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Though crude is cheaper than during the financial crisis seven years ago, global oil prices haven’t fallen far enough yet to force oil producers to shut in more than 0.1 percent of the world’s daily supply.
The White House hopes the proposal will drive a debate about the need to get energy producers to help fund efforts to fight climate change.
South Texas’ Eagle Ford shale saw four more rigs go dark this week, while West Texas’ Permian Basin lost another three rigs, according to according to weekly data released by oil field services firm Baker Hughes.
Iran will probably start increasing exports by selling barrels it stockpiled on tankers in the Persian Gulf in anticipation of the deal.
The head of the oil industry’s top lobbying group says the U.S. is an emerging global energy powerhouse, and can can grow even stronger if the federal government imposes fewer regulations.
With crude prices stuck firmly below $40 a barrel, and energy companies predicting another austere year in 2016, here’s a look back at some of the most popular stories that appeared on FuelFix.com this year.
Communities in the Eagle Ford Shale topped the state’s list of the biggest crude oil, condensate and natural gas producers in October, according to preliminary data released this week by the Texas Railroad Commission. Karnes County continues to pump more crude oil than any other county, with nearly 6.39 million barrels produced in October.
The Dallas Fed also says in a new report that the nine oil industry bankruptcies in the final three months of the year are the most in one quarter since the Great Recession.
Another three rigs went dark this week as producers found little financial incentive to continue chasing crude while prices remain stuck below $40 a barrel.
In its monthly oil market report, the IEA said the world’s “unrelenting oversupply” of oil is expected to grow, adding 300 million barrels to the storage tanks around the world, albeit a lower level than this year.