From Reuters U.S. Energy Secretary Rick Perry said on Wednesday he was “not sure” if President Donald Trump had made up his mind about levying tariffs on imported steel and aluminum. Trump wants to protect American workers against countries that engage in unfair trade practices, but “I’m not sure he has made up his mind” on the tariffs, Perry said
From Reuters U.S. Interior Secretary Ryan Zinke said on Monday he has postponed a second federal oil and gas lease sale planned for March in less than a week in response to local opposition to the possibility of drilling near national parks and monuments. Zinke said the Interior’s Bureau of Land Management (BLM) will remove 17,300 acres out of the
From Reuters The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Amin Nasser said on Tuesday. Speaking at the CERAWeek conference in Houston, Nasser said the industry has already lost $1
From Reuters The United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country’s shale oil boom continues to upend global markets. IEA Executive Director Fatih Birol said at an event in Tokyo the United States would overtake Russia as the biggest crude oil
The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said. Wages Average weekly wages fell 0.3% in the Permian Basin, while wages fell by almost 1% statewide between second quarter
Ryan, LLC, a global tax service and software provider, reported that the Bipartisan Budget Act of 2018 (passed on February 9, 2018) contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building Deduction. The legislation also extends through 2017 a variety of other credits and incentives relating to energy production and conservation: Credit
The United States will become a net energy exporter in 2022, according to the newly released Annual Energy Outlook 2018 (AEO2018) Reference case from the EIA. The cause? EIA says changes in the petroleum and natural gas market are driving potential exports upward. The transition from net energy importer to net energy exporter occurs even earlier in some sensitivity cases
From Pittsburgh Business Times The number of new wells drilled in Pennsylvania increased in 2017 over 2016 after falling the two prior years. And a larger percentage of those wells are being drilled in southwestern Pennsylvania than in the past. In 2017, there were 812 new wells drilled in the state, up from 504 in 2016, ending a two-year drop
Hurricane Harvey disrupted U.S. Gulf Coast refining operations from late August to September in 2017, and pausing operations led to record-high U.S. crude oil exports when facilities reopened after the storm, the EIA reported today. In October 2017, crude oil exports from the United States reached a monthly record of more than 1.7 MMBOPD. The EIA’s Petroleum Supply Monthly data
Remember the Bakken boom? It may have been subjugated to the backseat behind the Permian with respect to oil industry activity and media coverage, but it’s still producing like crazy. The EIA ranks North Dakota second in the U.S., producing more than 36 million barrels of oil in October 2017. But the oil in North Dakota comes with what was
Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth
