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.

“The President does have enough information to decide on a permit for the Keystone XL pipeline, and that decision should be no,” said Kenny Bruno of AABOR. “But unfortunately the sponsors of this bill are using this nonsensical deadline to pressure the administration into a yes decision, which would raise gas prices in the Midwest.”

Earlier this week the White House issued a statement opposing the legislation, saying it was “unnecessary” as the administration had already promised to review the pipeline and make a decision by the end of the year. The White House also opposed the bill because it “could prevent the thorough consideration of complex issues which could have serious security, safety, environmental, and other ramifications.”

“The House Members sponsoring this bill are aligning with the oil industry in trying to hide the fact that this pipeline would amount to a fuel tax on Midwest farmers and consumers and cost Americans billions of dollars,” said Bruno. “What makes this vote doubly bizarre is that these lawmakers want to rush a bitumen pipeline under the Yellowstone River in the immediate aftermath of the Exxon bitumen spill under the Yellowstone River.”

TransCanada explicitly told the Canadian National Energy Board in 2009 that the proposed intent of the pipeline was to raise the price of crude oil in the U.S., manipulating the market by diverting oil from the Midwest to the Gulf. TransCanada’s own report estimated that the cost of the pipeline could increase prices by 15 cents per gallon in the Midwest. Studies have also suggested the total drain to America’s economy could total as much as $3.9 billion annually.

The pipeline would particularly affect gas prices in 15 Midwest states, including Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.

About Americans Against Big Oil Ripoffs:
Americans Against Big Oil Ripoffs is a citizens group dedicated to protecting consumers from the market exploitations of big oil companies. To learn more, visit www.stopbigoilripoffs.com.  

SOURCE Americans Against Big Oil Ripoffs

AABOR Condemns House Passage of "Hurry Up and Pollute" Bill That Would Raise Midwest Gas Prices | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.  US Patent  No. 7,484,561 was previously issued.  Presently wind and solar power amount to less than 2% of US total electric generation because they require costly backup plants to supply power when wind and solar are not available  This method can use variable and off-peak power because it stores radio-frequency energy as heat in North America’s multi-trillion barrel  heavy oil formations.  It converts this resource to fuel for refineries in amounts 5 times the electric energy input.  The method provides a market for wind and solar power to meet a proposed goal of 20% of electric generation, while eliminating a source of CO2 emissions from fuels production.

Because this method uses power whenever it is available, and is instantly interruptible, it stabilizes the electric grid.  It compensates for fluctuations in wind and solar power input and also in users demand.  This reduces the need for spinning reserves, i.e. power plants that run all the time to meet sudden load changes, and thus waste fuel.

PyroPhase was founded in 2006 by researchers who originally developed the RF technology at IIT Research Institute in Chicago.  The work was funded by petroleum companies and the US Department of Energy. The technology was described in earlier patents such as 4140180 and 4144935.

PyroPhase has developed plans to scale up and commercialize this technology.  A 10,000 barrel/day plant could be built in 4 years at a cost in the order of $100 million, including 5 million for pilot development and 20 million to scale up to commercial module size.  

For additional information visit the web site below.

Contact:
C. Dino Pappas, Director of Development
PyroPhase Inc.
847-676-4169
http://www.pyrophase.com

SOURCE PyroPhase Inc.

http://www.pyrophase.com

Patents Issued on Massive Wind Energy Storage | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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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.

Prior to last week, the previous record for WTI futures open interest was 1,579,109 set on July 16, 2007.

CME Group NYMEX WTI is the largest, deepest and most liquid global energy market benchmark, trading more than 1.1 million futures and options contracts daily – on average more than double the size of its nearest competitor.

CME Group Light Sweet Crude Oil (WTI) futures and options contracts are listed by and subject to the rules of NYMEX.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world’s leading central counterparty clearing provider in the world, which offers clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (Nasdaq: CME) and its products can be found at www.cmegroup.com.

CME-G

SOURCE CME Group

http://www.cmegroup.com

CME Group Announces Three Consecutive Open Interest Volume Records in Benchmark Light Sweet Crude Oil (WTI) Futures | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

“What this means for the industry is that we are now able to provide an even quicker response to the growing needs of the Marcellus drilling region,” said Piotr Galitzine, chairman of TMK IPSCO. “Marcellus will play a major role going forward as natural gas finds new uses in electricity generation and municipal transportation.”

TMK IPSCO’s Premium pipe connections are well-known in the industry. The second thread line will allow the plant to thread pipes up to 13 5/8″ in diameter, up from the previous size range of 4″-7 5/8″ under the first thread line. Each line is capable of threading more than 40,000 tons of pipe per year with an ULTRA-DQX™ Premium Connection, ULTRA-SF™ Premium Connection, or ULTRA-FJ™ Premium Connection.

