API President Jack Gerard  (Bloomberg)

Oil industry throws support behind energy reform bill

In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.
The Shell logo sits on the side of a fuel tanker truck during a gasoline delivery at a gas station operated by Royal Dutch Shell Plc in Utrecht, Netherlands, on Tuesday, Jan. 26, 2016. Shell is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Photographer: Jasper Juinen/Bloomberg

Shell transitioning Houston truck fleet from diesel to LNG

The use of LNG and compressed natural gas — another new CNG fueling station opened Thursday in Houston — in commercial vehicles has rapidly expanded because of the nation’s cheap and bountiful supply of natural gas.
(Kristian Helgesen/Bloomberg)

Rystad: $230 billion in oil projects mothballed because of cheap crude

That’s 38 percent higher than Rystad’s previous estimate last July, and the number of projects that have been delayed since then has risen from 40 to 63.
(David Paul Morris/Bloomberg)

Valero beats expectations with $862 million in fourth quarter earnings

San Antonio-based Valero Energy Corp. reported a 9.5 percent drop in fourth quarter earnings that strongly outperformed what analysts were expecting from nation’s largest independent oil refiner.
(Andrey Rudakov/Bloomberg)

Crude soars on report of Russia, Saudi discussions on oil cuts

The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Jan. 20, 2016. U.S. stocks surged back to pare the biggest one-day selloff in five months, with the Dow Jones Industrial Average cutting a loss of 550 points by two-thirds as investors speculated the rout that's wiped more than $15 trillion from global equities has gone too far too fast. Photographer: Michael Nagle/Bloomberg

U.S. stocks open higher on earnings, oil prices

The price of oil rose 6 percent Thursday as the Russian government continued talks with Saudi Arabia and OPEC about cutting production.
The visor of a fire-fighter's helmet reflects a gas burn off venting pipe as he stands on the helicopter deck on the Armada gas condensate platform, operated by BG Group Plc, in the North Sea, off the coast of Aberdeen, U.K., on Thursday, Dec. 10, 2015. Royal Dutch Shell Plc got clearance from antitrust authorities in China for the takeover of BG Group Plc, removing the final regulatory hurdle for its biggest-ever deal. Photographer: Simon Dawson/Bloomberg

BG Group investors approve Shell deal

Ninety-nine percent of BG Groups shareholders approved the deal.

Iran, Saudi exports ramp up amid talk of OPEC production cuts

Eighty-nine years after Jean Goldkette and his Orchestra recorded ‘I’m Looking Over a Four-Leaf Clover’, and the crude complex is once again crossing its fingers and hoping for some good fortune to lift prices. Today the market is putting its faith in a coordinated cut to oil production from key producers including OPEC and Russia. […]
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(Spencer Platt/Getty Images)

Texas service industries also feeling sting from oil price crash

Most business owners that the Fed surveyed indicated they were becoming increasingly pesmistic about the Texas economy in the face of falling oil prices.
Report: Oil falling, but Eagle Ford, Bakken output on the rise

Texas pumps more oil in November, and the Eagle Ford Shale counties stay at the top of the list

Karnes County is still pumping more crude oil than any other county, with 6 million barrels produced in November.