Worries about the extra crude oil sent prices down $1.20 per barrel or 3.2 percent in early trading, leaving the benchmark U.S. price at $36.67 per barrel.
Helping explain the capacity decline is faltering demand for steel pipes and drill bits used in the energy industry after the price of oil plunged 66 percent in the past 18 months.
The North American shale and oil-sands plays have been bludgeoned by OPEC’s policy change.
Tanker analysts are predicting the rate boom will persist for many of the same reasons oil forecasters are bearish.
Some of the most notable changes were at Houston-based companies.
The quake struck at 5:39 a.m. near the city of Edmond, which is a suburb north of Oklahoma City, according to preliminary data from the U.S. Geological Survey.
Money from the tax — four-tenths of a cent per gallon — is intended as a last-resort fund for owners who cannot afford spill cleanup costs.
Dow and DuPont announced earlier this month that they would join to create a giant chemical producer that will eventually be split into three independent companies.
It may be difficult to maintain the same level of robust hiring that defined the heady days of the shale boom, but it’s critical for energy companies to continue recruiting new talent to prepare the industry for the inevitable rebound, Leigh-Ann Russell, vice president of performance in BP’s global wells organization said.
The conclusion drawn by the group mirrors the pessimistic outlooks that have become the consensus at other analyst groups and at energy companies themselves.
The 25 onshore leases — including four medium-size blocks and 21 small fields — attracted significant interest from energy companies.
The Houston average for regular unleaded ticked down to $1.73 this week — the lowest since early 2009 — while the statewide average is just slightly higher at $1.76 a gallon.