The winter of 2015-2016 wasn't cold enough to burn through a large surplus of the fuel, and U.S. production hit an all-time high in February. The combination means producers head into summer with plenty in storage and almost no hope for a recovery.
2016-05-05 03:45 PM
2016-04-26 09:50 AM
July 14, 2015 – WASHINGTON - Federal regulators on Tuesday ordered Plains All American Pipeline to probe a pump station failure that caused 4,200 gallons of oil to leak in Illinois, even as lawmakers blasted the government for moving too slowly to impose critical safeguards that could limit the impact of such spills.
The stalled reforms include regulations governing how quickly companies must notify authorities after a pipeline spill, leak detection systems and the use of automatic and remote-control shut-off valves that can be triggered in emergencies to swiftly halt flowing oil and natural gas. All told, more than a dozen of the 42 mandates Congress gave the Pipeline and Hazardous Materials Safety Administration in a 2011 law remain unfinished, lawmakers said Tuesday.
January 25, 2016 – WASHINGTON - After years of historically cheap natural gas in the United States, prices could soon be on the rise. A forecast released Monday by the U.S. Energy Information Administration predicted natural gas prices will rise more than 60 percent over the next two years, averaging $2.65 per million British thermal units this year and $3.22 in 2017. Oil and gas drillers across the United States have struggled under collapsing commodity prices, driven in part by a boom in domestic shale drilling that has transformed the industry. Of late much of the attention has focused on oil, the price of which has fallen more than 70 percent since the summer of 2014. But natural gas, which was being tapped in shale fields through hydraulic fracturing years before crude, has been selling at a steep discount since 2009.
February 17, 2016 – External corrosion on a pipeline pumping crude was the root cause of the rupture in May that spilled more than 140,000 gallons of oil on the California coast near Santa Barbara, federal regulators reported Wednesday.
The spill occurred after pumps on the line owned by Houston-based Plains All American Pipeline were shut down and restarted, sending a larger volume of oil surging through the 2-foot pipe at higher pressure, the Pipeline and Hazardous Materials Safety Administration said in preliminary findings.