Not Logged In Log In   Sign Up   Points Leaders
Follow Us    7:06 AM

Top 5 Articles By Day




Friday, March 06, 2015

41
votes
As strike lingers, some BP workers return to refinery

Post-Tribune -- One month into a national strike and less than a week after they were urged to "stay the course," some United Steelworkers members are beginning to cross the picket line and return to work at BP Whiting Refinery, a BP spokesman said.

"Several USW-represented employees have contacted us in the last few weeks and we have begun the process of bringing them back to work," BP spokesman Scott Dean said.

He said these union employees will return to the units on which they are qualified and will be worked into the same shift schedules as the replacement workers who have been operating the plant since Feb. 8, when members of USW Local 7-1 walked off the job.

Dean did not say how many of the 1,100 USW members are returning.

Dave Danko, president of Local 7-1, said he didn't have any...  (read more)

Submitted Today By:
728 Comments

37
votes
Norway-based oil company agrees to pay $2 million for operating illegal North Dakota oil well

Star Tribune -- A Norwegian oil company that illegally operated a well on federal property in North Dakota has agreed to pay a nearly $2 million settlement to avoid legal action, federal prosecutors announced Thursday.

Authorities say the well was drilled about two weeks after Statoil Oil & Gas Services Inc. acquired Brigham Oil & Gas L.P., which had originally planned the facility. The company later discovered that the well drilled into unleased federally owned minerals.

Timothy Purdon, U.S. Attorney for North Dakota credited Statoil for its willingness to settle the case without forcing the government to file a civil suit.

"It is heartening to see a big oil company like Statoil step up ... to make things right when a mistake is made" Purdon said. "Statoil's full cooperation with this investigation...  (read more)

Submitted Today By:
643 Comments

33
votes
Lower gas prices fueling saving, paying off debt

USA Today -- Some folks are using their savings from lower gas prices to pay down their bills while others are tucking it away in savings, a new investor survey shows.

People say the drop in gas and oil prices since last year is saving them an average of $108 a month, with retirees saving an estimated $68 a month and non-retirees $117, according to the Wells Fargo/Gallup survey of 1,011 investors, conducted in late January and early February. The median age of retirees was 69; non-retirees, 47. An investor was defined as an adult in a household with $10,000 or more in savings and investments.

The data show that 7 out of 10 respondents are using the extra money to improve their personal balance sheets, which is "good news," says Joe Ready, director of institutional retirement for Wells Fargo.  (read more)

Submitted Today By:
747 Comments

27
votes
Feds call for greater police presence at RR crossings; stiffer penalties for motorists

GasBuddy Blog -- The Federal Railroad Administration said it is calling on police departments around the country to beef up the law enforcement presence at crossings and dole out stiffer penalties to drivers who ignore signals, said Kevin Thompson, an agency spokesman.The announcement came the same day an LIRR train became the downstate New York region’s third commuter train in a month to plow into a vehicle, and the second Long Island Railroad (LIRR) train to do so in 24 hours, according to the New York Post. ...  (read more)

Submitted 3 hours ago By:
511 Comments

26
votes
Train carrying Bakken crude derails, burns in Illinois

AP -- A freight train loaded with crude oil derailed in northern Illinois, bursting into flames and prompting officials to suggest that everyone with 1 mile evacuate, authorities said.

The BNSF Railway train derailed Thursday afternoon in a rural area where the Galena River meets the Mississippi, according to company spokesman Andy Williams. The train had 103 cars loaded with crude oil, along with two buffer cars loaded with sand. A cause for the derailment hadn't yet been determined. No injuries were reported.

Only a family of two agreed to leave their home, Galena City Administrator Mark Moran said at a news conference late Thursday, adding that the suggestion to evacuate was prompted by the presence of a propane tank near the derailment.

The derailment occurred 3 miles south of Galena in a  (read more)

Submitted 3 hours ago By:
52 Comments

Thursday, March 05, 2015

52
votes
Welcome to the ‘new paradigm’ in crude oil

Market Watch -- SAN FRANCISCO (MarketWatch) — The oil market bid farewell to $100 prices for West Texas Intermediate crude back in July, and many years may pass before it sees it again.

