Home / Author Archives: Ross Torgerson

Author Archives: Ross Torgerson

Transportation officials issue oil train safety measures

WASHINGTON — An emergency order requiring trains hauling crude oil and other flammable liquids to slow down as they pass through urban areas and a series of other steps to improve the safety were announced Friday by the Department of Transportation. The Obama administration has been under intense pressure from members of Congress as well as state and local officials ...

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Texas House OKs rules to prohibit city fracking bans

Texas House

AUSTIN, Texas — Cities and counties in Texas could no longer prohibit hydraulic fracturing under an oil and gas industry-backed measure overwhelmingly approved by the House. The bill passed Friday comes months after the city of Denton banned local fracking over environmental and safety concerns. That ordinance is now being challenged by lawsuits brought by the state and industry groups. ...

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OPEC should consider return to oil quotas: Delegate

OPEC

LONDON – OPEC should consider re-introducing individual output quotas, shuffled quietly to one side in 2008, to prevent oversupply hitting prices should Iran increase its oil exports following a deal over its nuclear work, an OPEC delegate said. A proposal to reintroduce quotas would spark a fierce debate in the Organization of the Petroleum Exporting Countries as national prestige and ...

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U.S. to propose higher royalty rates for drilling federal land

pump jack midland

WASHINGTON – The U.S. government would get a larger share of oil and gas revenue from federal land under a proposal the Interior Department is expected to announce on Friday. The federal government is entitled to a 12.5 percent share of oil and gas sold from federal land, chiefly in Western states. The stake for offshore drilling is usually set ...

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Schlumberger impresses with cost cuts, resilient margins

Schlumberger Ltd, the world’s No.1 oilfield services provider, reported a smaller-than-expected fall in first-quarter margins as it continued to execute tight cost controls to combat a decline in drilling activity. Schlumberger shares rose as much as 3.3 percent to a near-five-month high of $94.89 on Friday, a day after the company reported a profit well ahead of analysts’ expectations despite ...

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Brent rises above $64 after Yemen oilfield retreat

LONDON – Oil prices repaired early losses to rally above $64 on Friday due to the conflict in Yemen. Brent crude was within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by Yemen and the prospect that lower prices are starting to curb U.S. shale output. At 1509 GMT, Brent crude for ...

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Prospect of nuclear deal is already weighing on oil prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Lifting sanctions on Iran’s oil industry could significantly change the outlook for oil supply and prices, the head of the U.S. Energy Information Administration told U.S. legislators. “If and when sanctions are lifted, EIA’s baseline forecast for world crude oil prices in 2016 could be ...

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‘Open carry,’ fracking bills return after technical delay

Texas House

AUSTIN, Texas — Two of the Texas legislative session’s most-watched bills are again scheduled for debate and likely passage — three days after a technicality raised by Democrats temporarily derailed them. The Texas House had been poised to vote Tuesday on allowing licensed Texans to wear handguns in plain sight, overturning a Civil War-era ban on “open carry.” Also up ...

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Report: Nuke dump radiation leak could have been prevented

ALBUQUERQUE, N.M. — A radiation leak that forced the indefinite closure of the federal government’s only underground nuclear waste repository could have been prevented, a team of investigators said Thursday. A combination of poor management, lapses in safety and a lack of proper procedures were outlined in a final report released by the U.S. Department of Energy’s Accident Investigation Board. ...

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Texas oil company accused of ND worker discrimination

lawsuit

WILLISTON, N.D. — A federal lawsuit has been filed against an oil company operating in North Dakota’s oil patch accusing it of discriminating against a worker based on his race. The U.S. Equal Employment Opportunity Commission says Cudd Energy Services violated civil rights law by subjecting Alexis Villanueva to a racially hostile work environment because of his Asian race and ...

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