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By John T. Young Posted on Thu, 29 October 2015 21:44 | 0… It’s been a long and tough year so far for oil and gas producers. While cheap oil has been a boon for American consumers and some businesses, it has caused substantial damage to the energy sector and various components of the global economy. Long gone are the days $100-plus oil. A worldwide supply glut has dropped commodity prices to bottom-of-the-barrel prices not seen since the depths of the financial crisis. Technological advancements like horizontal and multi-pad drilling and multi-stage fracking have no doubt upped U.S. production rates to record-highs, but it’s also a big reason why crude and natural gas prices remain alarmingly low – and why oil and gas firms are now re-examining their assets and spending during these financially and operationally… more
President Barack Obama and Canada's Prime Minister Justin Trudeau (Susan Walsh, Associated Press file photo) By Candy Woodall | Email the author | Follow on Twitter on March 10, 2016 at 4:03 PM, updated March 11, 2016 at 7:17 AM The U.S. and Canada are targeting oil and gas wells in the latest pact to fight climate change. Both countries will cut methane emissions from the industry by 40 to 45 percent during the next nine years. President Barack Obama and Prime Minister Justin Trudeau on Thursday announced the joint effort, which is expected to affect hundreds of thousands of wells in the U.S. The Obama administration has previously shared goals of cutting methane emissions more than 40 percent below 2012 levels by 2025. But this is the first time the administration has focused… more
HOUSTON, Mar. 9 03/09/2016 By OGJ editors… US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 3.9 million bbl during the week ended Mar. 4 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Last week, inventories jumped 10.4 million bbl (OGJ Online, Mar. 2, 2016). At 521.9 million bbl, inventories remain at historically high levels for this time of year, EIA says. A separate estimate from the American Petroleum Institute showed crude supplies gained 4.4 million bbl. Analysts polled by The Wall Street Journal before the EIA report’s release expected crude supplies to increase 3.1 million bbl. Gasoline inventories drop again Total motor gasoline inventories decreased 4.5 million bbl last week, but… more