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
Turbines at Pattern Energy's Gulf Wind project in Kenedy County, Texas are silhouetted by a sunset. (Pattern Energy)

Wind tax credit expires at midnight

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The stroke of midnight will mark not just the end of 2013, but also the death of a popular tax credit that has helped finance wind farms and other renewable energy projects across the U.S.
Categories: Politics/Policy, Wind
(AP Photo/Skagit Valley Herald, Scott Terrell)

Mayor: Town dodged a bullet in crude train explosion

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A southeastern North Dakota town narrowly escaped tragedy when a train carrying crude oil derailed and exploded nearby, the mayor said Tuesday, calling for changes in how the fuel is transported across the U.S.
Categories: Accidents, Crude oil

(Image: Fotolia)

Oil forecasters see second year of price declines

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Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.
Categories: Crude oil, Markets
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)

Air quality improving after oil train fire in North Dakota (photos)

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Many residents evacuated a southeastern North Dakota town overnight after a train carrying crude oil derailed and exploded, and officials warned that acrid smoke could blow into the area.
(Fotolia)

Home electricity use in US falling to 2001 levels

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The average amount of electricity consumed in U.S. homes has fallen to levels last seen more than a decade ago, back when the smartest device in people’s pockets was a Palm pilot and anyone talking about a tablet was probably an archaeologist or a preacher.
Categories: Electricity
(StockMonkeys.com/Flickr)

Gasoline prices to rise for New Year’s holiday travelers

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But looking ahead to 2014 expect lower average gas prices, with the average price in the U.S. next year fall by about 10 cents a gallon from 2013’s average, analysts project.
Categories: Gasoline, Transportation
Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. (Photo: Andrew Harrer/Bloomberg)

Buffett strikes deal to buy $1.4B Phillips 66 unit

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Berkshire Hathaway made a deal on Monday for Phillips 66’s flow improver business, which manufactures a chemical agent that breaks up debris and moves oil and gas through pipelines.
Categories: Deals, Pipelines, Refining