Two years after the Deepwater Horizon accident killed 11 men and sent oil spewing into the Gulf of Mexico, the oil industry says it has learned valuable lessons from the disaster that are making drilling safer today.
But there's still a pressing issue looming for the oil industry: Oil field workers are retiring in huge numbers, leaving a workforce that's younger and — more importantly — less experienced.
It's sounds like a story from the past: A Latin American leader announces plans to nationalize a large foreign company, touching off a high-stakes battle that involves money, politics and diplomacy.
Yet it's happening right now. Argentina's President Cristina Fernandez said this week that her country plans to take over a giant Spanish oil company at a time when the economies in both countries are facing challenges.
Spanish officials are threatening to retaliate against Argentina for seizing a majority of shares in the biggest oil company in Argentina, YPF.
The Environmental Protection Agency's new air pollution rules for the oil and gas industry may seem like odd timing, as President Obama has been trying to deflect Republican criticism that he overregulates energy industries. But the rules weren't the Obama administration's idea.
Several years ago, communities in Colorado, New Mexico and Wyoming complained about air pollution from natural gas booms in their local areas.
The Environmental Protection Agency announced new rules Wednesday to control the problem of air pollution coming from wells being drilled by the booming oil and natural gas drilling industry.
Currently, waste products from the drilling operations, which include a mix of chemicals, sand and water, can be pumped into open enclosures or pits, where toxic substances can make their way into the air. The new rules will require this fluid to be captured by 2015, and flared — or burned off — in the meantime.
There's a boom in natural gas production in the United States, a boom so big the market is having trouble absorbing it all.
The unusually warm weather this winter is one reason for the excess, since it reduced the need for people to burn gas to heat their homes. A bigger reason, however, is the huge increase in gas production made possible by new methods of coaxing gas out of shale rock formations.