• Mexico: 2 workers dead, 10 hurt in Mexico oil rig accident

    Updated: 14 hr ago

    MEXICO CITY (AP) — An accident on an oil well-maintenance platform killed two workers and injured 10 off Mexico's coast on Tuesday, company officials reported, blaming the incident on the collapse of one of the rig's legs. State oil company Petroleos Mexicanos, or Pemex, said the Troll Solution rig was maneuvering to perform offshore maintenance at the time of the accident in the Bay of Campeche, in the Gulf of Mexico. Pemex blamed a structural failure in the leg. The rig was "listing" but had not sunk, the company said via Twitter. Pemex said in a statement that the platform belongs to oil services provider Typhoon Offshore. Ninety-eight of that company's workers and three Pemex employees were removed from the rig an

  • Tax credits for Nebraska wind energy stalled by filibuster

    Updated: 15 hr ago

    LINCOLN, Neb. (AP) — An effort to attract more wind farms to Nebraska failed on Tuesday after senators derailed a bill that would have provided $75 million in production tax credits for renewable energy. Conservative senators mounted a filibuster to block the proposal, arguing that the state shouldn't subsidize wind energy. The bill by Sen. Jeremy Nordquist of Omaha would have provided up to $75 million in tax credits over a decade for wind farms. Nordquist agreed to the cap and a December 2021 sunset date for the program to try to win support for the legislation. Currently, companies that participate in the state's community-based energy development program have to spend at least 25 percent of their total investment

  • Africa's richest economy surviving on borrowed cash

    Updated: 15 hr ago

    LAGOS, Nigeria (AP) — Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed Tuesday. The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the U.S. dollar. It was trading at 160 a few months ago. Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80 percent of revenue for the government of Africa's biggest petroleum producer.

  • Details of the debate in US states on oil drilling, fracking

    Updated: 15 hr ago

    Clashes are growing between cities and states across America over oil and gas drilling and hydraulic fracturing, the practice of high pressure injections of water, sand and chemicals underground to free deposits of oil and gas. Energy-rich states are rushing to quash some of the local activism. Following is a summary of state debates. In Texas, which leads the nation in oil and natural gas production, a measure to limit local regulations to those deemed "commercially reasonable" has passed the Legislature and is expected to be signed into law by Republican Gov. Greg Abbott. Cities would be allowed to regulate surface activities such as noise, lights and traffic but not drilling itself.

  • Energy rich US states move to quash local limits on drilling

    Updated: 15 hr ago

    MANSFIELD, Texas (AP) — Lawmakers in Texas and energy producing states across the nation are rushing to stop local communities from imposing limits on oil and gas drilling despite growing public concern about the health and environmental toll of such activities in urban areas. The slump in oil prices that has led to job losses in the oil patch has only added to the urgency of squelching local drilling bans and other restrictions the industry views as onerous. The number of jobs nationwide in the sector that includes energy production has fallen 3.5 percent since December, and Texas alone lost about 25,000 jobs in March, according to federal data.

  • NC lawmakers talk road-funding fix that spreads pain around

    Updated: 16 hr ago

    RALEIGH, N.C. (AP) — A proposal to narrow North Carolina's long-term transportation funding shortfall by relying less on gasoline taxes and more on driver's fees and taxes on car sales won mostly favorable reviews Tuesday from lawmakers and road-funding advocates. Although part of the measure to place a new premiums tax on all automobile insurance policies got panned by the industry and may get pulled by its sponsor, speakers at a House Transportation Committee meeting were pleased such a tough discussion was taking place. "I want to commend the bill's sponsors for having the political fortitude or guts to introduce this bill," said Berry Jenkins representing NC GO!, a coalition of local governments and road-building trade

  • Energy-producing states blast Obama climate change plan

    Updated: 16 hr ago

    WASHINGTON (AP) — The Obama administration's far-reaching plan to address climate change would cause job losses and lead to higher electricity prices and even power outages, attorneys general from two energy-producing states said Tuesday. West Virginia Attorney General Patrick Morrisey and Oklahoma Attorney General Scott Pruitt, both Republicans, told a Senate panel that the administration's plan to cut heat-trapping pollutants from coal-fired power plants would cause existing plants to retire early and prevent new ones from being completed.

