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Oil prices skid as traders worry there’s a fuel glut

fuel glut, oil prices

NEW YORK (AP) — Oil prices fell nearly 5 percent on Thursday after a government report on fuel stocks reinforced worries about an oil glut. The report said that crude inventories are declining at a slower pace than expected. Stockpiles of oil and gasoline remain high, even though people drive more during the summer. A country awash in fuel has ...

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Oil industry headlines from around Texas

Texas oil, pumpjack

From budget cuts to oil spills, here is the news from the Texas oil and gas industry this week. Oil spill photos are finally visible to the public Photos taken by the Civil Air Patrol of flood-related oil spills are now available to the public online, rather than requiring a login and password for the University of Texas website. The ...

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Oklahoma oil, gas tax revenues up, but downturn continues

"Foggy Bottom Pump Jack" in Duncan, Oklahoma. (Image: duggar11 via Flickr)

OKLAHOMA CITY (AP) — Oklahoma reported modest increases in tax revenue from oil and gas production over the past two months, although those collections fell short of last year’s marks. The state is going through a continued economic downturn as gross tax receipts for June were $925.7 million, or 7.4 percent lower than the June 2015 total, Oklahoma State Treasurer ...

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Waiting for recovery–when will the oil glut disappear?

crude oil storage, oil glut

They’re tired phrases. Oil slump. Oil glut. Rig count down. Oil price dips. It seems as though every time the oil industry hits the news, one of those phrases are used. But life for those of us who work in the oil and gas industry consists of the here and now, and although the the view of the computer screen reporting the ...

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3.5 magnitude earthquake rattles parts of northern Oklahoma

Oklahoma earthquake, wastewater disposal well

PERRY, Okla. (AP) — The U.S. Geological Survey says an earthquake has rattled parts of northern Oklahoma. Geologists say a 3.5 magnitude temblor was recorded at about 12:21 p.m. Tuesday in Garfield County, about 16 miles west of Perry. The USGS says the earthquake was recorded at a depth of three miles. No damage or injuries were immediately reported. Geologists ...

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Quebec town ravaged by train fire wants rail to bypass it

Lac-Megantic Quebec, derailment

LAC MEGANTIC, Quebec (AP) — A runaway oil train brought death and destruction to this tiny community in Quebec, killing 47 people and destroying dozens of buildings. Three years later, trains still roll through downtown, just feet from restaurants and shops. Residents who see them as a haunting reminder of the conflagration want trains re-routed around the town, and a ...

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Chevron, Exxon and others to spend $36.8B in Kazakhstan

Eagle Ford news, rig count, oil

NEW YORK (AP) — Chevron, Exxon Mobil and its other partners say they will spend $36.8 billion to develop more oil in Kazakhstan. The project is expected to increase production to about 1 million barrels of oil equivalent per day in 2022. Chevron, Exxon Mobil and its partners are forming a venture called Tengizchevroil. Chevron owns 50 percent of Tengizchevroil. ...

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Burlington vigil to mark Quebec oil train wreck anniversary

Lac-Megantic Quebec, derailment

BURLINGTON, Vt. (AP) — Environmentalists in Vermont are planning a vigil to mark the third anniversary of the wreck of an oil train in Quebec that killed 47. The group, 350-Vermont, says the July 6, 2013 accident in southeastern Quebec highlighted the dangers of the growing use of trains to ship crude oil. The group is planning its event on ...

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Independence by the barrel: how petroleum fuels your Fourth

petroleum, Independence day, fourth of july

With nationwide gas prices much lower than last year as we approach the Fourth of July holiday, many more folks will be taking to the highways to celebrate. Camping, family gatherings, vacations and visits to the lake are just some of the ways people will be celebrating the extended weekend, not to mention all those awesome fireworks displays! Julie Hall from AAA reported ...

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Canada court overturns approval of Enbridge oil pipeline

enbridge pipeline protests, canada

TORONTO (AP) — Canada’s Federal Court of Appeal has overturned the previous government’s controversial approval of a pipeline proposal that would bring oil to the Pacific Coast for shipment to Asia. In a ruling released Thursday, the court said the former Conservative government did not adequately consult aboriginal communities regarding their traditional territory or accommodate their concerns. “It would have ...

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