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News Page 102

Election Year Could Change Slump in Oil Prices

Gas prices are slowly creeping back up, even in Texas. While they're still down from a month ago, summer travel and a major upcoming election cycle could make that price crawl move a lot faster. It's not that much of a jump, but for Bruce Morriss, a recently laid off landman, anything makes a difference. "Not great for the people in the oil business but, they're trending up and I expect the oil to continue you to trend up you…

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Russia’s Putin Says Russian Oil Firms Agree Not to Increase Oil Output in 2016

Russian oil companies have agreed not to increase oil production this year following preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela reached last month, President Vladimir Putin told a meeting with the country's top oil firms. "As (Energy) minister (Alexander Novak) has reported, you all agree with this proposal," Putin said. "The purpose of our meeting, of the meeting today, is for me to personally hear this from you." Last month, Russia, Saudi Arabia, Qatar and Venezuela preliminary agreed…

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American Oil Imports Hit 45 Year Low

America is importing less oil than any time in the last 45 years. In 2005, America imported 60.3 percent of its oil. In 2015, the U.S. only imported 24.2 percent. Economist Dr. Mark Perry of the American Enterprise Institute attributes the decline in petroleum imports to the development of hydraulic fracturing, or fracking, of American shale. Oil imports have fallen because the U.S. is producing record amounts of oil.    America passed Russia in oil and gas production last year and now…

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How The Texas Railroad Commission Was The Blueprint For OPEC

The Organization of Petroleum Exporting Countries is not getting a lot of love in Texas these days. David Porter, top oil and gas regulator at the Railroad Commission of Texas, has accused OPEC of declaring an "oil war" against the state. Porter is leaving the Commission this year, and some of those running to replace him have used similar rhetoric. The reason? They blame OPEC for engineering the oil bust that's left thousands of workers unemployed and Texas energy companies slipping into the red.…

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Oil Up on Saudi Support, China; Poll Shows Less OPEC Output

Oil prices jumped 3 percent on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, developments that fed hopes the oil selloff would end. A Reuters survey also indicated the Organization of Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment. An advance on Wall Street was another supportive factor for traders and investors looking to raise bets on oil. For…

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US Shale’s Message for OPEC: Above $40, We Are Coming Back

For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a generation. Their latest comments highlight the industry's remarkable resilience, but also serve as a warning to rivals and traders: a retreat in U.S. oil production…

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Railcars Are The New Oil-Storage Space

The U.S. is so awash in crude oil that traders are experimenting with empty railcars as new places to store it, Nicole Friedman and Bob Tita report. Thousands of railcars ordered to transport oil are now sitting idle because low crude prices have made shipping by train unprofitable. At the same time, traditional storage tanks are running out of room as U.S. oil inventories swell to their highest level since the 1930s. So the railcars provide a form of “rolling storage.” Still,…

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U.S. Becomes Net Natgas Exporter For A Day With Sale To Brazil

Feb 26 The United States turned into a net natural gas exporter for a day after the first liquefied natural gas export from Cheniere Energy Inc's Sabine Pass terminal in Louisiana left for Brazil on Wednesday. The United States however is not expected to become a net exporter of gas on an annual basis until 2017 after more pipelines to Mexico and LNG export terminals enter service, according to federal energy estimates. The United States was last a net exporter…

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Potential For Texas LNG Export Facility Building

PERTH, Australia, Feb. 26 (UPI) --Australian gas leader Woodside said it was wading into the growing liquefied natural gas sector in the United States with an agreement to tap Texas port developments. Woodside announced it entered into a non-binding project development agreement with the LNG affiliate of Sempra Energy. Under the terms of the arrangement, both sides will assess potential opportunities for an LNG facility in Port Arthur, Texas. "This opportunity fits well with our focus on building our business…

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Cornyn calls for more U.S. energy exports

The annual IHS Energy CERAWeek conference in Houston wrapped Friday with discussions on topics ranging from oil exports to America's role in the Middle East and nanotechnolgoy. This year's conference, which started Monday and drew high-profile speakers including Ali Al-Naimi, Saudi Arabia's oil minister, and a variety of CEOs, took on everything from oil prices and supply to wind power, included politicians and academics on its last day.  Speaking during a session Friday on energy policy, Sen. John Cornyn, R-Texas,…

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