Fire hits California refinery
An explosion and fire at an oil refinery in Torrance, California, on Saturday forced the partial shutdown of the plant, leading oil traders to expect a spike this week in West Coast gasoline prices. Police and the plant owner said no one was hurt in the fire, which was extinguished by local firefighters. Two years ago, a fire at the same plant led to its closure for several months and a sustained increase in West Coast gasoline prices for more than a year.
Federal Reserve Proposes New Limits on Wall Street Energy Bets
The Federal Reserve on Friday outlined a plan to limit Wall Street bets on the energy sector by forcing enterprises like Goldman Sachs and Morgan Stanley to hold more capital against such investments. Under current law, Goldman Sachs Group Inc and Morgan Stanley may invest in energy storage and transportation in ways that other banks can not but the Friday plan would make such bets more costly.
U.S. Banks Dialed Back Risky Loans Early This Year
U.S. banks are weighted down by loans to the struggling energy industry and risky credits to the commercial sector but underwriting standards improved early this year, according to a Friday report from leading bank regulators. Banks are working through a downturn in the oil and gas sector and loans to already-indebted companies but fresh loans are being written to a higher standard, according to the review from the Federal Reserve…
Obama Administration to Reveal U.S. Coal Strategy
The Obama administration will announce the next steps in its effort "to strengthen and modernize" the nation's coal program later on Friday, the U.S. Interior Department said in a statement. U.S. Secretary of the Interior Sally Jewell, alongside other federal officials, will make the announcement at a 10 a.m. press conference, the department said in the statement. Reporting by Patrick Rucker
White House readying overhaul of fossil fuel program
The Obama administration is preparing to announce as soon as Friday an overhaul of how the nation manages coal development on federal land, according to government and conservationist sources, in a further move to confront climate change.
Exxon Withholds Tax Data From Global Transparency Group
Exxon Mobil Corp has not shared information about its U.S. taxes with a global transparency effort that the company has endorsed and that President Barack Obama has backed, the project's organizers said on Wednesday. Exxon was one of several energy companies that failed to share U.S.-specific tax information for a report released on Wednesday by the Extractive Industries Transparency Initiative (EITI), which audits payments made by companies for drilling or mining.
U.S. Cancels Arctic Offshore lease Sale
The U.S. Interior Department on Friday said it would cancel two potential Arctic offshore lease sales after Royal Dutch Shell PLC said that it was not interested in those leases. "In light of Shell's announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half," Interior Secretary Sally Jewell said in a statement.
U.S. Settles 2010 BP Spill Claims for $20 bln
The U.S. Justice Department on Monday said it settled its claims against oil company BP PLC for more than $20 billion. The 2010 rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.
Allowing US Oil Export Could Push Crude Prices Higher -CBO
Lifting the ban on U.S. crude exports could push the price of domestic oil up roughly $2.50 a barrel in the coming decade, a report from the Congressional Budget Office said on Wednesday. "CBO estimates that authorizing exports of domestically produced crude oil without restrictions would increase wellhead prices of light oil by an average of roughly $2.50 per barrel over the 2016-2025 period, on an expected value basis," the report said.
Oil Exports Could Push US Gasoline Prices Lower
The price of U.S. gasoline could fall if Washington were to allow crude oil exports, an independent government report on Tuesday concluded, adding political firepower for those who want to change the law to expand such trade. Exports would put more crude on global markets and push down prices for international Brent oil "which in turn results in lower petroleum product prices for U.S. consumers…
New DOT Brake Rule Angers Rail Industry
U.S. regulators took on the powerful rail industry on Friday, announcing plans to require expensive, high-tech braking technology the railways insist is unproven and unreliable. Regulators say the new electronically controlled pneumatic (ECP) brakes could reduce the severity of crashes, preventing pile-ups. Canada has promised to "harmonize" its regulations with the United States. The U.S. rule goes into effect in 2021 and only applies to trains with 70 or more tank cars.
US Safety Watchdog's Oil Train Plan 'Infeasible' -Refiners
The leading voice for the refining sector on Thursday said it was not realistic for U.S. regulators to expect existing oil train tankers to be retired within five years, and sought a meeting with the National Transportation Safety Board (NTSB). "The emphasis on tank car modifications through an overly aggressive and infeasible retrofit schedule creates the incorrect perception that tanks car improvements are the magic remedy…
U.S. Calls for More Oil Train Inspections
Oil train operators must have detailed information on hand about the possible risks of their cargo in case of an accident and perform more thorough checks before moving on the tracks, U.S. transportation officials said on Friday. U.S. officials have been wrestling with how to make oil train deliveries safer ever since a runaway shipment derailed in Lac Megantic, Canada, in 2013 and killed 47 people.
US Proposes Higher Royalty Rates for Drilling Federal Land
The U.S. government would get a larger share of oil and gas revenue from federal land under a proposal the Interior Department is expected to announce on Friday. The federal government is entitled to a 12.5 percent share of oil and gas sold from federal land, chiefly in Western states. The stake for offshore drilling is usually set at 18.75 percent. Friday's move will open a discussion with the energy industry…
US Begins to Formally Review Shell's Arctic Drilling Plan
The U.S. Interior Department said on Friday it has received a plan by Royal Dutch Shell PLC to explore drilling opportunities in the Arctic. Late last month, the Obama administration upheld a 2008 Arctic lease sale, clearing an important hurdle for Shell. The Interior Department will now consider the company's drilling plan, which could take 30 days.
U.S Readies Emergency Oil Train Safety Measures
The U.S. Transportation Department is completing work on a package of measures to control oil train dangers before the Obama administration finalizes a national safety plan expected by May, an official with knowledge of the plans said on Thursday. The measures, which could include emergency orders, safety advisories, or other controls, should be in force within days, said the source who was not authorized to discuss the plans.
North Dakota's Train Safety Rules Inadequate
New regulations to cap vapor pressure of North Dakota crude fail to account for how it behaves in transit, according to industry experts, raising doubts about whether the state's much-anticipated rules will make oil train shipments safer. High vapor pressure has been identified as a possible factor in the fireball explosions witnessed after oil train derailments in Illinois and West Virginia in recent weeks.
U.S. Oil Train Traffic mostly from Midwest to East Coast
U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first of its kind snapshot of such shipments. The data from the Energy Information Administration is the first if its kind from the independent statistics arm of the U.S. Energy Department. Oil producers in North Dakota have relied on oil trains to reach East Coast refiners eager to process the light…
US to Set Fracking Standards on Federal Land
The Obama administration on Friday is due to unveil rules for oil companies that frack on federal land, included beefed-up safety measures, but won't likely require strict oversight as environmental groups want, according to sources. The standards have been in the works for more than three years and gone through several drafts with environmentalists and the energy industry fighting over its scope.
US Railroads Must Answer for Oil Train Mishaps
The rail industry is chiefly responsible for preventing oil train accidents and U.S. regulators must do more to keep trains on the tracks, a leading voice for the energy industry said on Monday. "Any effort to enhance rail safety must begin with addressing track integrity and human factors," Charles Drevna, president of the American Fuel & Petrochemical Manufacturers wrote in a letter to Transportation Secretary Anthony Foxx.
