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crude oil prices

U.S. Senator John Cornyn speaks to the audience at the GOP election night party in Austin on Tuesday, Nov. 4, 2014. (Kin Man Hui/San Antonio Express-News)

John Cornyn: For movement on crude oil exports, wait until next year

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Sen. John Cornyn of Texas said the fall legislative session will likely be bogged down with spending and debt ceiling debates, but there are legislative efforts in the works to expand natural gas exports and lift a ban on shipping crude oil overseas.
(Spencer Platt/Getty Images)

Goldman Sachs: So far, cheap oil has been mostly bad for the economy

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While the dive in crude oil prices from more than $100 in June 2014 to a little over $50 this month has meant the cheapest gasoline prices since 2009, consumer spending from that windfall hasn’t outpaced deep cuts to the oil and gas sector.
(AP Photo/Richard Drew, File)

Last week’s oil price slide featured one of the worst the single-day losses of the last decade

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The drop last Monday of 7.7 percent or $4.40 — to $52.53 from $56.93 — was the largest single day-percentage loss since February, and as the financial crisis in Greece deepened, the Chinese stock market fell and the U.S. rig count stabilized.
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.
Petrobras workers walk on platform 51 "Majuro" in Angra dos Reis, Brazil. (AP Photo/Ricardo Moraes)

Oil job cuts subside as crude prices stabilize, report says

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Stable $60 oil gave the U.S. energy sector a break from mass layoff announcements in May and June.
drill rig

Rig rout puts smaller drillers in front as oil majors scale back

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Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy toward the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
(DEwira/AFP/Getty Images)

IEA’s “missing barrels” may take a bite out of crude supply glut

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The sea of oil drowning oil markets may be only half as deep as the International Energy Agency is estimating, according to analysts.
Workers remove the drill pipe on the drilling floor of Development Driller III, which drilled the relief well and pumped the cement to seal the Macondo well, the source of the Deepwater Horizon rig explosion and oil spill, in the Gulf Of Mexico, off the coast of Louisiana, Saturday, Sept. 18, 2010. (AP Photo/Gerald Herbert)

Sabine Oil & Gas skips $21 million interest payment

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Sabine is just the latest U.S. oil producer to show signs of financial stress in the oil market crash. Oil producers Quicksilver Resources, Dune Energy, BPZ Resources and American Eagle Energy have all filed for bankruptcy protection this year.
(DEwira/AFP/Getty Images)

OPEC oil output near 2 1/2-year high as Saudis show no letup

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Prices tumbled the first quarter of this year as U.S. output surged to the highest level in more than four decades and OPEC members pumped more barrels.
(Daniel Acker/Bloomberg)

World’s biggest oil trader says crude price can’t drop much more

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Oil prices will range from $50 a barrel to $70 a barrel in the second half of this year, Ian Taylor, the firm’s chief executive officer, said in an interview.