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Energy

  • Congress Facing Huge Pressure To Lift Oil Export Ban

    A lobbying blitz is underway to scrap the decades old ban on crude oil exports from the United States. Originally implemented during price spikes in the 1970’s, oil exports from the U.S. have been legally blocked, save for exemptions given to exports to Canada. That was largely a nonissue for several decades as the U.S. was a massive importer of oil, and there wasn’t much of an opportunity for domestic drillers to export crude. That all changed in the last few years with a flood of new production. Calls for lifting the ban on exports began in earnest in 2014.…

  • Could Natural Gas Be A Better Bet Than Oil?

    Gary Evans, Chairman and CEO of Magnum Hunter Resources Corporation (NYSE: MHR) is one smart operator. With over three decades of oil and gas exploration experience under his belt, Evans has a multi-billion dollar trophy to prove it. In 2005, he sold Magnum Hunter Resources, Inc. (MHRI) to Cimarex for $2.2 billion. He took a few years off, and then took over at MHR in 2009. On September 24, 2014, Evans announced to the world that Magnum Hunter had discovered what is still the largest producing shale well in history. It’s a gas well in Tyler County, West Virginia, and…

  • Where Have All The Rigs Gone?

    Baker Hughes publishes a weekly oil and gas rig count by producing basin. I have created charts of all the most productive basins in order that we can see where oil and gas rigs are increasing or decreasing. Their historic rig count, by basin, goes back 4 years. It needs to be noted that Baker Hughes does not count rigs that are not actively drilling. Rigs that are “Moving In, Rigging Up” are not counted in the Baker Hughes count though they are counted by some others including the North Dakota Industrial Commission. All rig counts are as of Friday,…

  • Obama Called Out On Keystone Lies

    I will preface this article with my standard disclaimer on the Keystone XL Pipeline project: I have no vested interest in the pipeline either way. My interest is in fostering honest debate and discussion on energy policy, and because there has been so much distortion and outright lies related to the pipeline project, I have addressed the topic from time to time. To reiterate, I don’t think it ultimately makes much difference one way or the other whether the pipeline is built. Not to the environment and not to energy security. I think the likelihood that this oil will simply…

  • Three Reasons Why US Shale Isn’t Going Anywhere

    Have you ever noticed that during extreme economic cycles, when trends are roaring on the upside, or conversely crashing back down to earth, there often appears an air of extremism in news headlines? Take America’s most recent shale oil boom, and bust, for example. On the way up, you may have seen – Why OPEC Could Be Dead in 10 Years. Conversely, now you may have read, Why It Might Be ‘Game Over For The Fracking Boom’. In the end, the answer lies somewhere in-between. OPEC, although often plagued with internal discord, will still remain the global defacto 900-pound gorilla…

  • The U.S. Will Spend $5 Billion On Energy Research In 2015 – Where Is It Going?

    Concerning energy research, the United States is falling behind the pack. Sure, we’re in the middle – quite possibly the latter stages – of an oil and gas renaissance, but the nation’s energy secure future, while paved with hydrocarbons, will increasingly rely on renewables deployment and grid innovation. According to a new report from the American Energy Innovation Council (AEIC), a committee of six executives including Bill Gates and General Electric CEO Jeffrey Immelt, US funding for energy research development and demonstration (RD&D) is detrimentally modest – stunting current growth and weakening the nation’s competitive advantage. The committee argues that…

  • Gulf Projects Saved From Brunt Of Oil Price Storm

    The plunge in oil prices may be hurting many companies with on-shore operations, but those drilling in the Gulf of Mexico (GOM) appear to be at least somewhat immune to the problem as it may correct itself by the time the Gulf fields begin producing, according to the US Energy Information Administration (EIA). The agency reported March 3 that energy companies have been back at work producing oil and gas from deepwater wells in the GOM since the five-and-a-half month moratorium on drilling there prompted by the Deepwater Horizon accident of 2010, the worst in US history. Even after the…

  • New Tech Could Greatly Improve Pipeline Safety

    Credit: Shutterstock Transporting oil via pipeline is a risky business, especially if you’re doing it underwater. But one company is putting technology to use that it says could end up making the process a lot safer.Norway-based research company SINTEF is working to complete tests on its SmartPipe pipeline, which uses sensors and a wireless system to transmit data on the pipeline’s health to those monitoring the pipeline. Ole Øystein Knudsen, Project Manager for the SmartPipe research, has been working to finalize the technology for the pipeline since 2003. He told ThinkProgress in an email that the sensors embedded into the…

  • Crude Down Following Biggest Weekly Inventory Rise In 14 Years

    So much for last night's lower than expected API build, DOE data shows a massive build compared to the 3.95 mm barrels expected: • *CRUDE OIL INVENTORIES ROSE 10.30 MLN BARRELS, EIA SAYS This is the 8th build in a row and biggest weekly inventory rise in 14 years.This is the fastest inventory build EVER...and WTI has broken back below $50...Related: No Real Oil Price Relief Until Q3Unambiguously good still? By ZerohedgeMore Top Reads From Oilprice.com: Here’s What Will Send Oil Prices Back Up Again Could Oil Prices Plummet A Second Time? Don’t Read Too Much Into The Rig Count

  • No Real Oil Price Relief Until Q3

    Most of the publicly traded upstream oil & gas company share prices have moved up off the lows they set in December and January as crude oil prices have stabilized. Although it is encouraging, I do expect to see lots of share price movement (up and down) as the oil & gas sector struggles during the first half of 2015. We are not out of the woods yet, but there is definitely light at the end of the tunnel and investors are beginning to return to the sector. The oil markets should tighten in the third quarter. The International Energy…