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Oil pumps work at sunset Monday, Jan. 2, 2012, in the desert oil fields of Sakhir, Bahrain, in the Persian Gulf. (AP Photo/Hasan Jamali)

IEA predicts bumpy ride for oil amid world supply cuts

Posted on March 14, 2012 at 7:56 am by Zain Shauk in Crude oil
The International Energy Agency cut forecasts for oil supplies from outside OPEC this year because of lower exports from Sudan and Syria, cautioning that reduced spare output capacity raises the risk of a price surge.  More »
An enormous offshore field in territorial waters, the biggest oil discovery in the Western Hemisphere in 30 years, has Brazilians saying, "Drill, baby, drill, " while environmentalists worry the forward-thinking nation will take a big leap backward to focus on crude. (AP Photo/Ricardo Moraes)

Brazil oil rig operated for Petrobras tilts, well is shut

Posted on March 14, 2012 at 7:50 am by Bloomberg in Crude oil, Offshore, Oil field services, Safety/Security
An oil platform operated by Queiroz Galvao Oleo e Gas SA for Petroleo Brasileiro SA (PETR4) in Brazil’s southeastern Campos Basin tilted 3 degrees and the well it was drilling was shut for safety reasons, the country’s oil regulator said.  More »
An official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field near Howta, Saudi Arabia. (AP file photo/John Moore)

Saudi oil chief pledges to offset shortfalls

Posted on March 14, 2012 at 7:43 am by Bloomberg in Crude oil, Middle East
Saudi Arabia’s oil minister said Wednesday that his country and other oil exporters are ready to offset any shortfalls in supply because of market volatility — an apparent reference to showdowns with Iran over its nuclear program.  More »
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Prices for three grades of gasoline are posted in front of a service station Wednesday, Feb. 22, 2012, in Bellevue, Wash., near Seattle. A four-day rise in oil prices stalled Wednesday following a weak report on Chinese manufacturing and lingering concerns about Greece's bailout. The price of West Texas Intermediate, the benchmark for oils produced in the U.S., fell 46 cents to $105.79 a barrel in afternoon trading on the New York Mercantile Exchange. (AP Photo/Elaine Thompson)

Alaska bill against fuel price gouging has hearing

Posted on March 14, 2012 at 7:42 am by Associated Press in General
A bill aimed at gasoline refiners that would ban price gouging received a hearing Tuesday before a skeptical Senate committee.  More »
Workers move a section of well casing into place at a Chesapeake Energy natural gas well site. (AP file photo/Ralph Wilson)

$900M gas-processing operation planned in Ohio

Posted on March 14, 2012 at 7:40 am by Associated Press in Natural gas
A group of companies is planning $900 million operation for processing natural gas and natural gas liquids in eastern Ohio.  More »
Sand or other small substances are used in hydraulic fracturing to prop open fissures in shale formations to allow natural gas to flow. (AP Photo/Minnesota Public Radio, Mark Steil)

Colorado investigates dumping of fracking sand

Posted on March 14, 2012 at 7:39 am by Associated Press in Hydraulic fracturing, Natural gas
Colorado officials are investigating the dumping of radioactive sand related to hydraulic fracturing into an unpermitted pit at an EOG Resources oil well in northern Weld County.  More »
An oil pump jack in motion. (AP Photo/Hasan Jamali)

Oil falls to near $106 after US crude supply jump

Posted on March 14, 2012 at 7:38 am by Associated Press in Crude oil
Oil prices fell to near $106 a barrel Wednesday in Asia after a report showed a jump in U.S. crude supplies, a sign demand remains sluggish.  More »
An oil worker walks pass the manifold (right) and frac pumps (left) at a Chesapeake Energy hydraulic fracturing operation near Carrizo Springs, Texas on Thursday May 5, 2011. (Photo: John Davenport/San Antonio Express-News)

Chesapeake to invest in Utica shale complex

Posted on March 13, 2012 at 6:24 pm by Zain Shauk in LNG, Natural gas, Shale
Chesapeake Energy Corp. and partners plan a midstream complex to service the emerging Utica shale play in eastern Ohio.  More »
Prices for three grades of gasoline are posted in front of a service station Wednesday, Feb. 22, 2012, in Bellevue, Wash., near Seattle. A four-day rise in oil prices stalled Wednesday following a weak report on Chinese manufacturing and lingering concerns about Greece's bailout. The price of West Texas Intermediate, the benchmark for oils produced in the U.S., fell 46 cents to $105.79 a barrel in afternoon trading on the New York Mercantile Exchange. (AP Photo/Elaine Thompson)

Oil, natural gas rise amid improving U.S. economy

Posted on March 13, 2012 at 5:30 pm by Associated Press in Crude oil, Natural gas
The gains indicate growing confidence in the economy and the potential for stronger energy demand.  More »
Demonstrators march with a replica of a pipeline during a protest of Keystone XL at the White House on Sunday, Nov. 6. (AP Photo/Evan Vucci)

Senate turns back Keystone XL, drilling expansion again

Posted on March 13, 2012 at 3:49 pm by Puneet Kollipara in Arctic, Crude oil, Keystone XL, Natural gas, Offshore
The Senate for the second time in as many weeks turned back a Republican-led effort to add provisions approving the Keystone XL oil pipeline to an unrelated transportation bill.  More »
Houston Ship Channel (AP file photo/Pat Sullivan)

Houston Ship Channel has 41 vessels stalled

Posted on March 13, 2012 at 8:03 am by Bloomberg in Crude oil
Forty-one ships were waiting to pass through the Houston Ship Channel, which serves the largest U.S. petroleum port, after fog halted traffic yesterday, the Coast Guard said.  More »
(Photo: Julien Tromeur, Flickr)

Oil prices ‘high’ because of political tensions

Posted on March 13, 2012 at 7:58 am by Bloomberg in Crude oil
Oil-producing nations in the Middle East and Africa said current crude prices at $125 a barrel are “high” as a result of international political tensions.  More »
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