U.S. crude oil production reached a new all time high of 12.2 million barrels per day (MMbpd) in May. That’s according to the American Petroleum Institute’s (API) latest monthly statistical report, which revealed that Texas crude oil output exceeded 5 MMbpd last month for the first time. Read the source article at rigzone.com … [Read more...] about US Oil Production Hits New All Time High
Oil & Gas
In the old days, it would have been absolutely essential for the United States to ensure that the Strait of Hormuz—through which a third of the world’s crude oil passes daily—remained open. It is less essential now, thanks to the oil shale revolution, which has once again made America an oil giant. We now produce more oil than Saudi Arabia and more than the Russians. Read the … [Read more...] about Another way China is ripping us off
U.S. stocks rose Thursday, following back-to-back losses for major indexes, as investors monitored a sharp jump in oil futures after two oil tankers were damaged in suspected attacks off the coast of Iran, heightening tensions between Tehran and Washington. Dow Jones Industrial Average DJIA, +0.39% rose 76 points, or 0.3%, to 26,079 and the S&P 500 index SPX, +0.42% … [Read more...] about Stocks rebound after back-to-back losses as oil prices spike
Last year, the lack of adequate pipeline and rail export capacity to handle growing oil output drove the discount for Canadian oil prices from those in the U.S. prices to nearly $52 per barrel. The discount drove Canadian wellhead prices below $10 per barrel, well below breakeven levels, and cost the industry and the Alberta province billions in revenues. For the province, … [Read more...] about Is the Canadian Oil Patch Nightmare Over?
Canadian resource companies are choosing to invest abroad at record levels, amid waning global interest in the nation’s energy and mining assets. Statistics Canada reported Thursday that Canadian-based energy and mining companies invested a net $15.5 billion ($11.5 billion) outside of the country in the first three months of 2019. The exodus of Canadian capital from the sector … [Read more...] about Canadian Oil Companies Investing Abroad at Record Levels