Latest Oil and gas industry News

FILE - In this Thursday March 6, 2014, file photo, the sun sets beyond pumpjacks operating at the Inglewood oil fields in the Baldwin Hills area of Los Angeles. California issued new fracking permits Friday, April 3, 2020. It's the first new permits issued since July of last year, when Gov. Gavin Newsom fired the state's top oil and gas regulator after a report showed fracking permits had increased 35 percent since Newsom took office. (AP Photo/Richard Vogel, File)

Clarification: California-Oil Well Moratorium story

Apr. 4, 2020 6:20 PM EDT

SACRAMENTO, Calif. (AP) — In a story published April 3, 2020, The Associated Press reported California officials had authorized the first new oil wells in the state since July. The story should have made clear that California officials had authorized the first new oil wells using hydraulic fracturing since...

Gas prices in New Jersey, across nation keep falling

Apr. 4, 2020 10:04 AM EDT

TRENTON, N.J. (AP) — Gas prices in New Jersey and across the nation continue to fall amid the coronavirus epidemic with the average price of a gallon of unleaded gas nationwide dipping below $2 for the first time in four years. AAA Mid-Atlantic says the average price of a gallon of regular gas in New...

FILE- This Oct. 9, 2018, file photo shows an oil rig and pump jack in Midland, Texas.  Goldman Sachs is warning of another sharp drop in oil prices, Thursday, March 26, 2020, saying some oil producers are eventually going to have to shut some wells because the coronavirus outbreak is crushing demand. (Jacob Ford/Odessa American via AP, File, File)

Saudi Arabia sharply rebukes Russia over oil price collapse

Apr. 4, 2020 12:39 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers. Oil prices sharply fell after the...

New Mexico Land Office considers emergency oil and gas rule

Apr. 4, 2020 12:06 AM EDT

SANTA FE, N.M. (AP) — Land managers in New Mexico are considering an emergency rule allowing oil and gas companies that lease state trust land to temporarily stop producing without penalty for at least 30 days, with a possible extension of up to 120 days. State Land Commissioner Stephanie Garcia Richard on...

House Minority Leader Kevin McCarthy of Calif., President Donald Trump, and Chevron CEO Mike Wirth listen during a meeting with energy sector business leaders in the Cabinet Room of the White House, Friday, April 3, 2020, in Washington. (AP Photo/Evan Vucci)

White House convenes oil CEOs as bust threatens US boom

Apr. 3, 2020 7:08 PM EDT

WASHINGTON (AP) — President Donald Trump offered assurances of better times and coronavirus tests to oil CEOs at a White House summit Friday, but no firm proposals for easing the industry's way as the coronavirus pandemic and plunging petroleum prices threaten America's yearslong fracking boom. Executives...

Men stand close to their cars as they wait for hours to fill their cars up with gasoline in Caracas, Venezuela, Thursday, April 02, 2020. Lines at gas stations around the country's capital are getting longer and longer with some saying it was only this bad during the oil worker's strike of 2002. (AP Photo/Ariana Cubillos)

AP Sources: Shipping tycoon helps Venezuela in quest for gas

Apr. 3, 2020 6:22 PM EDT

CARACAS, Venezuela (AP) — With gas lines across Venezuela growing, a controversial shipping magnate has stepped in to prevent the country from running out of fuel amid the coronavirus pandemic, The Associated Press has learned. The fuel shortage, in the nation that sits atop the world largest crude...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by U.S. flags flying outside the New York Stock Exchange in New York. Global stocks are down, Friday, April 3, after the U.S. government said employers cut 701,000 jobs in March as they shut down or sharply curtailed business due to the coronavirus outbreak. (AP Photo/Mary Altaffer, File)

Stocks drop as coronavirus crunches the job market, economy

Apr. 3, 2020 4:41 PM EDT

NEW YORK (AP) — The stock market’s first reaction to Friday’s stunningly bad jobs report was to take it in stride. But Wall Street slid through the day as investors looked ahead to the likelihood that even worse numbers are on the way. Stocks initially held steady after the government said...

Putin suggests sizable oil production cut as prices fall

Apr. 3, 2020 2:29 PM EDT

MOSCOW (AP) — Russian President Vladimir Putin says he supports cutting oil production by about 10 million barrels a day to shore up falling prices. His statement Friday that was reported on the Kremlin website came a day after President Donald Trump tweeted he was hoping for Saudi Arabia and Russia to cut...

In this photo taken from video provided by the New York Stock Exchange, Robert Glorioso, Chief, Building Engineering Operations, rings the opening bell at the NYSE, Thursday, April 2, 2020. Stocks are wavering between small gains and losses early Thursday after a report showed a record number of Americans lost their jobs last week due to the coronavirus outbreak. (New York Stock Exchange via AP)

Asian stocks mixed after Wall Street rises on pricier oil

Apr. 2, 2020 11:53 PM EDT

BEIJING (AP) — Asian stocks were mixed Friday after Wall Street gained for the first time in three days on stronger oil prices despite enduring uncertainty about how long the global economic decline due to the coronavirus pandemic will last. Tokyo and Seoul rose while Shanghai, Hong Kong and Sydney...

A sign on the 600 North overpass of northbound on I-15 says

Ballooning jobless claims flood Utah system in COVID crisis

Apr. 2, 2020 8:09 PM EDT

SALT LAKE CITY (AP) — Jobless claims in Utah ballooned again as tens of thousands of people forced out of work during the coronavirus crisis flooded the system that had been staffed to handle a trickle during a time of historically low unemployment. Numbers released Thursday show 28,560 new unemployment...