In its annual World Oil Outlook, OPEC said the development in extracting oil and gas from shale is resulting in an expansion of the global oil supply, Reuters reports.
COLUMBUS, Ohio (AP) — Ohio Gov. John Kasich's claim that a single energy company could recover $1 trillion worth of oil and gas from the state's shale is an exorbitant overestimate, according to experts interviewed by The Associated Press.
At current oil prices, that figure represents more than four times U.S. oil production last year. Viewed another way, every drop of oil produced in America for the next four years will be worth roughly $800 billion, based on current prices and production rates.
The number of oversize and overweight trucks using county roads and bridges in North Dakota’s oil patch has more than doubled in three years, and while counties are collecting millions of dollars in permit fees, officials say the money isn’t enough or even earmarked for road maintenance, The Associated Press reports.
IHS Global Insight projects that the U.S. boom in natural gas production from shale rock will account for nearly 1.5 million new jobs in the next three years, Fuelfix reports.
Congress and the White House would like to claim credit for the highest levels of U.S. oil production since 1998, but experts tell Politico that the credit largely belongs to the private sector.
Major energy companies in China are slowing their acquisitions of unconventional oil and gas assets abroad, which mostly have involved transferring Western technology to help unlock China's massive shale gas, Reuters reports.
Exxon Mobil's chief executive said the company sees "huge shale potential" in Siberia and is exploring the area with Russia's OAO Rosneft, The Wall Street Journal reports.
Senate Energy and Natural Resources Chairman Ron Wyden, D-Ore., asked the Justice Department to join the European Union's probe of possible oil price manipulation, Reuters reports.
Nuclear Regulatory Commission Chairman Allison Macfarlane said the NRC can't consider a public hearing on the San Onofre nuclear plant until June, when an appeal period of an Atomic Safety and Licensing Board ruling ends.
Sens. Bob Corker, R-Tenn., and Joe Manchin, D-W.V., introduced a bill that would ensure that only domestically-made biofuels can be used to meet the Renewable Fuel Standard, The Chattanoogan reports.
A federal judge refused to reconsider a ruling that upheld the Interior Department's power to ban new hard rock mining projects on federal land, The Associated Press reports.
Tesla Motors increased the value of its stock and debt offerings 30 percent to $1.08 billion to gather reserves and pay back its Energy Department loans, Bloomberg reports.
Poland called on the European Union to end energy subsidies for fossil fuels and renewable sources and cut oil imports to better combat climate change, Bloomberg reports.
The first well reports from the Utica shale in Ohio show a significant supply of natural gas but not as much oil as some energy companies were expecting, Reuters reports.
