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Simone Sebastian

Royalties from oil production on state lands is pushing Texas' Permanent University Fund toward a record $1 billion in annual revenue. (AP Photo/Hasan Jamali)

Forecast predicts big drop in U.S. oil price

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The price of U.S. crude is heading for a precipitous decline that could force the nation’s production surge to slow, according to a BofA Merrill Lynch forecast.
Categories: Crude oil
Wind turbines in South Africa. (AP Photo/Schalk van Zuydam)

Texas offshore wind project wins federal grant

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Baryonyx Corporation will recieve a $4 million grant from the U.S. Department of Energy for a three-turbine project in the Gulf of Mexico.
GASOLINE PRICES $3

Drivers cutting gasoline use, despite price drop

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Gasoline demand dropped 3.7 percent over the first week of December, according to MasterCard’s gasoline report.
(Image: Fotolia)

Price plunge approaching for U.S. crude, BofA forecasts

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West Texas Intermediate crude could drop below $50 a barrel in the next 24 months, the lowest level since 2009, BofA Merrill Lynch analysts project.
Sugarcane is harvested in Brazil for BP's Tropical ethanol plant, part of BP's biofuels expansion in the South American country. (Marc Morrison/BP)

BP expands Brazilian ethanol investment

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The oil company will funnel another $350 million into Brazil’s sugarcane ethanol market, doubling the processing capacity of its Tropical plant.
David E. Roberts, Jr., Executive Vice President and Chief Operating Officer, Marathon Oil Corporation (credit: Marathon Oil)

Analysts surprised by Marathon Oil exec resignation

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David E. Roberts will step down this week “to pursue other interests,” after 17 months as chief operating officer, Marathon Oil announced Monday.
(AP file photo/Pat Sullivan)

ConocoPhillips announces $15.8 billion capital budget

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ConocoPhillips will funnel $15.8 billion into its capital spending program next year, largely targeting growth in North America and shale regions, the company announced Friday.
Money Roll

Energy corps among top beneficiaries from tax incentives

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A New York Times report found Texas provides about $19 billion a year in business incentives, more than any other state by far.
Chevron hired an investment banker to gauge buyer interest in its Hawaiian operations.
(AP Photo/Lynne Sladky)

Chevron grows capital budget for 2013

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Chevron announced a $36.7 billion capital budget for 2013, focused on expanding its oil and natural gas exploration and production activity, while allocating fewer dollars to its downstream arm.
(Photo: Fotolia)

North America will be energy independent, refining expert says

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Hart Energy refining expert Terry Higgins says rapid growth of tight oil production in the U.S. will lead North America to petroleum independence within the decade, causing global oil prices to drop.