A record cut to the number of active U.S. drilling rigs and billions of dollars of spending reductions by companies since last year’s price plunge has yet to translate into a slump in barrels produced.
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
Iowa Gov. Terry Branstad on Thursday delivered a blistering attack on the Obama administration’s plan to slash government mandates for renewable fuel, accusing the White House of caving to Big Oil and turning its back on rural America.
The Colorado Oil & Gas Association sued the cities of Fort Collins and Lafayette claiming their voter-enacted bans on the extraction of oil and natural gas are preempted by state laws regulating those resources.
A summit Thursday on the nation’s renewable fuels policy is set to draw a crush of farmers, politicians, engineers and oil industry lobbyists all eager to criticize an Obama administration plan to slash federal biofuels quotas.
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