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crude oil prices

An oil well owned an operated by Apache Corporation in the Permian Basin are viewed on February 5, 2015 in Garden City, Texas. (Photo by Spencer Platt/Getty Images)

U.S. crude closes at second lowest price of 2015

The last time crude fell this low was March 17, when it hit $43.36 per barrel, the price since the beginning oil’s slide all the way back in June 2014.
(Photo by Eddie Seal for Bloomberg News)

2015 already a record year for writedowns, IHS says

Beleaguered drillers wrote off $29 billion in the first quarter of the year alone, more than the 2014 full-year total of about $25 billion.
Frank Springett, vice president of engineering of the pressure control group for National Oilwell Varco, 6390 N. Eldridge Parkway, talks about the riser joint that connects the blowout preventer subsea to the drilling rig shown Thursday, April 18, 2013, in Houston. (Melissa Phillip/Houston Chronicle)

Oil field companies cutting 276 more jobs in Texas

National Oilwell Varco and Cal Dive International, two oil field service companies based in Houston, are cutting a combined 276 jobs in Texas this month, state regulators said Monday.
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

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

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

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

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

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

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

The sea of oil drowning oil markets may be only half as deep as the International Energy Agency is estimating, according to analysts.