British wealth manager Coutts sees oil prices stabilizing within a range of $40 to $60 per barrel for at least the next year or two. "This is partly due to the stabilizing effects of U.S. shale production, which becomes profitable with oil at about $50 per barrel," Coutts said in a report.
The House of Representatives on Wednesday voted 254-175 in favor of a bill that would simplify the permitting process for cross-border oil and natural-gas pipelines. The legislation would give the Federal Energy Regulatory Commission more authority over cross-border pipelines and would eliminate a requirement that such projects obtain presidential permits.
Plains All American announced plans to expand its Sunrise crude pipeline running from Texas' Permian Basin to Cushing, Okla., by 180 miles and 120,000 barrels per day of capacity. The expansion is expected to become operational by mid-2019.
US crude stocks posted a bigger-than-expected drop of 4.7 million barrels last week, while gasoline and distillate supplies fell by 4.4 million and 2.1 million barrels, respectively, the Energy Information Administration said. News of the inventory declines lifted oil prices by 2% on Wednesday to their highest level in six weeks.
America's vast supplies of shale oil and liquefied natural gas have helped the US become an energy superpower, putting it "at the heart of a twin energy revolution," International Energy Agency Executive Director Fatih Birol said. The IEA sees US oil production hitting a record 9.9 million barrels per day in 2018, while natural-gas production is expected to continue to increase despite weak market conditions, potentially catapulting the US to the top five LNG exporters within five years.
Houston's Enterprise Products Partners on Wednesday won an appeal against Energy Transfer Partners in a contract dispute case over a 2011 pipeline deal. The 5th US Circuit Court of Appeals found that the agreements reached by the two parties were not binding and proceeded to overturn a 2014 district court verdict that awarded ETP $535 million in damages.
Scientists used powerful X-rays from the European Synchrotron Radiation Facility in Grenoble, France, to learn more about carbon's entry into the Earth's mantle and core, which hold up to 90% of the planet's carbon. Researchers conducted experiments on iron carbonate compounds with ESRF beamlines to study the recycling of carbon between the Earth's surface and interior.
Investigators searching for Malaysia Airlines Flight 370 in the Indian Ocean have published maps showing undersea volcanoes, ridges and mountains in remote areas of the seafloor west of Australia. The data compiled from surveys covering 119,139 square kilometers include 3D models of land forms and raw bathymetric details.
A dramatic increase in road and building construction in Asia has led to a surge in demand for sand to make concrete, prompting miners to collect it from river and lake beds and surrounding seas. The search for sand has raised environmental concerns, as unscrupulous miners destroy natural areas and even destroy small islands.
The number of drilled but uncompleted oil and natural-gas wells in the US has gone up, mainly in the Permian Basin in Texas and New Mexico. The backlog, which surpassed 6,000 in the seven largest shale plays, is related to a shortage of crews as companies drill wells faster than they can connect them to operation systems.
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