• 8 countries that win and lose big from oil plunge

    Published: Tue, Dec 16, 2014

    Oil prices traded near a five-year low Tuesday, as global supply continued to outstrip demand. Since the start of the year, prices have plummeted close to 50 percent, according to USA TODAY. That decline has produced windfalls — or disasters — for a number of countries. Here's a look at four of the biggest winners and four major losers...

  • Study: Your all-electric car may not be so green

    Published: Mon, Dec 15, 2014

    WASHINGTON (AP) — People who own all-electric cars where coal generates the power may think they are helping the environment. But a new study finds their vehicles actually make the air dirtier, worsening global warming. Ethanol isn't so green, either. "It's kind of hard to beat gasoline" for public and environmental health, said study co-author Julian Marshall, an engineering professor at the University of Minnesota. "A lot of the technologies that we think of as being clean ... are not better than gasoline." The key is where the source of the electricity all-electric cars. If it comes from coal, the electric cars produce 3.6 times more soot and smog deaths than gas, because of the pollution made in generating the electricity, according to the study that is published Monday by the Proceedings of the National Academy of Sciences. They also are significantly worse at heat-trapping carbon dioxide that worsens global warming, it found.

  • Oklahoma: First U.S. Gas Station Drops Below $2 a Gallon

    Published: Thu, Dec 4, 2014

    $2 gasoline is back in the U.S. An Oncue Express station in Oklahoma City was selling the motor fuel for $1.99 a gallon today, becoming the first one to drop below $2 in the U.S. since July 30, 2010, Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc., said by e-mail from Chicago.

  • As oil prices plunge, wide-ranging effects for consumers and the global economy

    Published: Wed, Dec 3, 2014

    Tumbling oil prices are draining hundreds of billions of dollars from the coffers of oil-rich exporters and oil companies and injecting a much-needed boost for ailing economies in Europe and Japan — and for American consumers at the start of the peak shopping season. The result could be one of the biggest transfers of wealth in history, potentially reshaping everything from talks over Iran’s nuclear program to the Federal Reserve’s policies to further rejuvenate the U.S. economy.

  • As oil prices plunge, wide-ranging effects for consumers and the global economy

    Published: Tue, Dec 2, 2014

    Tumbling oil prices are draining hundreds of billions of dollars from the coffers of oil-rich exporters and oil companies and injecting a much-needed boost for ailing economies in Europe and Japan — and for American consumers at the start of the peak shopping season. The result could be one of the biggest transfers of wealth in history, potentially reshaping everything from talks over Iran’s nuclear program to the Federal Reserve’s policies to further rejuvenate the U.S. economy.

  • OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says

    Published: Thu, Nov 27, 2014

    From Bloomberg: OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said. The Organization of Petroleum Exporting Countries kept output targets unchanged at a meeting in Vienna today even after this year’s slump in the oil price caused by surging supply from U.S shale fields. American producers risk becoming victims of their own success.

  • Chesapeake accused of not paying for natural gas produced from invalid leases

    Published: Thu, Nov 20, 2014

    Chesapeake Energy may face a class-action lawsuit that claims it has cheated North Texas landowners of at least $100 million by pumping gas from properties that had gone through foreclosure, invalidating the oil and gas leases, the Fort Worth Star-Telegram reports. Chesapeake continued to tap reserves beneath the various properties in Johnson and Tarrant counties even after the Oklahoma City-based energy giant discovered it had troubled leases following the economic downturn in 2008, choosing instead to “ignore the problem,” the lawsuit asserts. Read more here: http://www.star-telegram.com/2014/11/19/6302714/chesapeake-accused-of-not-paying.html#storylink=cpy

  • Fracking to be allowed in largest national forest on U.S. east coast

    Published: Tue, Nov 18, 2014

    Over the objection of environmental groups and Virginia’s governor, a federal management plan released on Tuesday will allow a form of natural gas drilling known as fracking to occur in parts of the largest national forest on the east coast, according to The Guardian. The US Forest Service originally planned to ban fracking in the 1.1m-acre George Washington National Forest, but energy companies cried foul after a draft of the plan was released in 2011. It would have been the first outright ban on the practice in a national forest. “We think we’ve ended up in a much better place, which is we are allowing oil and gas drilling,” Robert Bonnie, the US Department of Agriculture’s undersecretary for natural resources and environment, told the Associated Press in a telephone interview.

  • House, Senate to vote on Keystone XL pipeline

    Published: Thu, Nov 13, 2014

    For the first time in the six-year fight over the controversial Keystone XL pipeline, both houses of Congress will hold a vote on the proposed project, giving each side in a Louisiana Senate election a chance to boost its candidate. The two lawmakers locked in the runoff contest, Sen. Mary Landrieu (D) and Rep. Bill Cassidy (R), seized control of the congressional agenda Wednesday, extracting assurances from House and Senate leaders that votes will be held to bypass President Obama’s authority and authorize construction of the pipeline.

  • Former Chesapeake CEO says U.S. shale boom not exportable

    Published: Wed, Nov 5, 2014

    Aubrey McClendon, former CEO of natural gas giant Chesapeake Energy, argued in a speech Wednesday the U.S. shale drilling boom was unlikely to be replicated in other countries, the Dallas Morning News reports. McClendon, who now has a new shale venture, American Energy Partners, said the combination of entrepreneurial spirit, expansive infrastructure and the private ownership of mineral rights makes the United States unique.

  • Boone Pickens tells oil companies to stop drilling

    Published: Thu, Oct 23, 2014

    Billionaire oilman T. Boone Pickens has seen plummeting oil prices before and says he knows what the problem is. Energy companies are pumping too much oil and none of them wants to be the first to stop, Mr. Pickens said Wednesday in an interview with The Wall Street Journal.

