude prices below $90 a barrel, but OPEC members like Iran, Iraq and Venezuela could start to see budget deficits mounting, The Wall Street Journal reports.
SACRAMENTO, Calif. (AP) — California officials reactivated the state's 22 firefighting air tankers on Friday, days after one of the aircraft crashed in Yosemite National Park, killing the pilot.
California Department of Forestry and Fire Protection spokeswoman Janet Upton said the agency lifted the safety stand-down for the twin-engine S-2T airplanes after federal investigators approved letting the planes fly.
There’s been no letup in the plunge in oil prices, which slid further into bear market territory early Friday as demand growth slows and output continues to expand. West Texas Intermediate crude was down 1.3 percent to $84.62 a barrel in electronic trading on the Nymex, while in London November Brent tumbled 2.2 percent, or $1.94 a barrel, to $88.11, near a four-year low, Bloomberg reports.
Operators in areas where it’s more expensive, like the fringes of the Bakken shale, could cut back production as falling oil prices make it unprofitable to drill, experts have told The Wall Street Journal.
Under President Nicolas Maduro, Venezuela is quietly negotiating to give its foreign partners more say over oil operations in the country, hoping to boost production that has been languishing with the state-owned Petroleos de Venezuela in the driver’s seat, people familiar with the issue have told The New York Times.
A new survey shows Americans are evenly divided about lifting the ban on most crude oil exports, but opposition soars if it means higher domestic gasoline prices.
The results indicate the oil industry faces a potential public backlash if pump prices rise following the lifting of the 1970s-era ban, which it has sought to overturn to put booming shale oil output on the world market.
NEW YORK (AP) — The stock market had its worst day of the year Thursday, just 24 hours after recording its best.
The Dow Jones industrial average plunged 334 points as falling energy stocks and worries about the global economy sent investors fleeing out of the market. The blue-chip index rose 275 points the day before.
A global economic slowdown alongside growing oil supply has triggered the recent plunge in prices, an analyst told Bloomberg Thursday. West Texas Intermediate crude for November delivery dove 1.8 percent, or $1.54, to settle at $85.77 a barrel on the Nymex, while in London Brent dropped $1.33 to $90.05.
Venezuela should pay Exxon Mobil Corp. around $1.6 billion for nationalizing the company’s oil facilities in the country back in 2007, a World Bank tribunal has ordered, far less than the firm had asked for, Reuters reports.
China processed 10.3 million barrels of oil a day in September, a record analysts -- who say companies are replenishing their stockpiles -- attribute to the drop in crude prices, The Wall Street Journal reports.
Oil prices gained early Tuesday on news of record demand in China in September. Crude increased 55 cents, bringing the U.S. benchmark to $83.26 a barrel in electronic trading on the Nymex, while in London Brent hit $85.95, Reuters reports.
Monday’s settlement for November natural gas futures on the Nymex – down 9.6 cents to $3.67 per million British thermal units – represents an 11-month low, and analysts told Platts a mild weather forecast for the month will likely reinforce the sluggish trend.
Despite recent improvements in the numbers, oil and gas firms still have more deaths from explosions and fires than any other private industry and carelessness is still a problem, according to E&E’s review of federal statistics.
Rep. Lamar Smith, R-Tex. and chair of the House Science, Space and Technology Committee, has sent a second letter to Administrator Gina McCarthy about the Environmental Protection Agency’s rule limiting carbon emissions from existing power plants, this time demanding a full cost analysis in the face of what he calls “the flaws and deficiencies in EPA’s modeling,” The Hill reports.
The reduction in the federal investment tax credit that’s due to take effect at the end of 2016 will drive a wave of consolidation that will leave six to 12 major players in the solar industry, an analyst predicted at the start of the Solar Power International conference in Las Vegas, Bloomberg reports.
Tesoro Logistics is getting into the natural gas business, picking up assets from QEP Resources in Colorado, Utah and North Dakota in a deal with a $2.5 billion price tag, the San Antonio Express-News reports.
Taking the first formal step in the process to limit strontium in drinking water, the Environmental Protection Agency has issued a preliminary determination to regulate levels of the substance and will take public comment on the matter, The Hill reports.