Analysts at UBS on Wednesday said the market has entered a “new paradigm,” with WTI oil prices remaining “lower for longer.” They expect prices to trade in the $65 to $70 a barrel range “at least over the next several years.”

“The success of U.S. oil shale has been a game changer for the industry,” the analysts, led by Angie Sedita, said. “U.S. oil shales have lowered the cost of the marginal barrel of oil with roughly 60% of the basins economic at $65/bbl oil or lower.”

That means that quite a few shale plays in the country can break even at a price of $65 or lower, as this UBS chart shows:  (read more)

Submitted Yesterday By:
410 Comments

52
votes
Brent above $61 as Iran news offsets U.S. stockpiles

Reuters -- (Reuters) - Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on the lack of a deal in talks over Iran's nuclear program.

Tehran's ambassador to the International Atomic Energy Agency (IAEA) said on Wednesday no deal had been reached on the duration of any possible final agreement with world powers on Iran's program. That allayed investors' fears of an imminent rise in Iranian oil supply.

Brent LCOc1 has traded around $60 since mid-February, rebounding from a six-year low of about $45 hit in January.

Brent crude front-month futures rose 77 cents to $61.32 a barrel by 4.59 a.m. ET while West Texas Intermediate (WTI) crude CLc1 rose 65 cents to $52.18.

A two percent gain in the previous session narrowed WTI's  (read more)

Submitted Yesterday By:
626 Comments

49
votes
U.S. crude oil storage capacity utilization now up to 60%

EIA -- Crude oil inventory data for the week ending February 20 show that total utilization of crude oil storage capacity in the United States stands at approximately 60%, compared with 48% at the same time last year. Most U.S. crude oil stocks are held in the Midwest and Gulf Coast, where storage tanks were at 69% and 56% of capacity, respectively, as of February 20. This capacity use calculation reflects only crude oil stored in tanks or underground caverns at tank farms and refineries, and excludes some crude oil that is included in commercial inventory data, such as pipeline fill and lease stocks held in production areas.
Capacity is about 67% full in Cushing, Oklahoma (the delivery point for West Texas Intermediate futures contracts), compared with 50% at this point last year.  (read more)

Submitted Yesterday By:
549 Comments

45
votes
LyondellBasell accuses Steelworkers of threatening returning workers

FuelFix -- LyondellBasell announced Tuesday that it has filed an unfair labor practice charge against the United Steelworkers union, alleging that union representatives have made threats against employees who have returned to work and have used abusive language in social media.

The company also contends it has witnessed threatening behavior at the gates of its Houston refinery as employees arrive to work, according to a letter to employees from Kevin Brown, executive vice president of global manufacturing, refining, global engineering services and global projects. The company filed the charge with the National Labor Relations Board.

“This action by the USW is extremely disappointing and the impact it has on individuals and families is saddening,” Brown said.
 (read more)

Submitted Yesterday By:
1102 Comments

44
votes
Refinery Strike: Tesoro Blames Steelworkers, Nurses, Occupy, Environmentalists For Calif. Baseball W

IBTimes -- Spring is coming soon, but baseball season in the San Francisco Bay Area has been disrupted.

Oil giant Tesoro is locking out 600 youth baseball players from practicing on 15 fields located next to its refinery in Martinez, California. As part of a nationwide work stoppage involving some 7,000 workers, the Martinez workers have been on strike since Feb. 2, with regular pickets from the United Steelworkers and their allies protesting health and safety conditions.

“It’s for the safety of the kids and the parents and spectators that would have to cross picket lines,” Tesoro spokeswoman Patricia Deutsche explained to the local press. “We just don’t have to expose them to any negative interactions.”

