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BP Announces a $6.3 Billion Replacement Cost Loss

For the 2nd quarter 2015, BP announced a replacement cost loss of $6.3 billion on June 28th. The replacement cost is a measure of changes in the price of oil and includes a $10 billion charge related to environmental costs ...

First U.S. Offshore Wind Farm

Deepwater Wind began installing the foundation for the first U.S. commercial offshore wind farm on July 27, 2015 in Rhode Island. The 30-megawatt wind farm included five turbines and is located three miles off the coast of Brock Island, Rhode ...

Utah Oil Sands

Utah expects to begin production of the first commercial oil sands mine in the U.S. by the end of 2015. The Utah Department of Natural Resources approved the PR Spring project in Utah in June. U.S. Oil Sands, Inc of ...

$100 per Barrel Oil Will Return

Gary Ross, founder of consultants PIRA Energy Group, the oil guru who predicted the 2014 fall in oil prices, now predicts that oil will rise to over $100 per barrel within five years. In an interview in London he said, ...

Congress to Review Iran Nuclear Agreement

On Sunday the U.S. State Department sent the historic Iran Nuclear Agreement to Congress. Congress has 60 days to review the agreement starting on July 20th. The U.S., Iran and six countries signed the agreement to lift sanctions on Iran. 

Oil Fell Below $50 per Barrel

On Monday the price of West Texas Intermediate fell below $50 per barrel for the first time since early April. Oil prices fell last week on news of the Iranian agreement. Prices rallied slightly and WTI closed at $50.50 on ...

Market Oversupplied

The International Energy Agency (IEA) reports in the latest monthly oil market analysis that "The market's ability to absorb that oversupply is unlikely to last. Onshore storage space is limited. So is the tanker fleet. New refineries do not get ...

U.S. and Iran Deal Impacts Oil Price

Early Tuesday oil prices fell 2% on Brent crude when the landmark agreement was signed lifting the sanctions on Iranian exports including oil. Then surprisingly "Oil prices reversed themselves and moved higher despite a historic nuclear deal that traders feared ...

Potential Agreement with Iran on a Nuclear Deal Sends Oil Tumbling

Reuters announced that the price of oil on the Brent exchange dropped $1.89 Monday morning on the news that an agreement with Iran on a nuclear deal to end sanctions is eminent. However, European leaders agreed on a bailout loan ...

Why Saudi Arabia Allows the Price of Oil to Drop

Schlumberger Limited put together some statistics on why Saudi Arabia is not worried about the price of oil. It's not just to harm emerging shale operators or to keep rivals like Iran at bay, it's that Saudi can produce oil ...