24 hours: Two Texas Oil Drillers File for Bankruptcy

Two Houston-based drilling companies filed for Chapter 11 bankruptcy protection within a 24-hour period ending Friday as the oil slump continues to take its toll on the sector at large. The firms plan to shed a combined $3.2 billion in debts to their creditors.

The Associated Press

Iran Slowly Increasing Its Oil Market Share

USA Today reports: Iran is expected to raise the April Official Selling Price (OSP) of its flagship light crude oil to Asia to 25 cents above the Saudi’s similarly graded Arab light. This is the highest premium since 2011 and is

iran energy

Saudi Arabia to Nationalize Economy at Expense of Foreign Workers

JAFFA, Israel – Saudi Arabia is planning to “nationalize” its economy due to the country’s mounting deficit, which is the result of plummeting oil prices, structural problems in the economy, and the Saudis’ ongoing involvement in the conflict in Yemen. Last year, Riyadh registered a $100

A Saudi man walks past a pump at a petrol station on December 28, 2015 in the Red Sea city of Jeddah. Saudi Arabia said it plans to review the prices of heavily-subsidised power and fuel as part of new measures introduced in the face of low oil prices.

Oil Prices Plunge

Reuters reports: “Wall Street tumbled on Wednesday, with the S&P 500 hitting its lowest since February 2014 and deepening this year’s selloff as oil prices plummeted unabated.”

AP Photo/Richard Drew

Alberta Oil Companies Hemorrhage Cash After NDP Tax Hike

President Obama is not alone in wielding governmental power to clamp down on carbon-emitting energy. While he weaponizes the Environmental Protection Agency to take on coal-powered energy, potentially shutting down hundreds of coal-fired power plants, Alberta’s new socialist NDP government is pushing ostensibly environmentally-minded policies against oil on shared premises of combating “climate change.”

The Suncor refinery in Edmonton, Canada seen here on June 17, 2015, has a capacity of refining 142,000 barrels of light oil a day, according to the company. It is run entirely on bitumen from the oil sands in Northern Alberta. AFP PHOTO/GEOFF ROBINS

Mexican Economy Continues Decline; Peso Briefly Falls Below 16

The Mexican peso on July 20th continues it fall and it broke 16 to 1 US dollar. An economic and political stable Mexico is essential for the United States and Texas. Over the past year the Mexican peso has been weakening. A year ago it was 12.97 to the US dollar; 6 months ago 14.66; one month ago 15.34; and July 20th 16.02. On July 22, the peso exchange rate is 16.09.

Resident walks past a currency exchange business in the town of Ixmiquilpan

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.

California Pumpjack (Joel Pollak / Breitbart News)

Report: World Running Out of Oil

After a year in which the oil price plummeted and the industry adjusted to a period of global oversupply, an analyst has claimed that the world is running short of oil.

The Associated Press

US GDP Temporarily Stalls Out, Similar to 1986 Oil Crash

U.S. economic growth stalled out in the first quarter of 2015 as the domestic energy boom caused a short-term collapse in capital spending, large lay-offs in the oil industry, and a 15 percent jump in the exchange rate of the US dollar. A pattern of slowing GDP just before a consumer spending boom takes off is consistent with what happened the last time a big rise in U.S. crude oil production tanked gasoline prices beginning in 1986.

California Pumpjack (Joel Pollak / Breitbart News)

Venezuela Rations Electricity, Blames Climate Change

The Venezuelan government will begin rationing electrical supplies this week in response to high demand triggered by heat. Public employees will only have to work six hours a day until further notice, and police units will be sent to inspect private businesses to ensure they only use their allotted amounts. Venezuelan Vice President Jorge Arreaza blamed the measures on climate change.

Venezuela President Maduro

Houston #5 Nationally in Luxury Home Sales despite Lower Oil Prices

HOUSTON, Texas – Despite a sharp downturn in the price of oil, Houston remains the top Texas city for the sales of luxury homes and ranks fifth in the nation. This ranking was reported from Coldwell Banker Previews International’s spring 2015 luxury market report by Paul Takahashi with the Houston Business Journal.

River Oaks Home

Nuclear Deal with Iran Could Lower Gas Prices

Iran, which has had its oil exports restricted between 2012 and 2014 by economic sanctions so its exports were virtually cut in half, would likely increase its imports if the U.S. and the other P5+1 nations make a deal regarding Iran’s nuclear program. Their increased exports might cause American gas prices to dip, leaving consumers happier until the Iranian nuclear program becomes operational.

AP Photo/Lynne Sladky

There Is No Peak Oil–But We Are Approaching Peak Low-Cost Oil

We will finally learn, after more than 40 years of not knowing, what the free market supply/demand price of crude truly is. This knowledge will make it harder for secretive governments and corporations to manipulate prices in the future, while strengthening domestic production to weather supply shocks in the future.

AP Photo/Lynne Sladky

Getting the Couch Potatoes Back to Work

In 2014, GDP growth bounced back in the spring and summer from a tough winter, but in the fourth quarter, it fell off to 2.6 percent. History indicates the country should be doing a lot better—simply, too many prime working-age Americans are despondent and have permanently dropped out of the workforce.

Flickr Creative Commons / Kathryn Decker

King Abdullah of Saudi Arabia Dies Aged 90

King Abdullah of Saudi Arabia has died aged 90 after suffering with pneumonia for the last few weeks. The king ruled Saudi Arabia since 2005 and has been credited with bringing in moderate reforms to the conservative Muslim country. He

king-abdullah_Reuters

Texas Oil Giant to Lay Off 9,000 Workers Across Globe

HOUSTON, Texas – Nine thousand workers are set to be laid off by Texas-based oil giant Schlumberger. The oil tool services company said it must fire 9,000 workers because of plummeting crude oil prices and a slow-down in 2015 production and exploration. The employee reduction comprises about 7.5 percent of the company’s 120,000 global labor force.

AP Photo

Texas Economy Expected to Grow Despite Oil Slump

Texas Comptroller of Public Accounts Glenn Hegar released the Biennium Review Estimate (BRE) on Monday in Austin. He predicted Texas will have $113 billion available for general purpose spending during the 2016-17 biennium. This represents a 9.5 percent increase over the 2014-15 biennium. The new Comptroller predicted a moderate growth rate during the coming two years.

Glenn Hegar - AP Photo