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Author Archives: NewsCred

Houston Has Highest Chance of Home Price Declines

As a whole, U.S. real estate has a low chance of experiencing a drop in prices. But energy-dependent areas are more vulnerable. Across the entire country, there is a six percent likelihood that residential home prices will decline during the next two years. While the national risk level is low, Energy Patch states — those dependent on coal, oil or ...

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Consol cuts gas spending

oil field, Kuwait, oil spill

Consol Energy Inc. again cut its budget for spending on natural gas exploration and production because of continued low prices, though it won’t rule out drilling a few new wells in 2016. The Cecil-based gas and coal producer early Wednesday announced a new capital budget plan and annual production estimates ahead of a two-day financial conference in Miami. The budget ...

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In Texas, residents are riding out the latest oil bust

BIG LAKE — The week before Christmas, restaurant owner Terry Stevens warmly shook hands with oil workers and wished them a happy holiday as they walked out the door, some possibly for the last time. Stevens, a 52-year-old Michigan transplant, moved to this West Texas outpost five years ago, before the latest oil boom. Workers flocked to the Mexican restaurant ...

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Oil industry exec: US crude exports help keep prices low

WASHINGTON — The oil industry’s top lobbyist says a new law allowing U.S. crude exports helps explain why oil prices have not spiked despite heightened tensions between two of the world’s big oil-producing countries, Iran and Saudi Arabia. The president and chief executive of the American Petroleum Institute, Jack Gerard, says the 3-week-old law lifting a 40-year ban on crude ...

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Oil proceeds went into personal accounts, Nigerian president says

LAGOS – Nigerian authorities have seen documents suggesting the proceeds from past crude oil sales were diverted to personal accounts rather than reaching government coffers, President Muhammadu Buhari said on Wednesday. Buhari, who took office in May after being elected on an anti-corruption ticket, said funds were “looted illegally”. He could not provide more details, since various cases were being taken ...

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As coal demand drops, so do funding sources

Bill Rau deals in rubies and Rembrandts, and if you told him a year ago he’d be traveling to England to buy an old lump of coal, he would have called you crazy. Then he saw it — a “monumental specimen” excavated from an Italian mine in the 1890s. “I had to buy it,” he thought. “This is a museum ...

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Towns, residents push back on pipeline

To energy company Kinder Morgan, it’s called the Northeast Energy Direct Project. Some local residents refer to it differently. The energy company is looking to bring natural gas into the region on a new pipeline mostly occupying current utility rights-of-way. However, several issues are keeping its construction from being a slam dunk. A series of public meetings hosted by the ...

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Company to hold meeting on decade-old oil leak in Gulf

BATON ROUGE, La. — The company responsible for a decade-old oil leak in the Gulf of Mexico will hold a public meeting next month to disclose details of its efforts to stop chronic slicks from forming off Louisiana’s coast. The Jan. 20 forum in Baton Rouge was a requirement of Taylor Energy Co.’s court settlement in September with environmental groups, which ...

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Labor regulators aim to finish difficult dust rule

Dust in the workplace — affecting the construction, mining and oil and gas industries — has proven a tough issue to regulate, with a battle over updating federal standards dragging on more than 40 years and vexing eight presidential administrations. But a final rule could come as soon as February, one that would cut the allowable exposure of crystalline silica, ...

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OPEC’s market share to shrink by 2020 as rivals keep pumping despite oil’s collapse

LONDON – Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fueling a debate on the merits of its strategy to let prices fall to hurt other producers. The Organization of the Petroleum Exporting Countries, which a year ago refused to cut supply to retain market ...

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