Oil & Gas

U.S. energy firms this week added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years and crude production from shale basins at a record high.

U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.

Source: www.usatoday.com Mining features among sectors where blue collar jobs made a comeback this year in the U.S., along with manufacturing and construction. While increased...

U.S. Crude Oil Inventories Jump by 7.97M Barrels Last Week: EIA

Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December adding to concerns about a global glut but OPEC talk of an output reduction limited losses. 

Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.

U.S. Crude Oil Inventories Fell by 1.21M Barrels Last Week: EIA

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.

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.

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.