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Oil price falls below $98 as dollar strengthens

prices

The price of oil fell below $98 a barrel Thursday amid reduced trading volumes and the impact of a strengthening dollar. By early afternoon in Europe, benchmark oil for February delivery was down 72 cents to $97.70 on the New York Mercantile Exchange. On Tuesday, the Nymex contract fell 87 cents to close the year at $98.42. Markets were closed ...

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Why North Dakota’s Oil Future Just Got Brighter

stock

By Daniel J. Graeber | Sun, 22 December 2013 00:00 U.S. Sens. John Hoeven and Heidi Heitkamp, bipartisan leaders from North Dakota, said the oil boom in their state just got louder with the passage of the Bureau of Land Management Streamlining Act. “There are currently about 525 permits awaiting approval,” Hoeven said in a statement. “This [act] will help ...

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Study: US drops royalty hike plan for some drilling; taxpayers hit

business

WASHINGTON – U.S. taxpayers will forgo more than $1 billion in revenue in the next decade now that officials have dropped plans to increase royalty rates for drilling on federal land, a report released on Tuesday concluded. Officials have for years considered boosting the royalty rate for onshore oil and gas development as a way to protect taxpayers’ stake in ...

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Shale boom could bring record US oil output in 5 years-EIA

business

By Sabina Zawadzki NEW YORK Dec 16 (Reuters) – U.S. crude oil production, rejuvenated by the advent of “fracking” shale formations, will approach historic highs by 2019, the Energy Information Administration (EIA) said on Monday, raising its forecast to levels that would have been unforeseen just a few years ago.The U.S. oil and gas industry has been a bright spot ...

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