  • Maine PUC clashes over releasing market projection models

    Updated: 16 hr ago

    AUGUSTA, Maine (AP) — Republican Gov. Paul LePage's appointees to the Maine Public Utilities Commission on Tuesday rejected a proposal to make public the growing number of "grading schemes" used to judge energy projects' economic benefits for ratepayers. David Littell, the sole remaining appointee of LePage's Democratic predecessor, asked his fellow commissioners to unveil price projection models used to decide energy contracts in the name of transparency, arguing that secret forecasting models allow regulators to justify votes without any public scrutiny. "There is no accountability for some of the most important decisions the commission is making on the appropriate investment to reduce the price of energy," he said.

  • Index reflects slowdown in Oklahoma energy industry

    By Adam Wilmoth, Energy Editor | Updated: 16 hr ago

    Continued low oil prices and a slowing energy industry sent the Oklahoma Energy Index tumbling in March.

  • Duke Energy buys stake in proposed natural gas pipeline

    Updated: 19 hr ago

    CHARLOTTE, N.C. (AP) — Electric utility giant Duke Energy has purchased ownership stake in the proposed Sabal Trail natural gas pipeline. In a statement released Tuesday, Duke Energy announced it will invest about $225 million in the approximately 500-mile pipeline. The $3 billion pipeline will run from Alabama, across Georgia, and into Florida. The pipeline is scheduled to begin service in 2017. It will require federal and other regulatory approvals, which Sabal Trail Transmission hopes to secure by early 2016. The pipeline drew protests from southwest Georgia residents last year, who said they do not want a pollution-emitting compression station near their homes. Currently there are only two major pipeli

  • Oklahoma treasurer reports overall collections slightly up

    Updated: 21 hr ago

    OKLAHOMA CITY (AP) — Overall collections to the state treasury improved slightly last month, but are still feeling the pinch of slumping oil and natural gas prices. Oklahoma Treasurer Ken Miller reported Tuesday that monthly collections in April totaled $1.32 billion, exceeding last April's collections by less than 1 percent. The biggest boost came from income tax collections, which were up by more than $53 million, or 8.2 percent, from last April. But declining revenue from energy production continues to hamper state collections, with both production and prices dropping since last year. Miller reported collections from oil and natural gas production dropped by more than 54 percent from the same month last year.

  • Michigan voters deciding on tax increase for road repairs

    Updated: 21 hr ago

    LANSING, Mich. (AP) — Michigan voters were deciding Tuesday whether to approve higher taxes to improve the state's deteriorating roads and bridges. Proposal 1, a constitutional amendment subject to a statewide vote, would raise Michigan's 6 percent sales tax to 7 percent to trigger $1.3 billion more a year for highways, roads, bridges and public transit. Lawmakers put the measure on the ballot in December after failing to directly increase taxes themselves or to divert money from elsewhere in the budget. Michigan is one of the most frugal of the states in spending on infrastructure such as highways. Polls opened at 7 a.m. and close at 8 p.m.

  • Growth in US services firms picked up speed last month

    Updated: 22 hr ago

    WASHINGTON (AP) — U.S. service firms' growth accelerated in April, fueled by more orders, rising sales and an uptick in hiring. The figures provide solid evidence that the economy is recovering from its first-quarter stumble. The Institute for Supply Management said Tuesday that its services index rose to 57.8 in April from 56.5 in March. The April reading is its highest level in five months. Any reading over 50 indicates that service providers are expanding. The healthy showing supports analysts' forecasts that the economy's stumble in the first three months of the year will be temporary. Hiring slowed in March and the economy may have even shrunk in the first three months of the year. But most economists expect growth wil

  • US trade deficit jumps to 6-year high of $51.4 billion

    Updated: 22 hr ago

    WASHINGTON (AP) — The U.S. trade deficit in March swelled to the highest level in more than six years, propelled by a flood of imports that may have sapped the U.S. economy of any growth in the first quarter. The deficit rose to $51.4 billion, the largest trade gap since October 2008 and more than 43 percent higher than in February, the Commerce Department reported Tuesday. Exports were up 0.9 percent to $187.8 billion, while imports increased 7.7 percent to $239.2 billion. The trade deficit is the short-fall between exports and imports. The result suggests that international trade played a bigger-than-expected role in the U.S. economy's anemic growth in the January-March.