TMK IPSCO’s team expressed great optimism at the added capacity brought on by the addition of the second thread line at Brookfield.

“The second line not only doubles our threading capacity at Brookfield,” said David Green, director of operations in TMK IPSCO’s Premium division, “it also allows us to thread a wider range of product more efficiently, including the new ULTRA-QX™ Premium Connection which is especially important in deeper and higher pressure drilling environments. This is true in Marcellus and in some of the Canadian projects that we began shipping directly to this year.”

In addition to threading, the facility in Brookfield also manufactures connections, fittings and accessories for oil and gas exploration and recovery. The facility’s accessories line was commissioned in October 2010 and is the only such provider in the Marcellus region.

“The accessories business is crucial, as the float equipment and other tooling required in the wells require the same threading as the pipes with our Premium threads,” said Green. “We are working to expand our accessory business at both our Brookfield and Houston locations.”

Strategically located near TMK IPSCO’s steelmaking and pipe-rolling operations in Koppel and Ambridge, Pennsylvania, the Brookfield facility currently employs more than 60 workers. Total employment at the facility is projected to increase to more than 100 with the future addition of a third thread line.

“We are fortunate to have a wealth of experience and expertise in our backyard,” says Ernie Sexton, plant manager at Brookfield. “We look forward to expanding our team in this rapidly growing region.”

Groundbreaking for the second line took place in early October 2010 during a visit to the facility by the Board of Directors of TMK, the parent company of TMK IPSCO.

TMK IPSCO operates in North America as a division of TMK, a global market leader in energy pipe production. TMK operates 23 production facilities around the world. TMK product offerings include a wide range of seamless and welded energy tubular products including oil & gas drill pipe, well casing and tubing, line pipe, LD pipe, standard pipe, hollow structural sections and related services. TMK also manufactures premium connections for oil and natural gas drilling and production under the ULTRA™ Premium Connections and TMK Premium brand names.

For further information about TMK IPSCO, including ULTRA Premium Connections, please visit www.tmk-ipsco.com or contact pr@tmk-ipsco.com.

SOURCE TMK IPSCO

http://www.tmk-ipsco.com

TMK IPSCO Facility in Brookfield, Ohio Commissions 2nd Thread Line | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

At the pump, the national average price for a gallon of unleaded regular gasoline added a penny overnight to $2.864, according to AAA, Wright Express and Oil Price Information Service. That’s a half cent less than a week ago but nearly 24 cents more than it was a year ago.

Oil traders seemed more optimistic about the global economy after sifting through a series of reports that showed improved manufacturing activity in the U.S. and China, increased hiring among small U.S. businesses and higher U.S. work force productivity than initially thought during the third quarter.

At the same time, European Central Bank President Jean-Claude Trichet suggested that the bank could buy bonds by struggling countries within the European Union. That caused the dollar to grow weaker against other currencies. Since commodities are prices in dollars, a weaker dollar makes them more attractive for buyers using foreign currencies.

“The market seems to be kind of reflecting the `at-the-moment’ kind of economic perception,” Tradition Energy analyst Gene McGillian said.

Oil has been trading between about $81 a barrel and near $86 a barrel in the past week. It began climbing overnight after the state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index rose to 55.2 last month from 54.7 in October.

The survey noted that rising prices for products and materials used in manufacturing remain a concern after inflation hit a 25-month high in October. China, a huge importer of oil and other commodities, has taken steps recently to keep a lid on rising prices and curb growth, which has affected oil prices.

The manufacturing activity “makes it more likely that China will tighten its lending policies, but we knew those measures were likely to be coming soon,” Cameron Hanover energy consultancy said in a research note.

In the U.S., the Institute for Supply Management said factory output grew for the 16th straight month in November, though at a marginally slower pace than the previous month. ADP Employer Services said employment at private companies jumped by 93,000 in November as small businesses added the largest amount of workers in three years. And the Labor Department said productivity grew more than expected in the third quarter.

Meanwhile, the Energy Department said commercial crude oil inventories rose by 1.1 million barrels to 359.7 million barrels for the week ending Nov. 26. Gasoline inventories increased by 600,000 barrels to 210.2 million barrels while demand slipped 0.5 percentage point. Inventories of distillate fuel, which include diesel and heating oil, fell by 200,000 barrels to 158.1 million barrels.

In other Nymex trading in January contracts, heating oil rose 6.68 cents to $2.3912 a gallon, gasoline added 9.24 cents at $2.2792 a gallon and natural gas gained 10.9 cents to $4.289 per 1,000 cubic feet.