In another interview, Deutsche specifically mentioned the threat of outside agitators from...  (read more)

Submitted Yesterday By:
1199 Comments

Wednesday, March 04, 2015

49
votes
Billionaire Warren Buffett Says Keystone XL Oil Pipeline Delay Jeopardises Canada-US Relations

IBTimes -- If it were up to billionaire and business magnate Warren Buffett, the Keystone XL oil pipeline project would have been approved for construction years ago. But since he is not the president of the U.S. he cautioned that furthering delaying the project that will traverse between Canada and the U.S. could jeopardise relations between the two allies.

In an interview with CNBC, Buffett said Mr Obama’s vetoing the legislation that could have fast tracked the project was like saying no as a whole to Canada itself. “Canada’s been a terrific partner for us over the decades and it is wrong for us to thumb our nose at them,” Buffett said.

The proposed $8-billion, 1,200-mile Keystone XL oil pipeline project had been on the table of the vetting process in the U.S. for over six years now. Mr Obama...  (read more)

Submitted Mar 04, 2015 By:
1178 Comments

48
votes
US running out of room to store oil

Times Bulletin -- NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.

For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country’s main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.

If this keeps up, storage tanks could approach their operational limits, known in the industry as “tank tops,” by mid-April and send the price of crude — and probably gasoline, too — plummeting.

“The fact of the matter is we are running out of storage cap  (read more)

Submitted Mar 04, 2015 By:
1692 Comments

41
votes
Steelworkers’ local reminds strikebreakers of their union oath

fuel fix -- The United Steelworkers union local in Pasadena accused its members who have crossed the picket line of personal greed and asked them to remember the unity pledge they took when they joined the union.

“It should be thought of and remembered that these Strikebreakers have thought of no one but their own situation and how to easiest remedy it short term,” says a letter which will be distributed to members of Steelworkers Local 13-227 in Pasadena. The union represents workers at LyondellBasell’s refinery.

The local union reminded its members about the initiation oath they took that included a promise to abide by the laws of the union, including “I will cease work when authorized and approved by the organization to do so.”

The union is responding to reports that some workers have crossed...  (read more)

Submitted Mar 04, 2015 By:
1578 Comments

40
votes
Oil export bans creating market glut that could strangle U.S. boom, CEO warns

The Washington Times -- An emerging glut in U.S. oil markets is one more reason the U.S. government should lift long-standing bans of exporting oil to foreign customers, the head of one of the country’s biggest energy giants said Tuesday.

Ryan Lance, the chairman and CEO of ConocoPhillips, told a U.S. Chamber of Commerce luncheon on Tuesday that the U.S. is in the midst of an energy renaissance, but that to keep the oil boom hitting on all cylinders, the country will need to start exporting surplus barrels of crude.

Rising domestic production has already borne economic fruits for many Americans, he noted. The U.S. oil and natural gas industry now supports 9.8 million domestic jobs and has contributed more than 8 percent of the U.S. gross domestic product. In addition, those who work in the oil industry have a m  (read more)

Submitted Mar 04, 2015 By:
620 Comments

38
votes
Senate fails to override Obama's veto of pipeline bill

CBS News -- WASHINGTON (AP) — The Republican-controlled Senate has failed to override President Barack Obama's veto of a bill approving the Keystone XL oil pipeline.

The 62-37 vote Wednesday was the latest chapter in the fight between the GOP-led Congress and the White House over energy policy. It was the first of many possible veto showdowns to come in Obama's final term.

Proponents of the bill have said since its introduction that they didn't have the vote of two-thirds of the Senate needed to override Obama's veto.

The $8-billion pipeline would transport oil harvested from Canada's tar sands to pipelines linked to Gulf Coast refineries. Obama said that the bill circumvented the well-established process for approving cross-border pipelines, which must be determined to be in the national interest.  (read more)

Submitted Mar 04, 2015 By:
76 Comments

Tuesday, March 03, 2015

46
votes
U.S. West Coast gasoline prices rise at record pace: EIA

Reuters -- SAN FRANCISCO, March 2 (Reuters) - Retail prices for regular gasoline in West Coast states rose a record 37.2 cents a gallon since last week to $3.12 a gallon on Monday, the U.S. Energy Information Administration (EIA) said.

