As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days.
federal jury is weighing the Justice Department’s case against a former BP engineer charged with deleting texts messages to obstruct a probe of the company’s massive 2010 oil spill in the Gulf of Mexico.
Federal investigators on Monday called for an overhaul of the way oil refineries are regulated in California and across the nation, saying the smoky fire at Chevron’s Richmond refinery last year exposed weaknesses in systems that do not force companies to demonstrate they are operating as safely as possible.
The fire at Chevron Corp.’s refinery in Richmond, California, last year that sickened thousands was caused by the company ignoring a decade’s worth of calls for inspections and upgrades of piping that eventually corroded and failed, a federal safety report said today.
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