What better symbolizes the modern oil market than the American sport utility vehicle? The outsize crowd carrier embodies the unbridled gasoline consumption and disregard for cost that receive widespread blame for fuel prices now pressing hard on consumers and economies.
The June contract for US light, sweet crudes jumped to a record of $126.27/bbl May 9 on the New York Mercantile Exchange before closing at a record $125.96/bbl, gaining a total $9.64/bbl over five trading sessions that week.
US Secretary of Energy Samuel W. Bodman has criticized a call by both Republic Party presumptive nominee Sen. John McCain (R-Ariz.) and Sen. Hillary Clinton (D-NY) for a suspension of the 18.4¢/gal federal gasoline tax during the US summer driving season.
When the US Senate Energy and Natural Resources Committee sent 45 public land, forest, park, and water bills to the floor on May 7, the measures included closure of 1.2 million federal acres in Wyoming to future oil and gas leasing.
The US Senate and House overwhelmingly approved bills on May 13 to suspend crude oil purchases for the Strategic Petroleum Reserve through the end of 2008 unless prices fall below $75/bbl for 90 days.
The oil and gas industry is headed for an energy policy “train wreck” unless it can successfully communicate with and engage the public in a way that will influence governmental actions favorable to the realistic provision of energy, said Consumer Energy Alliance Vice-Pres. Michael Whatley at the Offshore Technology Conference in Houston May 8.
Refiners have greatly enhanced their storm preparation procedures in the wake of Hurricanes Katrina and Rita, reported National Petrochemical & Refiners Association Pres. Charles T. Drevna to a US Senate committee May 13.
Believe it or not, in Ireland’s County Mayo they’re still arguing over the route of the pipeline Shell E&P Ireland wants to construct from offshore Corrib gas field (OGJ, Nov. 20, 2006, p. 30).
Methane hydrates research has made unexpected strides since 2000, but technical and economic obstacles have to be resolved before hydrates production can be proved feasible, a speaker told the Offshore Technology Conference in Houston on May 8.
The board of Canadian oil and natural gas company EnCana Corp. has approved a proposal to split along distinct business lines—oil and gas—to create two Calgary-based energy firms.
To operate a world-class maintenance organization, plant operators need precise information combined with the ability to act quickly in response to impending emergencies.
Well-designed, monitored, and operated molecular sieve dehydration systems in natural gas processing plants effectively remove moisture for more than 2,000 regeneration cycles.
Design and installation of the offshore portion of Bahrain Petroleum Co.’s Khuff gas transmission and distribution networks (three 18-in. OD high-pressure natural gas lines) required careful planning and implementation to avoid damaging fisheries and migratory bird stops located in the shallow-water environment and impeding shipping through the commercial channel.
