Texas oil production slumps 5 percent
Crude oil production of 70.9 million barrels in November for Texas was nearly 4 million less than the previous month, a state energy regulator said. The Railroad Commission of Texas, Continue Reading
Moody’s: Low cash flow for oil and gas drillers
North American companies focused on exploration and production can expect the market to deteriorate further as low oil price pressures endure, Moody’s said. “Even under a scenario with a modest Continue Reading
Energy spending cuts may usher in recovery
The decline in oil prices has led to a steep drop in spending, which could pull markets away from the supply side and lead to recovery, Fitch Ratings said. Crude Continue Reading
U.S. crude stockpiles rose to highest level since 1990: EIA
U.S. crude and gasoline stockpiles rose more than expected last week, while distillate inventories fell, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 4 million Continue Reading
Blame Canada for Making the Oil Glut Worse
Some of the world’s most expensive crude lies trapped inside Canada’s oil sands. But the lingering legacy of $100 barrels means the nation is destined to exacerbate, rather than alleviate, Continue Reading
Southwestern Energy to Lay Off or Trim Roles of 1,100 Workers
Southwestern Energy Co. SWN 19.24 % on Thursday announced a sweeping workforce-reduction plan that will lay off or reduce the roles of about 45% of the company’s employees as it Continue Reading
Schlumberger cuts 10,000 jobs amid oil price rout
Schlumberger’s customers are abruptly cancelling projects, the world’s largest oilfield services company warned on Thursday as its full-year results revealed further pain from an 18-month rout in crude that has Continue Reading
Demand is dying as technology improves
The tumble in the oil price from the $US110 a barrel it was trading at until 18 months ago down to $US30 and heading lower this week demolishes the “peak Continue Reading
“Death Knell” For Peak Oil? Not So Fast!
It is easy to understand why some folks, including the nattering nabobs of the mainstream media, might somehow mistake the current glut of oil for evidence that Peak Oil is Continue Reading
Dancing on the grave of “peak oil” – will it stay buried?
In my November 2007 column, Peak Oil Again? , when oil prices had reached $100 per barrel, I concluded, “Some day peak oil production will be reached, but most oil Continue Reading