New York seeks retribution for alleged climate change damages #OilmanNEWS Alex Mills Contributors Environmental Oil and Gas News 

New York Seeks Retribution for Alleged Climate Change Damages

The crusade against fossil fuels – crude oil, natural gas and coal – has engulfed the political arena for several decades, but the fight has expanded recently into the legal system. Liberals on the left have tried to tax and regulate fossil fuels dating back to the 1970s when President Jimmy Carter signed the Crude Oil Windfall Profits Tax, which… Read More
Study forecasts more increases in US oil production #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Study Forecasts More Increases in US Oil Production

Even though there appears to be signs of weakening in the crude oil and natural gas production boom in the U.S., a new report from the Energy Information Administration (EIA) predicts continued production increases through 2020. EIA revised its Short-Term Energy Outlook this week forecasting a 119,000 barrels per day (b/d) increase in oil production in 2020 over 2019. EIA… Read More
Uncertain supply and demand issues create problems #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Uncertain Supply and Demand Issues Create Problems

As the member countries of the Organization of Petroleum Exporting Countries, better known as OPEC, prepare for their important meeting in Vienna on Dec. 5-6, questions will be raised about its future. Will OPEC members be able to put aside their many policy and political differences to maintain order? Will non-members continue to work with OPEC and reduce oil exports… Read More
Natural gas prices down, inventories up as winter approaches #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Natural Gas Prices Down, Inventories Up as Winter Approaches

Record production of natural gas in Texas and throughout the United States has created lower natural gas prices for consumers, but it has many companies that produce natural gas struggling to avoid bankruptcy. One such company is Chesapeake Energy Corp., which is based in Oklahoma City, who was actively exploring in the Barnett Shale of North Texas some 10 years… Read More
Oil prices soft as inventories rise #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Oil Prices Soft as Inventories Rise

More negative news for the crude oil exploration-and-production industry in the United States this week as prices dipped again, inventories rose again, and the drilling rig count declined again. Oil prices on the New York Mercantile Exchange (NYMEX) closed at $54.91 on Wednesday down $8.76 (14 percent) from a year ago. Oil stocks rose 5 million barrels during the week… Read More
Oil industry giants organize to reduce emissions #OilmanNEWS Alex Mills Contributors Oil and Gas News Upstream 

Oil Industry Giants Organize to Reduce Emissions

Thirteen international oil and gas companies have committed $1 billion to reduce greenhouse gas emissions. The organization, called the Oil and Gas Climate Initiative (OGCI), will support the goals of the Paris Agreement, which will include unlocking large-scale investments in carbon capture, use and storage (CCUS) and supporting new taxes and economic incentive aimed at reducing emissions. The OGCI member… Read More
Exploration slows as financial situation tightens #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Exploration Slows as Financial Situation Tightens

The financial community has developed a negative opinion about the profitability of oil and gas wildcatters who primarily operate as producers of oil and natural gas from shale. A recent story in The Wall Street Journal started this way: “Horrific. Terrible. Abysmal. The worst. Those are terms equity analysts are using to describe investors’ attitude toward energy stocks.” In addition… Read More
Gasoline, Electricity Prices Expected to Decline #OilmanNEWS Alex Mills Contributors Oil and Gas News 

Gasoline, Electricity Prices Expected to Decline

Consumers can expect a slight decline in energy prices the remainder of this year and into 2020, according to projections from the U.S. Energy Information Administration (EIA). Gasoline and electricity prices will follow declining prices for crude and natural gas. West Texas Intermediate is expected to average $56.26 in 2019 down from $65.06 ($9.80) in 2018, and decline another $1.83… Read More
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