The U.S. imported 569,000 more barrels of crude in July than it did in June, according to data from the Energy Information Administration, which said the figures were still lower than in 2013 and also noted that for the first time, none of the imports came from Nigeria, Platts reports.
BEIRUT (AP) — American warplanes and drones hit Islamic State group tanks, Humvees, checkpoints and bunkers in airstrikes Friday targeting the extremists in Syria and Iraq, as the U.S.-led coalition expanded to include Britain, Denmark and Belgium.
The European countries committed to take part only in the Iraq part of the military campaign, leaving the operation in Syria to the United States and five Arab allies who began conducting airstrikes there on Tuesday. Still, the broadening of the coalition provides a welcome boost for President Barack Obama and the American-led campaign.
As the U.S. and Western nations move to stop the threat of the radical Islamic State group in Iraq and Syria, Sen. Lisa Murkowski on Wednesday called for attention to be paid to the role of oil in Middle East turmoil.
"Energy must have a seat at the table when it comes to national security and foreign policy,” Murkowski said in a statement that accompanied the release of two reports on Islamic State oil sales and Kurdish exports from Iraq. “We cannot understand the Middle East without understanding oil.”
WASHINGTON (AP) — Islamic State militants, who once relied on wealthy Persian Gulf donors for money, have become a self-sustaining financial juggernaut, earning more than $3 million a day from oil smuggling, human trafficking, theft and extortion, according to U.S. intelligence officials and private experts.
The extremist group's resources exceed that "of any other terrorist group in history," said a U.S. intelligence official who, like others interviewed, spoke on condition of anonymity to discuss classified assessments. Such riches are one reason that American officials are so concerned about the group even while acknowledging they have no evidence it is plotting attacks against the United States.
The case laid out Tuesday by former Obama administration economic adviser Lawrence Summers for the lifting of the U.S. ban on crude oil exports had a familiar ring to it.
Summers, at the Brookings Institution, said the U.S. should reap the benefits of other countries becoming dependent on our oil boom, rather than leaving the market to OPEC nations. And he sees a chance to extend American influence through crude exports, as well as those of liquefied natural gas.
Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.
Mexican oil production could increase by as much as 75 percent over the next 25 years as a result of its move to open up the country’s energy industry to private investment, according to a prediction from the Energy Information Administration, The Hill reports.
CAIRO (AP) — Libya's largest export terminal begun loading a tanker Wednesday destined for Italy, its first shipment after a yearlong blockade over disputes between the central government, rebels and protesters, the country's oil corporation said.
The National Oil Corp. said on its website the tanker has been loading 600,000 barrels since early Wednesday. The central government had resolved a dispute last month with militias in the country's east that had caused exports from two of the country's oil ports to stop for almost a year.
$12.6 billion is on offer in the latest round of Department of Energy nuclear loan guarantees, this time being made available for uranium enrichment facilities as well as new reactors and upgrades to existing ones, Platts reports.
A drop in RBOB gasoline futures on retirement of the October contract helped crude prices slide again Tuesday. West Texas Intermediate crude plunged $3.41 to $91.16 a barrel on the Nymex -- the biggest single day loss in 22 months and the lowest settlement in 16 months – while in London Brent crude fell $2.53 to $94.67, Bloomberg reports.
The U.S. exported more crude in July – 401,000 barrels a day, mostly to Canada – than it did in June, according to Energy Information Administration statistics, the most since 1957 and almost four times as much as in 2013, The Wall Street Journal reports.
Enbridge’s reversed 9B pipeline should start filling with crude Nov. 1, Platts reports, noting that it will open up a new western Canada light crude and oil sands crude supply option to Quebec refineries.
The Department of Energy will grant a presidential permit for a project to build a 1,000 megawatt power transmission line from Canada into New York City when it publishes its decision in the Federal Register Wednesday, E&E reports.
The U.S. will actively address climate change issues when it takes over the chairmanship of the Arctic Council in 2015, said special envoy Adm. Robert Papp at the Center for Strategic and International Studies, declaring that there is a “moral imperative” to protect the area, The Hill reports.
Alberta’s new Premier Jim Prentice –- tackling an improvement of the province’s image in the face of heavy criticism of its oil sands crude –- has won respect from all sides of the environmental debate in the past, Bloomberg reports.