Latest Oil and gas industry News

Trump bars California from setting stricter fuel standards

Sep. 18, 2019 8:26 PM EDT

WASHINGTON (AP) — President Donald Trump announced Wednesday that his administration is revoking California's authority to set auto mileage standards stricter than those issued by federal regulators, a move critics said would result in less fuel-efficient cars that create more planet-warming pollution. In...

Saudis couldn't stop oil attack, even with top US defenses

Sep. 18, 2019 8:02 PM EDT

WASHINGTON (AP) — Saudi Arabia spent billions to protect a kingdom built on oil but could not stop the suspected Iranian drone and missile attack, exposing gaps that even America's most advanced weaponry failed to fill. In addition to deciding whether that firepower should be turned on Iran in retaliation,...

Report: Cleanup of abandoned oil, gas wells could cost US

Sep. 18, 2019 7:49 PM EDT

BILLINGS, Mont. (AP) — U.S. taxpayers could face potentially hundreds of millions of dollars in cleanup costs from abandoned oil and gas wells on public lands, a government watchdog agency said Wednesday. The Government Accountability Office said in a report that it identified almost 2,300 wells that have...

Judge partially blocks law aimed at oil pipeline protests

Sep. 18, 2019 7:30 PM EDT

A federal judge on Wednesday temporarily blocked enforcement of some new South Dakota laws that aim to prevent disruptive demonstrations against the Keystone XL pipeline. A lawsuit spearheaded by the American Civil Liberties Union against Gov. Kristi Noem and state Attorney General Jason Ravnsborg alleges that...

The Latest: UN chief: Experts on way to probe Saudi attacks

Sep. 18, 2019 7:06 PM EDT

DUBAI, United Arab Emirates (AP) — The Latest on tensions in the Persian Gulf (all times local): 10:00 p.m. U.N. Secretary-General Antonio Guterres says U.N. experts have already left for Saudi Arabia to investigate attacks on key Saudi oil installations. Saudi Arabia's Ministry of Foreign Affairs said...

A divided Fed reduces rates but may not cut again this year

Sep. 18, 2019 6:24 PM EDT

WASHINGTON (AP) — A sharply divided Federal Reserve cut its benchmark interest rate Wednesday for a second time this year but declined to signal that further rate cuts are likely this year. The Fed's move reduced its key short-term rate — which influences many consumer and business loans — by...

US says attack on Saudi oil site was an Iranian 'act of war'

Sep. 18, 2019 6:13 PM EDT

RIYADH, Saudi Arabia (AP) — U.S. Secretary of State Mike Pompeo on Wednesday called the attack on Saudi Arabia's oil installations an "act of war" against the kingdom by Iran, as the Saudis displayed missile and drone wreckage and cited other evidence they said shows the raid was "unquestionably sponsored...

Oil price drops for 2nd day despite heightened Gulf tensions

Sep. 18, 2019 5:10 PM EDT

NEW YORK (AP) — Oil prices retreated for a second day Wednesday even as the Saudi military blamed Iran for recent attacks to critical oil infrastructure and U.S. Secretary of State Mike Pompeo called the strike an "act of war." Benchmark U.S. crude fell 2% to close at $58.11 per barrel. It fell nearly 5.7%...

US stocks end mixed following Fed's decision to cut rates

Sep. 18, 2019 5:00 PM EDT

Major U.S. stock indexes closed mostly higher Wednesday after the Federal Reserve cut its benchmark interest rate for a second time this year, citing slowing global economic growth and uncertainty over U.S. trade conflicts. Gains in banks, utilities and technology companies outweighed losses elsewhere in the...

Saudi-led group to construct gas pipeline in Bulgaria

Sep. 18, 2019 4:00 PM EDT

SOFIA, Bulgaria (AP) — Bulgaria's state gas operator signed 1.1 billion-euro construction contract ($1.2 billion) with a Saudi-led group Wednesday for building a natural gas pipeline that would carry Russian natural gas from the much larger TurkStream pipeline into parts of Europe. The contract between...