Category: Crude oil

Federal agency says oil exports would lower pump prices

Ending the United States’ longstanding ban against most crude exports could lift oil prices inside the country while decreasing the cost of gasoline, according to a Government Accountability Office report released Monday.  More »

Islamic State fuels terrorist operations with oil production

Oil production has provided the extremist Sunni group with a significant source of revenue, even though the Islamic State produces only a fraction of the oil capacity from the territory it controls and likely sells its oil at a deeply discounted price on the black market.  More »

Government lags in measuring gush of U.S. crude

The federal Energy Information Administration relies on state agencies for data about oil production, sometimes two years late. For natural gas, the EIA is collecting data from an outdated survey of producers in five states that was designed before technological advancements opened up new plays across the country.  More »

Hedge funds cut bullish bets on crude as prices tumble

Crude is now trading in a bear market, underpinned by speculation that OPEC members are favoring market share over prices.  More »

India PM uses oil price slump to ease curbs deterring Chevron

India’s recently elected prime minister, Narendra Modi, has made energy security his priority.  More »

Officials say oil spill has not reached Caddo Lake

Officials said Saturday that the oil has been contained without reaching Caddo Lake, which straddles the Texas-Louisiana state line and provides drinking water for some water systems.  More »

Oil rigs slump by most in two months after prices slide

Rigs targeting oil in the U.S. fell by the most in two months as producers curbed drilling following the biggest price rout since 2012.  More »

Brent oil and West Texas crude rise

WTI for November delivery gained 5 cents to $82.75 a barrel on the New York Mercantile Exchange. The futures are down 3.6 percent this week and 16 percent in 2014.  More »

Oil tankers to China jump to nine-month high amid crude rout

The number of supertankers sailing toward China’s ports surged to a nine-month high amid speculation an oil-price slump is encouraging the world’s second-biggest crude importer to accelerate purchases.  More »

U.S. stocks rally on stimulus signs as energy shares jump

U.S. stocks rallied, trimming this week’s decline, as earnings beat estimates, consumer confidence reached a seven-year high and investors speculated that central banks will add more economic stimulus.  More »

Schlumberger CEO: Oil will recover, spur E&P spending

The slow but steady global economic recovery is still intact, and absolute oil demand has changed little despite fears of oversupply that have sent crude prices hurtling downward in recent days, Schlumberger’s chief executive told investors on Friday.  More »

Shale boom helping American consumers like never before

The drop in crude has pulled retail gasoline down more than 50 cents a gallon from the year’s high in April.  More »
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