David Wood, the CEO and president of Murphy Oil Corp, unexpectedly resigned on Wednesday. The oil and gas company's former general counsel has assumed the position of CEO, The Wall Street Journal reports.
WASHINGTON (AP) — President Barack Obama will order Thursday changing or eliminating a handful of regulations — from uniform street sign requirements to outdated hospital reporting rules — that his administration says could have cost the economy $6 billion over five years, part of a regulatory overhaul that will require agencies to periodically scrub their rule books in search of unnecessary mandates.
Gas stations are among the beneficiaries of the changes, as the EPA will repeal a requirement that gas stations in some states install vapor controls at the pumps.
Obama will sign the election-year executive order later Thursday that will force federal agencies to scrutinize old rules to determine which ones are justified and to issue regular reports on their progress.
With gas prices escalating and consumption of gas at the pump at an 11-year low, the nation's 110,000 independent gas station owners are feeling the pain, and say it's increasingly difficult to make a profit, especially with credit-card processing fees, The Wall Street Journal reports.
Many of the loans that banks have issued to oil and gas producers are being flagged as substandard, according to warnings from regulators like the Federal Reserve and the Federal Deposit Insurance Corporation, The Wall Street Journal reports.
The Environmental Protection Agency and the Tennessee Department of Environment and Conservation are monitoring a local creek after dead fish were discovered following Thursday’s CSX derailment that spilled 24,000 gallons of acrylonitrile, the Knoxville News Sentinel reports.
The Greek vote to reject a European bailout package, combined with last week’s news of an uptick in U.S. crude production, sent oil prices plummeting early Monday. U.S. benchmark crude slumped $2.59 to $54.34 a barrel in electronic trading on the Nymex, while in London Brent lost $1.32 to $59, Reuters reports.