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.
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.
A cut in the growth outlook for the German economy, which would signal lower energy demand, pressured oil prices early Thursday. West Texas Intermediate crude for November delivery slipped 4 cents to $87.27 a barrel in electronic trading on the Nymex, while in London Brent crude lost 30 cents to $91.08, Bloomberg reports.
Increasing crude supplies from the U.S., OPEC and Russia put further pressure on oil prices Wednesday. West Texas Intermediate crude for November delivery dropped 1.7 percent, sliding $1.54 to settle at $87.31 a barrel on the Nymex, while in London Brent crude fell into a bear market, losing 73 cents to $91.38, Bloomberg reports.
A downgrade in the International Monetary Fund growth forecast sent oil sliding again early Wednesday. West Texas Intermediate crude for November delivery dropped $1.46 to $87.39 a barrel in electronic trading on the Nymex, while in London Brent crude was 82 cents lower to $91.29, Bloomberg reports.
The expectation that the Energy Information Administration will announce a jump in crude stockpiles in its weekly report pushed U.S. benchmark crude to a 17-month low Tuesday. West Texas Intermediate crude for November delivery dropped 1.7 percent, or $1.49, to settle at $88.85 a barrel on the Nymex, while in London Brent crude lost 68 cents to $92.11, Bloomberg reports.
A bigger-than-expected drop in German industrial production coupled with predictions of a growth in U.S. crude inventories combined to send oil prices dropping again early Tuesday. West Texas Intermediate crude for November delivery was down 41 cents to $89.93 a barrel in electronic trading on the Nymex, while in London Brent lost 78 cents to $92.01, Bloomberg reports.
Oil dropped again early Friday, retreating from previous gains, as traders decided news of a drop in Saudi supplies didn't signal a cut in OPEC production. West Texas Intermediate crude for December delivery fell 74 cents to $81.35 a barrel in electronic trading on the Nymex, while in London Brent slid 1.2 percent, trading $1.02 lower to $85.81, Bloomberg reports.
A microbe that eats carbon and releases methane in its place – Methanoflorens stordalenmirensis – is multiplying in the Arctic melt and accelerating the global warming process, according to scientists writing in the journal Nature this week, The Washington Post reports.
Californians for Energy Independence, a political action committee backed by the oil industry, has raised $7.6 million to fight Measure P in Santa Barbara County and Measure J in San Benito County, which prohibit hydraulic fracturing, FuelFix reports.
Despite a negative assessment from an administrative law judge, the Illinois Commerce Commission has approved Commonwealth Edison’s plan to build the Grand Prairie Gateway transmission line, which could bring 1,000 more megawatts of power to the north of the state and grid operator PJM Interconnection when it’s completed in 2017, Platts reports.
Southern Co. subsidiary Southern Power has bought the Solar Gen 2 plant in California from First Solar Inc., and will sell the electricity from it on to San Diego Gas & Electric, The Atlanta Journal-Constitution reports.
Scientists in New England, in a study published in the Journal of Economic Geography, have found that people were more likely to install solar panels on their roof if they live nearby someone else who had done so, The Washington Post reports.
Climate analyst Rick S. Piltz has died from cancer at age 71, he quit the George W. Bush administration after he claimed his bosses were tweaking report language to play down climate change risks, The New York Times reports.