The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
The Republican-controlled Congress approved a bill Wednesday to construct the Keystone XL oil pipeline, setting up a confrontation with President Barack Obama, who has threatened to veto the measure.
The company said it earned $6.57 billion in the quarter, the lowest since the first quarter of 2010, on revenue of $87.28 billion. Last year Exxon earned $8.35 billion on revenue of $110.86 billion.
North America will be supplying the world with oil and other liquid hydrocarbons by the end of this decade, according to Exxon Mobil’s annual long-term energy forecast.
he University of Texas System owns 2.1 million acres of land, most of it in oil-rich West Texas where royalty payments have soared past $1 billion each year.
Federal regulators are proposing that the largest coal-powered plants in Texas invest $2 billion in new technology to reduce sulfur dioxide emissions, a measure energy companies are likely to resist.
The Democrat-controlled Senate has defeated a bill to approve the Keystone XL oil pipeline. The Senate’s 59-41 vote Tuesday night was a nail-biter to the end.
Oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and bigger appetites in North Dakota, Texas, Oklahoma and elsewhere. Now oil has hit a rough patch, plunging to $80 from $107
Gov. Rick Perry is calling for unlimited natural gas and oil exports, saying it would help the American economy and aid American allies threatened by Russia’s control of European natural gas supplies.
The drilling procedure called fracking didn’t cause much-publicized cases of tainted groundwater in areas of Pennsylvania and Texas, a new study finds. Instead, it blames the contamination on problems in pipes and seals in natural gas wells.
The CEO of Exxon Mobil Corp. says alternative fuels will grow but that oil will remain the world’s leading source of energy for another quarter century.
Texas Gov. Rick Perry has written a letter to President Obama slamming his energy policies, while touting Texas’ economy, energy industry and environmental regulations.