ANCHORAGE, Alaska (AP) — The president of Shell Oil Co. said exploratory drilling off Alaska's northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days.
And in an interview Tuesday with The Associated Press Marvin Odum said he expects further protests against the company's plans for Arctic drilling like the ones in Seattle and Portland where activists in kayaks tried to block Shell vessels.
NEW YORK (AP) — The price of U.S. oil closed under $40 a barrel on Monday for the first time since the days of the global economic crisis on fears of a slowdown in the world economy.
Already trading at six-year lows on a prolonged slump, U.S. crude fell $2.21 to finish at $38.24 per barrel. Oil hadn't closed below $40 since February 2009, although it briefly traded below that level on Friday. Monday's closing price was the lowest since Feb. 18, 2009.
The price of U.S oil rose slightly Friday, but still ended the week sharply lower as rising supplies continue to outpace global demand growth.
U.S. crude rose 27 cents Friday to close at $42.50, but finished the week down 3 percent after hitting a six-year low on Thursday, and another intraday low of $41.35 a barrel in early morning electronic trading.
The Commerce Department is moving to approve certain swaps of crude oil with Mexico, a senior administration official said Friday, but while the oil industry and its supporters called it a “positive step,” they urged swifter action to end the long-standing ban on crude oil exports.
The official, who wouldn't speak by name, said that while the Bureau of Industry and Security is rejecting proposed swaps with other countries, it will approve certain barrel-for-barrel trades with Mexico.
EDGARTOWN, Mass. (AP) — The U.S. is easing its longstanding ban on crude oil exports by allowing limited trade with Mexico.
That's according to a senior Obama administration official who wasn't authorized to comment by name and requested anonymity.
Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has sought to import about 100,000 barrels of light U.S. crude a day. Last year it proposed a deal in which the U.S. would trade the light crude for heavier Mexican crude.
The official says the Commerce Department is approving some license applications for the exchange of similar amount of U.S. and Mexican crude.
Congress has pressed the Obama administration to lift the crude oil ban, with Republicans arguing it would make the U.S. an energy superpower. The ban has been in place for four decades.
The price of U.S. crude oil has tumbled to its lowest level in more than six years.
The latest slide on Tuesday came as OPEC said its production rose to a three-year high. China also devalued its currency, suggesting economic growth there was softer and could cause lower crude demand.
Offshore project start-ups will boost U.S. crude production through the end of the year, according to OPEC’s latest monthly forecast, which increased its projection for demand growth slightly, Reuters reports.
The long-standing crude export ban has created an “industrial policy” supporting a strong U.S. refining sector, and lifting it would squander those benefits and pass them along to China and India, the leader of the United Steelworkers plans to tell Congress on Tuesday.
The argument stands in stark contrast to several other witnesses who plan to testify that opening the spigot for crude oil exports would offer the U.S. geopolitical benefits and more sway over global energy markets.
A group of 13 states led by North Dakota is pressing for a federal judge's injunction against the Environmental Protection Agency's Clean Water Rule to take effect nationwide after the agency said it would enforce the rule in states not involved in an initial lawsuit, The Hill reports.
Sen. Michael Bennet, D-Colo., said he's willing to support ending the Commerce Department ban on crude oil exports if the policy change is accompanied by other actions to promote clean energy and address climate change, FuelFix reports.
Wisconsin Gov. Scott Walker, a Republican presidential hopeful, told voters in San Antonio that the U.S. should behave like an "energy rich country" and lift the ban on crude exports, the San Antonio Business Journal reports.
White House Senior Adviser Brian Deese has spearheaded the Obama administration's climate agenda during his first six months on the job, and plans to play an active role in upcoming budget battles with Congress and December's United Nations climate talks in Paris, E&E reports.
A new report from Citigroup says that large natural gas discoveries in Egypt and Iran could reduce demand for liquefied natural gas in the Middle East, limiting opportunities in the market for U.S. producers looking to export, Bloomberg reports.
Gas stations are an increasingly tempting target for credit card information thieves and other fraudsters, The Wall Street Journal reports, prompting both the credit card and fuel industries to move more quickly on defensive actions.
French state-owned nuclear company EDF announced it would delay construction of a next-generation nuclear plant in Flamanville for another year, citing a new increase in cost, The Financial Times reports.
The Australian Competition & Consumer Commission will delay until Sept. 17 its decision to approve or reject Shell's proposed takeover of U.K.-based BG Group; the deal was approved by the European Commission on Wednesday, The Wall Street Journal reports.