Category: Crude oil

Obama to seek wilderness designation for Alaska refuge

President Barack Obama is boosting protection of Alaska’s Arctic National Wildlife Refuge and will ask Congress to designate more than 12 million acres as a wilderness area, including its potentially oil-rich Coastal Plain.  More »

US works to ease Caribbean dependence on Venezuelan oil

A decade-long addiction to oil subsidized by Venezuela may be coming to an end for several Caribbean nations, with a nudge from the United States  More »

U.S. crude erases gains following Saudi king’s death

King Salman bin Abdulaziz, who succeeds Abdullah on the throne, said he would maintain his predecessor’s policies.  More »

Crude rigs at lowest level in two years after another decline

Drillers were slow to pare back the number of rigs working, but have now idled 258 crude oil rigs since a steady slide began seven weeks ago.  More »

Commentary: Should we allow further drilling on public land?

When done properly, extraction of natural resources from federal land has helped develop the economy while at the same time providing valuable income to defray the costs of running the federal government. Leases are certainly not new and, according to the Bureau of Land Management (BLM), there are currently over 46,000 active leases on federal […]  More »

Hercules Offshore to lay down five more Gulf rigs

Hercules has already cold-stacked four of the rigs this month and a fifth is scheduled to end its contract in March.  More »

Oil slips as U.S. crude stockpiles surge most in 14 years

Inventories rose 10.1 million barrels in the week ended Jan. 16, the biggest gain since March 2001, according to the Energy Information Administration.  More »

Crude, natural gas futures fall on storage report

Crude oil and natural gas futures fell on Thursday as traders grappled with inventory builds for both fuels.  More »

Algeria to boost oil production in face of falling prices

Youcef Yousfi told the parliament Thursday that Algeria was working on dozens of deposits and studying the possibility of boosting production to increase revenues.  More »

Venezuela’s Maduro sees U.S. wielding oil as weapon to ‘destroy’ nation

Venezuelan President Nicolas Maduro has avoided substantial cuts to social programs amid the slide in crude, the commodity that provides 97 percent of Venezuela’s dollars.  More »

Oil trader sees no return to $100 crude

Brent crude climbed 0.8 percent to $49.44 a barrel at 10:48 a.m. in London on Thursday. It rose as high as $115.71 in June.  More »

U.S. witness: Spill response removed far less crude than BP expert estimates

A retired Coast Guard official testified Wednesday the massive oil spill response BP managed out of Houston in 2010 fell short of typical efforts to remove crude from the ocean.  More »

Crude rebounds as U.S. drilling slows

West Texas Intermediate for March delivery gained $1.31, or 2.8 percent, to close at $47.78 a barrel on the New York Mercantile Exchange.  More »

OPEC: Oil won’t sink to $20, but rebound will be slow

Oil slumped almost 60 percent since June as OPEC nations continued pumping amid the highest U.S. production in more than three decades.  More »

BHP backing away from U.S. drilling

BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40 percent as plunging petroleum prices add to concerns about lower iron ore earnings.  More »
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