Continental US oil producers will reduce their drilling budgets by $150 billion by next year, according to a Wood Mackenzie report. The firm projects that worldwide crude oil product will decrease by 4.2 million barrels of oil equivalent per day by 2020.
Target has signed a long-term power purchase agreement with Starwood Energy's 211-megawatt Stephens Ranch Wood Project in Texas, according to the company. Target said the deal would offset all of the electricity used at 60 locations in Texas.
Tesla Motors CEO Elon Musk has unveiled his plan for his company: a sweeping vision that will see it fusing with SolarCity; providing car-sharing services; and developing compacts, trucks and buses in addition to its existing electric vehicle lineup. Critics said Musk's plan was "long on exciting visions of the future and short on financial details".
Children can be powerful influencers on sustainability issues, so many green marketers are launching in-classroom education efforts to recruit young advocates, writes Lee Ann Head. "If you’re not already running a program that teaches kids so they can teach the rest of us, get it started today," she advises.
Over 8,000 positions were cut by Schlumberger during the second quarter after doing the same in the first quarter. The company also eliminated 10,000 jobs in the fourth quarter of 2015.
Attorney Kenneth Feinberg said during a federal fraud case Wednesday that he was skeptical about the number of claims being reported while handling a claims fund resulting from the 2010 Gulf of Mexico oil spill. He testified at the trial for San Antonio attorney Mikal Watts and six co-defendants, who are accused of inflating the client list to generate more claims.
The Alameda County Board of Supervisors approved a hydraulic fracturing ban on Tuesday, even though the only company drilling in the California county does not use the technique. The county is the fifth in the state to enact such a ban.
The East Coast, West Coast and Gulf Coast regions saw refining margin increases during the week ended July 15, according to a Credit Suisse report. East Coast margins increased by 51 cents, while West Coast and Gulf Coast margins rose by 44 cents and 5 cents, respectively.
Oil producers including Linn Energy, Penn Virginia and Energy XXI have liquidated lucrative hedges due to bankruptcy laws that fail to protect hedges from foreclosure in the way that land and equipment are protected. Oil firms that are forced to sell their hedges during bankruptcy proceedings are left "naked against the market prices," according to Wunderlich Securities analyst Jason Wangler.
September crude oil dropped by $1 to $44.75 a barrel on the New York Mercantile Exchange on Thursday, while stockpiles of gasoline increased by 911,000 barrels last week. "It's been a bit of a hangover from the inventory report yesterday," said ClipperData Director of Commodity Research Matt Smith about the price drop.
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