World’s richest lose billions in a single day

Offshore safety agency’s job plan faulted by Republican lawmaker

Posted on March 8, 2012 at 6:39 am by Bloomberg in General

A plan to hire inspectors and engineers by the U.S. offshore oil safety unit, created after the BP Plc (BP/) spill two years ago, drew a rebuke from a Republican lawmaker. More »

Ohio Gov. Kasich says planning wellhead tax on oil, gas

Posted on March 8, 2012 at 6:37 am by Bloomberg in Crude oil, Natural gas, Politics/Policy

Ohio Governor John Kasich said he will introduce a tax for oil and natural-gas producers and is trying to avoid a drain on the state’s services as the Utica basin is developed. More »

Shell to stop Iran oil purchases ahead of deadline

Posted on March 8, 2012 at 6:35 am by Associated Press in Crude oil, General

Royal Dutch Shell PLC says it will stop buying oil from Iran within several weeks, ahead of a July deadline imposed by the European Union. More »

Bill would have Kan. regulators oversee fracturing

Posted on March 8, 2012 at 6:34 am by Associated Press in Hydraulic fracturing, Natural gas

A bill that would give the Kansas Corporation Commission specific authority to regulate hydraulic fracturing of natural gas in the state is drawing support from an unusual coalition of advocates for energy and the environment. More »

Senate to vote on Keystone XL, drilling amendments to highway bill

Posted on March 7, 2012 at 7:55 pm by Puneet Kollipara in Canada, Crude oil, General, Keystone XL, Pipelines

Two measures pertaining to a federal permit for the Keystone XL pipeline are among those that will get votes Thursday as amendments to sweeping Senate transportation legislation, under an agreement announced late Wednesday night. Also up for consideration is a GOP amendment that would expand offshore drilling to certain waters of the Atlantic and Pacific oceans. More »

Natural gas drops to a 10-year low; oil rises

Posted on March 7, 2012 at 4:21 pm by Associated Press in Crude oil, Natural gas

Relatively warm weather, combined with a boom in production, has left storage facilities bloated with more gas than normal. More »

Obama touts alternative fuels, efficiency to cut oil use

Posted on March 7, 2012 at 3:53 pm by Puneet Kollipara in Crude oil, Natural gas, Oil field services, Politics/Policy

President Obama touted policies his administration is pursuing to cut vehicle oil use, ranging from fuel-efficiency standards to natural-gas-powered trucks, amid ongoing political debate over gasoline prices. More »

CERA: U.S. weighing LNG exports

Posted on March 7, 2012 at 2:43 pm by Zain Shauk in LNG, Natural gas

The Obama administration is considering permits for export of liquefied natural gas so the nation can market its growintg supply of natural gas, an official told CERAWeek participants. More »

Federal government won’t rush offshore drilling permits

Posted on March 7, 2012 at 2:29 pm by Puneet Kollipara in Crude oil, Environment, Gulf oil spill, Natural gas, Offshore

Federal regulators won’t rush the issuance of offshore drilling permits amid ongoing Republican criticism that the Obama administration has slowed the rate of approvals, said James Watson, director of the Bureau of Safety and Environmental Enforcement. More »

CERA: Tensions over Iranian nuclear ambitions

Posted on March 7, 2012 at 2:12 pm by Zain Shauk in General

While the United States is gauging the impact of potential European oil sanctions on Iran, the Iranian military remains capable of causing major problems in the Persian Gulf region, panelists said Wednesday during the IHS CERA Week energy conference in Houston. More »

13 Houstonians make Forbes’ 2012 list of billionaires

Posted on March 7, 2012 at 12:40 pm by Dan X. McGraw in General

Thirteen Houstonians made the Forbes’ annual World Billionaires list. More »