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Report: Massive influx of oil and coal trains may be headed for Seattle

A new report, unveiled as oil tanker cars derailed in Magnolia, indicates that the nation’s carbon economy will flow through Seattle in a massive way if Big Oil and Big Coal succeed with plans for huge incoming shipments of Wyoming coal and North Dakota oil. The oil and coal trains would be destined for four […]

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Murder on the Pipelines: Drug Cartels Turn Texas Oil Routes Into Killing Zones

Update, July 24: Adds details of police investigations of deaths throughout. Linda Vickers fed her horses and was walking back to her house on a secluded Texas ranch when she saw her German shepherds tussling over what looked like a sun-bleached volleyball. When she got close enough to scatter the dogs, her stomach turned: Their […]

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Official at center of Chinese oil purge was a politic businessman

By Charlie Zhu and David Lague HONG KONG, July 24 (Reuters) – Throughout his career at China’s biggest oil producer, Jiang Jiemin was careful to put politics before business, say colleagues who worked closely with the purged executive. In strongly supporting government energy strategy, often at the expense of profitability, the former chief of China […]

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Iraqi Kurdish oil nears US port despite concern in Washington

* Kurdish oil tanker approaching port of Galveston, Texas * Baghdad and Kurdish region oil sales dispute intensifying * Washington has concerns about Kurdish sales, Iraq split By David Sheppard, Ahmed Rasheed and Timothy Gardner LONDON/BAGHDAD/WASHINGTON, July 24 (Reuters) – A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving […]

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Colombia Oil Auction Seeks to Stem Shrinking Reserve Life

The round held today in Cartagena, northern Colombia, marked the entry of Statoil ASA to the South American state that’s betting on offshore and shale deposits to boost reserves amid a failure to make significant onshore discoveries in recent years. Twenty-six blocks, or 27 percent of the 95 blocks on offer, received bids, below the […]

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$200 per barrel oil if Russia sanctions escalate- Oxford Economics

If the standoff with Russia and the West reaches a point where the EU has to completely cut trade with Russia, oil prices could soar above $200 per barrel, sparking a global economic crisis, says Adam Slater, senior economist at Oxford Economics. Cutting off trade with Russia, the world’s second largest oil exporter, would create […]

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Struggling to stop dangerous oil train fires, government proposes stiffer tank car regulations

WASHINGTON (AP) — Responding to a series of fiery train crashes, the government proposed rules Wednesday that would phase out tens of thousands of older tank cars that carry increasing quantities of crude oil and other highly flammable liquids through America’s towns and cities. But many details were put off until later as regulators struggle […]

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Oil smuggling finances Islamic State’s new caliphate

Near the northern city of Mosul, the Islamic State has taken over the Najma and Qayara fields, while further south near Tikrit it overran the Himreen and Ajil fields during its two-day sweep through northern Iraq in mid-June. The oilfields in Islamic State hands are modest compared to Iraq’s giant fields near Kirkuk and Basra, […]

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China, India Diverge on Iran Oil Imports

Following the signing of a historic interim deal with the P5+1 on its nuclear program last year, the Islamic Republic of Iran received limited sanctions relief. A consequence of this deal was that the E.U. and the U.S. suspended sanctions on Iran’s petrochemical exports. The deal was then estimated to yield just $1.5 billion in […]

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Oil slips slightly, but geopolitical tensions seen preventing any significant declines.

The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines. Benchmark West Texas Intermediate crude for August delivery fell 17 cents to US$104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to US$102.39. Brent crude for September delivery, a […]