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Tornado hits North Dakota oil workers camp, 9 hurt

A tornado struck a workers camp in North Dakota’s oil patch on Monday, injuring nine people – one critically – and destroying at least eight trailers where workers had been living, an emergency management official said. The twister touched down at around 7:50 p.m. at a camp about 5 miles south of Watford City, which is in the west of the state and about 30 miles southeast of Williston, the city at the heart of the state’s oil boom. McKenzie County Emergency Management Director Jerry Samuelson said crews sifted through a large amount of debris at the camp, but that he was confident that nobody was missing. He said there were a lot more trailers at the camp just a few days ago, so the situation could have been a lot worse had it happened earlier. "Obviously, we’re very fortunate there are no deaths, […]

Posted On : Published By : Tom Whipple
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Governments Await Obama’s Move on Carbon to Gauge U.S. Climate Efforts

President Obama is expected to announce on Monday an Environmental Protection Agency regulation to cut carbon pollution from the nation’s fleet of 600 coal-fired power plants, in a speech that government analysts in Beijing, Brussels and beyond will scrutinize to determine how serious the president is about fighting global warming . The regulation will be Mr. Obama’s most forceful effort to reverse 20 years of relative inaction on climate change by the United States, which has stood as the greatest obstacle to international efforts to slow the rise of heat-trapping gases from burning coal and oil that scientists say cause warming. The president had tried, without success, to move a climate change bill through Congress in his first term, and such legislation would now stand no chance of getting past the resistance of Republican lawmakers who question the science of climate change. So Mr. Obama is taking […]

Posted On : Published By : Tom Whipple
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Ukraine’s Next President Vows to Restore Order and Mend Russia Ties

The president-elect of Ukraine, Petro O. Poroshenko, vowed on Monday to restore order in the country’s east, which is besieged by pro-Russian separatist violence, but said he would not negotiate with armed rebels and instead would demand swifter results from a military campaign that has achieved only limited success. While Mr. Poroshenko has said that he would push for parliamentary elections before the end of the year, on Monday he said he saw no reason for the removal of Prime Minister Arseniy P. Yatsenyuk and other leaders of the interim government, which has been running Ukraine since the toppling of President Viktor F. Yanukovych in February. Mr. Poroshenko also promised to mend ties with the Kremlin, citing his business connections to Russia as well as his personal relationship with President Vladimir V. Putin, who has promised to respect the Ukrainian election results. “Most probably the meeting […]

Posted On : Published By : Tom Whipple
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Ukraine Forces Appear to Oust Rebels From Airport in East

The new Ukrainian government struck the separatists in this eastern province with a major military offensive on Monday, battling them over an important provincial airport in ground fighting that lasted for hours. The rebels were left scattered and shaken, just one day after a successful national election they had tried to disrupt. The airport battle was the first time the Ukrainian military had moved so aggressively against the separatists, who took over government buildings in two eastern provinces in March, after weeks of low-grade military maneuvers meant to stop their spread to other areas. There was no immediate indication that the Ukrainian military’s operations extended any further than the strategically important airport and surrounding area. Experts said that while the military’s attack might have put the separatists on the defensive, it was unlikely to stop their power. As fighting lasted into a rainy evening, the military […]

Posted On : Published By : Tom Whipple
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Ukraine crisis: Army says it has retaken Donetsk airport

Ukraine’s army said on Tuesday it had retaken Donetsk international airport after a day of heavy fighting following its seizure by pro-Russia militants in the aftermath of an election that saw billionaire Petro Poroshenko become the country’s new president. However, occasional bursts of gunfire could still be heard in the area and it was not clear whether Kiev’s forces have regained full control. Sergei Prokofiev Donetsk airport , which was modernised in 2012, remained closed on Tuesday. Some representatives of the rebels said at least 30 had been killed. However, that number was impossible to immediately verify. Mr Poroshenko, who won 54 per cent of the vote with more than 76 per cent of the ballots counted, has promised to negotiate with the anti-Kiev groups in eastern regions to end the months-long crisis. But he has also said that force should be used against “killers and terrorists”. On Monday […]

Posted On : Published By : Tom Whipple
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EU Energy Commissioner Oettinger: Progress in Gas Talks Between Russia and Ukraine

