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News Page 3

Hurricane Harvey Impacts Crude Oil And Gasoline: What You Need To Know

As we support the residents of Eastern Texas who are persevering through the aftermath of Hurricane Harvey and continued flooding, many are asking what the storm means for that region’s most notable products: crude oil and gasoline. The effect on energy commodities does not compare to the devastation to the lives of millions, but oil and gasoline are integral to modern lives. The analysis is best broken into three parts: crude oil production, transportation and storage of oil and gasoline.…

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10 refineries close as Harvey drenches Texas energy hub

Rain and flooding are continuing to wreak havoc on Houston and the surrounding area, and the rain is forecast to continue through the week. The devastating storm's full impact on the region's oil and gas infrastructure won't be known until coming days.  Ten oil refinery plants in the Houston area and Corpus Christi are shutting down because of the storm, according to a report released Sunday by S&P Global Platts. They normally have the capacity to refine about 2 million…

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South Texas oil and gas drillers’ shares drop as Harvey forces field closures

Oil and gas producers focused on drilling a major shale field in South Texas saw their shares sink on Monday as Tropical Storm Harvey blew through the region. Drillers in the Eagle Ford region ceased operations and pulled crews as Harvey caused devastating flooding and brought high winds along the Gulf Coast over the weekend. Several refineries in the area were also closed, removing about 25 percent of Gulf Coast refining capacity, according to S&P Global Platts. "Given the enormous level…

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Texas sees Mexico as important gas export market

The state economy for Texas is capitalizing on cross-border movements of natural gas to Mexico, a director at a state energy regulator said. Texas Secretary of State Rolando Pablos served as the moderator of a bilateral energy forum that counted members of a Mexican energy trade association and Mexico Energy Regulatory Commissioner Guillermo Garcia Alcocer among its panelists. The panel came one month after Mexico's government held its first auction to access capacity to natural gas infrastructure as part of…

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Saudi Aramco IPO Sparks Rush to Privatize in Middle East

Saudi Arabia’s plan to list Saudi Arabian Oil Co. is sending other Middle Eastern nations rushing to raise capital on equity markets, potentially privatizing swaths of the state-run energy industry for the first time. Three years of lower energy prices have pushed regional governments dependent on oil revenue to tap public markets as a way of plugging holes in their budgets. Gulf nations are also looking to this tactic to diversify their economies. Many governments have already issued bonds. Now,…

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Texas’ oil industry ramps up, makes more money despite low prices

The oil and gas industry in Texas continues to ramp up drilling in 2017 despite continued low oil prices and faltering production cuts from OPEC countries, according to a Texas economist. “It’s clearly in a state of recovery from a very nasty two year downturn,” Amarillo-based oil economist Karr Ingham said from Houston. Ingham’s Texas Petro Index — which uses variables such as the number of active oil drilling rigs, employment in the oil and gas industry and other measures…

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Old Oil Is New Again

From California’s Central Valley to the Native American lands of Oklahoma, more small- and mid-sized oil firms—many backed by private equity—are forgoing expensive shale drilling projects and opting for old-school wells instead. As crude prices languish under $50 a barrel, and with increasing costs for land, labor and infrastructure, some shale fracking operations are starting to look expensive. That has some investors turning to conventional drilling to make a profit. Tapping shale involves fracking, drilling horizontal wells that extend for…

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Most new Permian oil likely to be exported from Houston, Corpus Christi

Most of the new crude oil produced in West Texas' Permian Basin during the next few years will be shipped from Gulf Coast ports to growing nations in Asia and other regions, according to analytics firm IHS Markit. So while domestic oil consumption is rising only slightly, the foreign demand for U.S. oil is booming, spurred by the 2015 end to a decades-old ban on crude exports. The U.S. today ships out almost 1 million barrels of oil each day…

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Oil prices edge up on signs of gradually tightening market

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices,were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.53 a barrel, up 16 cents, or 0.3 percent. "U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is…

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Average US gas prices jump 8 cents thanks to crude costs

The average price of a gallon of regular-grade gasoline jumped 8 cents nationally over the past three weeks, to $2.40. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the spike results from higher crude oil prices. The current price is 23 cents above where it was a year ago, but well below where it was in mid-August of 2015, 2014, and 2013. Gas in San Francisco was the most expensive in the contiguous United States at an…

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