The Gulf of Mexico still struggles after Deepwater Horizon spill


Gulf of mexico oil spill

The oil business has always struggled to cope with the impact of accidents that can have deep effects on the area they occur in, which is why the struggle to help the Gulf of Mexico to its pre-oil spill days has become such a major concern for many environmentalists. Continue reading

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Payout from BP oil spill deal tops $5 billion

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Patrick Juneau, the administrator manager who oversees the BP oil spill settlement payments, announced in a Wednesday news release that the company has paid out more than $5 billion to people and businesses professing economic losses as a result of BP’s 2010 Gulf of Mexico oil spill. Continue reading

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Remarkable Technological Innovations in Oil and Gas Industry

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It is no surprise that the oil business has a variety of oil extraction methods and that newer, safer and more effective methods are being devised on a regular basis. Staying on the cutting edge can be what sets oil producers apart as well what helps lower oil prices in the long term. Here are a few of the newest technological innovations in oil production. Continue reading

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Why Air Passengers Don’t Benefit from Oil Price Slump

Creative Commons / Eluveitie

Creative Commons / Eluveitie

In the past few weeks many motorists were enjoying the full benefits of the oil price slump, but air travelers were paying the same prices for tickets as they were before the oil slump. This makes us wonder, are airlines keeping the fuel benefits for themselves? Continue reading

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US Oil Prices Fall to a Six-Year Low

US Coastguard / USCG photo by PA2 Chad Saylor

Oil prices fell to six-year low on Monday, bringing smiles to millions of Americans who have seen a steep rise in gasoline prices in recent weeks. Crude oil dived as low as $42.85 a barrel, which is the lowest since March 2009 and stamps the fifth successive day of losses. The Organization of the Petroleum Exporting Countries (OPEC) pointed the reason to a continued glut in the United States that was exceeding already-overflowing storage facilities. Continue reading

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Top 5 Oil-Producing States of America

In less than two decades, the United States will turn out to be a net exporter of oil in the world. By 2025, North America will become an oil exporter as well because of increasing production and energy efficiencies as predicted by Exxon Mobil Corp. Also, by 2025 the US is expected to become a leading exporter of natural gas as well as by 2035 it will develop into a self-reliant in energy. Therefore, up to 90% of Middle Eastern Oil will go to Asia by 2035. Continue reading

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India Announces Stake in ConocoPhillips Kashagan Project

ConocoPhillips (COP) who was looking to sell its 8.4% interest in the troubled Kashagan oil field in Kazakhstan has finally found an Indian buyer. Oil & Natural Gas Corp. (ONGC), the Indian oil state group has announced its biggest overseas acquisition yesterday – ConocoPhillips $5.5 billion asset stake in the Caspian sea discovery. Continue reading

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Scientists Discover Effective Way to Absorb Oil Spills

Even after two years of the Deepwater Horizon oil platform explored in the Gulf of Mexico, plenty of restoration efforts are going on. Continue reading

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Oil Falls Prior to the US Election

Ahead of the US presidential election, the prices on oil drops a little bit low as investors looked forward to watch the final result. Continue reading

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Oil Prices Fall as Hurricane Sandy Bears Down on US East Coast

Oil prices fell to a three month low in New York as Hurricane Sandy forced refineries on the US East Coast to shut down operations.

Oil futures declined 0.5 percent after retreating 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP (NS) and PBF Energy Inc. shut or pulled down output in an Continue reading

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