Tag: shale oil

FILE - This June 27, 2017, file photo shows an oil rig at sunset in Midland, Texas. President Donald Trump relentlessly congratulates himself for the healthy state of the U.S. economy, with its steady growth, low unemployment, busier factories and confident consumers. But in the year since Trump’s inauguration, most …

Saudis Planning $10B Investment in Texas

Saudi oil executives inked multi-billion dollar deals with companies to explore building petrochemical facilities along the Texas Gulf Coast. Essentially, they hope to capitalize on the U.S. oil and gas boom, largely fueled by shale drilling in the Permian Basin.

AP Photo

Wealthiest U.S. County Located in Texas

When one thinks of the richest regions of the United States, the opulence of Rodeo Drive in Beverly Hills, the high-end lifestyle of New York’s Tribeca, and the high-tech high life of the Silicon Valley may come to mind, but when ranking the wealthiest counties in the nation, the top spot went to an unassuming, small, south Texas locale.

Scott Berreth, a derrick hand for Raven Drilling, works on an oil rig drilling into the Bakken shale formation on July 28, 2013 outside Watford City, North Dakota. North Dakota has been experiencing an oil boom in recent years, due in part to new drilling techniques including hydraulic fracturing and …

Reemergence of American Shale Oil Boom Destroying Saudi Arabia

Fitch Credit Ratings has declared that the profitable doubling of U.S. oil drilling over the last 9 months means the reemerging U.S. shale boom is a potent threat to Saudi Arabia — despite the Saudis declaring a price war in 2014.

Saudi Arabia camels (Mohamed Hwaity / AFP / Getty)

Saudi Arabia’s Social Stability to Fall Apart

Geopolitical Futures’ George Friedman has warned that Saudi Arabia’s inability to keep oil prices up to $90 a barrel will frustrate the kingdom’s effort to balance its books, meaning it is only a matter of time before “Riyadh’s unique social stability comes apart.”

Oil jumpjack (Hasan Jamali / Associated Press)

Saudi Arabia Abandons Deal to Cut Oil Production

Saudi Arabia has scuttled talk of a deal with other big oil nations to cut production and “warned high-cost operators such as U.S. shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices,” as the Financial Times put it.

Fracking Protest 2014 (Brooke Anderson / Flickr)

EPA Clears Fracking for Next Stage of U.S. Oil Boom

The Environmental Protection Agency (EPA) released a long-postponed draft report Thursday on the impact of hydraulic fracturing (fracking). The regulators concluded that based upon “peer-reviewed studies as well as state and federal databases,” there is no evidence the practice has had a “widespread, systemic impact on drinking water.”

California Pumpjack (Joel Pollak / Breitbart News)

OPEC Concedes Defeat In Anti-Shale Oil War with U.S.

OPEC’s attempt to over-produce crude oil for export to crush prices and bankrupt the American shale-fracking oil boom has failed, according to a draft OPEC long-term strategy report seen by Reuters ahead of the cartel’s policy meeting in Vienna on June 1st.

Natural Gas Drilling

Study: Only 0.1 Percent of North Texas Injection Wells Potentially Involved in Earthquakes

According to a new study released on Wednesday, underground wastewater injection wells used in hydraulic fracturing, or “fracking,” have virtually no role whatsoever in the earthquakes in the North Texas area during the past few years. The study was conducted by a group affiliated with the petroleum industry, but used publicly available data on seismic activity in the region and a long list of independent peer-reviewed scientific research to reach this conclusion.

GDP-rising-AP

GDP: 5 Percent

On Tuesday, the Commerce Department released revised GDP figures that showed third quarter growth at 5%, the strongest third-quarter growth in eleven years.

AP Photo/Hasan Jamali

Saudi Oil Minister: $100 Barrels of Oil May Be Gone Forever

With fracking and shale oil production putting increasing pressure on OPEC, Saudi Oil Minister Ali al-Naimi issued bold and startling remarks to the Middle East Economic Survey, announcing OPEC is prepared to let oil prices fall to $20 a barrel.