Rising Oil Prices Boost US Economy
U.S. net petroleum imports have fallen to the lowest level in more than half a century as a result of the shale revolution, which is profoundly changing the impact higher oil prices have on the economy. Since the 1860s, the United States has been the world’s largest producer and consumer of oil, which means it has a complicated relationship with oil prices.
Venezuela Problem will not Derail Caribbean Fuel Supply
There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips' legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday. "The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions…
Atlantic Council holds Global Energy Summit
OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended a new flagship initiative - the Global Energy Forum in Abu Dhabi - organized by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC), the Mubadala Development Company and the International Petroleum Investment Company (IPIC).
US Military Seeks Rules for Drilling in Gulf of Mexico
An expansion of oil drilling in the eastern Gulf of Mexico would interfere with U.S. military testing unless the Pentagon and another agency develop rules to govern the work, the U.S. Department of Defense said in a report this week.The Defense Department concluded in a report it sent on Wednesday to U.S. lawmakers that drilling east of the Military Mission Line in the Gulf of Mexico…
Global Oil Supply Robust Enough to Cut Iran's Exports -Trump Memo
Global oil supplies are plentiful enough to withstand a "significant reduction" in petroleum exports from Iran, according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions on the OPEC member nation.The memo, sent by the White House to the U.S. State Department, paves the way for U.S.
Trump's State Department Energy nominee Approved by Senate Panel
President Donald Trump's nominee for the top U.S. State Department job dealing with matters related to energy and the global oil industry was approved by a Senate committee on Wednesday, as the United States gears up to re-impose sanctions on Iran's oil exports. The Senate Foreign Relations Committee approved Francis Fannon…
US Authorizes Non-FTA LNG Export from Golden Pass
The U.S. Department of Energy announced that it has signed an order authorizing Golden Pass Products LLC to export domestically produced liquefied natural gas (LNG) to countries that do not have a free trade agreement (FTA) with the United States. Golden Pass is authorized to export LNG up to the equivalent of 2.21…
First US National Ocean Exploration Program Report
The National Oceanic and Atmospheric Administration (NOAA) and the Aquarium of the Pacific have just released their co-authored report detailing plans for the nation’s first ocean exploration program. The report is the result of Ocean Exploration 2020, the first-ever forum gathering over 100 ocean explorers and other experts…
U.S. Congress Receives Iran Nuclear Agreement
The State Department said it sent to members of Congress on Sunday the nuclear agreement reached last week between Iran and six world powers, including annexes and related materials. U.S. lawmakers have 60 days in which to review the agreement. The State Department said in a statement that the 60-day review period begins on Monday, July 20.
U.S. DOE Gives Preliminary Nod to Cameron, LA LNG Exports
Energy Department Conditionally Authorizes Cameron LNG to Export Liquefied Natural Gas. The Energy Department announced today that it has conditionally authorized Cameron LNG, LLC (Cameron) to export domestically produced liquefied natural gas (LNG) to countries that do not have a Free Trade Agreement (FTA) with the United States from the Cameron LNG Terminal in Cameron Parish, Louisiana.
U.S. to Announce Resolution Over 2010 BP Oil Spill
The United States on Monday will announce its resolution of federal and state claims against BP PLC over the 2010 Deepwater Horizon Oil Spill, the U.S. Attorney General Loretta Lynch along with the heads of the Environmental Protection Agency, the Departments of Commerce and Agriculture will make the announcement at 11 a.m. ET (1500 GMT), the DOJ statement said.
Chemoil to Pay $27 Mln to Resolve US Complaint
A Singapore-based global fuel supplier has agreed to pay a $27 million penalty and retire renewable fuel credits worth another $71 million to resolve charges it violated the renewable fuel standard program, the U.S. Justice Department said on Thursday. The Justice Department and the Environmental Protection Agency alleged…
US: Noble Energy Deal Should Move Forward, Boosts Energy Security
The United States supports moving forward with offshore natural gas deals in the Mediterranean involving the U.S. company Noble Energy, a State Department spokesman said on Tuesday. U.S. Secretary of State John Kerry has also discussed the issue with Israeli Prime Minister Benjamin Netanyahu, State Department spokesman Jeff Rathke said.
Exxon Quits Some Rosneft Joint Ventures Citing Sanctions
Exxon Mobil Corp will exit some joint ventures with Russia's Rosneft, citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which had opposed the sanctions over Russia's invasion of Crimea and argued they unfairly penalized U.S.
Jordan Cove Approved for LNG Export
The U.S. Energy Department announced that it has conditionally authorized Jordan Cove Energy Project, L.P. (Jordan Cove) to export domestically produced liquefied natural gas (LNG) to countries that do not have a Free Trade Agreement (FTA) with the United States, from the Jordan Cove LNG Terminal in Coos Bay, Oregon.
Battle Over Keystone XL Pipeline
Nebraska's Supreme Court ruled against a challenge to the Keystone XL oil pipeline's route through the state on Friday, clearing the way for the Republican-controlled U.S. Congress to try to force President Barack Obama to approve the project. The 1,179-mile (1,900-km) pipeline would send up to 830,000 barrels per day of oil sands crude from Hardisty, Alberta, across the U.S.
U.S. Sets Feb. 2 Deadline for Input on Keystone
The U.S. State Department told other federal agencies on Friday it needs to hear their views on the Keystone XL pipeline by Feb. 2 as officials conclude their assessment of the controversial project. The State Department is reviewing whether the proposed pipeline by TransCanada Corp is in the U.S. national interest and is taking input from eight federal agencies…
EPA: State Dept. Should Weigh Oil Price Drop in Keystone Decision
The U.S. environmental regulator said in a letter to the State Department on Tuesday that the recent oil price drop should be a factor in the Obama administration's final decision about the Keystone XL oil pipeline. Given recent large declines in oil prices, more attention should be paid to due to the "potential implications of lower oil prices on project impacts…
Boehner Says State Dept. Stonewalling on Keystone
U.S. House of Representatives Speaker John Boehner on Thursday accused the State Department of stonewalling its review of the Keystone XL pipeline, saying Secretary of State John Kerry must address the issue to make the department's actions more transparent. "The Democrats are dragging their feet," Boehner, the top House Republican, told reporters.
Buyers Seek US Waivers to Buy Iranian Oil amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier…