A drilling rig is set up near a barn in Springville, Pennsylvania. (AP Photo/Alex Brandon, File)

Farmers would benefit from crude oil exports, too, oil industry leaders tell House agriculture panel

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Continental Resources CEO Harold Hamm and Texas energy regulator David Porter argued that oil exports could drive more domestic crude production, with benefits rippling nationwide, from urban centers to rural areas.
SHELL STRATEGIC OIL

Shell’s $70 billion BG purchase approved by Brazil regulator

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Brazil follows the U.S. in approving the industry’s biggest deal in at least a decade. Shell’s purchase at a 50 percent premium, announced in April, gives the Anglo-Dutch company liquefied natural gas assets in Australia and oil and gas fields in Kazakhstan and Brazil.
Over thirty oil drilling rigs are idle in a Helmerich & Payne, Inc. yard along Groening Street in Odessa, Texas, as rig counts drop in the Permian Basin, Monday, May 18, 2015. (Courtney Sacco/Odessa American via AP)

Goldman: $50 oil crushes hopes for U.S. drilling recovery this year

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The U.S. oil price’s recent fall to around $52 a barrel will rule out the possibility that oil companies will send 100 to 150 drilling rigs to U.S. oil fields this year – a bullish market expectation born out of two months of stable $60 oil, which ended late last week.
A Swift Energy Co. production facility in Lake Washington off the Louisiana coast. (Swift Energy Co.)

Houston-based Swift Energy struggling to raise loan for shoring up cash

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Oil prices have plunged 11 percent since a June 29 deadline for lenders to commit to the financing.
A worker removes oil from sand at Refugio State Beach, north of Goleta, Calif. An underground pipe, owned by Plains All American Pipeline, spewed oil down a culvert and into the Pacific on May 19, 2015 before it was shut off. Democratic U.S. Sens. Barbara Boxer and Dianne Feinstein say the response to the oil spill that blackened beaches and created a 10-square-mile slick on the ocean was "insufficient." and called on federal regulators to provide more details on the activities and decisions by Plains. (AP Photo/Jae C. Hong, File)

Following California spill, House committee to scrutinize pipeline safety agency

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The House Energy and Power Subcommittee will examine the Pipeline and Hazardous Materials Safety Administration’s handling of those long-stalled mandates during a hearing Tuesday.
In this Dec. 17, 2014 photo, workers tend to oil pump jacks behind a natural gas flare near Watford City, N.D. Natural gas, the nation's most prevalent heating fuel, is getting cheaper just as winter is arriving because of mild temperatures and plentiful supplies. (AP Photo/Eric Gay)

U.S. oil output still barreling toward 45-year record

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U.S. oil production edged down in May and will likely continue swooning until early next year as plunging crude prices continue to pummel domestic producers, according to a new federal report.
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Study: Refracturing not all it’s fracked up to be

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A large-scale redo of oil wells won’t make sense until companies see better returns from returning to old wells than from drilling new ones, said Christopher Robart, at IHS.
U.S. Secretary of State John Kerry waits for the start of a meeting on Iran's nuclear program with officials from Britain, France, Germany, China, the European Union and Iran at the Beau Rivage Palace Hotel in Lausanne, Switzerland Tuesday, March 31, 2015. (AP Photo/Brendan Smialowski, Pool)

Crude sinks as deadline for Iran nuclear deal pushed back

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U.S. crude continued to sink Tuesday after plunging on Monday to its third-worst single-day fall since the oil bust unceremoniously began in June 2014, under pressure from the threat of financial disaster in Greece and China and the potential Iran nuclear deal.
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

Oil crash sent Canada into first-half recession, TD says

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The Bank of Canada will probably cut its 0.75 percent key interest rate for the second time this year at its July 15 meeting to revive growth, and not raise it until mid-2017. That will probably keep Canada’s exchange rate below 80 U.S. cents through this year, he said.
(AP Photo/Brennan Linsley)

Refracking is the new fracking

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America’s tight-oil production is set to peak in 2020, based on U.S. forecasts, but a technique known as refracking could keep output booming for longer by increasing the yield from old wells.