Whether written about in an industry trade publication such as Oil & Gas Journal or a consumer magazine such as Popular Mechanics (PM), the discussion about what fuel will power the world’s increasing transportation needs-and how well it will do it and at what cost-is important.
The March contract for benchmark US crude closed above $59/bbl on the New York market for the first time in 2007 on Feb. 2 on the strength of forecasts that a severe cold front would hike heating demand 36% above normal in the Northeastern US, the largest heating oil market.
Fewer natural gas reserves are being added for every dollar spent on exploration and production, and higher costs are undermining the economics of drilling more gas wells, Cambridge Energy Research Associates said in a recent report.
Congress should resist mandating higher volumes or quicker implementation of biofuels beyond the existing federal renewable fuels standard (RFS), a National Petrochemical & Refiners Association official told a US Senate committee Feb. 1.
In September 2006, BP and Baker Oil Tools achieved an industry milestone with the successful installation of the world’s first monobore expandable liner extension system, in a commercial well in BP’s Arkoma asset in southeast Oklahoma.