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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Sen. Mitch McConnell, R-Ky., have reportedly reached agreement on a temporary fix for the highway funding crisis, so that is likely to be one of the accomplishments for lawmakers during a busy week ahead of their summer recess, National Journal reports.
Easing overseas demand, an oversupply of crude and weaker refining margins are combining to keep the pressure on crude prices despite ongoing turmoil in Gaza and Ukraine Monday, Reuters reports, noting that U.S. benchmark crude fell 68 cents to $101.41 a barrel, while Brent crude dropped 66 cents to $107.73.
Republicans used their weekly broadcast to attack President Obama’s climate policy, which they say amounts to a “war on coal.” This week the address was delivered by Rep. Steve Daines of Montana, who is challenging incumbent Democrat Sen. John Walsh for his seat, The Hill reports.
Despite ongoing concerns from the farming community – where her outreach efforts have had mixed success -- and continuing opposition from Republicans, Environmental Protection Agency Administrator Gina McCarthy is refusing to back down from WOTUS, or Waters of the United States, the EPA’s proposed rule outlining which bodies of water it has jurisdiction over, National Journal reports.
The decision about lifting the ban on crude exports should rest on what’s good for the overall economy, not just what’s good for refiners, Sen. Lisa Murkowski, R-Alaska, told Platts Energy Week on Sunday.
The fight against a charge Rocky Mountain Power wants to impose on net metering customers is generating strong feelings in Utah and attracting attention from elsewhere around the country, The Salt Lake Tribune reports.
Although Commerce Department moves to slap duties on Chinese solar products are preliminary, they have already triggered an increase in prices and appear to have helped companies like SolarCity and SolarWorld, The New York Times reports.
International efforts to control emissions ahead of the next round of climate talks have been hit hard by Australia repealing its pioneering carbon tax, which has left Europe isolated in its efforts, The Wall Street Journal reports.
Russia will overcome any economic difficulties caused by Western sanctions over Ukraine, but also won’t respond with “hysterics” that descend into tit-for-tat impositions of retaliatory measures, Foreign Minister Sergey Lavrov told journalists Monday, Reuters reports.