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 first trickle of fuels made from agricultural waste is finally winding its way into the nation’s energy supply, after years of broken promises and hype promoting a next-generation fuel source cleaner than oil.
The University of Houston revealed Wednesday the newest equipment in what’s slated to become a multimillion-dollar geochemistry lab that will enhance the school’s research in deep-water exploration, shale and other unconventional resources.
Prices for crude and oil-based fuels, which have been declining in recent weeks, will continue to fall through the end of the year and will average lower in 2014, according to a federal report released Wednesday.
San Antonio-based Nustar Energy LP will move forward with the second phase of its South Texas Crude Oil Pipeline System project, CEO Curt Anastasio told analysts Tuesday, according to a Reuters report. The pipeline system moves Eagle Ford Shale crude from several locations in South Texas to NuStar’s Corpus Christi NorthBeach facility at the Port of
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