Oil and gas operations in the Permian Basin – shared by southeast New Mexico and West Texas – boomed in recent years with wells sprouting up around the state line between the two states. Wells even crossed state lines, being drilled horizontally from origin points in either New Mexico or Texas and stretching up to […]
The U.S. Interior Department took initial steps on Thursday toward holding oil and gas drilling auctions in New Mexico, Wyoming, and the Gulf of Mexico in the coming months. Terms of the onshore sales will reflect new requirements under President Joe Biden’s new climate change and drug pricing law the Inflation Reduction Act (IRA), including […]
The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels. On the other hand, analysts predicted oil prices rise of 333,000 barrels. U.S. crude inventories have grown by roughly 21 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell […]
Oil demand in the US soared during the summer, even as higher pump prices forced many Americans to cut back on driving. Overall petroleum supplied, a proxy for demand, posted its best July since 2019, according to government data released Friday. June was even stronger, with demand for the month at a 16-year high. The boost came […]
Oil prices jump rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand. Brent crude futures settled up $3.05, or 3.5%, at $89.32 per barrel. U.S. West Texas Intermediate (WTI) crude futures […]
Oil and gas will continue to remain a significant part of oil-producing countries’ energy mix. The need for energy grows every year. With that, this will ensure global energy security in line with the green shift in mind as experts say. The UAE was seeing record growth in renewables. This is what Sultan Al Jaber […]
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, inventories are about 2% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of September 16, […]
Two years ago, oil and gas companies in Texas were laying off employees. This is amid the most severe downturn in the industry’s history. This year, job growth in America’s oil and gas heartland has been so strong. As a result, labor shortages have prevented the industry from expanding. According to the latest data, Texas […]
Oil prices climbed on Monday, despite weaker demand expectations, as concerns about oil supply heading into winter mount. Brent crude futures settled at $94.00 a barrel, up $1.16, or 1.3%. U.S. West Texas Intermediate crude settled at $87.78, up 99 cents, or 1.1%. The latest data from the US Department of Energy shows that US […]
Production taxes paid by the Texas oil and natural gas industry topped $10 billion in fiscal 2022. This is the highest amount the industry has paid in Texas history. The fiscal record was reported after the industry has broken records nearly every month this year in both the number of jobs added and the record […]
