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Oil Falls below $55 per Barrel

Falling oil prices mean lower gasoline prices at the pump - what's behind the fall?  On Monday the price of a barrel of West Texas Intermediate fell below $55 and Brent crude fell below $60, both for the first time ...

High Price of Cheap Oil

The price of crude oil fell again on Monday following a brief rebound in the morning. Conservative news magazine, The Christian Science Monitor, spells out how the decline on oil prices will negatively impact millions on Americans.

Oil Rebounds after Friday's Record 5-Year Low

On Monday the London markets began to rebound slightly despite worries over the weak global crude demand. ”US benchmark West Texas Intermediate (WTI) for January gained 55 cents to $62.40 a barrel, having earlier tumbled to $60.28 -- last seen ...

New Gates for the Panama Canal

The Panama Canal Expansion project announced on Thursday the completion of transfer of all gates for the Pacific side of the canal. The final construction phase for the improved Panama Canal is nearly complete.  New construction will provide a third ...

Oil Prices Impact Bakken Independent Producers

CEO of Oasis Petroleum, Thomas Nusz, addressed investors on the changing strategies for 2015 for the Bakken. As an independent, operating only in the Williston Basin, the falling oil price has caused a change in focus to optimize full field ...

EIA Cuts Oil Production Forecast

The U.S. Energy Information Agency cut the 2015 forecast of oil production by another 100,000 bpd to 9.3 million bpd.  In November EIA had cut the 2015 forecast by 100,000 bopd to 9.4 bpd. 

Exploration Continues Despite Drop in Oil

Chevron announced that they have been awarded licenses from New Zealand to explore three prospects off the south-east coast of the North Island. This is Chevron's first venture in New Zealand. They will partner with Norway's Statoil. The other big ...

Solar Efficiency Increased

Researchers at the University of New South Wales became the 1st in the world to achieve 40% efficiency in conversion of sunlight hitting a solar system into electricity. The technology and efficiency rating was independently confirmed by the U.S. National ...

BP First to Announce Job Cuts Due to Oil Price

BP announced on Sunday, that it would begin cutting middle management jobs and freeze, delay or scrap projects in response to the low oil price.  BP Finance director, Brian Gilvary, said "We have got flexibility to trim into next year ...

The Oil Boom has returned to the Gulf of Mexico

Royal Dutch Shell announced in late November 2014 that the Olympus Platform, 130 miles offshore Louisiana, came on line early and is bigger and more expensive than anything else in the Gulf. Four years after the Deepwater Horizon incident, oil ...