  • Venezuelan rum industry succeeding despite country's woes

    Updated: 23 hr ago

    CARACAS, Venezuela (AP) — Ever since he was a young man, one of Guillermo Matos' small pleasures has been a mid-month round of cocktails with friends. His drink of choice was always imported whiskey. But with Venezuela's economic crisis putting its price out of reach, the 45-year-old men's tie store owner has had to change his ways, going local and switching to his country's internationally lauded rum. He now sips a glass of Venezuelan Santa Teresa 1796, on the rocks. Matos can buy a bottle of local rum for $8, rather than roughly $25 for a bottle of Johnnie Walker Black. "At these prices who couldn't enjoy a rum?" he said, while gathered with friends at a busy Caracas restaurant. A lot of his countrymen also ar

  • China stocks fall on IPO wave, Australia flat after rate cut

    Yesterday

    HONG KONG (AP) — Chinese stocks plunged Tuesday as the start of an IPO wave cooled investor sentiment and Australian shares were flat after the central bank cut interest rates to a record low to stimulate the limping economy. Other global benchmarks were mixed with two major Asian markets closed. KEEPING SCORE: European stocks opened higher. France's CAC-40 added 0.6 percent to 5,113.66 and Germany's DAX gained 0.8 percent to 11,716.07. Britain's FTSE 100 rose 0.8 percent to 7,041.25. US stocks were poised to open higher, with Dow futures edging up 0.1 percent to 18,008.00. Broader S&P 500 futures crept up less than 0.1 percent to 2,110.00. ASIA'S DAY: The Shanghai Composite Index in mainland China had its worst day in mont

  • Oklahoma State University library wins excellence award

    Yesterday

    STILLWATER, Okla. (AP) — The Oklahoma State University library is being honored for its series of Science Café programs on the oil and gas industry. The Edmon Low Library has won the American Library Association's 2015 Excellence in Library Programming Award. The award goes to a library that provides programs that encourage learning and awareness and have community impact. The library hosted "Hydraulic Fracturing: Implications for Land, Water, and Communities," a program that provided scientific research behind issues involving the state's energy industry, including hydraulic fracturing, or "fracking." The first event at the OSU library in April 2014 set a Science Café attendance record with 155 people present.

  • Oklahoma's 7-Eleven stores begin offering rewards card

    Published: Tue, May 5, 2015

    New card allows Oklahoma’s 7-Eleven stores to bypass credit card fees, pass on savings to customer, CEO says.

  • Oil and gas, livestock prices for May 5

    Published: Tue, May 5, 2015

    OIL AND GAS PRICES Oklahoma crude oil prices as of 5 p.m. Monday: Oklahoma Sweet: Sunoco Inc. — $55.25 Oklahoma Sour: Sunoco Inc. — $43.25 Oklahoma oil and gas drilling activity posted April 20: COMPLETION Alfalfa: SandRidge Exploration & Production LLC; Schurter 2811 No. 1-20H Well; SE1/4 SE1/4 SW1/4 SE1/4 (SL) of 20-28N-11W; 142 barrels oil per day 2,083,000 cu-ft gas per day; TD 9,706. INTENT TO DRILL Grady: Unit Petroleum Co.; Harper Thomas No. 2-19H Well; NW1/4 NE1/4 NE1/4 NW1/4 (BHL) of 19-06N-07W; TD 14,667. Logan: Cirrus Production Co.; Ellen No. 1 Well; C W1/2 NE1/4 SE1/4 of 25-16N-03W; TD 5,650. Pottawatomie: Arrowhead Energy Inc.; Harrison No.

  • Oklahoma business briefs for May 5

    Published: Tue, May 5, 2015

    Oklahoma business briefs for May 5, 2015




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