Russia and Ukraine took a tentative step toward resolving a dispute that threatened to cut off Ukraine’s gas supply, as the two sides said they would consider a deal in which Ukraine would quickly pay Russia $2 billion in unpaid bills. Under a deal floated at negotiations in Berlin on Monday, Ukraine would make the $2 billion payment on Thursday, followed by negotiations on Friday over the disputed price Russia charges Ukraine for its gas, European Union Energy Commissioner Günther Oettinger said after Monday’s talks concluded. But first, the deal would need to be approved by Moscow and Kiev, as well as the boards of state gas companies Naftogaz of Ukraine and Gazprom of Russia, according to Mr. Oettinger. Alexander Novak, Russia’s energy minister, said the two sides had made "significant progress" on Monday. But Ukraine Energy Minister Yuri Prodan stopped short of endorsing the possible […]

Posted On : Published By : Tom Whipple
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Ukraine PM Hopes Gazprom, Naftogaz Sign Agreement By Thursday — Interfax

Ukraine’s Prime Minister Arseniy Yatsenyuk said he hopes Russian and Ukrainian gas companies will sign a gas agreement by Thursday or meet in court in Stockholm to resolve their disputes, Interfax reports Tuesday. Mr. Yatsenyuk used harsh language when talking about a compromise gas-price agreement between Russia and Ukraine after the two sides agreed to sit down to discuss gas prices if Ukraine agrees to pay its gas supply debt promptly. "We hope that our Russian neighbors have a bright thought and the agreement between Naftogaz and Gazprom is signed," Mr. Yatsenyuk said at a cabinet meeting on Tuesday. "Russia has made no steps to solve the dispute," Mr. Yatsenyuk said. Mr. Yatsenyuk also said that Ukraine will only negotiate with Russia in the presence of intermediaries from the U.S. and the European Union. "You sit at the table with just them, they will sure deceive […]

Posted On : Published By : Tom Whipple
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Russian Gas Reliance in Europe Skewing Sanctions Debate

European leaders, while calling Ukraine’s May 25 presidential election a success, are still facing a deeper dilemma: how to free their countries from an addiction to Russian energy. Pro-European billionaire Petro Poroshenko’s victory has relieved the immediate pressure on the U.S. and the European Union to impose tougher sanctions against Russia. “The successful holding of these elections constitutes a major step towards the objective of de-escalating tensions and restoring security for all Ukrainians,” European Commission President Jose Barrosoand EU President Herman Van Rompuy said in a joint statement yesterday. The European and American reluctance to escalate in the wake of an election that was at least a partial success, a U.S. official said yesterday, suggests that by finally tempering his actions and rhetoric, Russian President Vladimir Putin may have achieved much of what he sought in Ukraine. Russia’s ever-changing mix of covert action, economic threats and the annexation of […]

Posted On : Published By : Tom Whipple
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Greenpeace Boards Rig Heading for Norway’s Northernmost Drilling

Activists from environmental group Greenpeace boarded a Statoil ASA (STL) rig en route to drill Norway’s northernmost exploration well in the Barents Sea , saying it’s too close to the polar ice cap and a key nature reserve. The Transocean Spitsbergen rig won’t resume its voyage to the Apollo prospect in the Hoop area or start drilling until about 10 activists have left the vessel, which is owned by Transocean Ltd. (RIG) , Statoil spokesman Oerjan Heradstveit said. “The action has so far been peaceful, but it’s still an irresponsible and illegal action,” Heradstveit said by mobile phone. “It’s too early to say” if the drilling that’s scheduled for the end of the month will be delayed, he said. Statoil, Royal Dutch Shell Plc (RDSA) and other explorers are meeting obstacles from environmental groups, politicians and courts as they seek to tap oil and gas resources in the Arctic […]

Posted On : Published By : Tom Whipple
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Are Shales a Bubble?

Hype works. Particularly when monetary and economic benefits are promised. Hype has been the primary tool used by the oil and gas industry with regard to shales and it has worked brilliantly. There is just one problem. When considering shale economic viability, hype was the only aspect that actually existed. Interestingly, the past year has brought massive write downs in shale assets and a frenzy of asset sales. Some companies, such as Shell, admitted that their divestment of North American shale properties was to stem the financial hemorrhaging and to distance themselves from disappointing well results. Others, like Exxon Mobil, claim to still be true believers in spite of their losses. According to a Bloomberg article dated May, 2014: “The recent battering of Forest Oil (FST) shows how the borrow-drill strategy can backfire. Forest generated $1.3 billion by selling assets in 2013 to pay down debt and finance its […]

Posted On : Published By : Tom Whipple