Beaumont – Fuelfix

More efficient cars means less gasoline use in U.S. soon

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U.S. gasoline consumption will fall over the next three decades, despite record travel, as fuel efficiency improves in American cars. Americans are driving more vehicles, the U.S. Energy Department said in a recent report, but improvements in fuel economy will more than offset the increase in miles. U.S. light-duty vehicles — cars, trucks, SUVs and …

Market Currents: Limbering up for OPEC

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Last week we discussed how some OPEC producers are exhibiting compliance via lower exports, while others are not. Our export data affirms what others are saying about Iraq: that OPEC’s second largest producer has not been playing ball. Exports out of the south of the country continue to hold up, above 3 million barrels per …

Gov. Abbott signs bill reauthorizing the Railroad Commission

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The Railroad Commission of Texas, the state’s oil and gas regulator, has been reauthorized to operate for another 12 years, after a years long battle with legislators over how to reform the agency. On Monday, Gov. Greg Abbott signed House Bill 1818, part of a state initiative to review and reauthorize agencies every 12 years. …

Trump proposes slashing Gulf royalty payments to Texas, other states

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President Donald Trump wants the federal government to stop sharing oil and gas royalties from the Gulf of Mexico with Texas and other states along the Gulf Coast. In his budget proposal for 2018, the White House proposes eliminating a decade old program that was set to deliver $275 million to Texas, Louisiana, Alabama and Mississippi …

EOG Resources gets $400 million from private equity group

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EOG Resources will get a $400 million cash infusion from private equity group Carlyle to develop oil and gas assets in Oklahoma over the next four years. The Houston oil producer’s joint venture with one of Carlyle’s energy investment arms comes as private equity firms pour billions into a resurgent U.S. oil industry, looking to …

Iraq backs output cuts into 2018, putting OPEC near agreement

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OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement. The proposal is the latest attempt by oil producers from Saudi Arabia to Russia to prop up prices and revive their economies. The talks are …

Rig contractor to pay up to $100M for big data tech firm

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Helmerich & Payne, the largest U.S. rig contractor, is set to buy a small Dallas firm touting technology that can guide drill bits to oil-soaked rock with cognitive computing. The Oklahoma drilling contractor will pay $75 million to purchase Motive Drilling Technologies, but that price tag could include additional payouts of up to $25 million …

Two small spills from Dakota Access pipeline reported

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BISMARCK, N.D. (AP) — The Dakota Access pipeline system leaked more than 100 gallons of oil in North Dakota in two separate incidents in March — the second and third known leaks discovered as crews prepared the disputed $3.8 billion pipeline for operation. Two barrels, or 84 gallons (320 liters), spilled due to a leaky …