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.
If you’re driving in the Eagle Ford Shale region — particularly in some of the western counties — be careful out there. La Salle County deputies are helping stranded motorists this morning and the National Weather Service in Corpus Christi has issued flood warnings for La Salle, Dimmit, McMullen and Live Oak counties. The Nueces
Some of the biggest names in energy and international relations are sharing their views on the state of U.S. energy security at a national summit in Washington D.C. Wednesday, marking 40 years since the OPEC oil embargo ushered in a global fuel crisis.
Statoil announced on Tuesday that it was abandoning a proposed $120 million wind project off the coast of Maine, which industry officials once said could make Maine a leader in offshore wind power, after Republican Gov. Paul LePage’s administration maneuvered to reopen the competitive bidding process.
South Africa’s plans to exploit shale-gas reserves are “indefensible” and will lead to a legal battle, an environmental group said after the government published draft regulations on drilling in the Karoo region.
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