Minnesota fossil fuel foes have lost an 11th-hour legal battle to halt Enbridge Inc.’s nearly complete Line 3 oil pipeline replacement project. The Minnesota Supreme Court declined without comment to hear an appeal to overturn the state approvals. The appeal was filed by the Red Lake Band of Chippewa Indians, White Earth Band of Ojibwe,…
Oil
Articles from Oil
With Huge Infrastructure Bill on Table, U.S. to Sell Crude Held in Strategic Petroleum Reserve
The U.S. Department of Energy (DOE) plans to sell up to 20 million bbl of oil from the Strategic Petroleum Reserve (SPR) – double the level sold at an auction earlier this year – as the Biden administration complies with 2015 legislation and tries to raise funds to pay for a massive new infrastructure bill.…
Gulf Coast Refiners Facing Hit to Bottom Line After Deadly Mexico Blast; WTI Crude Prices Rise
Oil prices rose on Tuesday after a fire on a Petróleos Mexicanos (Pemex) processing platform in the Gulf of Mexico slashed 421,000 b/d from Mexico’s oil supply. West Texas Intermediate (WTI) for October settled at $67.54 on Tuesday, up $1.90 day/day. “Bottom pickers jumped into the void on the open on Sunday night, and then…
Delta Variant Pressuring Oil Demand, Possibly Hampering U.S. Natural Gas
The Covid-19 Delta variant could dampen global oil demand and threaten U.S. natural gas activity if the rapid spread of the virus continues into the fall. In the United States, overall case totals and hospitalizations remain lower than the highs reached last winter before vaccine campaigns were widespread. However, reported infections are on the rise…
Biden Administration Gives States, Tribes More Time to Review Some Pipeline Projects
The Biden administration is moving to give states and tribal authorities more leeway in approving or denying permits for projects that include oil and natural gas pipelines that cross waterways. Under Section 401 of the federal Clean Water Act (CWA), states and authorized tribes have allowed to grant, deny or waive certification for proposed federal…
Oil Surges, Natural Gas Subsides in Baker’s Latest U.S. Rig Count
After a week of retrenchment in the U.S. natural gas patch, offset by further gains in oil-directed drilling, the combined domestic rig count rose three units to reach 503 as of Friday (Aug. 20), according to the latest figures from Baker Hughes Co. (BKR). Eight oil-directed rigs were added in the United States for the…
Basic Energy Seeking Chapter 11 Protection, Looking to Unload Lower 48 Assets
Basic Energy Services Inc. is once again seeking voluntary bankruptcy protection and plans to sell off a substantial portion of its Lower 48 assets. Hit by the oil price rout in 2015 and 2016, the Fort Worth, TX-based oilfield services operator successfully emerged from voluntary bankruptcy five years ago. After Covid-19 bashed energy demand last…
U.S. Petroleum Demand Holds Strong Even as Delta Variant Raises New Worries
Consumption of U.S. petroleum climbed last week, driven by demand for jet and distillate fuels, while production ticked up and inventories dropped, the U.S. Energy Information Administration (EIA) said Wednesday. The boost in consumption extended a summer-long trend — a few weekly interruptions aside — despite mounting coronavirus cases that forced downward revisions to oil…
Buoyed by Rising Prices, SilverBow Expands Eagle Ford Position
Houston’s SilverBow Resources Inc. has continued its Lower 48 acreage expansion amid high commodity prices with a new natural gas-rich acquisition. The latest deal is an estimated $33 million all-stock transaction with an undisclosed seller. SilverBow is gaining 45,000 net acres in the Eagle Ford Shale of South Texas, bolstering its gas-weighted position in McMullen…
Biden Administration Begrudgingly Agrees to Resume Oil, Natural Gas Lease Sales on Federal Property
The Biden administration said it would resume oil and gas lease sales on federal lands and waters in order to comply with a court ruling. However, the U.S. Department of the Interior (DOI) said late Monday it is simultaneously appealing the Louisiana-based court’s decision, and if it wins on appeal, it could again suspend leasing…