Gulf Oil Spill Could Last 100 Years

The most famous American oil spill in recent history was in 2010 when BP oil rigs reported a massive, long-lasting leak. It took many months to finally stop the flow of crude oil into the Gulf of Mexico. Farther back there was another oil spill in the Gulf caused by Hurricane Ivan in 2004. Now, over a decade later, it is suspected by government officials that there has been, and still is, a leak from those wells knocked over in the hurricane. Taylor Energy Company is responsible for fixing their problems and cleaning up the constant oil slicks in the area from their wells. More stringent restrictions on oil companies seem to be a new, positive trend but the problem is on-going and probably will be long-term.

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China is world’s Biggest Crude Oil Importer

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China is known to be the top most energy consumer in the whole world. Here, oil is the most consumed fuel as well as the most traded commodity in the market. This country has even beaten the United States as far as importing crude oil is concerned. Continue reading

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The Cleanup From Royal Dutch Shell To Begin Soon

An oil slick from the oil spill
The Royal Shell oil industry plan is to pay out 55 million pounds, $83.4 million dollars in restitution for two oil spills in Nigeria which occurred in 2008. This was decided after conceding to a conclusion with the affected people. Continue reading

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Sinopec, PetroChina deny merger rumours

Sinopec HQ Chaoyang
The stock prices of two of China’s oil industry giants soared Monday on speculation that the government might call for consolidation in the oil business. Continue reading

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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

tivpswek

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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