Oil & Gas News 71 results

New Bills Plan to Increase Oil Transportation Safety

With more oil expected to pass through Washington state, lawmakers are taking steps to increase rules and regulations on oil transportation. Laws are also being drafted to increase funds for oil spill prevention and response efforts. Bills taking aim at preventing spills are being crafted by the House and Senate, targeting the individual methods of transporting oil such as boats, pipelines and ...

U.S. Oil Rig Count On The Rise: Manufacturers Hopeful For The Future

Oil futures moved higher on Monday (1/30/2017) and it had a major impact on the market here in the United States. Producers are pushing to profit off the rallying oil prices to make up for the dramatic drop in price we saw in February of 2016. Last week, data showed a sharp rise in U.S. output as oil rigs continue to become active all over the country. Following the 29 rig gain a week earlier, ...

United States Shale Producers Breathe a Sigh of Relief

After a turbulent two years for the oil market, it seems as though U.S. shale is back on the rise. Oil producers in the United States are finally able to breathe a sigh of relief as the market begins to stabilize and prices inch higher. The Organization of the Petroleum Exporting Countries has implemented production cuts across the 13 nation oil cartel. This leaves the United States in a unique ...

OPEC Continues to Cut Production

OPEC’s Impression The world may see even larger oil production cuts as we move forward into 2017. OPEC (Organization of Petroleum Exporting Countries) has already dramatically reduced production in compliance with their initial production cut agreement. However, further production cuts may be on the horizon for both OPEC members and non-member nations. OPEC’s Secretary General, Mohammad ...

Oil Prices Rise and Manufacturing Set To Gain

Oil prices continue to climb, reaching levels not seen since mid-2015. Both WTI, the US benchmark and Brent, the international benchmark for crude have experienced a week of continued gains. WTI is currently trading at $52.60 and Brend is hovering around $55.56 as of 1/9/17, 10:13am ET. This is a welcomed rally for the oil market that was facing tremendous pressures in 2016. The Organization ...

Renewable Energy Competing with Fossil Fuels

Renewable energy has come so far over the past few years. The World Economic Forum (WEF) now estimates solar and wind are the same price or even cheaper than fossil fuels in 30 countries. The WEF has even predicted that by 2018, solar and wind energy will be cheaper in most countries. “Even though the renewables proposition has always had environmental appeal, technology has historically ...

Arctic Ocean Drilling Off Limits

The Arctic ocean may be forever off limits to offshore oil drilling. President Obama announced on Tuesday that he is calling for a permanent ban on offshore oil and gas drilling along large areas of the Arctic and the Atlantic Seaboard. Invoking an obscure provision from a 1953 law, the Outer Continental Shelf Lands Act, Obama is confident that it gives him the authority to act unilaterally. ...

Uncertainty is The Only Guarantee: Oil Market In 2017

Conflicting reports are coming in about the future of the oil industry. OPEC announced higher than anticipated demand for OPEC crude in the second half of 2017. However, inventories at the Cushing, Oklahoma hub rose again marking the sixth build in seven weeks according to the Energy Information Administration. The story is still unclear whether the production cut by OPEC will have the ...

Historic Agreement Reached: OPEC Will Cut Oil Production

For the first time since 2008 the Organization of Petroleum Exporting Countries (OPEC) has agreed to cut crude output. The deal comes after the November 30th OPEC meeting which took place in Vienna, Austria. After numerous failed attempts, this most recent meeting was a welcomed surprise. Not only will OPEC cut output by 1 million barrels a day, Non-OPEC Russia will also join the output reducti...

U.S. Oil & Gas: Rig Count Up but is OPEC Down for an Agreement

Baker Hughes, the oilfield service provider, has issued their rig count for the week and things are looking good for American oil and gas. U.S. oil rig count was up by 19, the largest increase the country has seen since July 2015. This brings the total number of oil rigs to 471 which is the highest it has been since February 5th of this year. The active gas rig count has gone up by one since last ...