In London, Brent crude rose $2.65 to $88.10 a barrel on the ICE Futures exchange.

Oil prices advance on positive economic data (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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. Investors instead bought natural gas, boosting the price more 5.6 percent, the biggest gain in more than two months.

Benchmark oil for December delivery fell $1.90 to $80.44 a barrel on the New York Mercantile Exchange, its lower settlement price in a month. The price has fallen $7.23, more than 8 percent, in the last four trading days as global economic issues took center stage.

But natural gas rose 21.2 cents, or 5 percent, to $4.030 per 1,000 cubic feet. Investors were hedging against a sustained drop in oil, and also anticipating a pick-up in demand with winter approaching, said Phil Flynn, an analyst at PFG Best in Chicago. About 60 percent of U.S. homes use natural gas for heat.

The Energy Department issued its second-straight bullish report on oil supplies. Commercial crude oil inventories fell by 7.3 million barrels to 357.6 million barrels for the week ending Nov. 12. Still, oil fell by 2.3 percent.

Just a week ago, a report of a surprise 3.3 million barrel drop in inventories was enough to push oil to a two-year high near $88. But since then, expectations have grown among investors that China government will take action to slow down robust economic growth and head off a bout of inflation. China’s voracious appetite for energy has been one of the underpinnings for oil prices.

Investors are also watching Europe, where leaders are working to help Ireland, which is struggling after a collapse in the housing market forced the country to take over three large banks. A financial bailout of Greece earlier this year put pressure on commodities and raised concerns about diminished demand.

Oil prices likely will remain under pressure until there is more clarity on the situations in China and Ireland, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.

He and Mike Zarembski, a senior commodity analyst at OptionsXpress Inc., both believe the slide is more of a correction than a long-term trend. They say there is still ample demand for energy products in China and other parts of the world.

The Energy Department also reported that U.S. gasoline inventories declined by 2.7 million barrels to 207.7 million barrels while inventories of distillate fuel, which include diesel and heating oil, fell by 1.1 million barrels to 158.8 million barrel.

The drop for both oil and gasoline was larger than expected by analysts, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. For distillate fuel, analysts had predicted a drop of 1.8 million barrels. All three products remain at levels higher than the average range for this time of year.

The Energy Department releases supply data for natural gas on Thursday. Flynn says traders are anticipating a lower-than-usual increase.

In other Nymex trading in December contracts, heating oil fell 5.91 cents to $2.2519 a gallon and gasoline slipped 0.22 cent to $2.1579 a gallon.

In London, Brent crude gave $1.45 to $83.28 a barrel on the ICE Futures exchange.

Oil continues to slide, natural gas rises 5.6 pct (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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. “But when it was played out in the full glare of the media as it was, of course it looked like fumbling and incompetence.”

An April 20 explosion aboard a Gulf oil rig killed 11 workers and kicked off the worst oil spill in U.S. history.

Hayward said BP was “not prepared to deal with the intensity of the media scrutiny” it faced as millions of barrels of oil poured into the ocean and washed up on shore.

Hayward left his post last month after taking much of the flak for BP’s poor public handling of the disaster. Gaffes including his statement that “I want my life back” were ridiculed in the U.S. media and seized on by critics of BP.

Hayward said he was “pretty angry” at the personal vilification.

“If I had done a degree at RADA (The Royal Academy of Dramatic Art) rather than a degree in geology, I may have done better, but I’m not certain it would’ve changed the outcome,” he said.

He defended his much-criticized decision to take part in a yacht race with his family at the height of the crisis, saying he had not seen his son for three months and had only been aboard for six hours.

“I’m not certain I’d do anything different,” Hayward said.

Hayward said BP had found itself unable to borrow from international investors during the spill crisis, threatening its finances. He said that before a meeting with President Barack Obama at the White House in June, “the capital markets were effectively closed to BP.”

“We were not able to borrow in the capital markets, either short or medium term debt at all, ” he said. “It was a classic financial crisis issue.”

Hayward’s successor, Bob Dudley, told the program that “these were frightening days” for BP.

“With a company the size of BP, its reputation, what it does — you almost can’t quite believe how close you are” to financial disaster, he said.

Ex-CEO says BP was unprepared for oil spill (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Benchmark crude for December delivery was up 37 cents at $86.86 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange after earlier reaching $87.22. The contract climbed $1.80 to settle at $86.49 on Thursday.

The Fed’s announcement Wednesday underlined expectations that the dollar would weaken further and push up prices for commodities including oil.

