The biggest ever work-week fall of crude prices dropped a total $16.20 July 14-18 to $128.88/bbl, “below key price points that bulls may have needed to hold onto to continue their rally,” said analysts at Pritchard Capital Partners LLC, New Orleans.
Industrial energy costs have increased recently relative to industrial construction costs in a shift that will affect energy investment, production, and use.
Expectations that supplies will continue to dwindle while demand keeps growing have pushed crude oil prices dramatically higher since the beginning of 2008, two leading energy analysts told US senators.
Several members of Congress may try to minimize it. But experts say that a basic force behind dramatically higher oil and gas prices is more expensive exploration and production.
The US Bureau of Land Management issued a record of decision that sets the stage for a major lease sale in the National Petroleum Reserve-Alaska’s northeast portion.
Indonesia, in a bid to exercise greater control over contract holders, will allow upstream oil and gas regulator BPMigas to assign officials to work as vice-president within international oil companies (IOCs).
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, while acknowledging that Indonesia has played an important role since joining the organization in 1962, said its plan to withdraw from the group is a “sovereign” decision.
The US and Mexico are reported to have begun talks on how to conduct oil exploration operations in the Gulf of Mexico beginning in 2011 when a 10-year moratorium expires.
Indonesia’s state-owned PT Pertamina will raise its fuel imports by 60% for about a month to compensate for a drop in production at its Cilacap refinery in Central Java.
US oil demand dropped 3% in 2008’s first 6 months as gasoline deliveries fell 1.7% in their first significant 6-month decrease since 1991, the American Petroleum Institute reported on July 18.
Offshore exploration and appraisal drilling in UK waters in the first 6 months of 2008 kept pace with 2007’s level, said the Department for Business, Enterprise and Regulatory Reform.
Based on history, the world will require long-term sulfur management strategies because the increased development of fossil fuels likely will result in involuntary production of large amounts of surplus sulfur.
Natural gas treatment often uses adsorbents for contaminant removal. Special materials, such as molecular sieves, remove sulfur-containing impurities like mercaptans, as well as water vapor.
A new case study written by Julian Williamson and Christine Daniels and published by the UK’s Health and Safety Executive details issues contributing to a third-party pipeline infringement in February 2007.
