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Tag Archives: commodity prices

Legislature approves bill to address $310 million shortfall

North Dakota, legislative report

BISMARCK, N.D. (AP) — North Dakota legislators agreed Thursday to cut spending for most state agencies to help cover a $310 million budget shortfall, signaling some of the money for social programs could be restored if revenues eventually recover from slumping crop and oil prices. Although the Legislature isn’t scheduled to reconvene until January, Republican leaders called a three-day session ...

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Russia central bank prepares for $35 oil as economic recovery stays elusive

Central bank governor Elvira Nabiullina attends a news conference in Moscow, Russia, December 11, 2015. REUTERS/Maxim Shemetov

MOSCOW – Russia’s central bank has drawn up a “risk scenario” under which oil prices will stay around $35 for the next three years, governor Elvira Nabiullina said, an outcome that would severely dent Russia’s chances of making a robust economic recovery. Nabiullina made the comments after the central bank left its main lending rate <RUCBIR=ECI> on hold at 11 ...

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Declining prices hit energy-producing states hard

CHEYENNE, Wyo. — While other states were tightening their belts during the dark days of the Great Recession, Wyoming was socking away billions of dollars in energy revenues in the bank, building new schools and funding an endowment that offers college scholarships to its high school grads. But with the recent slide in energy prices, fuel-rich states like Wyoming and ...

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Range Resources losses mount on low commodity prices

Struggling with lower prices for oil and natural gas, Range Resources lost $301 million in the third quarter despite aggressively cutting its operational costs and the number of drilling rigs in the field. The Fort Worth-based energy company reported late Wednesday that it lost $1.81 per diluted share compared to a $146 million profit, or 86 cents a diluted share, ...

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Park County cuts Marathon a break on office rent

marathon oil

CODY, Wyo.  — Park County commissioners have given one of the world’s biggest oil companies a break on paying office space rent, citing the oil and gas industry’s financial woes because of low prices. At the company’s request, the commission provided Marathon Oil Corp. a two-year reprieve from the annual 2.4 percent rate hikes they typically demand of office tenants ...

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