The strength of the dollar and the price of oil are closely linked. The dollar has been getting weaker against other currencies for weeks, ahead of the Fed decision and will probably fall further as more dollars pour into the economy.

Oil is priced in dollars and becomes cheaper for holders of foreign currency when the dollar falls. Europeans, for example, get more dollars for their euros and can buy more oil for fewer euros. Since oil is cheaper for them, they buy more, sending up the dollar price of oil.

Energy traders expect this to happen, so they buy oil when the dollar falls, boosting the effect.

When the dollar weakens, investors would rather hold hard assets like oil and other commodities because hard assets protect them against more weakening and inflation.

Oil prices hit a high for the year of $87.15 a barrel in early May, when U.S. gas prices were around $2.90 a gallon. They’re heading back there again.

In other Nymex trading in December contracts, heating oil added 1 cent to $2.38 a gallon, gasoline gained 4 cents to $2.18 a gallon and natural gas was flat at $3.86 per 1,000 cubic feet.

In London, Brent crude climbed 36 cents to $88.36 a barrel on the ICE Futures exchange.

Oil above $87 in Asia, at highest since early May (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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. It later stood at 87.46, up 1.08 dollars from Wednesday’s close.

New York’s main contract, light sweet crude for December, surged to a similar high point at 86.05 dollars, before pulling back to 85.88, up 1.19 dollars.

The dollar tumbled on Thursday after the Fed announced that it would launch a new asset-buying plan, or quantitative easing (QE), worth 600 billion dollars, to bolster the nation’s sluggish economic recovery.

In reaction, the European single currency soared to 1.4264 dollars, reaching the highest level since January 20, as traders fretted that the Fed policy could water down the value of the US unit.

“The Fed announced yesterday evening that it would be buying up more US treasuries. The much weaker US dollar as a result is now giving impetus to commodity prices,” said Commerzbank analyst Carsten Fritsch.

A weak greenback makes dollar-priced crude cheaper for buyings using stronger currencies. In turn, that tends to stimulate oil demand and prices.

Crude futures had already surged in New York on Wednesday after the Fed unveiled the plans that have been dubbed QE2 by traders.

“The additional liquidity could also flow into commodity markets and lead to excessive oil prices on a more permanent basis,” Fritsch added.

The US government’s Department of Energy meanwhile published a weekly snapshot of crude oil inventories, detailing its stockpiles for the week ending October 29.

The DoE said on Wednesday that US crude stockpiles rose by two million barrels to 368.2 million last week. Analysts had forecast a smaller gain of 800,000 barrels.

“The lower implied demand for oil does suggest … that the fundamental situation on the oil market is still weak,” added Fritsch.

“But this is only likely to dampen the rise in prices at the moment and not halt it entirely.”

Oil hits six-month peaks on falling dollar, Fed move (AFP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

LONDON (AFP) – Europe’s top stock markets rose on Tuesday as investors pored over strong company earnings, including results from embattled British energy group BP, before a key meeting of the US Federal Reserve.

London’s FTSE 100 index of leading shares advanced 0.80 percent to 5,740.20 points in late morning trade.

Frankfurt’s DAX 30 climbed 0.29 percent to 6,624.33 points and in Paris the CAC 40 gained 0.12 percent to 3,845.42.

The Stoxx 50 index of leading eurozone companies advanced 0.11 percent to 2,839.81 points.

“Stronger than expected earnings from oil firms BP and BG Group have lifted the FTSE 100 … whilst the weaker dollar has also pushed key mining stocks into positive territory,” said Joshua Raymond, an analyst with City Index.

“However, trading is likely to remain choppy into the close with much of the market having one eye on the meeting of the Federal Reserve that begins later today and concludes tomorrow after European markets close.”

BP’s share price rose 1.44 percent to 429.9 pence after the company announced a net profit of 1.785 billion dollars (1.279 billion euros) for the third quarter following a loss of 16.9 billion dollars during the second quarter of this year.

However BP also ramped up its estimate for the group’s cost of the Gulf of Mexico oil spill by almost a quarter to 40 billion dollars.

BG Group meanwhile gained 2.19 percent to 1,237 pence after reporting a 7.0-percent rise in third quarter net profit, aided by higher commodity prices, and also raising its resources estimate for Brazil.

Earnings after tax increased to 849 million dollars in the three months to the end of September, from 796 million dollars in the same part of last year.

Asian stocks closed mixed on Tuesday as the Fed’s policy-setting panel prepared to meet amid expectations that the US central bank may announce a fresh stimulus package to aid economic recovery.

With US mid-term elections adding to jitters, Tokyo, Sydney and Hong Kong all closed flat, while Shanghai was down 0.28 percent.

