Oil

Biggest US refinery joins nationwide strike stretching into 4th week (PHOTOS)

Sunday, February 22, 2015
By Paul Martin

RT.com February 22, 2015 Workers at three refineries, one them the largest in the US, have joined a mass nationwide strike affecting some 20 percent of US refining capacity. The USW union strike has hit its fourth week, after failing to reach an agreement with Royal Dutch Shell. The mass walkout of refinery workers... »

The Chilling Thing Devon Energy Just Said About the US Oil Glut…”It will get much worse.”

Thursday, February 19, 2015
By Paul Martin

by Wolf Richter WolfStreet.com February 18, 2015 The oil-price plunge hit the industry when it was drunk on its own exuberance and awash in money. At the time, over-indebted junk-rated drillers had no trouble borrowing even more to drill more, efficiently or not. Dreadful IPOs flew off the shelf. Misbegotten spin-offs made Wall Street... »

WTI Crude Slumps To $50 Handle On Larger-Than-Expected Inventory Build

Wednesday, February 18, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/18/2015 API released its crude oil inventory data to subscribers and it printed an enormous 14.3 million barrel build (EIA tomorrow forecast at 3 million barrel build). This has sparked further weakness in WTI (not helped by refinery strikes, refinery fires, and storage capacities), pushing it to a $50 handle…... »

Another oil company has slashed its spending plans

Wednesday, February 18, 2015
By Paul Martin

MYLES UDLAND BusinessInsider.com Feb. 18, 2015 Oil giant Marathon Oil is slashing its capital spending plans. In a release on Wednesday night, the company said it plans to spend $3.5 billion on capital projects in the coming year, 20% less than the company had previously forecast in December. In December, Marathon Oil said it... »

Fed Destroys Mainstream Meme, Admits Low Oil Prices “Could Dampen Economic Expansion”

Wednesday, February 18, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/18/2015 When even The Fed is unable to keep its story straight on the impact of low oil prices, the entire facade of ‘household spending’ enhancement must collapse (as the data shows). After six months of lower prices, retail spending is still tumbling… and it appears The Fed is finally... »

Explosion at Exxon Refinery In Southern California – Live Feed

Wednesday, February 18, 2015
By Paul Martin

by Tyler Durden ZeroHedge.com 02/18/2015 It’s not been a good week for oil safety in America. Following the derailment earlier in the week, CBS now reports an explosion at Exxon Mobil’s Torrance, California refinery occured at 850amPT… *TORRANCE FIRE DEPT RESPONDING TO EXXON MOBIL REFINERY: CB *EXXON SAYS EMERGENCY PROCEDURES ACTIVATED AT TORRANCE REFINERY... »

Will Texas Survive The Downturn?

Wednesday, February 18, 2015
By Paul Martin

By Parker Hallam OilPrice.com Tue, 17 February 2015 Here are some staggering statistics: Texas alone produces about 20-percent of all oil and gas in the United States. The sum-total of Lone Star oil and gas produced in 2014 topped $100 Billion, according to the Energy Information Administration. That’s up from about $40 Billion in... »

Get Ready for $10 Oil

Tuesday, February 17, 2015
By Paul Martin

By A. Gary Shilling Bloomberg.com FEB 16, 2015 At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why. U.S. economic growth has averaged 2.3 percent a year since the... »

Oil Limits Could Undermine Our Entire Economic System

Tuesday, February 17, 2015
By Paul Martin

By Gail Tverberg OilPrice.com Mon, 16 February 2015 Many readers have asked me to explain debt. They also wonder, “Why can’t we just cancel debt and start over?” if we are reaching oil limits, and these limits threaten to destabilize the system. To answer these questions, I need to talk about the subject of... »

Why The Price Of Oil Is More Likely To Fall To 20 Rather Than Rise To 80

Monday, February 16, 2015
By Paul Martin

By Michael Snyder TheEconomicCollapse.com February 15th, 2015 This is just the beginning of the oil crisis. Over the past couple of weeks, the price of U.S. oil has rallied back above 50 dollars a barrel. In fact, as I write this, it is sitting at $52.93. But this rally will not last. In fact,... »

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