List/Grid Tag Archives: oil

As industry considers Illinois oil, lawmakers consider taxing it

As industry considers Illinois oil, lawmakers consider taxing it

By Anthony Brino | Illinois Statehouse News SPRINGFIELD — Looking for revenue and short on sources, some Illinois lawmakers want to tax oil and gas drilling.  House Bill 4312 would levy a 12 percent tax on the value of oil and natural gas drilled in Illinois. Starting in January 2013, companies drilling in the state would pay based on volume, with the money generated going to the state’s General Fund.

AABOR Condemns House Passage of "Hurry Up and Pollute" Bill That Would Raise Midwest Gas Prices

AABOR Condemns House Passage of "Hurry Up and Pollute" Bill That Would Raise Midwest Gas Prices

CHICAGO , July 27, 2011 /CHICAGOPRESSRELEASE.COM/ — In response to the U.S. House’s passage of legislation that would set a November 1st deadline for the Obama administration’s decision on TransCanada’s proposed Keystone XL oil sands pipeline, Americans Against Big Oil Ripoffs (AABOR) condemned what it called the “Hurry Up and Pollute Bill” and urged the Senate not to take up the legislation.

Patents Issued on Massive Wind Energy Storage

Patents Issued on Massive Wind Energy Storage

At the same time the electric grid can be stabilized as the heating load is adjusted to track sudden changes in grid power levels, according to Canadian Patent 2,643,380 issued March 22, 2011 to PyroPhase Inc. CHICAGO , April 7, 2011 /CHICAGOPRESSRELEASE.COM/ — Canadian patent 2,643,380 was issued March 22, 2011 for a method to store variable wind and solar power as heat in heavy oil formations, including oil sands and oil shale, and assigned to PyroPhase Inc.

CME Group Announces Three Consecutive Open Interest Volume Records in Benchmark Light Sweet Crude Oil (WTI) Futures

CME Group Announces Three Consecutive Open Interest Volume Records in Benchmark Light Sweet Crude Oil (WTI) Futures

You are already following   CME CHICAGO , March 14, 2011 /CHICAGOPRESSRELEASE.COM/ — CME Group, the world’s leading and most diverse energy marketplace, today announced it had reached three consecutive records in open interest for its global benchmark Light Sweet Crude Oil (WTI) futures contracts during the week of Monday, March 7 . Trading Date Open Interest Volume Friday, March 11 1,605,830 contracts Thursday, March 10 1,596,178 contracts Wednesday, March 9 1,585,044 contracts Prior to last week, the previous record for WTI futures open interest was 1,579,109 set on July 16, 2007 .

TMK IPSCO Facility in Brookfield, Ohio Commissions 2nd Thread Line

TMK IPSCO Facility in Brookfield, Ohio Commissions 2nd Thread Line

DOWNERS GROVE, Ill. , March 4, 2011 /CHICAGOPRESSRELEASE.COM/ — This week, TMK IPSCO’s Premium pipe threading facility in Brookfield, Ohio , began a two-week commissioning phase for its second thread line, which will allow the facility to thread more and larger pipe to meet the expanding demand in the oil and gas industry.

Oil prices advance on positive economic data 
    (AP)

Oil prices advance on positive economic data (AP)

Oil prices advanced Wednesday as positive economic reports helped offset concerns about ongoing financial problems in Europe that have weighed on prices recently. Benchmark oil for January delivery gained $2.32 to $86.43 a barrel in midday trading on the New York Mercantile Exchange.

Oil continues to slide, natural gas rises 5.6 pct 
    (AP)

Oil continues to slide, natural gas rises 5.6 pct (AP)

Investors made the switch from oil to natural gas Wednesday. Oil prices continued to slide on lingering concerns about economic stability in Europe and a possible slowdown in China’s economy.

Ex-CEO says BP was unprepared for oil spill 
    (AP)

Ex-CEO says BP was unprepared for oil spill (AP)

LONDON – Former BP PLC chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. In an interview with the BBC to be broadcast Tuesday, Hayward said company’s contingency plans were inadequate and “we were making it up day to day.” “What was going on was some extraordinary engineering,” he said in extracts released in advance by the BBC.

Oil above $87 in Asia, at highest since early May 
    (AP)

Oil above $87 in Asia, at highest since early May (AP)

BANGKOK – Oil jumped above $87 a barrel Friday in Asia, reaching its highest since early May, as the Federal Reserve’s plan to buy $600 billion of Treasury bonds to stimulate the U.S. economy continued to send a tide of cash into stocks and commodities.

Oil hits six-month peaks on falling dollar, Fed move 
    (AFP)

Oil hits six-month peaks on falling dollar, Fed move (AFP)

LONDON (AFP) – World oil prices hit fresh six-month peaks on Thursday as the dollar slumped on the back of the US Federal Reserve’s new huge stimulus package aimed at boosting the American economy. Brent North Sea crude for delivery in December delivery rallied as high as 87.59 dollars, reaching a level last seen on May 4.

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