Latest Oil and gas exploration and extraction News

In this Thursday, April 2, 2020 photo, an oil rig lights up the horizon on the outskirts of Midland, Texas after a late sunset. (Odessa American/Eli Hartman)

Chaos and scrambling in the US oil patch as prices plummet

Apr. 6, 2020 12:07 AM EDT

NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state's savings as oil revenue dries up. The global...

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...

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...

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...

FILE - In this Dec. 11, 2019, file photo, Saudi Arabia's state-owned oil company Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia. Saudi Arabia's oil company Aramco said Wednesday, march 11, 2020, it will increase production capacity to 13 million barrels per day, up from 12 million per day, part of a strategy to dominate market share amid a slowdown in demand due to the outbreak of a new virus. (AP Photo/Amr Nabil, File)

Trump says he expects Russia, Saudis to cut oil production

Apr. 2, 2020 5:12 PM EDT

DUBAI (AP) — President Donald Trump said Thursday that he expects Saudi Arabia and Russia will dramatically cut production and end an oil war that sent energy prices to record lows. But the Kremlin disputed part of his tweet, leading to skepticism that a deal was imminent. A global glut in production,...

A woman walks past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Thursday, April 2, 2020. Asian stocks were meandering Thursday after a White House warning that as many as 240,000 Americans might die of the coronavirus sent Wall Street tumbling and signs of the outbreak's global economic cost increased.(AP Photo/Kin Cheung)

Asian stocks mixed as economic toll of virus worsens

Apr. 2, 2020 12:04 AM EDT

BEIJING (AP) — Asian stocks were meandering Thursday after a White House warning that as many as 240,000 Americans might die of the coronavirus sent Wall Street tumbling and signs of the outbreak's global economic cost increased. Benchmarks in Tokyo and Hong Kong opened lower but were trading higher by...

President Donald Trump and Defense Secretary Mark Esper, right, walk as the U.S. Navy hospital ship USNS Comfort takes off from the pier at Naval Station Norfolk in Norfolk, Va., Saturday, March 28, 2020. The ship is departing for New York to assist hospitals responding to the coronavirus outbreak. (AP Photo/Patrick Semansky)

The Latest: WHO warns `far from over' in Asia and Pacific

Mar. 31, 2020 1:11 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — WHO warns COVID-19 epidemics “far from over”...

Gas USA is selling gas for 97.9 cents a gallon, Monday, March 30, 2020, in Cleveland. Oil started the year above $60 and has plunged on expectations that a weakened economy will burn less fuel. The world is awash in oil, meanwhile, as producers continue to pull more of it out of the ground. (AP Photo/Tony Dejak)

Gas is cheap, but for many motorists there's nowhere to go

Mar. 30, 2020 4:52 PM EDT

DALLAS (AP) — U.S. gasoline prices have dropped to their lowest levels in four years, and they are almost sure to go lower as oil prices plunge. Price-tracking services put the national average Monday around $2 a gallon. Some stations were spotted charging under a dollar. But don't expect a stampede to the...