The Organization of Petroleum Exporting Countries, which failed to agree on production increases early this month, needs to lift output by about 1 million barrels per day in order to help “maintain a market balance,” the architect of BP’s annual statistical review said in Houston today. More »
The 45-cent-a-gallon tax credit set to expire at the end of the year doesn’t go directly to ethanol producers, but instead has been an incentive for oil companies like BP, Valero and Exxon Mobil to buy ethanol and blend it with gasoline. More »
Republicans and Democrats are both trying to score political points with legislation that would accelerate Arctic offshore drilling projects. Democrats want to force GOP lawmakers to vote on proposals to reveal oil execs’ bonuses and put the CEOs in the path of drillships’ exhaust. More »
Tritium, a radioactive form of hydrogen, has leaked from three-quarters of U.S. commercial nuclear power sites, often into groundwater from corroded, buried piping, according to a yearlong investigation.
Dallas-based Celanese plans to expand the ethanol production capacity at its Nanjing facility by 200,000 tons by mid-2013. The chemical manufacturer also will expand its Clear Lake campus for R&D, adding 50 technical jobs. More »
Five states, including Texas, now require energy companies to disclose some of the chemicals used in hydraulic fracturing. State regulators and the oil and gas industry say the rules should help resolve safety concerns, but critics counter that the requirements fall short of what’s needed to fully understand the risks to public health. More »
Transocean’s Jimmy Wayne Harrell won’t give a deposition in the civil lawsuits that have been filed against the companies and individuals involved in last year’s Deepwater Horizon accident and oil spill. More »
The $40,000 penalty relates to price spikes on the April 2011 Brent-WTI crude spread in January. The moves were found to be the result of several large market orders placed in quick succession by a Goldman trader, the London-based exchange found. More »
Administration officials blame the complexities of the contracting process, and they can’t say when the project will be complete. Environmental groups say the symbolism is telling – and disappointing. More »
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