Oil & Gas

The U.S. expects domestic oil production to reach new heights this year and next, and that prices – for both crude and gasoline – will be lower than they were in 2018.

Oil prices fell 4 percent on Tuesday as investors sold off stocks amid concerns about slowing global economic growth.

The US Department of the Interior has announced the discovery of the largest continuous oil and gas field ever found, estimated to contain 46.3 billion barrels of oil, 281 trillion ft³ of natural gas, and 20 billion barrels of natural gas liquids.

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending.

U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, even as the United States is expected to reinforce its leadership as the world's number one crude producer this year.

Oil Rally Halts After Another Big Build in U.S. Crude Stockpiles

U.S. crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday.

U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions.

https://www.mrt.com/news/politics/article/Trump-admin-approves-seismic-surveys-for-Atlantic-13434487.php The Trump administration on Friday authorized the use of seismic air guns to find oil and gas formations deep underneath the Atlantic Ocean floor....