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Mar 10, 2013

FRACKING DEAL, MODEL FOR THE COUNTRY * USA

* Illinois - Oil industry officials, environmentalists reach common ground on rules 

(Photo by Keith Srakocic / Associated Press - A crew works on a gas drilling rig at a well site for shale-based natural gas in Zelienople, PA.)
Chicago,ILL,USA -Associated Press/The Detroit News, by Tammy Webber -March 9, 2013: -- After years of clashing over the drilling method known as hydraulic fracturing, or "fracking," the oil industry and environmentalists have achieved something extraordinary in Illinois: They sat down together to draft regulations both sides could live with... If approved by lawmakers, participants say, the rules would be the nation's strictest...  The Illinois model might also offer a template to other states seeking to carve out a middle ground between energy companies that would like free rein and environmental groups that want to ban the practice entirely... Fracking uses a high-pressure mixture of water, sand and chemicals to crack and hold open thick rock formations, releasing trapped oil and gas. Combined with horizontal drilling, it allows access to formerly out-of-reach deposits and has allowed drillers to move closer to populated areas... The industry insists the method is safe and would create thousands of jobs — possibly 40,000 in the poorest area of Illinois, according to one study. Opponents say it causes water and air pollution and permanently depletes freshwater resources...


* California - An Overview of the "Fracking" Process 

 The process known as "fracking" has long been used to extract oil from depleted wells. It is now widely used across the country to tap previously unreachable oil and natural gas locked within deep rock formations. 

 1. Well may be bored using directional drilling, a method that allows drilling in vertical and horizontal directions to depths of more than 10,000 ft. (3,048 m).
2. Large amounts of water, sand and chemicals are injected into the well at high pressure, causing fissures in the shale.

3. Sand flows into the fissures, keeping them open so that the oil or natural gas from the shale can flow up and out of the well. 

(Graphic by Doug Stevens/Los Angeles Times)

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Jul 3, 2010

OIL NEWS * USA - Shell Seeks to Distance Company from BP Oil Spill With Ad Campaign

Breakaway campaign for Shell looking to distance itself from BP and what seems to be irresponsibility

New York,NY,USA -Advertising Age - June 24, 2010: -- Almost all oil companies except Shell Oil silent as BP bungles oil spill communications... Shell going after space once owned by BP, presenting itself as more than an oil company - beyond petroleum. Aggressive new ad campaign includes print, TV, online, outdoor, 2 websites: energygalaxy.com, shell.us/letsgo... Effort touts future powered by new, multiple energy sources, cleaner fossil fuels that Shell is "unlocking" ... Also expresses notion world will soon be on road to sustainable mobility... Shell ready to help tackle challenges of new energy future...

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Apr 19, 2010

ANALYSIS * USA - Owner-operators may want to brace for higher summer diesel

"What hurts owner-operators will hurt the economy overall"


Lexington,MA,USA -The Trucker, by Dorothy Cox -16 April 2010: ... IHS Global Insight's, Charles Clowdis Jr., said: As more and more owner-operators are forced out of business those fleets that don’t have company drivers or that use owner-operators to supplement their driver pool are going to be in a very vulnerable situation... As diesel prices rise, “motor carriers and all transport providers in the U.S. will feel the impact on their operations,” said Clowdis, managing director, transportation consulting... Additionally, China and India are once again consuming great quantities of oil... He said, “I have great empathy for owner-operators,” he added. “They always take the brunt of something like this”... As more and more owner-operators are forced out of business those fleets that don’t have company drivers or that use owner-operators to supplement their driver pool are going to be in a very vulnerable situation... “That takes away capacity and that takes away the drivers who could supplement the for-hire guys”...

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Mar 19, 2010

OIL NEWS * UK - Petroleum Institute Investigating ULSD Corrosion

Washington,DC,USA -Transport Topics -17 March 2010: -- The Petroleum Equipment Institute is conducting a survey to ascertain the extent of corrosion in petroleum-dispensing equipment that stores ultra-low-sulfur-diesel fuel... Anecdotal reports suggest that the fuel may harm steel and fiberglass containers... ULSD contains sulfur at the rate of 15 parts per million or less, and became the standard fuel of trucking in the fall of 2006. The previous sulfur standard for diesel was 500 ppm... (Images brohm.org: Filling Your Gas Tank Can Be Dangerous! - Says the Petroleum Equipment Institute)

