Oil

Surplus Oil Production Capacity and World Oil Prices

May 13, 2009 -- Last month the National Football League (NFL) held its annual draft. Prior to making their selections, NFL teams evaluated the talent pool by looking at the overall performance each player delivered for his college team, and at specific indicators, such as their time in a 40-yard dash or how much they can bench press, to determine which players might be the best draft picks. In trying to forecast short-term oil prices, it is also important to consider recent market trends along with a range of more specific factors to really understand the total picture.    » read more »

HOUSTON, May 14, 2009 --- ConocoPhillips [NYSE:COP] today announced that Jim Gallogly, executive vice president, Exploration & Production, has elected to retire from the company to become the Chief Executive Officer of LyondellBasell, with the following senior management changes effective immediately.

Ryan M. Lance, currently president, Exploration & Production – Asia, Africa, Middle East and Russia/Caspian, will become senior vice president, Exploration & Production – International.

Kevin O. Meyers, currently president, Canada, Exploration & Production, will become senior vice president, Exploration & Production – Americas.    » read more »

May 11, 2009 -- WASHINGTON, D.C. – Secretary of the Interior Ken Salazar today asked the Department of Justice to seek clarification from the U.S. Court of Appeals for the District of Columbia Circuit on the scope of its April 17, 2009 decision that Bush Administration officials did not conduct sufficient scientific and environmental analysis before scheduling oil and gas lease sales on the Outer Continental Shelf off Alaska.    » read more »

May 11, 2009 -- While on a net basis the United States imports nearly 60 percent of the oil it consumes, this reliance on imported oil is not by itself a major national security threat, according to a RAND Corporation study issued today.

The study finds that the economic costs of a major disruption in global oil supplies—including higher prices for American consumers—pose the greatest risk to the United States.    » read more »

SAN RAMON, Calif., May 7, 2009 - Chevron Corporation (NYSE:CVX) today confirmed a discovery within the Moho-Bilondo license in the Republic of the Congo.

The Moho Nord Marine-4 well, in which Chevron Overseas (Congo) Limited holds a 31.5 percent interest, is located approximately 46 miles (75 kilometers) offshore of the Republic of the Congo, in 3,537 feet (1,078 meters) of water in the northern part of the Moho-Bilondo license.

George Kirkland, Chevron executive vice president, Global Upstream and Gas, said, "This exciting discovery emphasizes the future potential of this region in which Chevron and its partners have already made significant energy investments, including the Moho-Bilondo project."    » read more »

Falling Prices Lead to a Reduction in Domestic Oil and Gas Drilling

May 6, 2009 -- The oil and gas exploration and production business has seen its share of booms and busts over the years. But what exactly happens to drilling for new wells when prices go on a roller coaster ride? The last 16 months are a great example.

At the beginning of 2008, Baker Hughes reported that there were a total of 1774 oil and gas drilling rigs operating in the United States, of which 18 percent were drilling for oil (316 rigs). This rig count represented a continuation of fairly high and stable drilling levels going back to 2006.    » read more »

May 6, 2009 -- HARRISBURG – The commonwealth has applied for a $1.5 million Clean Diesel Emerging Technology grant through the American Recovery and Reinvestment Act to upgrade two marine diesel engines in the Pittsburgh area, Pennsylvania Governor Edward G. Rendell announced today.

“Diesel engines play important roles in our every day lives, but old, inefficient engines are major sources of air pollution that make it difficult for many people to breathe,” Governor Rendell said. “Diesel emissions are not limited to our highways and factories. Marine vessels used at the Port of Pittsburgh are essential to moving freight along the Allegheny, Monongahela and Ohio rivers, but they also diminish the region’s air quality.    » read more »

Gulf's Deepest Production Expected to Add 125,000 Barrels of Oil Per Day

SAN RAMON, Calif., May 6, 2009 – Chevron Corporation (NYSE: CVX) has announced that it has started crude oil production from its Tahiti Field, the deepest producing field in the Gulf of Mexico. First oil from Tahiti was achieved on May 5, 2009. Daily production is expected to ramp up to approximately 125,000 barrels of crude oil and 70 million cubic feet of natural gas before the end of the year.    » read more »

