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Gasoline demand dropped 3.7 percent over the first week of December, according to MasterCard’s gasoline report.
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.
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 will step down this week “to pursue other interests,” after 17 months as chief operating officer, Marathon Oil announced Monday.
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.
A New York Times report found Texas provides about $19 billion a year in business incentives, more than any other state by far.
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.
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.
With natural gas production continuing to rise, the commodity price will stagnate or decline next year, according to Standard & Poor’s Ratings Services projection.
Plains All American Pipeline has agreed to buy five crude oil rail terminals, including one in the Eagle Ford shale in South Texas, from U.S. Development Group.