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

No Scarcity of Economic Ignorance in Congress

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With US oil production booming, pressure has increased to repeal an archaic law that prohibits the export of crude oil without a license.  The law dates back to the early 1970s when OPEC nations imposed an embargo on exports to the US.  That was a time when many in the nation were obsessed with predictions […]
Categories: General
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Bloomberg commentator: ‘Doubt fracking caught Saudis by surprise’ (video)

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Former Hostess Brands CEO Greg Rayburn discussed the impact of U.S. shale oil on foreign oil companies on Bloomberg Television’s “Street Smart” on Tuesday.
Categories: Markets, Production

(AP Photo/Nati Harnik)

Recycled phone books to be used to generate energy

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Old, unwanted phone books on Oahu are being collected to eventually recycle and generate power.
Categories: Electricity
A drill rig works in  Ohio. (AP Photo/Tony Dejak)

Ohio shale well tax hike proposal under debate

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Lawmakers will hear from backers of a proposal to increase taxes on horizontally drilled shale wells in Ohio on Wednesday.
Categories: Politics/Policy
A hydrogen-powered truck. (Vision Motor Corp.)

Fuel-cell company wins federal funding to boost range of electric trucks

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Plug Power Inc., a maker of fuel-cells for warehouse forklifts, rose to a 32-month high after winning U.S. Energy Department funding to adapt its systems to extend the range of electric trucks.
Categories: Transportation
(Dado Galdieri/Bloomberg)

Prime Minister: Ivory Coast’s soaring oil output will rival Ghana

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Ivory Coast Prime Minister Daniel Kablan Duncan said his nation will boost oil production within five years to 200,000 barrels a day, rivaling neighboring Ghana as stability returns to a country racked by a decade of turmoil.
Categories: Africa, Crude oil, Production
SandRidge’s Bullwinkle project is part of the company's $750 million deal to sell its Gulf of Mexico assets to Fieldwood Energy. (SandRidge Energy)

Houston firm expands Gulf of Mexico holdings with $750M deal

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Houston-based Fieldwood Energy plans to pay $750 million for 150 blocks in the shallow waters of the Gulf of Mexico.
Categories: Deals, Gulf of Mexico