All eyes were on the Fed’s two-day open market committee meeting, due to open Tuesday, for indications of the size of likely measures — dubbed quantitative easing — to rouse the world’s largest economy from its torpor.

The European single currency meanwhile rose to 1.3973 dollars in London trade, from 1.3897 dollars late in New York on Monday.

European stocks energised before Fed meeting (AFP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

MOSCOW – Viktor Chernomyrdin, who served as Russia’s prime minister in the turbulent 1990s as the country was throwing off communism and developing as a market economy, died Wednesday. He was 72.

The Kremlin said President Dmitry Medvedev sent his condolences to Chernomyrdin’s family and friends. No cause of death has been released, but Chernomyrdin had grown thin in recent years and was reported to have been ill.

Chernomyrdin, who headed the Soviet oil and gas ministry in the 1980s, served as the first chairman of the newly created state gas company Gazprom from 1989 to 1992.

He was appointed prime minister by then President Boris Yeltsin in 1992 and held this post until the financial crash of 1998, when Russia defaulted on its debts and devalued its currency.

When Vladimir Putin became president, he appointed Chernomyrdin as ambassador to Ukraine in 2001 and he remained in this post until last year.

Chernomyrdin was much loved by Russians for his colorful, nongrammatical expressions. His statement that “we wanted the best but it turned out as always” has become part of Russian culture.

He is survived by two sons and four grandchildren. His wife died earlier this year.

Former Russian PM Chernomyrdin dies at age 72 (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Oil prices surged Monday on a series of reports that point to improving economic growth in the United States and China. Here’s how energy prices traded.

On the New York Mercantile Exchange:

Crude rose $1.52 to settle at $82.95 per barrel.

Gasoline added 3.35 cents to settle at $2.0929 a gallon.

Heating oil gained 4 cents to settle at $2.2777 a gallon.

Natural gas lost 20.6 cents to settle at $3.832 per 1,000 cubic feet.

On the ICE futures exchange:

Brent crude gained $1.47 to settle at $84.62 per barrel.

Oil settles just below $83 (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

RISING PRICES: An increase in oil and gas prices helped Exxon Mobil Corp. boost third-quarter profits by 55 percent.

BACK TO THE WELL: Exxon plans to get back to work in the Gulf of Mexico soon, and it plowed another $7.6 billion into oil exploration and production operations in the quarter.

STAYING THE COURSE: Other companies have cut back on natural gas production because of lower prices, but Exxon is holding firm. Now the country’s largest natural gas company, it doesn’t plan to idle any natural gas wells.

Summary Box: Exxon Mobil 3Q income up 55 percent (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

NEW YORK – Exxon Mobil Corp. said Thursday that income jumped 55 percent in the third quarter on higher oil prices and increased production.

The world’s largest publicly traded oil company reported earnings of $7.35 billion, or $1.44 per share, for the third quarter. That compares with $4.73 billion, or 98 cents per share, in the year-ago period. Revenue increased 15.8 percent to $95.3 billion.

The results fell short of Wall Street expectations of $1.56 per share on revenue of $98.1 billion.

Exxon shares rose 72 cents to $66.39 in pre-market trading.

Petroleum companies have seen profits jump as oil prices rebounded from 2009. The ability to sell crude barrels for more money has offset unexpected drilling expenses and a drop in Gulf of Mexico production that some companies are starting to see following BP’s giant oil spill earlier this year.

The U.S. shut down deepwater exploration for several months after the April explosion on the Deepwater Horizon rig, and regulators set tough new rules that nearly halted drilling activity in the Gulf. In July, Exxon took the lead in organizing a $1 billion containment network that will eventually be used to respond to future spills in the Gulf.

Exxon, based in Irving, Texas, posted higher profits for most of its businesses; including oil production and exploration, refining and U.S. chemicals. It also cranked up production year-over-year. The acquisition of XTO Energy helped it triple natural-gas production year-over-year.

Also on Thursday, Royal Dutch Shell PLC said quarterly profits climbed by 6.5 percent to $3.46 billion with higher oil prices offsetting charges in its refining business. On Wednesday, ConocoPhillips said its income more than doubled for the third straight quarter, as it earned $3.06 billion for the July-September period. Its results were propped up by asset sales as well as higher prices for crude.

Exxon Mobil 3Q income jumps 55 percent (AP) | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Press Release
Source: Strategic American Oil Corporation

On Thursday October 21, 2010, 8:00 am EDT

CORPUS CHRISTI, Texas, Oct. 21, 2010 (GLOBE NEWSWIRE) — Strategic American Oil Corporation (OTCBB:SGCA¹ – News²) has received approval from the Lessor to enter into its new partnership with Chinn Exploration Company on Strategic American Oil’s 3D seismic prospect in Kenedy County, South Texas. As a result of this approved partnership, Chinn Exploration has signed the drilling contract and submitted the drilling permit, advancing efforts to have the first test well drilled.

