Oil and Gas

10:01pm

Tue January 24, 2012
Energy

Is The Booming Natural Gas Industry Overproducing?

Originally published on Wed January 25, 2012 10:25 am

Hydraulic fracturing wells have been producing a tremendous amount of natural gas — far more than the current demand. Above, a Cabot Oil & Gas natural gas drill at a fracking site in South Montrose, Pa.
Spencer Platt Getty Images

The practice of hydraulic fracturing — pumping fluid into underground rock to push up natural gas — has its detractors, especially among environmentalists. But it's becoming clear that whatever its drawbacks, "fracking," as it's called, is producing a lot of gas — maybe too much gas.

Fracking was once a small part of the natural gas industry, a technique to get hard-to-reach deposits in underground shale. Then the technology improved, and the dinner bell rang. Everybody wanted in. Now there's so much gas on the market that the price is at a 10-year low.

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2:15pm

Tue January 24, 2012
Energy

Foreign Oil Imports Drop As U.S. Drilling Ramps Up

Originally published on Tue January 24, 2012 4:07 pm

Natural gas is burned off next to an oil well being drilled at a site near Tioga, N.D., in August. U.S. oil production started increasing a few years ago and is predicted to continue to rise, reducing the country's dependence on oil imports.
Karen Bleier AFP/Getty Images

Since President Obama took office, the U.S. has made considerable progress in overcoming a problem that has bedeviled presidents since Richard Nixon — dependence on foreign oil.

When U.S. oil dependence peaked at 60 percent in 2005, then-President George W. Bush said the country had a serious problem and was "addicted to oil."

Oil imports were down to 49 percent in 2010, and the Energy Information Agency predicted Tuesday that imports would drop to 36 percent by 2035.

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4:22pm

Mon January 23, 2012
Europe

EU Squeezes Iran With New Oil Sanctions

The EU has agreed to an embargo on buying oil from Iran in the latest sanction against that country for its nuclear program. Catherine Ashton, the EU foreign policy chief, speaks here in Brussels on Monday following a meeting of EU foreign ministers.
Virginia Mayo AP

The battle over Iran's nuclear program escalated Monday as the European Union announced an embargo on importing oil from Iran.

For years, Europe has been reluctant to join the United States in imposing tough sanctions on Iran. The United States years ago stopped buying Iranian oil, while European nations including France, Spain, Italy, and Greece kept up their purchases. European countries right now buy about 600,000 barrels of oil per day from Iran.

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5:24am

Mon January 23, 2012
The Two-Way

EU Approves Embargo On Iranian Oil

Originally published on Mon January 23, 2012 10:06 am

The European Union officially agreed to impose an embargo on Iranian oil, today. The AP reports that the union's 27 foreign ministers agreed on an immediate ban on new contracts for oil and existing contracts will be allowed to run through July 1.

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5:00am

Mon January 23, 2012
Health

State Has Backlog Of Air Pollution Permits For Oil & Gas

The brown cloud covering highly populated parts of the Front Range is the visible part of air pollution, but unseen ozone is most dangerous to health.
Robert D. Tonsing Colorado Public News

Colorado’s oil and gas boom combined with a cash-strapped state government has caused a backlog of 1,800 pending air pollution control permits for oil and gas equipment.

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