Oil & Gas News 79 results

Black Monday: Oil Prices Plummet

West Texas Intermediate crude fell below $40 a barrel on Monday. This price has not been matched since 2009. Oil has been on a downward trend since fall of last year and in June of 2014 prices per barrel hovered around $100. Production of crude has not slowed as the U.S. and OPEC continues to produce at record breaking numbers. Consumers can expect cheaper prices at the pump to come later this ...

U.S. And Mexico Oil Swap: Easing 40 Year Ban On Exported Crude

The U.S. is beginning to slowly lift the 40 year ban on most domestic oil exports to Mexico. The agreement would allow up to 100,000 barrels a day of light oil pumped in the U.S. to be exchanged for the heavier Mexican crude. The U.S. denied less than a dozen other countries that asked for imported U.S. crude according to Bloomberg.com. The ban on U.S. oil exports began back in 1970 when the ...

Manufacturing HiTech Sensors & Preventative Oil Spills

A pipeline in Alberta, Canada has spilled more than 1,300,000 gallons or emulsion, which is a mix of bitumen, produced water, and sand, south of Fort McMurry. Fort McMurray is a hub for Canada’s tar sands mining and refining industry. The leak was discovered on July 15th and is the largest spill of emulsion in the province in 25 years. The recent spill leaked 31,000 barrels, Canada’s worst ...

Iran Nuclear Deal Impacting U.S. Economy

An  agreement with Iran has been reached about their nuclear program and this opens up the way for an influx of new oil into the global market. This is opening up new competition for energy giants. It will take a year before Iran can increase production which will delay the drop in oil prices. “It’s not just a matter of turning on the taps again,” said Andrew Slaughter, executive ...

Russia and China Set To Build New Gas Pipeline

The construction has begun in China of its section of the eastern gas pipeline route known as the "Power of Siberia" This new addition will deliver up to 38 billion cubic meters of Russian gas each year. The first joint was welded as part of the opening ceremony in China on 6/29/2015. Construction started near the Chinese city of  Heihe of the Heilongjiang province that borders Russia. The ...

Working on better Fracking methods: Does fracking have to be bad?

Researchers at Northwestern University believe that improving the operational efficiency of natural gas fracking could produce a "win-win" for both the U.S. energy sector and the environment. Engineering professor Fengqi You and doctoral student Jiyao Gao developed models to analyze the shale gas supply chain. Their findings, published in the journal ACS Sustainable Chemistry & Engineering, ...

The Riches and Perils of the Fossil Fuel Era

If nations could agree a carbon tax, it would help create a more efficient, less polluting future Our ancestors lived in eras we call the Stone Age, the Bronze Age and the Iron Age. Ours is the “fossil-fuel age”. The energy we have extracted from the earth’s reserves of fossilised sunlight has spread (unequally shared) abundance across humanity. Will this continue? Can we manage its ...

Russian Energy Deal Comes at Contentious Time

LONDON — Even in more normal times in the oil industry, Westerners doing business with Russians seldom have a smooth ride. But in a period of ultralow prices and Western sanctions against Moscow, this is a particularly contentious moment to be in an energy deal with a Russian oligarch. Just ask John Browne, the former chief of the British oil giant BP. On Monday, he became executive chairman ...

U.S. Fracking Boom Won’t Bring Manufacturing Home: Analysts

While cheap natural gas and oil is drawing petrochemical companies back to the United States, companies that produce consumer goods are unlikely to follow because of high labor costs, a partner with the strategy and management consulting firm AT Kearney said in Chicago Wednesday. “The thought of actually shutting down capital investments in other parts of the world completely and bringing ...