With income from oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has put pressure on the nation’s finances.
At least two thirds of the oil and gas extracted from fields in the Lower 48 are controlled by large producers that don’t rely heavily on reserve-based corporate loans or aren’t expected to be reviewed this year, Wood Mackenzie says.
Former Gov. Dave Heineman approved the Nebraska route in 2013 under a state law that allowed TransCanada to use eminent domain against holdout landowners, but opponents sued and the project has been mired in state courts ever since.
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