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Oil Price Up

Tuesday morning the North Sea Brent on the London Market jumped over $1 from Monday's closing to $67.65 per barrel. U.S. crude oil jumped $1.39 to a high of $60.32 per barrel. The rise is attributed to the stoppage of ...

OPEC Loses Control of Oil Price

Oil industry analysts say that OPEC has lost control of the price of oil.  In a CNBC interview on Tuesday, May 5th, Saudi Arabian oil minister Ali Al-Naimi said, "No one can set the price of oil — it's up ...

Oil Hit $67 Monday Morning

In early trading in London on Monday, May 4, the price of oil hit $67 per barrel and then declined to $66, according to Reuters.  The price is linked to "current supplies and weak Chinese factory activity countered expectations of ...

High Grading Drilling Rigs

Shale oil drilling rigs are being moved to more productive areas in the Permian Basin and Eagle Ford Play.  Goldman Sachs analysts said the process is called high grading, and Baker Hughes representatives confirm that while overall drilling is still ...

Marathon Stock Splits 2 for 1

The cheap cost of crude oil has allowed refiners to make huge profits is 2015. Marathon, the U.S.'s 4th largest refiner, announced the 2 for 1 stock split when they noted that the refining and marketing income for the 1st ...

Arctic Exploration to Continue

Royal Dutch Shell Oil announced plans to continue a massive exploration of the Arctic in the summer of 2015. Chief Financial Officer, Simon Henry, announced on April 30 that "an armada of 25 vessels" will begin a two-year program to ...

Refining Profits Boost BP and TOTAL

Both PB and TOTAL announced higher than expected 1st quarter earnings based on increasing profits from their refineries. The earnings reflect the resilience of global oil firms to the lower oil prices. Large oil companies have been shutting down refineries ...

PetroChina Down 82%

PetroChina, the largest oil and gas producer in Asia, announced that their 1st quarter 2015 profit has declined 82% from the 1st quarter 2014. A spokesman for PetroChina cited a, "significant drop of prices of crude oil and refined oil, ...

Earthquakes and the Oil and Gas Industry

Headlines say that oil and gas drilling and fracing causes small earthquakes in the Midcontinent.  The responsibility of the oil and gas operators in causing induced earthquakes and seismic activity has been hotly debated for over a year.  Jason Bordoff, ...

Future Oil Prices - Guess? or Science?

Determining the future price on oil can be very complicated and is based on more than supply and demand. The announcements by OPEC are only part of the equation to figure future oil prices. U. S. production, oil storage capacity, ...