(AP Photo/Pablo Martinez Monsivais)

Obama urges Senate to approve repeal of oil tax incentives

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President Obama made a firm call Thursday for the Senate to approve a measure repealing some of the oil and gas industry’s tax incentives, just ahead of a high-profile vote in the upper chamber.

Petrochemical industry takes note of shale bounty

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The North American shale boom has excited petrochemical companies eager for a new era of cheap resources to feed production of plastics that go into everything from diapers to plumbing, executives said Wednesday.
(AP Photo/Mike Groll, File)

NC lawmakers lay out fracking plans this year

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Republican lawmakers said Wednesday they expect to take a careful, measured approach to drafting state regulations for allowing a new method of natural gas drilling called fracking, but an existing ban on the activity in North Carolina is likely to remain until 2014 or later.
Shell's Arctic-class drill ship, the Kulluk, is shown as it is towed near Alaska. Shell is moving the Kulluk drilling unit from Dutch Harbor, Alaska, to a Seattle shipyard for ongoing maintenance and planned, technical upgrades. (Photo courtesy of Shell Oil Co.)

Memo details Alaska oil, gas industry lobbying

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A new legislative memo suggests that about $2.2 million was spent on lobbying last year by the oil and gas industry and three affiliated organizations.
The Wednesday, March 28, 2012 aerial shot provided by Greenpeace shows Total's Elgin Wellhead Platform in the North Sea off the shore of Scotland. A two-mile exclusion zone has been set up around the offshore platform in the North Sea which has been evacuated after a gas leak, Tuesday, March 27, 2012. The leak on Total's Elgin PUQ platform, about 150 miles (241km) off the coast of Aberdeen, led to the evacuation of all 238 workers on Sunday. Photo: Martin Langer / Greenpeace

Activists worry over North Sea platform gas leak

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Environmental groups warned Thursday they fear an oil spill could be triggered at a North Sea offshore platform that has been leaking highly pressurized gas since the weekend.
(Image: Fotolia)

Oil falls on reserve release talk, U.S. supply data

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Benchmark U.S. crude fell by $1.92 to end at $105.41 per barrel in New York.
Categories: Crude oil, Natural gas

Gas Leak at North Sea Elgin Platform

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A crisis situation has developed at a gas and condensate production platform in the Elgin field in the North Sea. Gas is leaking out of a well near a offshore platform at a rate of approximately 2 kilograms per second (12 MMCF/day if gas), and a large …
Categories: Natural gas
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This is an undated handout photo issued by Total E&P UK Ltd of Total's Elgin PUQ (Process/Utilities/Quarters)  platform. A two-mile exclusion zone has been set up around the offshore platform in the North Sea which has been evacuated after a gas leak, Tuesday, March 27, 2012. The leak on Total's Elgin PUQ platform, about 150 miles (241km) off the coast of Aberdeen, led to the evacuation of all 238 workers on Sunday. (AP Photo  / TOTAL E&P UK Ltd)

Total says no explosion risk in North Sea gas leak

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A flare is still burning on the North Sea offshore platform that has been leaking gas for days, operator Total S.A. said Wednesday, though it claimed there was no threat of an explosion under current weather conditions.
Prices for three grades of gasoline are posted in front of a service station Wednesday, Feb. 22, 2012, in Bellevue, Wash., near Seattle. (AP Photo/Elaine Thompson)

Obama officials rip into GOP gasoline bills

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Obama administration officials ripped into GOP proposals to tie Strategic Petroleum Reserve releases to increases in federal oil and gas land leases and require additional analyses of the economic impacts of several oil- and gasoline-related environmental regulations.
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)

Newfield focused on oil after first gas drilling halt

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Newfield Exploration Co. (NFX), which received about 70 percent of its output from natural gas in 2010, isn’t drilling for dry gas for the first time in its 24- year history, Chief Executive Officer Lee Boothby said.
Categories: Crude oil, Natural gas