The test well will be located on the 1,043 net acre mineral lease obtained by Strategic American Oil in 2009. The Frio Sand targets in South Texas were identified through its acquired 303 sq. mile 3D seismic database. The Company’s exploration team believes the multiple Frio sands identified in the seismic profile could contain substantial gas and proposes to drill one to two wells to test the Frio zones. The target depth is approximately 13,800 feet.

Bob Bennett, Strategic American Oil’s contract seismic expert who has more than 20 economic oil and gas discoveries to his name, said of the prospect, “With more than two decades of experience exploring for oil and gas in South Texas with 3D seismic, I have never had the opportunity to discover or participate in a 4-way closure Frio structure such as this. These structures are usually cherry-picked by the major oil companies as drilling locations of choice. I believe this prospect has the potential to be a substantial new field discovery along this highly active trend.”

“Approval from the Lessor allows us to move this project ahead expeditiously with our first test well for what we believe is a very attractive 3D seismic prospect,” said Strategic American Oil Corporation President and CEO Jeremy Driver. “The sheer size of the structures and the multiple plays identified makes this prospect very worthwhile.”

Strategic American Oil will assign operatorship to Chinn Exploration Company, a fully licensed and bonded Texas oil and gas operator. Chinn was assigned 81.25 percent of the working interest in return for paying all drilling costs, estimated at $3 million, and will pay $200,000 to Strategic American Oil for leasing, land and geophysical work. This means that Strategic American Oil Corporation will not be required to pay any costs for drilling the first test well and has recouped its hard costs to date. When the well is completed, Strategic American Oil will pay its share of the completion costs. This aligns with the Company’s existing strategy of finding partners to assume all exploration risk, while retaining a carried interest in the project.

About Strategic American Oil

Strategic American Oil Corporation (OTCBB:SGCA³ – News⁴) is a growth stage oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois. The Company’s team of geologists, engineers and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas. The Company seeks accretive acquisitions of production, reserves or other companies that will provide significant growth potential. Further information can be found on the Company’s website at.www.StrategicAmericanOil.com⁵.

The Strategic American Oil Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6891⁶

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Strategic American Oil Corporation Receives Approval on Partnership to Drill 3D Seismic Prospect in South Texas | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

The Company plans to lease approximately 500-600 acres over the identified prospect and drill to evaluate the prospective subsurface geology. This prospect was identified in the Illinois Basin through the research of records from the Illinois State Geological Survey.

The P4 Reef Prospect is developed from coal exploration data and related information on record and available through the Illinois State Geologic Survey (ISGS).

Coal drilling data shows a significant thinning of the number #6 coal at the P4 Reef Prospect. Historic oil drilling data associated with many oil productive pinnacle reefs in Illinois shows the existence of distinct thinning of the coal above the rigid reef structures.

Company President and CEO, Jeremy Driver, stated:

“The identification of this drilling target adds to our development plans for the Illinois Basin.

According to the ISGS, successfully developed pinnacle reefs in the region average about 2.5 million barrels of recoverable oil at depths of 2,000 to 3,000 feet.

With prospects of this potential, we are very excited about our future development within the Illinois Basin.”

“The Company is now at the point where it is not only focused on leasing but also drilling projects in our Illinois and Texas portfolios,” Driver continued.

“We have begun discussions with numerous parties interested in entering into a joint venture arrangement to expedite these drilling programs and we are seeing significant headway. This is a very exciting time for Strategic American Oil and its shareholders.”

The Strategic American Oil team in Illinois, led by Chief Geologist Jim Thomas who has over 35 years experience working in the Illinois Basin, is continuing to make progress in finding and leasing new attractive targets, which furthers Strategic American Oil’s business model of developing prospects in-house to build the Company’s oil reserves and increase production.

The Company will continue to review and evaluate data from the Illinois State Geological Survey to identify new drilling prospects with the goal of making new oil field discoveries.

Pinnacle Reefs are isolated biohermal structures. These reefs are relatively shallow in Illinois, averaging between 2,000 to 2,500 feet in depth, allowing for low-cost drilling programs.

The Company’s geologists have made extensive use of Illinois State historical coal drilling records; these records show coal seams overlaying pinnacle reefs that are marked as thinning and/or are structurally higher than expected making historic coal drilling logs extremely valuable in the search for pinnacle reefs.

