There's been a significant increase in energy companies tapping the Utica Shale for natural gas over the last four years, which has driven up production numbers, according to a new report from the Energy Information Administration. Utica well production has skyrocketed from 0.1 billion cubic feet per day in December 2012 to 3.5 billion cubic feet per day in June 2016.
Oil companies are expected to increase their spending in 2017 by 2.5% more than the previous year's totals, the first yearly growth in spending in three years. BMI Research predicts that spending will increase from $444 billion this year to $455 billion next year, although these figures are still well below the $724 billion spent in 2014 prior to the oil crash.
A UN special envoy has released a statement urging the federal government to block construction of the Dakota Access oil pipeline, citing concerns raised by the Standing Rock Sioux tribe.
Large banks such as Goldman Sachs would need to hold more capital against energy investments under a Federal Reserve plan proposed Friday. The Fed opened a three-month comment period on the plan.
Helis Oil & Gas has pulled out of a project in Louisiana's Tuscaloosa Marine Shale following a data assessment that revealed it is not commercially viable. Helis, which was drilling in the Lacombe Bayou Field, gave the exploration project a success rate of just 30% to 35% when the project started.
Without passing a continuing resolution, the federal government could face a shutdown this week. Disagreements remain over a proposed funding bill, including its lack of funding to address water contamination in Flint, Mich.
German specialty-chemical company Lanxess said it has agreed to acquire Chemtura in a $2.1 billion deal. The $33.50 a share Lanxess is paying is a 19% premium to Friday's closing price of Chemtura shares.
President Barack Obama's flagship Clean Power Plan is facing a key legal challenge, with oral arguments beginning Tuesday as state governments, utilities, environmentalists and coal companies line up to support or oppose the emissions-busting policy. "On one level, it's a political issue over the power of the executive branch, and on another, it's pivotal for different stakeholders in the clean tech and coal industries," says Amy Myers Jaffe, executive director of energy and sustainability at the University of California, Davis.
American consumers are growing more eco-conscious -- and data show they are changing their shopping behavior as well. "Creating consistent behaviors over time can lead to habits, and creating widespread sustainable habits could be the key to a truly sustainable future," Susannah Enkema writes.
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