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U.S. Democrats Launch Bill Holding Oil Firms Accountable for Any Work with OPEC

Energy Topics & Technology, Latest, OPEC, Tri-Pinned, US News / By

(Reuters) Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if any energy company is found by …

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U.S. Oilfield Firms Slash Prices as Mega-Mergers Shrink Customer Base

Energy Topics & Technology, Latest, Tri-Pinned, US News / By

*Mega-mergers lead to reduced work for oilfield services companies*Smaller firms with older tech forced to lower prices to stay competitive *Mergers rise as service companies struggle to maintain customer base By Georgina McCartney HOUSTON, July 24 – A wave of mega-mergers among oil producers is forcing the U.S. service companies that drill and hydraulically fracture …

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Oil Prices Stable After Biden Exit While Rate Outlook Remains in Focus

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

The U.S. Federal Reserve is due to review policy next on July 30-31, when investors expect it to keep rates unchanged, though there have been indications that a cut will happen at the September meeting. News that President Biden decided on Sunday to abandon his re-election bid was not a major factor for oil markets. He has endorsed Vice …

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Oil Prices Steady as U.S. Rate-Cut Hopes Contend with Economic Slowdown Signals

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(Reuters) – Oil prices steadied on Thursday as investors wrestled with mixed signals about crude demand, with concerns about an economic slowdown in the U.S. contending with rising expectations the Federal Reserve would soon cut interest rates. Brent futures settled at $85.11 a barrel, rising 3 cents, while U.S. West Texas Intermediate (WTI) crude fell …

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U.S. Court Overturns Alaska Oil Lease Sale in a Win for Environmentalists

Drilling Rigs, Energy Topics & Technology, Latest, Oil, Tri-Pinned, US News / By

A federal court in Alaska overturned on Tuesday night an oil and gas lease sale that had been mandated by the Biden administration’s signature climate law as part of a political compromise, on grounds that the U.S. government violated the law when holding the sale. This ruling affects a lease sale held in December 2022 …

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Oil Prices Steady as Declining U.S. Inventories Offset Slowing China Demand

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles. Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 …

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Energy Transfer, Sunoco Form Joint Venture of Permian Crude Businesses

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(Reuters) – U.S. pipeline operator Energy Transfer  and fuel distributor Sunoco  on Tuesday said they would form a joint venture combining their crude oil and produced water-gathering assets in the Permian Basin. Dallas-based Sunoco is an affiliate of Energy Transfer, which billionaire Kelcy Warren controls. The joint venture, formed on July 1, is expected to be immediately …

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Oil Extends Losses as Dollar Strengthens Following Trump Attack – Election Chances Increase

Conventional Energy, Latest, Oil, Tri-Pinned / By

(Reuters) – Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S. following an attack on U.S. presidential candidate Donald Trump while investors eyed the progress of talks for a Gaza ceasefire. Brent crude futures fell 55 cents, or 0.7%, to $84.48 a barrel by …

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