Due to the shallow depths of these structures, the Company will rely heavily on subsurface structural mapping to delineate possible reef targets. It may be cost effective to utilize 3D seismic surveys prior to drilling targets below 3,000 feet.

Each reef prospect will be evaluated as to determine the most cost-effective exploration program.

According to the Illinois Geological Survey, successfully drilled and producing pinnacle reefs in the Basin produced an average of 3,200,000 barrels of oil. With today’s advances in subsurface mapping and advanced 3D techniques, Pinnacle Reefs have become a prospective target for new oil field discoveries in the Illinois Basin.

About Strategic American Oil Corporation

Strategic American Oil Corporation (OTCBB:SGCA – News) is a growth stage oil and natural gas exploration and production company with operations in Texas, Louisiana, and Illinois.

The Company’s team of geologists, engineers, and executives leverage 3D seismic data and other proven exploration and production technologies to locate and produce oil and natural gas in new and underexplored areas.

The Company seeks accretive acquisitions of production, reserves, or other companies that will provide significant growth potential. Further information can be found on the Company’s website at www.strategicamericanoil.com.

The Strategic American Oil Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6891

Safe Harbor Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Strategic American Oil Corporation Identifies New Drilling Target in Illinois | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Chicago area oil prices should begin to dip back down to normal levels, now that a key underground oil pipeline is flowing again following a crude spill in southwest suburban Romeoville.

The pipeline owned by Canadian company Enbridge Energy is a crucial oil artery for the Midwest.

It was restarted just before 10 a.m., after having been shut down for a week, a hiccup in supply that caused Chicago gas prices to spike 18 cents since last Thursday, when the leak was first reported.

But Tom Kloza, who covers the oil market for the Oil Price Information Service, says prices will start to come down.

KLOZA: Watching retail prices is a little bit like watching a sports game on tape, delayed. It’s gonna happen. It’s gonna happen here regular – pretty soon.

Kloza says the oil market may have over-reacted to the Romeoville leak, in light of the BP spill in the Gulf. Another Enbridge pipeline remains closed following a spill in Michigan.

Originally reported by Chicago Public Radio. Read the original article here.

With Oil Flowing Again, Gas Prices Should Drop | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

The Houston company, which owns the pipeline, said only a small amount of the oil escaped from the immediate area before crews corralled the spill with vacuum trucks. Most of the oil has been recovered, Enbridge said.

Enbridge reported the leak on Line 6A of the Lakehead System on Thursday.

The company said the line was shut down within minutes after being discovered, and the oil pooled onto a roadway and then a retention bond.

Line 6A was transporting 459,000 barrels per day of heavy crude when the leak was discovered.

The line remains shut down. The company would not give an estimate of when it would be restarted.

Illinois pipeline leak spilled 6,100 bls of oil | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Just over two weeks ago, Kenneth Feinberg took over the process for handling damage claims from the Gulf oil spill, pledging to cut down the response time from BP’s widely criticized system to two days for individuals and seven days for businesses that file fully documented claims.

After a rocky start in which claimants have reported chronic delays and confusion, Feinberg is now retreating from his targets and acknowledging that the process will take longer than he had pledged.

“The announced 48-hour claim determination rule for individual claims, and the seven-day claim determination rule for business claims will be extended as necessary and appropriate,”  Feinberg’s spokeswoman Amy Weiss told the investigative newsroom ProPublica.  “The policy remains to review all individual and business claims as quickly as possible.”

Weiss said one reason for the delays is that claimants are providing so many documents.  She said lengthy and complex supporting documentation “requires careful scrutiny and attention to assure that each claimant will be afforded the benefit of the most generous payment.”

Last week, ProPublica reported that Feinberg’s Gulf Coast Claims Facility was lagging in processing claims, much as BP itself did before Feinberg took over in late August.

While Weiss acknowledged at the time that there would be delays “in the first few weeks” of the transition, she said then that the policy was to make a preliminary evaluation of claims within 24 hours, and then send checks within 48 hours to individuals who’ve documented their claims.

Now, the processing time appears to have been extended indefinitely as considered “necessary and appropriate” by Feinberg’s operation.

So far, the fund has issued payments on 10,252 of 47,949 emergency payment claims that have been submitted so far, or about 21 percent of the total, according to its latest statistics (PDF).

Earlier this week, Feinberg apologized to those affected by the delays. He said that while many claims could not be processed because people hadn’t sent enough documentation, he acknowledged that his staff was falling behind even in managing fully documented claims.