  • Saudi Arabia’s Crude Oil Supply Said to Fall in September

    Published: Thu, Oct 23, 2014

    The amount of oil Saudi Arabia supplied to markets fell last month, according to a person familiar with the country’s oil policy. Its production climbed. The world’s biggest crude exporter supplied 9.36 million barrels a day last month, a reduction of 328,000 barrels daily from August, according to the person, who asked not to be identified, citing policy. The supply figure excludes what’s stored. Saudi Arabia produced about 100,000 barrels a day more than in August, the person said.

  • Nelson Bunker Hunt, second son of legendary wildcatter H.L. Hunt, dies

    Published: Wed, Oct 22, 2014

    Nelson Bunker Hunt, the wildcatter who surpassed the legacy of his father, H.L. Hunt, died Tuesday of congestive heart failure at a Dallas assisted living center, the Dallas Morning News reports. He was 88. Hunt outdid his father in creating and losing fortunes through titanic plays in oil, silver, soybeans, sugar beets, cattle and thoroughbred horses, his passion. “He was very smart, and he was willing to take a risk, because he could see the prospects of what it might make,” said his sister Caroline Rose Hunt. “I was fortunate enough to be invited by him to the Kentucky Derby and other big races. That was his love, horses.” A gambler and unabashed capitalist, Hunt lived for the big deal, plowing his oil profits into an array of ventures ranging from ancient Greek coins to the Shakey’s Pizza chain. And there was the Bronco Bowl bowling and entertainment complex in Dallas.

  • Private sector meteorology sees boost from energy companies

    Published: Tue, Oct 21, 2014

    When it comes to guessing the weather, energy companies are throwing less caution to the wind. Analysts and experts say energy companies are increasingly seeking out private firms to provide weather prediction models to inform their decision-making, the Pittsburgh Post-Gazette reports. The nation’s energy companies are among the major companies for the private sector meteorology industry, which could grow to $1.8 billion by 2020, according to a recent report from Dallas market research firm Markets and Markets. “Weather has become now the primary driver for commodity prices in energy,” said Paul Corby, senior vice president of energy for Planalytics, a Berwyn, Pa.-based firm in its third decade of providing “business weather intelligence” tailored to clients’ market needs and the commodities they sell. “It has an impact on

  • Oil CEO Dies in a Moscow Plane Crash

    Published: Tue, Oct 21, 2014

    The CEO of one the world's largest oil companies died in Moscow on Monday when his plane "collided with a snow-clearing machine," according to a spokesperson for Vnukovo Airport, NBC News reports. Christophe de Margerie, whose extravagant facial hair earned him the nickname "Big Mustache," according to Bloomberg News, spent seven years in charge of Total S.A., one of the world's six so-called super-major oil companies. He was 63. "I can confirm that the passenger was Total's head de Margerie,'' Elena Krylova, the airport spokesperson, told Reuters.

  • OPEC Split as Oil Prices Fall Sharply

    Published: Tue, Oct 14, 2014

    Oil prices sank again on Monday, giving consumers more of a break and causing a split among OPEC leaders about what action should be taken, if any, to halt the slide. The price drop has led to a near free fall in gasoline prices in the United States. On Monday, the national average price for regular gasoline was $3.20, 9 cents lower than it was a week ago and 14 cents below the price a year ago, according to the AAA motor club.

  • In Texas, traffic deaths climb amid fracking boom

    Published: Mon, Oct 13, 2014

    Hydraulic fracturing, or fracking, has unlocked huge reserves of oil and gas in shale formations in many states. The biggest winner, in terms of new jobs, has been Texas. But an  investigation by Houston Public Media and the Houston Chronicle shows Texas highways have become the nation's deadliest amid a fracking boom.

  • Divorce trial of Continental CEO Harold Hamm ends, with billions at stake

    Published: Fri, Oct 10, 2014

    Thursday marked the end of the epic nine-week divorce trial of Oklahoma’s richest man, oil magnate and Continental Resources Chief Executive Harold Hamm. With billions of dollars of company  wealth at stake, the unusually secretive trial could end with the largest divorce judgment in history, Reuters reports. During the proceedings, lawyers for Harold Hamm and his wife of 26 years, Sue Ann Hamm, presented starkly different views of how much wealth should be divided by the court. The money is mostly tied up in a 68 percent stake in Continental, whose shares are in Harold's name.

  • Boone Pickens interested in investing in Aubrey McClendon again

    Published: Fri, Oct 10, 2014

    T. Boone Pickens, the chief executive officer of BP Capital Management LP, said he would be interested in investing again with Aubrey McClendon, the co-founder of Chesapeake Energy Corp. who was ousted last year, Businessweek reports. “I potentially could be” an investor in publicly traded companies McClendon forms, Pickens said in an interview Thursday at Bloomberg headquarters in New York. “Let’s see what he’s got.”

  • Aubrey McClendon weighing $5B bid for California assets

    Published: Thu, Oct 9, 2014

    Aubrey McClendon, the oil and natural gas wildcatter ousted from Chesapeake Energy Corp. last year, is exploring a purchase of Freeport-McMoRan Inc.’s operations in California for as much as $5 billion, people with knowledge of the matter told Bloomberg News. McClendon’s American Energy Partners LP has been seeking to raise capital to fund the potential deal, said the people, who asked not to be identified because the matter is not public. American Energy, which has raised $13 billion since it was started last April, would fold the assets into a newly created operating unit, the people said.