Fuel Fix

(Photo by Eddie Seal for Bloomberg News)

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.

U.S. oil rig count jumps up by a dozen, the first increase in 2015

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(Photo by Eddie Seal for Bloomberg News)
The amount of U.S. rigs drilling for oil increased for the first time this year after 29 consecutive weeks of declines.
(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
Categories: featured, Gulf oil spill

    Jeff Allyn, a derrick hand with Raven Drilling, pauses with a cup of coffee while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota. (Andrew Burton/Getty Images)

    Shale drillers’ safety net is vanishing

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    SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
    Categories: featured, Shale
Iranian flag

Obama, Congress locked in Iran sanctions dispute

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The Obama administration enters the year locked in a battle with Congress over whether to plow ahead with new economic sanctions against Iran or wait to see if last year’s breakthrough nuclear agreement holds.
Categories: Markets, Politics/Policy
(Associated Press)

Republicans on climate panel want more time

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After a state climate panel missed a deadline to deliver recommendations on reducing carbon emissions in Washington state, two Republican members on the group said Wednesday they want another year to study the economic costs of proposals.

(Rice University photo)

Unforeseen US oil boom upending markets worldwide

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The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
The Valero Three Rivers Refinery in Three Rivers, Texas between San Antonio and Corpus Christi refines a lot of oil from the Eagle Ford shale. (Photo: John Davenport, San Antonio Express-News)

Refiners plot against oil exports

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While refiners currently enjoy a discount on domestic crude — which is priced well below the international benchmark — that scenario could disappear with broad oil exports.
Former FBI Director Louis Freeh.  (Associated Press)

Freeh asks judge to rescind oil spill award

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Former FBI director Louis Freeh recommended that a judge rescind the award and order any lawyer who profited from the settlement to pay restitution.
Categories: General, Gulf oil spill
Fire burns on the horizon at the scene of a train derailment near Plaster Rock, New Brunswick on Wednesday Jan. 8, 2014. A freight train carrying crude oil and propane derailed and caught fire in a sparsely populated region of New Brunswick late Tuesday, leading to the evacuation of about two dozen nearby homes, authorities said. (AP Photo/The Canadian Press, Tom Bateman)

Train carrying oil derails, catches fire in Canada

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Officials in Canada said a derailed freight train carrying crude oil and propane continued to burn Wednesday morning, while they prepared to launch aerial surveillance and more than 100 residents remained evacuated from their homes. There were no deaths or injuries.
Categories: Accidents, Crude oil
A fireball goes up at the site of an oil train derailment Monday, Dec 30, 2013, in Casselton, N.D. The train carrying crude oil derailed near Casselton Monday afternoon. Several explosions were reported as some cars on the mile-long train caught fire. (AP Photo/Bruce Crummy)

Oil by rail poses ‘ridiculous threat’, former North Dakota governor says

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Former North Dakota governor and Casselton native George Sinner wants new regulations placed upon railroads that transport crude oil from the state.
Categories: Accidents, Crude oil