Gas prices in the United States may be high, but they would be downright obscene without the current oil glut produced by shale oil extracted through hydraulic fracturing.
A federal watchdog on Tuesday faulted the Department of Interior for delays in permitting for oil and gas extraction on federal land.
The state at the center of the American shale oil boom hit a huge milestone in April: for the first time, North Dakota produced an average 1 million barrels of oil per day.
Iran exported crude oil at a 20-month record high, Israel Hayom reports. The exports have far-exceeded the 1-million barrel-per-day cap set by Western nations.
(Reuters) – A U.S. government office has the power to approve exports of an abundant type of petroleum and help energy companies begin to partially bypass a 40-year ban on crude exports, according to a report released on Tuesday by Lisa Murkowski, the top Republican on the Senate Energy and Natural Resources Committee.
The U.S. metro area with the lowest unemployment rate is a shale oil boomtown. The one with the highest unemployment rate houses the world’s largest solar plant.
Free market groups are pushing for the federal government to cease financial support for Russian companies in light of the country’s continued occupation of Crimea.
SEVASTOPOL/DONETSK, Ukraine (Reuters) – The CEOs of Russia’s two largest firms are on a list of those who may be hit next week with European and U.S. sanctions over the Crimea crisis, a German newspaper said on Friday, suggesting tougher than expected measures against Russia’s elite.
Moscow shipped more troops and armor into Crimea on Friday and repeated its threat to invade other parts of Ukraine, showing no sign of heeding Western pleas to back off from the worst East-West confrontation since the Cold War.
Some domestic oil refiners are fighting new measures that would be economically beneficial for the country as a whole but decrease their profitability, experts said.
A massive civil judgment against a U.S. oil company was obtained by fraud and cannot be enforced in American courts, a federal judge ruled Tuesday in a major blow against the environmentalist plaintiffs.