Category OIL

U.S. Inches Toward Goal of Energy Independence

Jim Wilson/The New York Times An Apache Corporation well near Hobbs, N.M. Apache is drilling in the Permian Basin, an oil field once thought played out.More Photos » By CLIFFORD KRAUSS and ERIC LIPTON MIDLAND, Tex. — The desolate stretch of West Texas desert known as the Permian Basin is still the lonely domain of scurrying roadrunners by […]

U.S. Inches Toward Goal of Energy Independence

Jim Wilson/The New York Times An Apache Corporation well near Hobbs, N.M. Apache is drilling in the Permian Basin, an oil field once thought played out.More Photos » By CLIFFORD KRAUSS and ERIC LIPTON Published: March 22, 2012 MIDLAND, Tex. — The desolate stretch of West Texas desert known as the Permian Basin is still the lonely domain of scurrying […]

Texas Tops Finds From Brazil to Bakken as Best Prospect: Energy

By Edward Klump – Mar 23, 2012 1:52 PM MT Energy companies in search of oil riches rivaling the biggest finds from Brazil to Angola are flocking to Texas shale, where new wells have triggered a 230- fold increase in crude output in three years. More than 115 years after a gusher 55 miles (88 kilometers) south of Dallas ushered in Texas’ first oil […]

Iran Power Declining in Oil Market as Explorers Spend $90 Billion: Energy

By Ayesha Daya, Brian Swint and Rakteem Katakey – Mar 13, 2012 2:40 AM MT The Iran-driven run in oil prices to the highest since 2008 masks the Middle East producer’s diminishing importance to global oil supplies as record spending on drilling unearths reserves from Argentina to Angola. New fields will ease pressure on prices, according to the Centre for […]

Obama Backs Fracking to Create 600,000 Jobs, Vows Safe Drilling for Gas

                By                    Jim Snyder and Katarzyna Klimasinska                 – U.S. President Barack Obama Joshua Roberts/Bloomberg U.S. President Barack Obama, front center, delivers the State of the Union address to a joint session of Congress with U.S. Vice President Joseph “Joe” Biden, back left, and House Speaker John Boehner at the Capitol in Washington. U.S. President Barack […]

Falkland Islands Oil Could Triple U.K. Reserves

            By Brian Swint –             Jan 19, 2012 Thirty years after Margaret Thatcherfought a 74-day war with Argentina over the Falkland Islands, the prospect of an oil boom is reviving tensions. Oil explorers are targeting 8.3 billion barrels in the waters around the islands this year, three times the U.K.’s reserves. Borders & Southern Petroleum […]

BP Profit Falls as Costs of Gulf of Mexico Spill Outweigh Higher Oil Prices

LONDON — An increase in oil prices over the last year helped BP’s first-quarter earnings, but not enough to outweigh the costs of the Gulf of Mexico oil spill. But there are signs that the high prices have started to hurt demand in the United States and other developed countries, which could start pushing prices […]

Oil Purification Still A Secret To Many Manufacturers

The next time you have the oil changed in your car, you might want to ask what happens to it. In many cases, it’s burned as fuel after being hauled away. Old oil never dies. It just gets contaminated — and contaminates. “If there’s a leak or spill on the ground, oil just doesn’t stay […]

Used OIL Pyrolysis

It has been estimated that over 8 billion US gallons (30.3 billion liters) of used motor oil are produced every year by the world’s cars and trucks. While some of that is re-refined into new oil or burned in furnaces for heat, neither of those processes are entirely environmentally-innocuous. In other cases, it is simply […]

Less than 50 Years of Oil Left, HSBC Warns

By JOHN COLLINS RUDOLF/NYT   The world may have no more than half a century of oil left at current rates of consumption, while surging demand from the developing world threatens to create “very significant price rises” before substitutes like biofuels can serve as viable alternatives, the British bank HSBC warns in a new report. […]

A Tipping Point for Oil Prices

Associated Press A gas station in Topsham, Me., where prices had just risen on Thursday. With speculation calming, at least for the moment, oil prices are no longer soaring higher and higher every day. But prices are at a tipping point. The days of $100 a barrel oil are back. Most economists think that this […]

Where Solar Power Meets the Oil Field

A startup tests a cleaner way to produce the steam needed for oil extraction. Extracting heavy oil from the ground carries a large carbon footprint, because the oil must be coaxed from the earth with steam. In California’s Kern County, where steam-hungry oil fields account for 9 percent of the state’s natural-gas consumption, GlassPoint Solar […]