“There was no reason to subsidize in a country that is as rich as the U.A.E.,” said Nasser Saidi, former chief economist at Dubai International Financial Centre and head of Nasser Saidi and Associates.
Crude oil had held near $60 per barrel in May and June as traders hoped lower prices would curtail some oil production. But drillers have managed to keep pumping in the U.S. and across the globe, and prices have once again started sliding.
Utah Division of Oil, Gas and Mining director John Baza said Monday the decision addresses concerns raised by opposition while acknowledging that U.S. Oil Sands, the Canadian company building the mine, has complied with regulations.
The goal is to arrive at data that can better track how Texas’ production is responding to the volatile price swings on the crude oil markets, said Gary Long, a petroleum engineer at the EIA who works on production data.
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