oil

Joe Wertz

Slumping oil prices have fueled thousands of job losses in big energy states like Oklahoma, which is “gripped by a mini-recession,” economist Mark Sneed tells the Journal Record‘s Kirby Lee Davis:

“The notion that Oklahoma has diversified away from oil and gas is, at this point, many, many years away,” he said.

The decade-long boom in oil and gas prices is over. Those falling oil prices continue to have major consequences for oil-dependent countries Venezuela and Nigeria.

But other countries are better positioned to ride out low prices. Like Norway, which produces nearly 3 percent of the world's oil supply — less than Russia, the US and the Gulf states, to be sure, but more than most other countries. 

Oil prices have further to fall before bottoming out amid a surge in production, mainly by OPEC nations, and a weakening of global demand, according to the International Energy Agency's latest forecast.

In the second quarter of 2015, the world's supply of oil was 96.39 million barrels a day, outstripping demand of 93.13 million barrels a day, according to the IEA's Oil Market Report, which described the world oil market as "massively oversupplied."

An Oil Rig Arrives In Alaska, On Its Way To The Arctic

Jun 28, 2015
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Copyright 2015 NPR. To see more, visit http://www.npr.org/.

The federal government's new rules aimed at preventing explosive oil train derailments are sparking a backlash from all sides.

The railroads, oil producers and shippers say some of the new safety requirements are unproven and too costly, yet some safety advocates and environmental groups say the regulations aren't strict enough and still leave too many people at risk.

Joe Wertz / StateImpact Oklahoma

The vast majority of Oklahoma’s recent earthquakes occurred in areas where the energy industry pumped underground massive amounts of waste fluid byproducts of oil and gas production, scientists write in a new paper published Thursday.

There's a serious problem in the American economy: Big corporations are doing well, but real household income for average Americans has been falling over the past decade — down 9 percent, according to census data.

"That's not good for America," says Harvard economist Michael Porter. "That's not good for America's standard of living. That's not good for our ultimate vitality as a nation."

Joe Wertz / StateImpact Oklahoma

Two burly ben armed with sledgehammers take turns bashing a khaki-colored steel flange fastened to a pipe in the middle of a soggy, gravely lot near Wakita in northwestern Oklahoma.

The tangle of valves and fittings, called the Christmas tree, has to come off before Jay Storm’s crew can start their work in earnest.

“Everything is a little seized up this morning, so we’re having to manually try to get a couple different components separated by hand,” says Storm, completions supervisor for Tulsa-based Eagle Energy Exploration.

Forbes reports on former Chesapeake CEO Aubrey McClendon and his new company after his ouster, and how he may already be in trouble.

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