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An oil tanker docks at a Chevron oil refinery in the San Francisco Bay. (Kimberly White/Bloomberg News)

The tanker market is sending a big warning to oil bulls

A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
(Michael Stravato/The New York Times)

Oil traders seen storing millions of barrels at sea on slump

Companies inquired about booking 10 very large crude carriers for storage in the past several days, Odysseus Valatsas, the chartering manager for Dynacom Tankers Management Ltd. near Athens, said by e-mail today.
A member of Exxon Mobil's cleanup crew is reflected in water and oil in a drainage ditch along State Highway 365 in Mayflower, Ark., Monday, April 1, 2013. (AP Photo/Log Cabin Democrat, Courtney Spradlin)

Feds boosting oil spill liability limits

The Coast Guard moved Tuesday to boost the liability limits capping how much companies must pay for oil spills that foul U.S. waters.
(AP Photo/Matthew Brown, File)

Logistics exec says rail trumps pipelines

Because trains offer flexibility that fixed pipelines can’t match, the trend of moving oil by rail is here to stay, an energy executive told industry leaders and analysts Monday.
Smoke rises from railway cars that were carrying crude oil after derailing in downtown Lac Megantic, Quebec, Canada. The fiery explosion killed at least 47 people in Canada in July 2013. (AP Photo/The Canadian Press, Paul Chiasson, File)

Charges brought in Quebec railway disaster

The Quebec provincial prosecutor’s office said 47 counts of criminal negligence have been filed against engineer Thomas Harding, manager of train operations Jean Demaitre, and Richard Labrie, the railway’s traffic controller.
(AP Photo/Skagit Valley Herald, Scott Terrell)

Canada to end tankers linked to Quebec explosion

Canada said Wednesday it was phasing out the type of rail tankers involved in last summer’s massive explosion of a runaway oil train that incinerated much of a town in Quebec, killing 47 people and prompting intense public pressure to make oil trains safer.
Wrecked oil tankers and debris from a runaway train are piled up following a deadly explosion in Lac-Megantic, Quebec, Canada in July 2013. (AP Photo/Surete du Quebec, The Canadian Press)

Safety of oil tank cars draws scrutiny

Rail industry representatives on Tuesday told federal investigators they need clear government guidance on how to boost the safety of tank cars carrying crude oil and ethanol across the United States, lest they be penalized for making voluntary improvements that fall short of later mandates.
Prime Minister Harper, center, talks with firefighters in July in Lac Megantic, Quebec.    A runaway train derailed Saturday  exploding tanker cars carrying crude oil and destroying part of the downtown area of Lac Megantic.   (AP Photo/THE CANADIAN PRESS, Paul Chiasson)

Refiners ask for timeout on new oil-by-rail tests

Refiners are pleading with U.S. regulators for a timeout on new mandates on North Dakota oil before loading it onto train tankers.
Shipping between U.S. ports costs more than international voyages in part because a 94-year-old law called the Jones Act requires domestic cargoes to travel on U.S.-built, -owned and -crewed vessels. (David Paul Morris/Bloomberg)

Texas crude vies with Saudi Arabia for California shipments

Kinder Morgan Energy Partners LP, the pipeline operator that’s buying U.S. oil tankers, said it’s in talks to ship Texas crude to California through the Panama Canal.
(AP Photo/Skagit Valley Herald, Scott Terrell)

Mayor: Town dodged a bullet in crude train explosion

A southeastern North Dakota town narrowly escaped tragedy when a train carrying crude oil derailed and exploded nearby, the mayor said Tuesday, calling for changes in how the fuel is transported across the U.S.