The domestic crude oil and natural gas industry has invested $98 billion in the past six years on emerging energy technologies in the North American market, significantly outpacing investments made by other industries and the federal government in the energy area, according to a recently issued report.
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Raymond James: ‘Robust’ Prices Sustainable
With a bullish long-term price deck of $70/bbl for crude oil and $10/Mcf for natural gas — and a 2% price inflator after 2007 — investors should expect “solid stock price performance” for the “entire energy complex,” including exploration and production (E&P) companies, said Raymond James in its latest “Stat of the Week.”
Raymond James Says ‘Robust’ Prices Sustainable
With a bullish long-term price deck of $70/bbl for crude oil and $10/Mcf for natural gas — and a 2% price inflator after 2007 — investors should expect “solid stock price performance” for the “entire energy complex,” including exploration and production (E&P) companies, said Raymond James’ energy analysts in their latest “Stat of the Week.”
Senate Judiciary OKs Bill Proposing Tougher Enforcement of Oil, Gas
The Senate Judiciary Committee approved by voice vote Thursday a bill that seeks to tame natural gas and crude oil prices by strengthening antitrust enforcement and bolstering competition in the energy industry.
API Reports Rise in First Quarter Oil, Gas Drilling Activity
Domestic crude oil and natural gas drilling showed a marked increase during the first quarter of the year, according to a report released by the American Petroleum Institute (API).
Chamber Vows to Press for ANWR, OCS in Upcoming Congress
The U.S. Chamber of Commerce said Wednesday it will continue to press Congress in 2006 to take steps to expand the domestic supply of crude oil and natural gas.
EIA Sees Spot Gas Prices Averaging $8.50/Mcf in Fourth Quarter
Citing record crude oil prices, limited growth in natural gas production and the potential impacts of hurricanes, the Energy Information Administration (EIA) in its Short-Term Energy Outlook for August projects that Henry Hub spot gas prices will average $8.50/Mcf in the fourth quarter, up from its previous estimate of $7.90/Mcf.
IOGCC Survey Finds Domestic Permits 4.7% Higher, Most for Gas Wells
A record number of applicants want to drill for natural gas and crude oil in the United States, with the combined permit total 4.7% higher than the same period in 2004, according to a survey by the Interstate Oil and Gas Compact Commission (IOGCC). Of 24 states surveyed, 19 had higher well permits during the period, and most were for natural gas wells.
Energy Consultant: Stage Set for Continued Upward Pressure on Gas Prices
With spot crude prices rising at a stronger-than-expected pace, actual cooling degree days (CDDs) about 13% higher than a year ago and the natural gas consumption impact per CDD above 2004, the stage is set for continued upward pressure on gas prices for the next few months, according to Stephen Smith Energy Associates.
Nymex Seat Goes for Record $2.49B
Rising global interest in the crude oil, gasoline and natural gas markets, has driven the price of a New York Mercantile Exchange (Nymex) Nymex Division seat to a new record of $2.49 million, topping a $2 million sale on Oct. 12, 2004, Nymex reported on Wednesday.