The increase marks the largest week-to-week increase in the region since the EIA's weekly survey of West Coast prices began in 1992, the government agency said.

Prices were lowest in the Rocky Mountain states at $2.12 a gallon, up 8.2 cents, the EIA said.

California, which relies heavily on in-state production to meet its large demand for fuels, has seen its output hampered by an explosion and fire at Exxon Mobil Corp's 155,000 barrel-per-day (bpd) refinery in Torrance, California, on Feb. 18. Units unaffected by the blast are operating.

In the San Francisco area,  (read more)

Submitted Mar 03, 2015 By:
1518 Comments

42
votes
Paying more at the pump; gas prices up 34 cents in last 31 days

WBDJ -- ROANOKE, Va. -
So long sub $2.00/gallon gas. AAA said prices have increased on average 34 cents over the past 31 days bringing the national average for a gallon of gas to $2.41.

Gas costs more than $2.00/gallon in every single state now, as compared to the start of February 2015 when drivers in 25 states filled up for less than $2.00/gallon.

The price jump is making some people budget a little more closely.

"I prepay, I prepay at the pump, gas prices are too high just to let it run like that, I have to prepay," driver Alex Jones said as he filled up his tank Monday night.

In Roanoke the average price for a gallon of regular is $2.18. The price of a gallon of gas is still down $1.07 as compared to this time last year.  (read more)

Submitted Mar 03, 2015 By:
1634 Comments

40
votes
Oil prices steady along with global markets, but oversupply remains

Reuters --

Oil prices firmed on Tuesday in Asian trading, tracking stronger global equity markets and as the U.S. rig count continued to fall, but analysts warned the market remained oversupplied.

An index of Asian shares edged higher on Tuesday, bolstered by another record day on Wall Street, while a resurgent yen helped knock the U.S. dollar index off an 11-year high, making commodities priced in the greenback slightly cheaper for holders of other currencies.

Data showing China's January crude oil throughput climbed 0.6 percent on year to 39.35 million tonnes, or 9.27 million barrels per day, also supported the oil market.

Front-month Brent crude futures were trading up 53 cents at $60.07 a barrel by 0807 GMT, though significantly below the day's high of $60.74. U.S. WTI futures were up 41 cen  (read more)

Submitted Mar 03, 2015 By:
508 Comments

39
votes
Florida Governor applauds Wawa expansion in the Sunshine State

GasBuddy Blog -- Image From ..flgov.comFlorida Governor Rick Scott and Chris Gheysens, president and CEO of Wawa Inc., have announced that Wawa's continued growth across Florida and expansion plans for 2015 and 2016 are ahead of schedule. “We met with Wawa executives to discuss all of the great things Florida has to offer their company and to congratulate them on their expansion in the Sunshine State. We heard directly from company leadership that, compared to other states, they’re finding more and more opportunities in Florida because of our efficient permitting processes,” said Scott.   Wawa has 61 stores in Florida and will open its first store in southwest Florida, with the grand opening of three new stores in Fort Myers on April 23.Throughout 2015 and 2016, Wawa plans to open 25 stores per year spread throughout the Orlando, Tampa, Southwest Coast and Daytona markets. ...  (read more)

Submitted Mar 03, 2015 By:
2236 Comments

38
votes
Analysts Say Gas Prices Are About to Collapse

Associated Press -- The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.

For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
 (read more)

Submitted Mar 03, 2015 By:
102 Comments

Monday, March 02, 2015

48
votes
Iraq minister sees oil at $64 to $65 per barrel

REUTERS -- Iraq's Oil Minister Adel Abdel Mehdi said on Sunday world oil prices were gradually rebounding and he expected to see a barrel of crude selling at around $65.

"I don't think they will return to their previous levels. I can see that oil will be sold at $64 to $65 a barrel," he told a news conference in Baghdad.