Departments of Agriculture and Energy, Environmental Protection Agency to Lead Efforts; Announcement Includes Biofuels Interagency Working Group, Recovery Act Funds for Biofuels Research and Commercialization, and Notice of Proposed Rulemaking on the Renewable Fuel Standard

May 5, 2009 -- WASHINGTON – President Obama today announced steps to further his Administration’s commitment to advance biofuels research and commercialization. Specifically, he signed a Presidential Directive establishing a Biofuels Interagency Working Group, announced additional Recovery Act funds for renewable fuel projects, and also announced his Administration's notice of a Proposed Rulemaking on the Renewable Fuel Standard.    » read more »

New green jobs a benefit of effort to end dependence on oil

May 5, 2009 -- WASHINGTON, D.C. — As part of the ongoing effort to increase the use of domestic renewable fuels, U.S. Secretary of Energy Steven Chu today announced plans to provide $786.5 million from the American Recovery and Reinvestment Act to accelerate advanced biofuels research and development and to provide additional funding for commercial-scale biorefinery demonstration projects.    » read more »

Ads Target 10 Members of Congress

April 30, 2009 -- A front group with ties to the energy industry is running misleading radio advertisements in 10 congressional districts to try to undermine support for comprehensive energy and climate legislation that would lower energy costs and create jobs, according to the Union of Concerned Scientists (UCS).

The American Energy Alliance (AEA), which was founded in 1993, is headed by Thomas J. Pyle, who served as a staff member for former House Majority Leader Tom Delay (R-Texas). The group's Web site says it is an "independent affiliate" of the Institute for Energy Research, which is headed by Robert L. Bradley, former director of public policy analysis at Enron and a speechwriter for CEO Kenneth Lay.    » read more »

April 28, 2009 -- SANTA FE – New Mexico Governor Bill Richardson applauded the Tenth Circuit Court of Appeal’s unanimous decision today to require the U.S. Bureau of Land Management to take a hard look at the potential adverse impacts from oil and gas drilling on Otero Mesa.

“This is a major boost in our fight to protect one of New Mexico’s most ecologically valuable and unique places,” Governor Bill Richardson said. “I am pleased that the courts share our steadfast position that the public must have a voice in decisions affecting oil and gas leasing on Otero Mesa."

The Tenth Circuit Court upheld a previous ruling in federal district court that the BLM could not issue a new lease without further National Environmental Policy Act requirements.    » read more »

HOUSTON, April 23, 2009 - ConocoPhillips [NYSE:COP] today reported first-quarter earnings of $840 million, or $0.56 per share. This compared with earnings of $4,139 million, or $2.62 per share, for the same quarter in 2008. Revenues were $30.7 billion, versus $54.9 billion a year ago.

“Although we delivered solid operational performance in our upstream business during the first quarter, lower commodity prices and realized margins negatively impacted our financial results,” said Jim Mulva, chairman and chief executive officer. “Our upstream business produced 2.4 million BOE per day, including our share of LUKOIL’s production. In the downstream business, our worldwide refining crude oil capacity utilization rate was 81 percent, reflecting planned turnaround activity.    » read more »

Accounting for Biodiesel

April 22, 2009 -- Methyl Esters? No, it is not the name of the lead in a John Waters film, or of some gun-toting moll from 1940’s film noir. Methyl esters are more commonly known as biodiesel, a biomass-based fuel that is made from vegetable oils or animal fats. Biodiesel can be used in pure form (B100) or may be blended with petroleum diesel. Biodiesel and blends can be used in most modern diesel engines or burned as heating fuel.    » read more »

April 22, 2009 -- Colorado Governor Bill Ritter today ushered in a new era of energy development in Colorado, signing into law a bill that implements new oil-and-gas drilling guidelines.

"House Bill 1292 and the new guidelines will allow the industry to grow in a way that is sustainable and compatible with our entire economy," Gov. Ritter said. "These rules were shaped with valuable input from people all across the state and unanimously adopted by the Colorado Oil and Gas Conservation Commission. They strike the right balance, a balance that recognizes the importance of a healthy industry and the importance of healthy communities, water supplies and wildlife.    » read more »