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Tag Archives: oil

OIL IMPACT

The trade continues to watch oil rig counts, as the U.S. oil boom is slowing down as drillers cut back in response to lower crude prices. Companies drilled 28% fewer oil wells in January across the continental U.S. than they did last June.

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PRICE WARS

Bloomberg News reports oil’s decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union.

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FRACKING RULES

Illinois lawmakers today approved final rules regulating high-volume oil and gas drilling in Illinois during a legislative hearing today.

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RAIL MERGER

The Canadian Pacific Railway (CP) recently approached CSX, the big Florida-based rail line, about a merger that would create a company worth more than $60 billion, people briefed on the matter said on Sunday. The deal has been rebuffed so far, but experts say the merger would give CP access to East Coast refiners who… read more

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WHY THE DIFFERENCE

The U.S. Energy Information Administration says rail service in the northern tier states has been totally consumed with oil shipments, approaching the rate of 16,000 railcars per week. Similar data on grain cars is unavailable.

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EASTERN SEABOARD OPENED TO OIL HUNT

The Obama administration is reopening the Eastern Seaboard to offshore oil and gas exploration, approving seismic surveys using sonic cannons that can pinpoint energy deposits deep beneath the ocean floor.

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NON-GMO OIL

 Cargill is introducing a soybean oil made from identity-preserved, non-GMO soybeans for customers interested in exploring a non-GMO claim on their product label. The oil is refined in Cargill’s Des Moines, Iowa, plant in a process certified by SGS, a global inspection, verification, testing and certification firm.  

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FRACKING PUSH DEAD

A bill that sought to skip a rule-making process on Illinois’ new fracking law is dead for lack of support, state lawmakers said Wednesday. Although fracking legislation was signed into law last June, oil and gas companies have to wait for state officials to craft administrative rules before they can break ground.

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GROWING ENERGY

US oil production for 2014 and 2015 is expected to grow faster than originally estimated, according to the EIA’s Short Term Energy Outlook. 2014 production was revised to 8.46 million barrels a day, up from 8.37 and 2015 production was revised to 9.24 million barrels a day, up from 9.13.    

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