The U.S. Department of Energy says U.S. oil production for the week ending January 4 exceeded 7 million barrels a day for the first time in two decades. The report, released Wednesday, said the weekly average output is a 1.16 million barrel increase from the same week last year. The jump is attributed to improved […]
US Weekly Oil Production Hits 7 Million Barrels a Day
Posted January 9th, 2013 at 6:35 pm (UTC-5)
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US Weekly Oil Production Hits 7 Million Barrels a Day
Posted January 9th, 2013 at 6:00 pm (UTC-5)
The U.S. Department of Energy says U.S. oil production for the week ending January 4 exceeded 7 million barrels a day for the first time in two decades. The report, released Wednesday, said the weekly average output is a 1.16 million barrel increase from the same week last year. The jump is attributed to improved […]
$1.4 Billion Settlement with US for 2010 Gulf Oil Spill
Posted January 3rd, 2013 at 5:45 pm (UTC-5)
The owner of the oil rig that exploded in the Gulf of Mexico in 2010 and caused the worst spill in U.S. history will pay more than $1 billion in fines. Under a settlement with the U.S. Justice Department, Transocean Deepwater acknowledged Thursday that it was criminally negligent when it failed to investigate evidence that […]
US Oil Rig Grounded Off Alaska
Posted January 1st, 2013 at 4:25 pm (UTC-5)
A huge Shell Oil drilling rig has run aground in a storm off the rugged coast of the remote U.S. state of Alaska. The U.S. Coast Guard said the Kulluk broke free from the ship handling it in rough seas in the Gulf of Alaska on New Year’s Eve and then was cut loose from […]
US Oil Rig Grounded Off Alaska
Posted January 1st, 2013 at 12:40 pm (UTC-5)
A huge Shell Oil drilling rig has run aground in a storm off the rugged coast of the remote U.S. state of Alaska. The U.S. Coast Guard said the Kulluk rig broke free from one ship handling it in rough seas in the Gulf of Alaska on New Year’s Eve and then was cut loose […]
Iraqi Kurds Shut Down Oil Exports
Posted December 25th, 2012 at 9:25 am (UTC-5)
Iraq’s ongoing feud with its semi-autonomous Kurdish north is taking a toll on the country’s oil exports. Iraqi officials say the Kurds have suspended all oil shipments. An adviser to the Kurdish Ministry of Natural Resources confirmed the stoppage to The Associated Press, citing a payment dispute with the central government in Baghdad. Iraqi Kurdish […]
US Suspends Oil Giant BP From New Federal Bids
Posted November 28th, 2012 at 7:50 pm (UTC-5)
The United States has suspended British oil giant BP from bidding on any new federal contracts, in response to the company’s performance during the deadly 2010 drilling catastrophe in the Gulf of Mexico. In a statement Wednesday, the U.S. Environmental Protection Agency said it took the action “due to BP’s lack of business integrity as […]
Energy Report: US Could by 2017 Be World’s Biggest Oil Producer
Posted November 12th, 2012 at 1:50 pm (UTC-5)
The International Energy Agency says that by 2017 the United States is likely to overtake Saudi Arabia as the world’s biggest oil producer. The Paris-based energy agency said Monday in its annual forecast that the U.S. is drilling more crude oil through increased use of hydraulic fracturing of underground shale formations. The IEA said it […]
Russia’s Roseneft Take Control of Major Oil Venture
Posted October 22nd, 2012 at 11:50 am (UTC-5)
Russia’s state-controlled energy giant Rosneft has reached a deal to buy a competing energy company controlled by Britain’s BP and a group of Russian billionaires. Rosneft says it will pay nearly $55 billion for Russia’s third-largest oil company, TNK-BP, in a deal that will leave BP with about a 20 percent stake in the merged […]
Prestige Oil Spill Trial Begins
Posted October 16th, 2012 at 8:00 am (UTC-5)
Nearly 10 years after the worst oil spill in Spain’s history, trial is underway for four men held responsible for the sinking of the oil tanker Prestige off the northwest Spanish coast. Prosecutors are asking a 12-year prison sentence for ship captain Apostolos Mangouras, who is charged with harming the environment. Also charged are the […]
