The public comment period on a new Transportation Department rule to boost the safety of oil shipments by rail ends Tuesday, with industry groups set to reiterate their stances that Bakken crude can be safely transported if properly classified and handled.
The American Petroleum Institute and the American Fuel and Petrochemical Manufacturers were to file their comments by the deadline, and both planned to hold conference calls planned with reporters to highlight their views.
BILLINGS, Mont. (AP) — The oil industry's lead trade group released new standards on Thursday for testing and classifying crude shipped by rail after prior shipments were misclassified, including a train that derailed in Canada and killed 47 people.
As with earlier orders from the federal government, the industry standards leave it to individual companies to decide how often to test crude in order to gauge its danger.
Bakken crude is safe enough that no further treatment is needed before it’s transported by rail, oil company executives told the North Dakota Industrial Commission Tuesday, The Wall Street Journal reports.
SAO PAULO (AP) — Brazil's state-controlled Petrobras oil company said six workers were injured in a fire at a refinery in the state of Sao Paulo.
Petrobras said in a statement it is investigating what caused Thursday's fire at the Henrique Lage refinery in the city of Sao Jose Campos. It is Brazil's third largest refinery, with a capacity to refine 250,000 barrels of oil per day.
The Sierra Club, Earthjustice and ForestEthics have filed a lawsuit to force the Department of Transportation to ban older DOT-111 tank cars from carrying crude, in the wake of a spate of explosions and fires after derailments, The Hill reports.
Oil and gas workers who open hatches on top of tanks at well sites are exposed to a higher level of benzene than is considered safe by the National Institute for Occupational Safety and Health, according to a study published in the Journal of Occupational and Environmental Hygiene, the Los Angeles Times reports.
Department of Transportation rules to tighten safety standards on oil trains is really a disguised Obama administration attempt to rein in fossil fuel development, climate change skeptic Rep. Dana Rohrabacher, R-Calif., told a senior DOT official at a hearing Tuesday, National Journal reports.
Freight trains carrying crude oil will be barred from being left unattended, under new rules being proposed by the Department of Transportation intended to prevent runaway train disasters like the derailment in Lac-Megantic, The Hill reports.
House Science, Space and Technology subcommittees hearing, "Bakken Petroleum: The Substance of Energy Independence." DOE Principal Deputy Assistant Secretary for Fossil Energy Christopher Smith, PHMSA Deputy Administrator Timothy Butters to testify.
NEW ORLEANS (AP) — BP acted "recklessly" and bears most of the responsibility for the nation's worst offshore oil spill, a federal judge concluded Thursday, exposing the energy giant to roughly $18 billion in additional penalties.
BP's market value plummeted by $7 billion after the ruling as its shares suffered their worst percentage decline in almost three years. By Thursday afternoon, company shares had fallen almost 6 percent to $45.05.
BP PLC, which vowed to appeal, already agreed to pay billions in criminal fines and compensation to people and businesses affected by the disaster. U.S. District Judge Carl Barbier's ruling that BP acted with "gross negligence" deals instead with civil responsibilities, and could nearly quadruple what the London-based company has to pay in fines for polluting the Gulf of Mexico.
The judge held a non-jury trial last year to apportion blame for the Macondo well spill, which killed 11 men on the Deepwater Horizon rig and spewed oil for 87 days in 2010.
He ruled that BP bears 67 percent of the blame, Swiss-based drilling rig owner Transocean Ltd. bears 30 percent, and Houston-based cement contractor Halliburton Energy Services is responsible for 3 percent.
Oil prices surged 8.3 percent in Friday trading as rig data suggested a slowdown in shale oil development, with Brent crude rising $3.86 to $52.99 a barrel and U.S. crude climbing $3.71 to settle at $48.24 a barrel, Reuters reports.
A survey conducted by Reuters reports that OPEC output rose by 130,000 barrels per day in January as Angola boosted exports and Persian Gulf producers kept steady or increased output, a signal that some members plan to stay the course on maintaining output despite low oil prices.
Despite the collapse of crude oil prices last year, the latest Commerce Department report of gross domestic output showed outlays for new oil rigs and wells rose 8.9 percent in the fourth quarter of 2014, even as equipment spending across all U.S. businesses fell, Bloomberg reports.
Chevron CEO John Watson, after his company reported lower profits and announced budget cuts, voiced optimism for long-term industry prospects, saying the price of oil will have to rise above $50 per barrel to support new exploration to meet energy needs, FuelFix reports.
A new poll conducted by The New York Times, Stanford University and Resources for the Future suggests that more than two-thirds of Americans, including 48 percent of Republicans, say they consider themselves more likely to support a candidate who supports action to combat climate change.
The National Biodiesel Board in a letter to the Environmental Protection Agency voiced frustration with the agency's delayed implementation of biodiesel mandates, saying the slow movement has caused some producers to reduce staff and forced others into bankruptcy, The Hill reports.
A survey of economists by Bloomberg projects that many of the world's largest crude oil exporters like Saudi Arabia, Kuwait and Qatar could see budget surpluses take hits and slip into deficits as global oil prices remain low.
Chevron, after posting a 30 percent decrease in earnings from the previous year in the fourth quarter 2014, abandoned plans to explore for shale gas in Poland, dealing a blow to efforts to develop hydraulic fracturing and shale drilling industries in Europe, The New York Times reports.
In an interview with E&E, Rep. Cynthia Lummis, R-Wyo., vice chairwoman of the Natural Resources Committee and leader of a new Interior and EPA oversight panel, discusses her familiarity with development and ranching issues in western states and her plans to limit Obama administration regulations on public land use.