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.
Tokyo Electric Power Co. requested on Friday that safety inspections be carried out to allow it to restart two nuclear reactors, despite concerns over how it has handled the catastrophe at the Fukushima plant.
Build the Keystone XL Pipeline. Squash greenhouse gas emissions from power plants. No more fracking. Americans, the biggest consumers of energy on the planet, have a complex relationship to the oil and gas industry, and it’s hard to know which way the wind is blowing public opinion.
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