Dramatically

The price of Canadian oil and natural gas reached new highs only to fall dramatically in the latter half of 2008 due to the emergence of unconventional resource plays in the United States. This created a supply glut, which added to the economic slowdown and reduced demand, according to Canadian Energy Overview 2008 by the country’s National Energy Board (NEB).

In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.

In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.

North American natural gas producers have watched their fortunes soar and dramatically fall to earth in recent months and some of them, now unable to access bank financing, are doing what they have to do to remain solvent. Independents starved for cash but weighted with healthy assets are forming joint partnerships, selling assets and waiting for what may be the inevitable: a land grab by oil majors flush with cash.

North American natural gas producers have watched their fortunes soar and dramatically fall to earth in recent months and some of them, now unable to access bank financing, are doing what they have to do to remain solvent. Independents starved for cash but weighted with healthy assets are forming joint partnerships, selling assets and waiting for what may be the inevitable: a land grab by oil majors flush with cash.

With crude oil now topping $115/bbl and natural gas prices pressing $11/Mcf, U.S. Sen. Pete Domenici (R-NM) and 19 Republican cosponsors are backing legislation to dramatically increase domestic production of oil and natural gas through the unlocking of restricted territories for exploration.

With crude oil now topping $115/bbl and natural gas prices pressing $11/Mcf, U.S. Sen. Pete Domenici (R-NM) and 19 Republican cosponsors are backing legislation to dramatically increase domestic production of oil and natural gas through the unlocking of restricted territories for exploration.

The climate change legislation that the Senate is scheduled to begin debating in June would dramatically cut domestic greenhouse gas (GHG) emissions, but it could impact the economy and drive up the price of natural gas, according to an extensive review by the Energy Information Administration (EIA).

The climate change legislation that the Senate is scheduled to begin debating in June would dramatically cut domestic greenhouse gas (GHG) emissions, but it could impact the economy and drive up the price of natural gas, according to an extensive review by the Energy Information Administration (EIA).