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Feb 16, 2010

OIL NEWS * USA - Lawsuit: Groups mount legal challenge to Schwarzenegger's tar sands ban

• Californian legislation branded 'unconstitutional' - Lobby group includes UK energy companies

Sacramento,CAL,USA -The Guardian (UK), by Terry Macalister -14 February 2010: -- A lobby group that includes BP and Shell in its membership has launched a legal challenge against low-carbon legislation in California that in effect rules out the use of oil from Canadian tar sands. The action by the National Petrochemical & Refiners Association (NPRA) comes amid growing political, investor and consumer pressure on US oil companies not to participate in the carbon-intensive tar sands of Alberta... The refiners are joined by the American Trucking Associations and the Centre for North American Energy Security in their attempt to overturn legislation from California's governor, Arnold Schwarzenegger, who wants to cut C02 emissions from transport by 10% by 2020... The issue will also be discussed at the forthcoming annual general meetings of Shell and BP. On the agenda are resolutions from the Co-op and other investors questioning the wisdom of continuing their controversial tar sands operations in Canada... Tar sands have risen fast up the political agenda since the Copenhagen climate change conference last December... (Photo by Mark Ralston/AFP/Getty Images - Californian low-carbon legislation 'unconstitutional' says NPRA oil lobby group. Above, Syncrude oil sands project in Alberta, Canada)


* New Study Reveals Economic Consequences of Continuing Restrictions on Domestic

Arlington,VA,USA -PRNewswire/USNewswire -15 Feb 2010: -- America's reliance on foreign energy will grow by 19 percent over the next 20 years, expanding the transfer of U.S. wealth to the Organization of Petroleum Exporting Countries (OPEC) by more than $600 billion, according to a report by the National Association of Regulatory Utility Commissioners (NARUC). The two-year study broadly examined the social, economic and environmental impacts of continued restrictions on developing America's oil and gas resources... The study predicts the economic results of maintaining current restrictions on accessing America's federally owned onshore and offshore energy resources... The report was assembled by experts from the Science Applications International Corp. and the Gas Technology Institute and provides the most up-to-date assessment of America's oil and natural gas resources. Utilizing the National Energy Modeling System, the study renders a quantitative summary of the jobs, revenue and number of housing starts that Americans should expect to surrender in the future under the restrictive energy policies currently in place...


* Truckers Target Speculators, ATA - Partners want tougher regulation of energy derivatives market

Washington,DC,USA -The Journal of Commerce Magazine, by William B. Cassidy -Feb 15, 2010: -- The trucking industry is adding its voice to a coalition demanding tighter federal regulation of trading in commodity derivatives... Its goal is to put a choke collar on Wall Street traders the trucking industry says drive up oil and fuel prices by speculating in energy-based derivatives, putting intense cost pressure on freight transportation companies of all types just as freight demand is sputtering back... The American Trucking Associations and other groups in the Derivatives Reform Alliance want Congress and the White House to ensure trading in energy derivatives markets is transparent, and to place limits on the value of such trades... Higher fuel prices are choking trucking companies weakened by the recession, threatening many small businesses, Con-way executive C. Randal Mullett said at a Feb. 2 press conference on Capitol Hill organized by the Derivatives Reform Alliance... The answer, Mullett said, is a stronger Commodity Futures Trading Commission and broader limits on trading... The particular concern of the DRA and other groups is the unregulated over-the-counter market in derivatives such as the mortgage-backed securities, blamed for the failure of several Wall Street firms and the widespread collapse in lending. Reform advocates want to bring the OTC market more into line with regulated exchanges...


* Diesel Drops for Fifth Straight Week

Washington,DC,USA -The Journal of Commerce Online, by Thomas L. Gallagher -Feb 16, 2010: -- Average price falls 1.3 cents to $2.756 per gallon... Diesel prices fell for the fifth straight week, according to a report released Feb. 15 by the U.S. Energy Information Administration... The biggest change was in the Midwest, where diesel fell 1.9 cents to $2.705 per gallon, still the lowest average regional price... West Coast prices remained at the top with a decline of 1.4 cents to $2.846 per gallon... The smallest change was a half-cent decline in the Rocky Mountains to $2.777 per gallon... (Photo from scientificamerican)

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Feb 3, 2009

OIL NEWS * USA - Exxon Mobil Sets New Earnings Record for a U.S. Company

Irving,Texas,USA -Associated Press -30 Jan 2009: -- Oil giant Exxon Mobil Corp. Friday reported a 2008 profit of $45.2 billion, breaking its own record for a U.S. company, although its fourth-quarter earnings fell 33% from a year ago... The previous record for an annual profit was $40.6 billion, which it had set the previous year... Irving, Texas-based Exxon said its net income slid to $7.8 billion, or $1.55 a share, from $11.7 billion, or $2.13 per share, a year ago, when it set a U.S. record for quarterly profit... Chevron Corp., the second-largest U.S. oil company behind Exxon Mobil, reported a $4.9 billion for the fourth quarter, though revenues slid 26% with the declining price of oil, AP said...

