TRIPOLI, Libya (AP) — Libya's state-run oil corporation has declared 11 oil fields in the country non-operational after attacks by suspected Islamic State militants, opting for a force majeure clause that exempts the state from contractual obligations.
The National Oil Corporation blamed Islamist-backed authorities in the capital Tripoli for failing to protect the oil fields. The statement, issued late Wednesday, said "theft, looting, sabotage and destruction" of the oil fields have been on the rise despite pleas for the authorities to ensure the safety of Libya's oil installations.
Libya’s National Oil Corporation says it is no longer able to guarantee security at the 11 oilfields in the center of the country, and has declared force majeure to protect it from legal action against any supply disruptions, The Wall Street Journal reports.
Weak European economic data put pressure on international crude in trading early Wednesday, while the U.S. benchmark was slightly higher ahead of the release of weekly U.S. stockpile data.
According to a Bloomberg survey, the Energy Information Agency report was expected to show a gain in crude but a drop in gasoline and distillate inventories, said analyst Myrto Sokuo from Sucden Financial.
NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
The report from the Energy Information Administration of an 8.4 million increase in U.S. crude stocks last week was pressuring oil prices early Thursday.
Benchmark West Texas Intermediate crude for April delivery dropped 48 cents to $50.51 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract had jumped $1.71 to $50.99 after the EIA reported diesel and gasoline inventories fell more than expected, indicating a pickup in demand.
NEW YORK (AP) — The price of oil is on a wild ride, and there is little agreement on where it's headed.
After falling nearly 60 percent from a peak last June, the price of oil bounced back more than 20 percent as January turned to February. Then, on Tuesday, it sunk 5 percent, closing just above $50. Oil has fallen or risen by 3 percent or more on 14 of 27 trading days so far this year. By comparison, the stock market hasn't had a move that big in more than three years.
CHEYENNE, Wyo. (AP) — A private company finally will be able to drill legally for oil at Teapot Dome, a remote Wyoming oilfield that remains best known for a political scandal that embroiled the administration of President Warren G. Harding in the early 1920s.
The Energy Department announced Friday that it had finalized the sale of the 9,481-acre Teapot Dome oilfield to New York-based Stranded Oil Resources Corporation for $45.2 million. Stranded Oil was the highest of nine bidders last fall.
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.
NEW YORK (AP) — It's just a forecast, and for only one of 10 industry groups in the stock market. Yet it has almost singlehandedly turned what had been a strong earnings season into a weak one.
Profits for companies in the Standard & Poor's 500 index are expected to have grown in the fourth quarter at one of the lowest rates in years, just 2.2 percent. The culprit: Energy companies that suffered as oil prices plunged. Their profits are expected to have dropped 23 percent, a collapse of fortune nearly unheard of outside of a recession, and one that has weighed on the stock market.
Risking comeback from America’s Renewable Future, the group set up to promote ethanol interests in the 2016 presidential campaign, a number of Republican candidates who’ve voted to end subsidies and oppose the renewable fuel standard are set to speak to a gathering of the state’s agriculture industry this weekend, The Wall Street Journal reports.
The circumstances surrounding New Jersey’s $250 million dollar settlement with Exxon Mobil over industrial pollution should be examined by a federal prosecutor, according to state Senate President Stephen Sweeney, who is skeptical about the motives of GOP Gov. Chris Christie's staff, NJ Advance Media reports.
The Environmental Protection Agency’s Inspector General’s office has issued a report questioning EPA’s decision to use Title 42 authority to pay 23 employees salaries above the normal cap of $201,700 a year, according to The Hill.
Sen. Jeff Flake, R-Ariz., has introduced a bill – S. 640 -- that would force the Environmental Protection Agency to shoulder the costs of any impact its Clean Power Plan would have on government agencies, E&E reports.
Grid operator PJM Interconnection, in a lengthy analysis of the Environmental Protection Agency’s Clean Power Plan, concludes that it would be cheaper for states to band together to tackle its carbon reduction requirements, rather than going it alone, E&E reports.
Uncertain of federal jurisdiction in the matter, the White House last year decided to leave to North Dakota the task of regulating the explosive gas content of crude being shipped by rail, administration officials have told Reuters.
After a contentious debate that lasted for hours, the Oregon House narrowly approved and sent to Gov. Kate Brown a measure to extend the state’s clean fuels program, intended to reduce the carbon intensity of vehicle fuels, The Oregonian reports.
A day after Maryland’s attorney general recommended that regulators reject the proposed merger between Exelon and Pepco Holdings, the companies announced that they’ll more than double the money set aside to benefit utility customers, The Washington Post reports.
Black Rock Group, the Virginia consulting firm that helped Republican Dan Sullivan win his senate seat last year, will open an Alaska office as planning intensifies for Energy committee chair Sen. Lisa Murkowski's 2016 re-election bid, Alaska Dispatch News reports.