Latest Oil and gas refining News

Judge: No site permit needed for refinery near national park

May. 15, 2019 4:19 PM EDT

BISMARCK, N.D. (AP) — A North Dakota judge has ruled that regulators properly refrained from getting involved in a dispute over the location of an $800 million oil refinery planned near Theodore Roosevelt National Park, sparing developers from a potentially lengthy delay in construction. The Public Service...

North Dakota to sue Washington state over oil train standard

May. 10, 2019 1:50 PM EDT

BISMARCK, N.D. (AP) — North Dakota is preparing to sue Washington state over a new Washington law requiring oil shipped by rail through that state to have more of its volatile gases removed, which supporters say would reduce the risk of explosive and potentially deadly derailments. North Dakota officials...

Mexican government to handle construction of oil refinery

May. 9, 2019 11:32 PM EDT

MEXICO CITY (AP) — The Mexican government and state-owned oil company Pemex will oversee construction of a new $8 billion refinery after international companies bidding for the project could not meet the government's time or budget requirements, President Andrés Manuel López Obrador said...

Iraq awards gas recovery contract to China's CPECC

May. 8, 2019 11:05 AM EDT

BAGHDAD (AP) — A Chinese energy company was awarded a contract to recover natural gas from Iraq's Halfaya oil field, on Wednesday, to fuel power stations in the country's underserved Maysan province. The China Petroleum Engineering and Construction Corporation said its gas processing plant would be able to...

US raises forecast for summer gasoline prices

May. 7, 2019 5:36 PM EDT

Gasoline for that summer road trip will cost a bit more than experts in the federal government were expecting just a month ago. The government is also predicting higher prices for crude oil despite an increase in U.S. production. That's because global demand is rising faster than previously expected. The Energy...

UN: 10 million North Koreans suffering severe food shortages

May. 3, 2019 9:49 AM EDT

ROME (AP) — About 10 million people in North Korea are facing "severe food shortages" after the East Asian nation had one of the worst harvests in a decade, the United Nations' top food agencies said Friday. The shortfall is the result of climatic conditions such as drought and flooding as well as a lack...

Mexico's oil company cuts theft, output still falling

Apr. 30, 2019 8:34 PM EDT

MEXICO CITY (AP) — Mexico's state-owned Petroleos Mexicanos company says it reduced fuel theft 79% in the first quarter, but continues to lose money and produce less crude. The company is known as Pemex. It produced an average of 1.66 million barrels of crude a day in the first three months of 2019, down...

North Dakota, Washington state at odds over oil train rules

Apr. 30, 2019 7:28 PM EDT

BISMARCK, N.D. (AP) — North Dakota officials are pressuring the state of Washington to back off from legislation requiring oil shipped by rail to have more of its volatile gases removed, urging the governor to veto the bill and promising a lawsuit if he doesn't. The bill awaiting Gov. Jay Inslee's...

US stocks close higher as S&P 500, Nasdaq hit new highs

Apr. 26, 2019 5:29 PM EDT

Wall Street capped a week of milestones by delivering a couple more Friday. A late-afternoon burst of buying lifted the major U.S. stock indexes, which had spent much of the day in a sideways drift. The gains nudged the benchmark S&P 500 index and Nasdaq composite to new closing highs for the second time this...

Exxon's 1Q profit tumbles 49% partly on higher spending

Apr. 26, 2019 3:21 PM EDT

IRVING, Texas (AP) — Exxon Mobil's first-quarter profit fell by half to $2.35 billion, its worst quarter since late 2016, as the company spent more on oil production and was hit by lower margins in its refinery business. The results fell short of Wall Street expectations, and the shares fell in afternoon...