Oklahoma Gov. Mary Fallin (AP Photo/Alonzo Adams)

Oklahoma is latest state to prevent local fracking bans

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Pushed hard by the oil and gas industry, but fiercely opposed by municipalities and environmental groups, the bill specifically prohibits cities or towns from banning operations such as drilling, fracking, water disposal, recovery operations or pipeline infrastructure.

More oil rigs shut down this week

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The number of U.S. rigs chasing oil fell to a total of 646 this week, according to a weekly tally by oil service company Baker Hughes.
Clean up crews removed oil-laden sand on the beach at Refugio State Beach, site of an oil spill, north of Goleta, Calif.  (AP Photo/Michael A. Mariant)

Response by Plains on broken Calif. pipeline faces scrutiny

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U.S. Sens. Barbara Boxer and Dianne Feinstein of California labeled the response to the spill “insufficient” in a letter Thursday to the Pipeline and Hazardous Materials Safety Administration. The senators questioned why the line lacked an automatic shut-off valve and whether some workers were left on the sidelines while the leak spread.
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In this Saturday, May 23, 2015 photo released by the U.S. Coast Guard, two cleanup crew members work to remove oil from the sand along a portion of soiled coastline. (Chief Petty Officer David Mosley/U.S. Coast Guard via AP)

Section of pipe involved in California oil spill unearthed

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Artealia Gilliard of the Pipeline and Hazardous Materials Safety Administration said Thursday that the section was extracted and will be wrapped in protective insulation before it is sent to a laboratory in Ohio for metallurgical testing.
(Shane Bevel/Bloomberg News)

Crude oil inventories fall again, but production jumps

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U.S. commercial stores of crude oil fell by another 2.8 million barrels to a total of 479.4 million barrels for the week ending May 22, according to data collected by the U.S. Energy Information Administration.
Penguins gather on the coast of Murrell Farm near the northeastern corner of the Falkland Islands. The Falklands have struck oil, potentially pumping billions of dollars into their treasury. One downside is the potential for a major spill in seas where penguins, whales, seals and other marine mammals are drawn to unspoiled coasts.   (AP Photo/Michael Warren)

Premier opens new oil zone off Falkland Islands, boosting shares

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Premier struck oil at the Isobel Deep well, about 30 kilometers (19 miles) from its Sea Lion discovery, the company said Thursday in a statement. Its stock jumped the most in two weeks, while partner Rockhopper Exploration Plc gained as much as 7 percent.
An oil tanker docks at a Chevron oil refinery in the San Francisco Bay. (Kimberly White/Bloomberg News)

The tanker market is sending a big warning to oil bulls

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A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Original byline: Jim Blecha/

Analyst: More cuts to come as reality sets in for oil companies surprised by downturn

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Recovery from the oil slump will a slow, painful slog as companies caught unaware by the downturn will be forced to make deeper, more structural changes to survive, a new analysis finds.
(AP Photo/Dave Martin, File)

U.S. ocean regulator accidentally discharges oil into New Hampshire river

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The Coast Guard says the Ferdinand R. Hassler discharged the water overboard while at its moorings in New Castle on Tuesday.
Rex Tillerson, chairman, president, and CEO of ExxonMobil Corp. ( Johnny Hanson / Houston Chronicle )

Exxon shareholders reject climate change resolutions at meeting

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CEO Rex Tillerson gave a stay-the-course outlook for the company, which has seen profits decline recently with lower prices for crude oil.