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Category: October 2016

Oil-rich Texas sees recovery ahead

Written by: Daniel J. Graeber Click HERE to Read Article From Publisher DALLAS, Oct. 24 (UPI) -- Even though job growth was slower than last year, a senior economist in Texas said the recovery in crude oil prices suggested recovery was on the way. "Broad indicators of the Texas economy continue to point toward moderate growth," Keith R. Phillips, assistant vice president of the Federal Reserve Bank of Dallas, said in a statement. The bank warned earlier this year that the…

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Crude Oil Exports from the US: Current Issues and Future Outlook

Written by: Natalie Regoli & Brian Polley, Texas Lawyer Click HERE to Read Article From Publisher After 40 years in place, President Barack Obama lifted the ban on exporting crude oil from America on Dec. 18, 2015. Some of the largest oil companies in the U.S. had aggressively lobbied Congress to end the ban since at least October 2014, when the lobbying group called Producers for American Crude Oil Exports (PACE) was formed. Congressional Democrats withheld support until Republicans agreed to…

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U.S. drillers poised to hike spending by a quarter next year, Evercore says

Written by: Collin Eaton Click HERE to Read Article From Publisher If oil prices hold onto recent gains, drillers could pump billions back into U.S. oil fields next year, setting the stage for an industry comeback after two years of deep cutbacks. In North America, oil companies have signaled they may collectively hike oilfield spending 25 percent to $110 billion next year, the largest budget increase since at least 2000, according to investment bank Evercore ISI, which surveys the oil companies…

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Saudi Arabia Should Pay A Tax To America For Every Barrel Of Oil It Sells To China

Written by: Panos Mourdoukoutas Click HERE to Read Article From Publisher Saudi Arabia should pay America a fee for the service of securing the flow of its oil through the Persian Gulf to China, and affording it the ability to compete effectively against China’s other major supplier, Russia. Long before the fracking revolution, relations between Saudi Arabia and America were based on a myth: America’s dependence on Saudi oil. Why was that a myth? Because up to 1973, America was the…

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Schlumberger sees early signs of recovery in most markets

Written by: Reuters Click HERE to Read Article From Publisher Schlumberger Ltd, the world's No.1 oilfield services provider, said on Friday there were early signs of recovery in industry activity in most parts of the world, as oil prices stabilize after a two-year slump. The company, which derives more than three-fourths of its revenue from international operations, had called the bottom of the recent downturn in the second quarter. "The only place where we don't see any signs of recovery…

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Oil industry workers appear split between Trump and Clinton

Written by Grant Smith Click HERE to Read the Article by the Publisher. U.S. oil and gas industry workers have contributed only slightly more money to the campaign of Democrat Hillary Clinton than to Republican Donald Trump since the two clinched their parties' nominations for the White House, according to Reuters' review of federal disclosures. The nearly even support suggests ambivalence in the industry between two rivals who have put forward wildly different energy visions. Trump calls for a drastic…

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Oil halts rally above US $50 as Iraq signals break from Opec cuts

Written by: Bloomberg Click HERE to Read Article From Publisher [HONG KONG] Oil halted its advance near US$50 a barrel as Iraq threatened to derail Opec's plan to stabilize crude markets by saying it should be exempt from planned output cuts. Prices slid as much as 0.9 per cent in New York after rising 0.4 per cent on Friday. Iraq should be exempted from trimming production because it's embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said…

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Chesapeake Energy Declares ‘Propageddon’ With Record Frack

Written by: Joe Carroll and David Wethe Click HERE to Read Article From Publisher The era of the monster frack has arrived in North America, and Chesapeake Energy Corp. is singing its praises. Chesapeake said Thursday at an analyst conference that it set a record for fracking by pumping more than 25,000 tons of sand down one Louisiana natural gas well, a process the shale driller christened "propageddon.” The super-sized dose of sand -- known as "proppant" -- is able to prop…

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Lyondell’s Houston refinery draws bids from Aramco, Valero, Suncor

Written by: Jessica Resnick-Ault and Erwin Seba Click HERE to Read Article From Publisher At least three firms including Saudi Arabian state oil giant Saudi Aramco have bid over $1 billion for LyondellBasell Industries NV's refinery in Houston, according to four people familiar with the process. The Saudi firm was initially seen as the front-runner among bidders that also included Valero Energy Corp and Suncor Inc, sources said, but added it is unclear if that is still the case. Aramco has…

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U.S. importing more oil for the first time since 2010

Written by: Daniel J. Graeber Click HERE to Read Article From Publisher WASHINGTON, Oct. 21 (UPI) -- The U.S. Energy Department said it expected more crude oil will enter the country from foreign countries in part because U.S. oil was less cost effective. During the first half of the year, the U.S. Energy Information Administration, part of the Energy Department, said total crude oil imports increased 7 percent year-on-year. The increase marks a first since 2010, when imports started to decline…

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