oil

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Biggest-Ever US Oil Find Made

USGS says Texas formation could hold 20B barrels

(Newser) - Things are bigger in Texas, especially oil deposits: The United States Geological Survey announced this week that its assessment of the Wolfcamp formation in West Texas has identified the largest continuous oil and gas deposit ever found in the US, Bloomberg reports. The USGS says the formation holds 20 billion... More »

Strong Quake Rattles 'Pipeline Crossroads of the World'

Parts of Oklahoma city cordoned off

(Newser) - A 5.0 magnitude earthquake centered near one of the world's key oil hubs brought down building facades and shattered windows, triggering fears the temblor may have damaged key infrastructure and rendered century-old buildings unsafe in Cushing, the latest Oklahoma town rattled by increasingly strong quakes . Cushing Assistant City... More »

What the 7 Fastest-Shrinking US Companies Have in Common

In a word: oil

(Newser) - It's not terribly common for companies to see revenue drop by double-digit percentages, but in coming up with entries for its list of America's fastest-shrinking companies, 24/7 Wall St. found that sometimes the plunges came fast and furious, with revenue for a few companies falling more than one-third... More »

Government Sides With Tribe, Halts Pipeline Construction

The Standing Rock Sioux tribe says it's a 'game changer'

(Newser) - On the heels of major defeat comes surprising victory: Shortly after a federal judge denied a request from the Standing Rock Sioux to halt construction on the Dakota Access Pipeline, the federal government stepped in and did exactly that. ABC News reports the Department of Justice, Department of the Interior,... More »

ExxonMobil CEO: World Needs Our Oil, 'Like It or Not'

Cutting oil production 'not acceptable to humanity': Rex Tillerson

(Newser) - Keep the oil taps flowing for the good of the people, the CEO and chair of ExxonMobil appealed to shareholders at what the Guardian says was a "long and fractious" annual meeting in Dallas on Wednesday. Rex Tillerson told attendees the oil giant had already pumped $7 billion into... More »

Saudi Prince's Plan: End Kingdom's 'Oil Addiction'

Prince Mohammed bin Salman wants to boost global investment, get away from reliance on oil

(Newser) - Saudi Arabia's 30-year-old deputy crown prince is looking toward the future with his new "Vision 2030" plan—a plan that includes pulling the kingdom out of its overreliance on oil and leaning more on non-oil investment to transform it into a global power, Reuters reports. "We will... More »

World's Biggest Traffic Jam May Be at Sea

125 oil-carrying supertankers are currently stuck in traffic

(Newser) - Current oil markets have turned the ocean into a Los Angeles freeway at rush hour for supertankers, Reuters reports. Approximately 125 supertankers carrying $7.5 billion worth of oil are currently anchored at sea while waiting in line at ports around the world. If put end-to-end, they would stretch for... More »

800K Barrels of Oil Disappeared Daily in 2015

And the answer to the mystery could have a big impact on oil prices

(Newser) - Approximately 800,000 barrels of oil went missing every day in 2015, and that could be bad news for anyone hoping to see a rise in global oil prices any time soon, the Wall Street Journal reports. It's the highest level of missing oil in 17 years, and it... More »

Eyeing Oil Prices, Russia, Saudis Agree to Freeze Output

OPEC members Qatar, Venezuela also on board—but they want Iran, Iraq as well

(Newser) - Russia's energy minister said Tuesday his country has agreed with OPEC members Saudi Arabia, Qatar, and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak following an unexpected, closed-door meeting in the Qatari capital of Doha. The Wall Street ... More »

One Salmon Now Costs More Than a Barrel of Oil

Weird times we're living in

(Newser) - It's seemingly simple supply and demand that has led us to this point: We now live in a world where a 10-pound salmon is worth more than a barrel of crude oil, a Norwegian seafood-industry site reports, via Bloomberg . This "collapse" in the cost of crude, as Bloomberg... More »

New Book: Koch Brothers' Dad Dealt With Third Reich

And wealthy family helped fund today's conservative movement, per Jane Mayer

(Newser) - There's been plenty written about the Koch brothers , but a new book offers a fresh take on the controversial family. Prominent among the pages of Jane Mayer's Dark Money is the claim the Koch clan was among a group of rich families that brought to fruition, through their... More »

Lit Cigarette Causes Deadly Oil Truck Blast: Officials

More than 100 may have been killed as they siphoned fuel from South Sudan tanker

(Newser) - Local officials say hospitals in the Western Equatoria of South Sudan are struggling to deal with the dead and wounded after an oil truck exploded yesterday, killing between 85 and 100 people so far and injuring at least 50, the AP and Reuters report. Why there were so many people... More »

Obama: Go Ahead, Shell, Drill Deeper for That Arctic Oil

Environmentalists lambast decision, saying it will 'worsen climate disruption'

(Newser) - President Obama has disappointed a slew of environmental activists by giving Shell the green light yesterday to drill deeper in the Arctic for oil, Quartz reports. The approval issued by the Bureau of Safety and Environmental Enforcement expands the oil company's current permissions, allowing it to drill even further... More »

Workers in 'Panic Mode' Over Low Price of Oil

Oil rigs have shut down, leaving well-paid degree-less workers short on options

(Newser) - Countries around the world continue to be impacted in various ways from the oil price crash over the last year, and there's one demographic that's definitely feeling the negative effects: oil workers now out of jobs that were "more or less an economic lottery ticket for an... More »

Why Oil Prices Keep Hitting New Lows

US oil prices briefly dipped under $50 a barrel today

(Newser) - Wonder whether gas prices will hold at their incredible $2.20 national average? Based on today's news, filling up the tank won't get harder over the next few weeks, the Wall Street Journal reports. US oil prices dipped below $50 a barrel for the first time in nearly... More »

Congress Moving Keystone; Could Hit Obama Next Week

White House says president has 'dim view' of measure, may veto

(Newser) - A bipartisan effort to advance the Keystone XL pipeline bill picked up steam just a few hours after Congress got back from an extended break yesterday. The House is expected to vote on the measure sometime today, and the bill would then head to the Senate early next week, reports... More »

Oil Magnate Loses Favorite Geode in $1B Divorce

Harold Hamm will pay ex-wife $322M now, $7M a month starting in 2015

(Newser) - Oil tycoon Harold Hamm got two horses named Star and Uno, firearms, and family photos, but he lost his favorite geode to his ex-wife. The 68-year-old Continental Resources CEO still has "billions to spare," though, even after an Oklahoma City judge ruled yesterday that he must pay Sue... More »

Part of Scotland Could Break Off From Scotland

Shetland archipelago may want to do its own thing if Scotland gains independence

(Newser) - As the world watches to see what happens after Scotland's vote for independence from the UK today, one group of Scots may be considering alternative future plans—to break away from Scotland. If Scotland's "yes" campaign wins out, First Minister Alex Salmond shouldn't necessarily bank on... More »

Oil Tanker 'Vanishes' With $100M Cargo

Kurdish ship carries crude that may legally belong to Iraq

(Newser) - The US Coast Guard has lost track of a Kurdish tanker carrying $100 million in disputed oil off the coast of Texas, the Independent reports. Headed for Galveston, the United Kalavyrvta was anchored at least 60 miles off-shore when it vanished from radar screens. The ship's haul fell under... More »

Obama Approves Sonic Gun for East Coast Oil Search

Eastern Seaboard will be open for exploration in 2018

(Newser) - The Obama administration is opening the Eastern Seaboard to oil exploration for the first time in decades, it announced today, and it's approving the use of a controversial sonic cannon in the effort. Companies will be able to apply for permits from Delaware to Florida in 2018, when the... More »

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