Category: Crude oil

Oil falls toward $101 as debt deal awaited

Benchmark crude for November delivery fell $1.20 to close at $101.21 a barrel on the New York Mercantile Exchange.  More »

Military and business leaders urge US to end oil’s fuel monopoly

In a report issued Tuesday, former U.S. military leaders, cabinet secretaries and business leaders recommend ways the United States can pare America’s vulnerability to oil price hikes, by giving alternatives a chance to compete with gasoline and ending “oil’s virtual monopoly as a transportation fuel.”  More »

Saudi Aramco plans ‘massive’ spending to extend field life

Saudi Arabia, the world’s largest crude exporter, is making “massive investments” as it seeks a production buffer to guard against swings in global oil prices while addressing a decline in output from its older fields.  More »

From RINs to Supply to Demand to Seasonality…Why Gasoline is Heading Lower

Let’s end at the beginning: retail gasoline prices are going to continue to head lower, and this post simply presents the case as to why, through some simple visuals.  But before we do that, here are some reasons as to why that downside could be more limited than it otherwise should be: –Stubbornly high input […]  More »

Report: US oil growth having limited effect on energy security

The United States may soon claim the throne as the world’s top crude and gas producer, but America’s dependence on oil leaves the nation at risk, according to a global energy security assessment issued Monday.  More »

BHP Billiton’s former oil CEO Yeager joins Maverick Drilling

J. Michael Yeager, the former head of BHP Billiton Ltd. (BHP)’s oil and gas division, was named chief executive officer of Maverick Drilling & Exploration Ltd., an explorer that’s listed in Australia and focused on the U.S.  More »

Oil rises on hopes for debt deal

The price of oil “continues to gyrate around speculation and rumor regarding the shutdown of the U.S. government.”  More »

Angola to impose new tax on oil companies

Angola, Africa’s largest oil producer after Nigeria, is imposing a consumption tax on petroleum companies that will raise some costs by as much as 10 percent, according to government documents.  More »

CEO: Lukoil looking to expand Asian business

The chief executive of Russia’s Lukoil said Monday the oil giant is looking for Chinese partners as it tries to expand its business in East Asia.  More »

Farmer finds oil spill while harvesting wheat

A North Dakota farmer who discovered an oil spill the size of seven football fields while out harvesting wheat says that when he found it, crude was bubbling up out of the ground.  More »

Growth in non-OPEC oil will reach highest since 1970s

The International Energy Agency estimates that oil producers outside OPEC, led by the U.S., Canada and Kazakhstan, will bolster supplies next year by the most since the 1970s, undermining the need for OPEC’s crude.  More »

US attorney: 12 indicted in Bakken drug ring

A dozen people have been indicted on federal charges alleging they were involved in a ring that distributed methamphetamine in the Bakken oil patch along the North Dakota border, and in other cities and towns across Montana, authorities said.  More »