Oil

Arctic drilling

Amazing regulation is bad for Shell, walruses, and people, all at the same time.

Drilling for oil in the Bakken shale formation in July 2013. Photo by Andrew Burton/Getty Images.

If $100 a barrel wasn’t enough to make a shale driller money, imagine what a price 40 percent lower is doing. Not good. According to a Bloomberg Business report, debt is becoming a dangerous burden for an increasing number of players in the U.S. shale boom. “The question is, how long do they have that… Keep reading →

A plenary session at the Business & Climate Summit in Paris this week. (Image via Business & Climate Summit flickr stream)

Saudi oil minister Ali al-Naimi actually didn’t contradict himself in an appearance on a panel at the Business & Climate Summit in Paris on Thursday. But it might have seemed like it, given some of the headlines that popped up on the Web. “Saudi Oil Minister Says World Can’t Abandon Fossil Fuels,” the Wall Street Journal… Keep reading →

Stocks End Day Flat, As EU Bailout Plan Continues To Affect Markets

Widely divergent views were on display this morning with Continental Resources’ CEO Harold Hamm promoting US crude oil exports, EIA Chief Adam Sieminski discussing recent oil market lessons and Author Bill Powers playing the pessimist. A morning panel at the Financial Times’ Energy Strategies Summit held in New York City featured a discussion about the… Keep reading →

LULING, TX - MARCH 26: Old "pump-jacks" are viewed on March 26, 2015 in the oil town of Luling, Texas. Texas, which in just the last five years has tripled its oil production and delivered hundreds of billions of dollars into the economy, is looking at what could be a sustained downturn in prices. Crude oil prices today are almost 60 percent lower than they were six months ago.While the Texan economy has become more diversified over the years, oil is still the states largest monetary generator and any sustained downturn would be devastating for employment and the economy. Outplacement firm Challenger, Gray & Christmas this month said a drop in oil prices have been responsible for 39,621 job cuts in the first two months of the year.  (Photo by Spencer Platt/Getty Images)

What are US oil and gas producers most concerned about in the current oil price environment and over the longer term? Financial advisory and consulting firm BDO took a stab at answering that question in their annual BDO Oil and Gas RiskFactor Report, which analyzes the risks listed in the most recent 10-K filings of the… Keep reading →

High Gas Prices Prompt Bush's Decision To Lift Ban On Offshore Oil Drilling

The Obama administration late last week put out a final safety rule on moving flammable liquids by rail, a subject of concern with the growth in crude by rail. Critiques were plentiful on the high-stakes issue. From the green side, Sen. Maria Cantwell (D-Washington) blasted the new regs, done in concert with Canada, as “more of a status… Keep reading →

OPEC Ministers Attend Conference In Iran

US oil company executives are reportedly exploring preliminary business opportunities in Iran that could emerge if economic sanctions are relaxed as part of an agreement regarding the country’s nuclear energy activities. The companies represented by these individuals were not identified. “It is forecast that by the visit of [the] American delegation this week and in… Keep reading →

Fuel Shortage Eases A Bit In South China

Speculation is in the air, but it’s not on Wall Street or at some commodity trader’s desk at the Chicago Mercantile Exchange. It comes from China. Earlier this week, both foreign and domestic media reported that two of China’s national oil companies (NOCs), Sinopec and PetroChina, (the country’s two largest oil exploration companies) could merge.… Keep reading →

StatoilHydro's Snoehvit tanker used to transport liquefied natural gas from the plant to customers. Photo credit: NINA LARSON/AFP/Getty Images

An oil company CEO endorsing a global carbon tax? Forbes energy reporter Christopher Helman says he’s never heard the head of an American oil giant do it, although many – including ExxonMobil – factor a carbon price into their long-term planning. So he was surprised this week when recently installed Statoil CEO Eldar Saetre offered up just… Keep reading →

Crude Oil Carrier Hijacked By Somali Pirates

Saudi Arabia, until recently the world’s top oil exporter and still de facto OPEC leader, is feeling pressure. Its top exporting customer of nearly four decades, the US, has become its greatest competitor. Amid the shale oil boom and the wonders of hydraulic fracturing (fracking), the US is now producing over 9 million barrels of crude… Keep reading →

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