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Tag Archives: energy prices

U.S. economy nearly stalls in Q1 as weather, lower energy prices bite

WASHINGTON – U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up. Gross domestic product expanded at an only 0.2 percent annual rate, the Commerce Department said on Wednesday. That was a big step down ...

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Pennsylvania well permits hit a low

According to the state Department of Environmental Protection (DEP) information, the number of unconventional well permits issued for this year’s first quarter has dropped by 30 percent; the lowest it has been over the last five years. Compared to last year, the DEP issued 863 permits just in the first three months.  This year, the number of permits given out ...

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Southwestern Penn. loses 20 jobs

Noble Energy

Noble Energy Inc. has announced that it will be cutting some of its workforce from its southwestern Pennsylvania operations. According to the Pittsburgh Business Times, as an effort to reduce its workforce, Noble Energy is cutting a total of 220 jobs due to low energy prices.  The cuts equal 8 percent of the company’s total number of employees based on ...

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Everyone is taking hits from gas prices, even food

oil and money

Over the past months, oil and natural gas prices have fallen and caused job cuts, facility closings, rent decreases and even cutbacks on food production. The most common issue when it comes to falling energy prices is job cuts.  Most recently, Siemens Energy Inc. laid off 240 employees from its Mount Vernon plant.   Siemens Energy, which was acquired by Rolls-Royce ...

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Colorado: What happened to our rigs?

Colorado isn’t using half of its oil rigs anymore, The Denver Post reports. According to the article, data analysis firm IHS released a report indicating that half of the state’s rigs have fallen out of use since October. Despite the mounting number of idle rigs in the state, the IHS forecast only a 26 percent drop—comparable to slumps shale plays ...

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Midwest manufacturers bucked the national trend, showed January growth

Minnesota and other Midwest manufacturers posted strong growth in January, bucking a slowdown seen nationally, according to two closely watched economic reports released Monday. Creighton University reported that its nine-state Mid-America Business Conditions Index rose in January, despite a slowdown in agricultural equipment sales and fresh layoffs planned for John Deere and the energy-related firms Helmerich and Payne. Thanks to ...

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Low energy prices take toll on WPX operations

With dropping energy prices, oil companies have taken a hit from low prices in Colorado. The economic outlook is equally bleak for natural gas companies, including Tulsa-based WPX Energy. The company announced on its blog Thursday its operations will pause for the time being to attempt recovery from revenue losses. “Today’s lower commodity prices (see chart) are affecting what we ...

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Falling energy prices hit Wyoming revenues

CHEYENNE, Wyo. — Falling energy prices are hitting Wyoming in the checkbook. A state financial expert briefed lawmakers in Cheyenne on Friday, revising revenue projections downward in response to falling energy prices. Don Richards is co-chairman of the state’s Consensus Revenue Estimating Group. Richards tells lawmakers the group has lowered projections of general fund revenue for the current two-year funding ...

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