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Refinery Strike Affects One-Fifth of U.S. Capacity

Strikes now in their fourth week impact 12 U.S. refineries and have closed in on-fifth of the production.  6,550 members of the United Steelworkers union are on strike. No date for starting negotiations has been announced. The strike began on ...

Oil Price Continues to Fall

The price of oil fell by 2 % on Monday as investors continued to worry about the oversupply. However, due to the refinery strike, and cold weather on the East Coat the heating oil stock is becoming tight and the ...

Oil slides to $49.45 Per Barrel

West Texas benchmark oil price lost in the opening hours on Monday to $49.45 on the New York Mercantile Exchange.  Commerzbank noted on Friday that the oil rig count last week was the smallest in seven weeks. "Evidently, the strong ...

Gasoline Prices Rise with Refinery Strike

The average price of gasoline has risen by 13 cents due to the strikes at U. S. Refineries.  The most recent strike at the Exxon Mobil plant in Torrance, CA pushed the price higher, even though there is no shortage ...

Oil Up, Oil Down

On the London market Monday oil reached $61 per barrel, but Tuesday the gain lost and the price slipped below $61. Commodity markets are weak and the lower prices have prompted a slowdown in U.S. oil output.  Violence in the ...

Rig Count down, Oil Price up - Shale Stabilizing

Baker Hughes reported the rig count fell by 84 last week and is down 34% since early October.  U.S. shale producers responded quickly to lower oil prices. With the recent gain in oil prices shale production is expected to stabilize ...

Union Strike at U. S. Oil Refineries

The largest U. S. Refinery strike since 1980 is entering its second week with managers attempting to maintain normal production.  In Toledo Ohio at the BP Husky refinery over 300 management staff and replacement workers have been living on-site for ...

OPEC Predicts Increased Oil Demand

OPEC monthly report forecast the demand for oil in 2015 will rise to 29.21 million barrels per day. This is an increase of 430,000 bpd from the previous month's prediction. OPEC believes its "strategy of letting prices fall to hurt ...

New LNG Export Plant for Louisiana

The governor of Louisiana, Bobby Jindal, and the Chairman of Live Oak LNG, Martin Houston, announced plans for a new natural gas liquefaction and export plant on the Calcasieu waterway. Jindal noted, "The global demand for affordable, American-produced liquefied natural gas ...

DOE Announced Sale of Teapot Dome

On January 30, 2015 the U. S. Department of Energy announced the sale of the historic Teapot Dome Oilfield. Teapot Dome, the Naval Petroleum Reserve #3, located 35 miles north of Casper, WY consisting of 9,481 acres was sold to ...