Fuel Fix

Gov. Tom Corbett listens while his secretary of Labor and Industry, Julia Hearthway, backed by lawmakers and representatives of labor unions and business groups, answers a question at a Capitol news conference designed to demonstrate a show of support as he seeks legislative approval for a $1.7 billion tax break to lure an integrated petrochemical industry to Pennsylvania on Wednesday, June 20, 2012, in Harrisburg, Pa. (AP Photo/Marc Levy)

Deal reached on tax breaks for Pa. refinery

Top state Republican lawmakers have reached an agreement on a package of tax breaks that Gov. Tom Corbett has sought in hopes of encouraging the construction of a multibillion-dollar petrochemical refinery and an associated chemical manufacturing industry in Pennsylvania, lawmakers and legislative aides said.  More »
A deep-water drilling rig works in the South China Sea. (AP Photo/Xinhua, Jin Liangkuai)

New offshore leasing plan focuses on development in already-explored Gulf waters

The Obama administration on Thursday finalized a five-year plan for offshore drilling that focuses on allowing development in already- explored areas of the Gulf of Mexico and the Arctic to the chagrin of oil and gas companies who were hoping for more territory. Federal officials also said there was “significant” industry interest in drilling in the Cook Inlet near Anchorage.  More »
Oil cleanup workers use high pressure hoses to decontaminate oil retention booms at a staging and decontamination area in Theodore, Ala., on Saturday, June 5, 2010. (AP file photo/Dave Martin)

BP will pay $5.4 million to settle spill response gender bias claims

BP has agreed to a $5.4 million settlement of allegations that some contractors refused to hire women who applied for clean-up jobs after the 2010 Gulf of Mexico oil spill.  More »
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Chinese workers examine solar panels at a manufacturer of photovoltaic products in Huaibei in central China's Anhui province. China's government on Friday, May 18, 2012,  rejected a U.S. antidumping ruling against its makers of solar power equipment and Chinese manufacturers warned proposed punitive tariffs might hurt efforts to promote clean energy.  (AP Photo)

Another federally backed solar company fails

Colorado-based Abound Solar was approved for a $400 million federal loan, but will file for bankruptcy next week, according to the U.S. Department of Energy.  More »
Oil cleanup workers use high pressure hoses to decontaminate oil retention booms at a staging and decontamination area in Theodore, Ala., on Saturday, June 5, 2010. (AP file photo/Dave Martin)

Measure dedicating spill fines to Gulf moves closer to passage

House and Senate negotiators have agreed on a measure that could send Gulf Coast states billions of dollars in fines from the 2010 oil spill.  More »
A worker walks through pipes connecting storage tanks and pumps in the hydraulic fracturing process. (AP Photo/Keith Srakocic, File)

Natural gas prices drop 3 percent

The price of natural gas dropped more than 3 percent Thursday following reports of an unexpectedly large increase in U.S. supplies.  More »
(Steve Hockstein/Bloomberg)

Electricity woes could leave Texas with a black eye

Texas markets itself as a business friendly state that’s weathered the economic slowdown.  More »
A rig drills for natural gas in the Sonora Field in the Permian Basin. (AP Photo)

Chesapeake likely to turn funding gap into $2 billion surplus, analyst says

Cash-strapped Chesapeake Energy Corp appears likely to wind up with a $2 billion cash surplus by the end of 2012, turning around a projected shortfall of $12 billion by selling assets, according to an analysis from Alembic Global Advisors.  More »
(Image: Fotolia)

Court: Lawyers not responsible for fraud by client

When Paul Bennett, Frederick Clayton and others lost more than $4 million on an oil drilling investment in southern Kentucky, they sued the companies involved and their lawyer.  More »
(Photo: Vestman/Flickr)

Texas OKs big boost in wholesale electricity rate

The Texas Public Utility Commission voted Thursday to raise the wholesale electricity price cap by 50 percent this summer in a move it hopes will spur construction of new power plants.  More »
(Photo: Flickr, Caston_Corporate)

Kazakhs buy 10 pct stake in major energy project

Kazakhstan concluded the acquisition Thursday of a 10 percent stake in one of the largest oil and gas projects in the world.  More »

Malaysia Petronas to buy Canada’s Progress Energy

Malaysia’s national oil and gas company Petronas has agreed to buy Canadian natural gas producer Progress Energy Resources Corp. for about 5.5. billion Canadian dollars ($5.35 billion) to boost its gas resources abroad.  More »