Latest Oil and gas exploration and extraction News

US industrial production ticks up 0.1 percent in October

Nov. 16, 2018 12:08 PM EST

WASHINGTON (AP) — U.S. industry expanded slightly in October, with manufacturing growth offsetting declines in mining and utility production. Industrial production ticked up a modest 0.1 percent last month, the Federal Reserve reported Friday. It was the fifth straight monthly gain and left output up 4.1...

US energy official sees 'great promise' in eastern Med

Nov. 16, 2018 10:57 AM EST

NICOSIA, Cyprus (AP) — The United States sees "great promise" in developing energy resources in the eastern Mediterranean, a U.S. state department official said Friday, as ExxonMobil and partner Qatar Petroleum began exploratory drilling off Cyprus' southwestern coast. Francis Fannon, the Assistant...

Asian shares lower after Wall Street falls over oil concerns

Nov. 13, 2018 10:17 PM EST

TOKYO (AP) — Asian shares were mostly lower Wednesday, after the steepest drop in oil prices in more than three years put investors in a selling mood on Wall Street. KEEPING SCORE: Japan's benchmark Nikkei 225 inched down 0.1 percent to 21,779.22 in early trading, while Australia's S&P/ASX 200 lost 1.3...

Markets Right Now: Plunging oil prices sink energy stocks

Nov. 13, 2018 4:12 PM EST

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. The steepest fall in oil prices in more than three years pulled energy stocks lower on Wall Street, extending a losing streak for the S&P 500 index to a fourth day. The price of U.S. crude plunged 7.1 percent...

Trump administration sides with tribes in drilling dispute

Nov. 13, 2018 3:48 PM EST

BILLINGS, Mont. (AP) — The Trump administration plans to appeal a federal court ruling that would allow oil and gas drilling on land considered sacred to Native American tribes in Montana and Canada, U.S. Interior Secretary Ryan Zinke said Tuesday. Zinke said it would be inappropriate to allow drilling in...

Spain considers ban on sale of gas and diesel cars by 2040

Nov. 13, 2018 11:59 AM EST

MADRID (AP) — Spain's government is eyeing ambitious steps to tackle climate change, including a ban on the sale of gas and diesel cars from 2040. The government presented a blueprint Tuesday that foresees an end to state financial subsidies for fossil fuels and a prohibition on fracking. The working...

Drilling overwhelms agency protecting America's lands

Nov. 13, 2018 5:42 AM EST

CARLSBAD, N.M. (AP) — Wayne Smith was hardened to a certain level of chaos here, on land the American public owns. But even he was incredulous as he surveyed an area he leases for grazing, now cleared of grass and cluttered with above-ground pipelines, a drill pad for multiple wells and other oil and gas...

Drilling overwhelms agency protecting America's lands

Nov. 13, 2018 5:42 AM EST

CARLSBAD, N.M. (AP) — Wayne Smith was hardened to a certain level of chaos here, on land the American public owns. But even he was incredulous as he surveyed an area he leases for grazing, now cleared of grass and cluttered with above-ground pipelines, a drill pad for multiple wells and other oil and gas...

IMF: Mideast oil producers buoyed by higher prices, for now

Nov. 13, 2018 2:49 AM EST

DUBAI, United Arab Emirates (AP) — Higher oil prices are helping to offset increases in public spending by the Middle East's oil exporting heavyweights like Saudi Arabia, with these countries narrowing their budget deficit by $77 billion, the International Monetary Fund said on Tuesday. However, the rosier...

Oil drops again after Trump tweets against production cuts

Nov. 12, 2018 7:40 PM EST

Oil prices are falling again, this time helped lower by a tweet from President Donald Trump. The presidential tweet Monday was in response to news that OPEC, led by Saudi Arabia, and allies including Russia were signaling willingness to consider production cuts to stem a six-week slide in crude prices....