Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.
The shale oil boom will account for most of the growth in U.S. domestic oil output through 2020 and could effectively eliminate imports of foreign crude if production remains strong in the following decades, the Energy Information Administration said Monday.
EIA, the statistics arm of the Energy Department, said its 2014 energy outlook projects so-called tight oil development will generate 81 percent of the rise in production over the next few years, to an expected 9.6 million barrels a day by 2020.
A University of Houston engineering professor voiced concerns that using a popular oil reserve estimate formula developed in 1945 may not be applicable to oil drawn from shale, causing some companies to overestimate the potential at some sites, Bloomberg reports.
WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.
Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.
"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.
Dallas-based refiner HollyFrontier Corp. is standing against the American Petroleum Institute's push for an end to the nation's 39-year-old crude oil export ban, saying lifting it would cause a spike in domestic gasoline prices, FuelFix reports.
For the first time in five months, OPEC produced more oil in February than it had targeted, boosted by Iraqi output that hit a 35-year high of more than 3.6 million barrels a day, according to the International Energy Agency, Bloomberg reports.
The U.S. will release 5 million barrels of sour crude from its strategic reserve, in a move the Department of Energy describes as a test of the country's ability to respond to supply disruptions in a crisis, FuelFix reports.
BISMARCK, N.D. (AP) — The proposed but controversial multibillion-dollar pipelines that would bring a flood of Canadian tar sands oil to the U.S. likely won't hinder North Dakota's soaring crude production, state and industry officials say.
More than 1 million total barrels of tar sand oil from Canada's Alberta province would move through the pair of pipelines, destined for different U.S. refineries than North Dakota's crude, according to Justin Kringstad, director of the North Dakota Pipeline Authority, and Ron Ness, president of the North Dakota Petroleum Council.
The heavy sour crude from Canada is of lower value and more difficult to refine than North Dakota's light sweet crude.
North Dakota lawmakers, including Sen. Heidi Keitkamp, D-N.D. and Sen. John Hoeven, R-N.D., were among those launching criticism at the Obama administration for delaying a decision on the proposed Keystone XL oil pipeline, the Williston Herald reports
China, the world’s largest investor in renewables, will continue to boost spending on solar and wind projects as well as starting construction on some nuclear power plants, Premier Li Keqiang said in a website posting, Bloomberg reports.
The decision by Minnesota regulators to back Geronimo Energy’s $250 million proposal for a solar project is the latest example of how the company, which didn’t exist 10 years ago, is continuing to grow, the Star-Tribune reports.
The company behind the proposed $2 billion Rock Island Clean Line, the transmission line which would bring 3,500 megawatts of wind energy from Iowa to Illinois, claims the project could bring Chicago residents electricity savings, the Chicago Sun-Times reports.
Suncor Energy, one of several Canadian companies that backs the Keystone XL pipeline project, said over the weekend that one of its employees died after being hurt at an oil sands site, The Globe and Mail reports.