Global benchmark Brent crude closed on Friday at $62.58 a barrel after falling as low as $45.19 in January, less than half its price in the middle of last year.

OPEC producer Iraq has been hit by the slump, with revenues falling sharply just as it faces a costly military campaign against Islamic State militants who have seized large parts of the north and west of the country.

Iraq's oil revenues for February were just a fraction under $3.5 billion, on exports of 2.535 million...  (read more)

Submitted Mar 02, 2015 By:
444 Comments

48
votes
Experts: Prepare for a Gas Price Increase

ABC -- Minnesota’s average gallon of gas is $2.38, which is up about forty cents from a month ago. Nationwide in one month, the average gallon of gas has increase 54 cents. Oil refineries are starting to prepare for the warmer weather which is one of the causes for this increase.

“This is the time of year when we just started to transition to more expensive blends of gasoline’s. With that ultimate destination being that very stringent and expensive summer gasoline that will eventually show up when temperatures warm. I know it’s crazy with the snow and cold outside to be talking anything summer related but the transition has begun,” said Senior Petroleum Analyst for Gas Buddy Patrick DeHaan.

The summer blend of gasoline is a cleaner burning fuel. Because of this oil refineries have to do mainte  (read more)

Submitted Mar 02, 2015 By:
1673 Comments

43
votes
Oil falls more than 1 percent on dollar, supply concerns

Reuters -- (Reuters) - Oil dropped more than 1 percent on Monday, with Brent slipping to around $62 a barrel, depressed by a stronger dollar and a rise in Libyan crude output.

The U.S. dollar hit an 11-year high against a basket of currencies after a rate cut in China dented the Chinese yuan and also hit emerging Asian currencies. [FRX/]

Brent crude hit a low of $61.78 a barrel and was at $62.08 by 0910 GMT (4.10 a.m. EST), down 50 cents.

Front-month Brent jumped 18 percent in February, the largest monthly rise since May 2009. U.S. crude was down 55 cents to $49.21 a barrel.

Disruption to oil supplies from members of the Organization of the Petroleum Exporting Countries (OPEC) has helped support crude with lower output from Libya and Iraq in the first couple of months of this year.

But output fr  (read more)

Submitted Mar 02, 2015 By:
72 Comments

42
votes
Oil, gas wastewater may be sent to Neb.

The Durango Hearld -- A Colorado oil company’s plan to dispose of gas and oil wastewater by injecting it into a deep well in western Nebraska is drawing strong objections from residents who live near the proposed site. Wastewater disposal certainly is not the most glamorous oilfield job, but it’s essential to keeping things running smoothly, especially in Colorado and Wyoming, where oil wells pump up significantly more water than oil.The energy company, T-Rex Oil of Broomfield, is proposing what would be the largest operation of its type in Nebraska, accepting upward of 80 truckloads and 10,000 barrels of wastewater a day at the Sioux County site, Inside Energy and NET News in Nebraska have learned. The wastewater would come from Colorado, Wyoming and possibly some from Nebraska.The brine then would be  (read more)

Submitted Mar 02, 2015 By:
840 Comments

42
votes
Oil Drops as Gain in Saudi Arabian Output Boosts OPEC Production

Bloomberg -- (Bloomberg) -- Oil fell after the first monthly gain since June as Saudi Arabia stepped up production, lifting OPEC’s output beyond its collective quota for a ninth month.
Futures decreased as much as 1.1 percent in New York. The Organization of Petroleum Exporting Countries pumped 30.6 million barrels a day in February, according to a Bloomberg survey. Oil sank almost 50 percent in 2014 as Saudi Arabia led the group’s decision in November to maintain its output target at 30 million a day, exacerbating a global glut.
West Texas Intermediate’s discount to European prices settled at the widest in more than a year on Feb. 27 as U.S. crude stockpiles expanded to the highest level in weekly data that started August 1982. The oversupply has driven U.S. drillers to cut the number of rigs in servi  (read more)

Submitted Mar 02, 2015 By:
1254 Comments