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.
The Tennessee Valley Authority said it will cut its use of coal-fired electrical generation by about half of current levels, shuttering some units and converting others to burn natural gas to meet tighter emission-control regulations.
The price of oil rose toward $94 a barrel Friday after incoming Federal Reserve chief Janet Yellen indicated that economic stimulus will remain in place pending further improvement in the U.S. economy.
An agreement between Clean Energy Fuels Corp. and UPS means that San Antonio will get a fueling station for natural gas. San Antonio is the largest city in Texas without a place for natural gas trucks and cars to fuel. Clean Energy and UPS announced they have signed a liquefied natural gas agreement that includes
There are 834 drilling rigs hunting oil and gas in Texas - 47.5 percent of U.S. rigs and 24 percent of drilling rigs worldwide, according to the latest Baker Hughes Rig Count. Most of the Texas rigs are working in five major fields.
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