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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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Podesta, a Keystone skeptic returns to White House

Podesta

By Patrick Rucker and Mark Felsenthal Dec 11 – John Podesta’s return to the White House could dim prospects for the Keystone XL pipeline’s approval, environmentalists said Wednesday, as the Democratic Party elder and Keystone critic crafts policies to curb climate change. Podesta, who was chief of staff under President Bill Clinton, will have the title “counselor to the president” ...

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Oil near $97 after rise in US gasoline supplies

oil stocks

Oil prices continued to drop Thursday after the U.S. government reported a large buildup in supplies of gasoline and diesel. Benchmark U.S. oil for January delivery was down 7 cents to $97.37 in electronic trading on the New York Mercantile Exchange. The contract fell $1.07 to close at $97.44 on Wednesday after the U.S. Energy Department’s report on supplies. Anticipation ...

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Chevron sets 2014 budget at $39.8 bln

chevron

Dec 11 – Chevron Corp, the second-largest U.S. oil company, said it plans to spend $39.8 billion on projects and exploration in 2014, about 5 percent below the expected 2013 spending. Investors are putting increased pressure on the world’s biggest oil companies to rein in spending and return more money to shareholders – a trend Royal Dutch Shell Plc recently ...

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