“There are many, many claims where we have violated our own rule” of paying within 48 hours or seven days. “It’s taking longer than I had hoped,” Feinberg told the New Orleans Times-Picayune.  “Those critics who say Ken Feinberg raised our expectations and then is not living up to those expectations, they’re absolutely right, and I owe them an apology,” he said.

ProPublica is tracking the claims process. If you’ve filed a claim with the Gulf Coast Claims Facility, you can tell a reporter about your experience by visiting Propublica.org/claims.  If you’ve worked handling claims for BP or the Gulf Coast Claims Facility, you can tell a reporter about your experience at Propublica.org/claimsadjusters.

Gulf compensation chief retreats from promises to speed claims process | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Oil industry executives in the US call the Gulf of Mexico the “wild wild west”, a place where regulations are rarely enforced and offshore operators can do what they want. Barack Obama has promised to tighten regulations to prevent a repeat of the Gulf disaster but many within the industry are sceptical that much will really change.

A failure of regulation is as much the cause of the disaster as the actions of BP and the other companies involved on the Deepwater Horizon rig, which exploded in April. The evidence that has emerged so far from the US congressional investigations reveals countless instances of standard safety procedures being ignored. It transpires that the federal regulator, the Minerals Management Service, wasn’t so much asleep at the wheel but abdicated itself entirely of any responsibility for making sure offshore operators complied with the law.

Staff allowed operators to fill in and sign off safety audits of their offshore operations that the regulator was supposed to carry out itself. Among Houston-based insurers, BP had a reputation for being the riskiest operator and for pushing its subcontractors the hardest, industry sources have told the Guardian. But it would never have been allowed to carry on like this had the regulatory sytem not failed.

Reining in the industry will be no easy feat. Big Oil – like much of the American South where it is based – is fiercely resistant to what it perceives as interference from the federal government. In New Orleans in June, a judge ruled in favour of a group of oil services companies that had appealed against the moratorium on deepwater drilling imposed by the White House following the disaster. The judge agreed that the ban risked causing more economic damage to the region. In the end the ban still stood, but Obama was given a bloody nose and reminded that the oil industry was not about to turn the other cheek.

Industry experts fear that many of the changes will be no more than cosmetic. Obama is planning to break up the MMS to prevent conflicts of interest arising in the future, and has already changed its name. He has also promised to end the revolving-door practice of staff finding well-paid jobs as lobbyists for the industry when they leave the regulator.

Mike Sawyer, a Houston-based oil industry engineer, is not hopeful that the new regulator will be any more effective than its predecessor. “You have the same guys from the agency now working for the new regulator. All that’s happened is the pack has been reshuffled. If you put a dress on a pig it’s still a pig,” he says. Without a massive increase in funding, it’s hard to see how any regulator can closely monitor hundreds of offshore operators, many of whom are drilling in water thousands of feet deep using increasingly sophisticated technology. “Anytime that someone from MMS or any other government regulator goes out to one of the rigs or refineries, the engineers run circles around them on knowledge – as a regulator you can’t see everything,” Sawyer adds.

The oil industry is notorious for wielding influence in the corridors of power in Washington to protect its interests. According to a political watchdog, the Centre for Responsive Politics, companies contributed more than $35m to federal political candidates and parties ahead of the 2008 election. One source recalls trying to drum up interest in Washington about a lawsuit being filed against a major oil company in the Gulf. “Each time we visited, the politicians would say ‘oh, that company has just been here’. They were always one step ahead of us. No-one was interested in what we had to say.”

The oil industry has a powerful card to play with the politicians: energy security. Domestic oil production, most of which comes from the Gulf, reduces US dependence on foreign imports. Companies have already threatened to take their rigs elsewhere if new safety regulations make drilling too expensive.

BP’s public relations line is that it will take responsibility for cleaning up the Gulf and making those affected by the disaster “whole” again. But privately its lawyers will fight tooth and nail to limit the amount of fines and compensation it must pay out. BP is still in dispute with another regulator, the Occupational Safety and Health Administration (Osha), over the explosion at its Texas City refinery back in 2005 that killed 15 workers. Osha had originally fined BP $87m for not implementing hundreds of required safety improvements at the refinery. BP appealed and recently negotiated an out-of-court settlement over some of the charges, but will continue to contest the rest. It knows its negotiating position is stronger now because public – and political – interest has moved on.

Brent Coon, a lawyer who represented one of the victims of the explosion who successfully sued BP, says he fears a similar scenario could occur in the Gulf now that BP has finally sealed the well for good. “The public is not thinking too closely now about what happens when the media and the cameras leave but when that happens, the people of the Gulf will be left to their own devices.”

Originally reported by the Guardian. Read the original article here.

Oil industry regulation: scepticism over new sheriff in the wild wild west | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.