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Jan 17, 2009

OIL NEWS * USA - Closes Week Below $37 a Barrel

New York,NY,USA -Bloomberg/Transport Topics -16 Jan 2009: -- Crude oil rose more than $1 Friday but closed the week below $37 a barrel, reported... The price has dropped almost $10 this month and is more than $100 below its all-time record Nymex closing price of $145.18 a barrel, set last July 14, according to Bloomberg figures... Oil futures for February delivery rose $1.16, on the Nymex to close at $36.56... The February futures contract ends Tuesday... Futures fell in January in part because the International Energy Agency said that global demand will decline for a second year, the first back-to-back contraction since 1983... (Photo by Tom Biery/Trans Pixs)


* EIA projects oil consumption to be steady, prices to rise by 2010

USA -Fleet Owner, by Justin Carretta -Jan 6, 2009: -- According to the early release of the Energy Information Administration’s (EIA) Annual Energy Outlook 2009 (AEO2009), the latest projections expect virtually no growth in U.S. oil consumption for the first time in more than 20 years... EIA said that the combination of recently enacted CAFE standards, requirements for increased use of renewable fuels, and an assumed rebound in oil prices as the world economy recovers will reduce oil consumption... U.S. net dependence on imported liquids will decline dramatically over the next 20 years as the use of biofuels is expected to grow...

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Jan 16, 2009

OIL NEWS * USA - Investors stashing oil?...

... AND WHY ABOUT THE TAXPAYER BAILOUT MONEY ?

New York,NY,USA - Bloomberg /Land Line Magazine -January 15, 2009: -- The price of oil dropped below $36 a barrel in early trading in New York Thursday, Jan. 15. That’s $111 less than crude was selling for this past summer... Bloomberg reports the low price has prompted the Wall Street banking firm Citigroup to stash millions of barrels of oil it’s purchased in an offshore supertanker... According to Bloomberg, Citigroup plans to hold on to the oil until prices go back up... Another big banking firm, Morgan Stanley, is reportedly seeking a supertanker to store oil it purchased... Citigroup made headlines recently when it was given $45 billion in taxpayer bailout money...

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Sep 12, 2008

OIL NEWS * USA - Crude dips briefly below $100 as natural gas rallies

October crude touched a low of $99.99 on Globex Friday afternoon

San Francisco,CAL,USA -MarketWatch, by Myra P. Saefong -Sept. 12, 2008: -- ... marking the first decline below $100 since early April. October crude was last down 20 cents at $100.67 per barrel. But October natural gas was up 1.3% at $7.34 per million British thermal units. Analysts said Hurricane Ike may damage refineries in the Gulf region, reducing demand for crude oil.

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Aug 22, 2008

OIL NEWS * USA - Oil prices tumble more than $6 a barrel

New York,NY,USA -The Associated Press/The Trucker, by By STEVENSON JACOBS -22 Aug 2008: -- Oil prices tumbled more than $6 a barrel Friday — the biggest one-day percentage plunge in nearly four years — after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off... Crude's nosedive wiped out all the gains from the previous day's big rally and reaffirmed the belief that high energy prices are still cutting into consumer demand for fossil fuels in the U.S. and overseas... (Photo: Oil settled at $114.59 a barrel on the New York exchange)

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Jul 30, 2008

OIL SPECULATORS * USA - House rejects bill aimed at energy speculators

Most Republicans objected to the bill, preferring to pass legislation to open the outer continental shelf and other off-limits areas to energy exploration

Washington,DC,USA -MarketWatch, by Rex Nutting -July 30, 2008: -- A bill that would put new limits on speculative trading in energy commodities failed to get the required two-third majority of votes to pass the House on Wednesday. The vote was 276 to 151. The Commodity Markets Transparency and Accountability Act would boost staffing at the Commodity Futures Trading Commission and require the agency to limit the positions of speculators in energy and agricultural commodities...

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