Fuel Fix

(ALEXANDER KLEIN/AFP/Getty Images

OPEC split on need for long-term oil-price forecasts

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The disagreement reflects internal divisions over whether OPEC policy should focus on prices or the stability of the oil market.

OPEC split on need for long-term oil-price forecasts

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(ALEXANDER KLEIN/AFP/Getty Images
The disagreement reflects internal divisions over whether OPEC policy should focus on prices or the stability of the oil market.
Ryan Lance, ConocoPhillips CEO, speaks during the opening panel discussion of the 2015 IHS Energy CERAWEEK. (Brett Coomer/Houston Chronicle)

ConocoPhillips to cut 10 percent of global workforce

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ConocoPhillips said Tuesday it is planning to cut roughly 1,800 employees, or 10 percent of its global workforce, in the next several weeks as it deals with low oil prices.

(AP Photo/Pat Sullivan, File)

In drive to boost drilling technology, Schlumberger acquires synthetic diamond maker

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Schlumberger has acquired a Utah-based synethic diamond manufacturer for an undisclosed amount in a deal aimed at boosting its ability to offer improved drilling technology to its customers.
Categories: Deals
Pipelines run toward oil storage tanks stand at the Enbridge Inc. Cushing storage terminal in Cushing, Oklahoma, U.S., on Wednesday, March 25, 2015. The fastest oil-inventory growth on record at the main U.S. hub may be about to end, easing concern that storage limits will be strained. Photographer: Daniel Acker/Bloomberg

Crude falls as oil inventories rise in volatile week

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U.S. benchmark oil futures had opened lower on the day but traded to a gain shortly before the report was released. After the inventory data came in, prices reversed course and fell by 98 cents or 2.16 percent to $44.43 per barrel.

(Photographer: Ty Wright/Bloomberg)

Labor Day weekend brings $1.4 billion in gas pump savings nationwide

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This weekend will feature the lowest gasoline prices in more than a decade with gas prices 99 cents cheaper than this time last year after a dip of 18 cents just in August, which was the greatest decrease since 2008, GasBuddy added. Average national gas prices were $2.44 a gallon Wednesday morning compared to $3.43 last year.
Firefighters and rescue workers work along the tracks where several CSX tanker cars carrying crude oil derailed and caught fire along the James river near downtown in Lynchburg, Va., Wednesday, April 30, 2014. Nearby buildings were evacuated for a time, but officials said there were no injuries and the city on its website and Twitter said firefighters on the scene made the decision to let the fire burn out. (AP Photo/Steve Helber)

Feds doling out millions to boost rail safety along heavy oil routes

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Transportation Secretary Anthony Foxx said the grants would “support innovative ideas and solutions developed at the local level.”
Categories: Rail
(Bureau of Safety and Environmental Enforcement)

European regulators approve Shell-BG Group deal

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Royal Dutch Shell on Wednesday got closer to completing its nearly $70 billion acquisition of BG Group after the European Commission cleared the purchase in an antitrust review.
Categories: Deals

Commentary: Focus for oil is on inventory, jobs data

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Once again, the API has put the cat among the pigeons ahead of the weekly EIA inventory report. Prices had already spent yesterday getting stomped on all day, before the API released its report, revealing a surprise 7.6 million barrel build versus the expectation for a minor 0.8 mb draw. This was the largest build […]
(Daniel Acker/Bloomberg)

Engineering firm director: Industry is “living in the past”

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A Petrochemical Update report with the American Petroleum Institute noted more than 70 percent of U.S. capital projects since 2002 have failed to meet all of their performance goals.