How low can oil go? Falling oil prices seemed to level off in mid-October, quelling fears from the market that has seen the S&P 500 index drop 5% in only one week. Just when the oil market was acclimating to the $80 per barrel scene, Saudi Arabia delivered another jab to the United States energy industry. The de facto leader
The benefits of the shale boom are apparent. In the six year span from 2008 to 2013, crude oil production in the United States jumped by 43.7% (12,311 MBOEPD in 2013 compared to 8,563 MBOEPD) and gas production climbed 20% (24.3 Bcf/d from 20.2 Bcf/d). The United States, long dependent on the imports of foreign oil, is now speaking aloud
The Brookings Institute released a study last week comparing the effects of immediate lifting of the U.S. crude oil export ban vs. delaying till 2020. The study data showed a positive uptick for the GDP in all cases, a 0.14 change in welfare, annual reduction in unemployment, additional production of 1.5 MMBOD in 2015, decline in gasoline prices by 9
The European Union (EU) and United States levied more sanctions on Russia today in an effort to hamper the country’s already struggling economy. The latest sanctions primarily target Russia’s oil industry and military equipment. Supermajors participating in projects with Russia’s oil giants like Transeft, Rosneft and Gazprom are barred from investing in any large scale projects. Its gas industry, however,
The Energy and Commerce Committee of the U.S. House of Representatives put out press releases Wednesday promoting the jobs aspect of the energy revolution. In his news release, Chairman Fred Upton referred to the American Petroleum Institute’s new reportthat presents the findings of a survey of companies in America’s domestic oil and natural gas supply chain. “This study projects that
Yesterday Reuters reported that an emergency energy plan was being constructed for Europe, should gas stop flowing through the pipelines that connect European homes with Russia’s natural gas. “Kiev is warning that Russia plans to halt gas supplies while Moscow says Ukraine could siphon off energy destined for the European Union – which has just threatened new sanctions if Moscow
Petroleum Engineers Enjoy Highest Projected Salary Growth: ABC News Last week ABC News reported that chemical engineer and mechanical engineer are two of the degrees college students can seek that can lead to jobs as petroleum engineers, a career with an average salary of $130,280. Petroleum engineers do not only currently enjoy generous pay rates, but ABC reports that the
Completion Engineer replaces Geophysicist for top slot The Colorado School of Mines has roughly 740 total petroleum engineering students enrolled today, about 190 of whom are slated for graduation in 2015. “Petroleum is driving our enrollment,” Colorado School of Mines Department of Petroleum Engineering’s Interim Department Head, Dr. William W. Fleckenstein, told Oil & Gas 360® at EnerCom’s The Oil
The Utica Shale made its first ever appearance on the Energy Information Administration’s (EIA) Drilling Productivity Report on August 12, 2014. The Report first debuted on October 22, 2013, and detailed various elements of six major plays, including production rates, rig counts and decline rates on legacy wells. The Utica is the first play to be added to the list,
While the United States is garnering global attention for its shale boom, its prominence in the renewable energy field is far above that of any of its international competitors. The United States has been the world’s greatest producer of renewable energy since 2006. According to BP’s 2014 Statistical Review of World Energy, the U.S. accounted for 43.5% of the world’s
If proposition 89 lands on the ballot and passes a statewide vote in the general election on November 4, companies who want to establish operations in Colorado will face a variety of differing rules and a new level of political risk when committing capital in the state. In a post-89 world, environmental regulations may be imposed by local communities around
United States refineries have processed as much as 16.8 MMBOPD in each of the past two weeks, according to a report released by the Energy Information Administration (EIA) on July 24, 2014. The historic mark, based on EIA data beginning in 1989, is the highest refinery rate in U.S. history. Capacity rates also set a record, breaking the previous mark
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