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OPEC: Global market share hits 12-year low

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader

Thanks to U.S. shale oil output, the Organization of Petroleum Exporting Countries’ share of the global crude market has hit a low not seen for over a decade, reports Bloomberg News. The organization’s global oil market share in 2014 dropped to 41.8 percent, down from 43.3 percent seen the year prior, according to OPEC’s Annual Statistical Bulletin. The downward slide ...

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150,000 oil and gas jobs lost worldwide

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Since oil prices began their dramatic decline last summer, over 150,000 jobs in the oil and gas industry have been cut across the globe, according to a recent report from oil and gas job services company Swift Worldwide Resources. As reported by Rigzone, the Swift report states that the United States witnessed the “fastest and steepest decline” of oil and ...

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USGS says the Utica uses A LOT of water

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New research says Ohio’s Utica Shale in the eastern part of the state is one of the top water consuming areas in the nation. According to the U.S. Geological Survey (USGS), its new study provides the first comprehensive nationwide data on water used during fracking. As reported by the Columbus Business First, “The general consensus: Fracking ‘uses large amounts of ...

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For second year, Alaska’s GDP worst in the nation

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JUNEAU — For the second year in a row, Alaska’s gross domestic product declined more than any other state’s, the result of reduced North Slope oil production and much lower prices for crude. In 2014, Alaska’s GDP contracted by 1.3 percent, while Mississippi, the only other state with a negative number, shrank by 1.2 percent. That’s according to the federal ...

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New federal regulations on oil tank-car trains face challenges

Image: Mary Schimke / Shale Plays Media

The U.S. railroad industry, several environmental groups and two Chicago suburbs are challenging the federal government’s recently unveiled regulations intended to enhance the safety of milelong trains carrying volatile crude oil, dozens of which pass through the metro area each week. The organizations, along with the city of Aurora and the village of Barrington, contend that the regulations announced May ...

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