Even in a depressed global oil market, keeping U.S. crude production tied up at home imposes a significant cost on U.S. producers, according to a Rice University researcher. Further, exporting crude would not raise domestic gasoline prices but would improve national energy security, he said.
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House Panel Blasts BLM Director Over Frack Rule; Wyoming Sues
Less than one week after the Department of Interior (DOI) issued its long-awaited rule for hydraulic fracturing (fracking) on public and tribal lands, members of a U.S. House panel used an oversight hearing Thursday as an opportunity to grill Bureau of Land Management (BLM) Director Neil Kornze over what they perceive as the rule’s shortcomings and overreach.
March 26, 2015
DOE Investigating Crude Volatility; New Rail Car Standards Said Close
The U.S. Department of Energy (DOE) currently is conducting research and analysis into ways to control the volatility of highly flammable crude oil and expects to have the project completed by this fall, according to testimony before a House Appropriations subcommittee budget hearing Wednesday.
March 25, 2015
Senate Crude-by-Rail Bill Would Ban Some Cars Immediately
Four Senate Democrats are backing legislation to establish more stringent safety requirements for trains hauling “volatile crude oil,” including the immediate ban of rail car types suspected to be particularly vulnerable in accidents.
March 25, 2015
West Virginia Inks Ohio River Lease Deal with Statoil
The West Virginia Department of Commerce has reached a lease agreement with Statoil ASA to allow the producer to drill for oil and gas below the Ohio River.
March 25, 2015
Consol, Rice Look to Raise Combined $1B Through Private Offerings
In separate announcements, Consol Energy Inc. and Rice Energy Inc., two heavyweights in the Appalachian Basin, said they are looking to raise more than $1 billion through private offerings, as both look to weather low commodity prices.
March 25, 2015
More Cautious U.S. E&P Spending Ahead as ‘New Normal’ Emerges
The “new normal” for U.S. unconventional developments may be more caution and less enthusiasm when it comes to spending, Schlumberger Ltd. CEO Paal Kibsgaard told a New Orleans audience on Monday.
March 25, 2015
Chesapeake Resets 2015 Spending Even Lower, Reduces Rig Count
Chesapeake Energy Corp. on Monday reduced its 2015 capital budget by $500 million to $3.5-4.0 billion and now expects production to increase by only 1-3% from 2014, versus an original forecast of 3-5% growth.
March 24, 2015
NOAA Flybys Gathering Trace Emission Data From U.S. Oil, Natural Gas Basins
Trace gas emissions and fine particulates are undergoing scrutiny at U.S. onshore production sites over the next two months to determine how air quality is affected.
March 24, 2015
Pro-Drilling Bills Aired in Texas House Committee
A Texas House committee hearing of two bills intended to rein in municipalities’ regulation of drilling activities drew a standing-room-only crowd Monday afternoon and impassioned argument from both sides.
March 24, 2015
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