oil

Business
3:50 am
Tue February 24, 2015

Analysts Fear A Prolonged Drop In Oil Prices Will Hurt Oklahoma's Banks

Drilling rigs dot the landscape near Calumet, Okla., in April 2013. Oklahoma's economy blossomed during the domestic fracking boom, but as the price of crude oil drops, that could change.
Sue Ogrocki AP

Originally published on Tue February 24, 2015 2:39 pm

In Oklahoma, a state that largely rode out the recession on a gusher of new-found oil, things may be about to change.

Now it costs more to produce most of Oklahoma's oil than it's worth on the world market. That's triggering a sharp economic reversal, one that some say has the makings of a prolonged downturn.

"Over the last five years, the stars really aligned," says Roy Williams, president of the Greater Oklahoma City Chamber of Commerce. "The community's investment in itself just blossomed, the energy industry blossomed."

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Economy
3:34 am
Mon February 9, 2015

Oil Price Dip, Global Slowdown Create Crosscurrents For U.S.

Oil pumpjacks are seen in McKenzie County in western North Dakota. Cuts in production and energy company payrolls will cost the U.S. economy up to $150 billion, economist David Kotok of Cumberland Advisors projects.
Matthew Brown AP

Originally published on Mon February 9, 2015 8:48 am

Continued job growth has boosted prospects for the U.S. economy, but it continues to face some tricky crosswinds. The big drop in oil prices and a stronger dollar both help the economy and hurt it. Add to that the recent slowdown in global growth.

Lots of economists have suggested the big drop in oil prices is a gift to consumers that will propel the economy. David Kotok of Cumberland Advisors is one of them. He argues that cheaper oil will ultimately be a positive.

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Business
5:48 pm
Thu February 5, 2015

Planning Through Oil Booms Helps Small Producers Weather The Busts

Tracy Perryman is production manager for his family's small oil company in Luling, Texas. B.J.P. Inc. owns 116 wells that, combined, produce about 100 barrels a day.
John Burnett NPR

Originally published on Fri February 6, 2015 10:55 am

Hard times have hit the oil fields. A barrel of West Texas Intermediate crude has dropped from a high of over $100 to less than $50. But Tracy Perryman, a small oilman in Luling, Texas, has learned how to survive the lean times.

Oil companies that take on a lot of debt sometimes don't survive the downturns. But veterans of oil busts have learned how to plan for the inevitable price plunges.

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US News
6:28 pm
Tue February 3, 2015

Looking For Even Cheaper Gas? Go Generic At An Indie Station

Traffic moves along Route 21 in downtown Newark, N.J., where a gas station lists the price for regular unleaded gasoline at $1.72.
Julio Cortez AP

Originally published on Tue February 10, 2015 2:44 pm

By now, the surprise of cheap gas has probably worn off.

But drivers on the hunt for the very best prices have noticed a new trend: Small, independent gas stations are often the first to cut prices when the price of crude oil falls. This has a lot to do with how gas is bought, sold and moved from pipeline to pump.

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Business
3:59 am
Tue February 3, 2015

With Oil Prices So Low, What's That Fuel Surcharge For, Exactly?

The price of jet fuel has dropped, but airlines are still adding fuel surcharges to the price of many tickets. Many other industries that use large amounts of fuel, like shipping and delivery services, have also maintained extra fuel fees.
Nam Y. Huh AP

Originally published on Tue February 3, 2015 12:27 pm

When oil prices shot up a few years ago, many transportation and delivery businesses started adding fuel surcharges to their prices.

Now, fuel prices are plunging, but lots of those surcharges still linger, and consumer advocates are crying foul.

The drop in the cost of oil is a huge factor in the airline industry, where 30 percent of all expenses are for fuel. But airlines, along with other industries with large fuel expenses, have been slow to respond with lower prices.

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StateImpact Oklahoma
12:12 pm
Thu January 22, 2015

As Authorities Use Permit Process to Scrutinize Wells, Oil Industry Remains Silent

Oil-field workers in November 2014 tending to American Energy-Woodford's Judge South well near Perkins, Okla., shortly after the Oklahoma Corporation Commission ordered it temporarily shut-in.
Joe Wertz / StateImpact Oklahoma

As earthquakes continue to rattle Oklahoma and scientists study links to oil and gas production, many Oklahomans want to know what, if anything, is being done to address the shaking.

An investigation by StateImpact shows that while authorities are quietly scrutinizing wells in quake-prone parts of the state, most of the companies that operate the wells are staying silent.

Marla’s Salon looks like a little house. It has a fence and a yard and a collie keeping watch at the door. Inside, the owner, Marla Stevens, snips and blow-dries. There’s buzzing in the salon, too, including clatter from hair clippers and chatter about earthquakes.

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Business
7:58 am
Tue January 20, 2015

U.S. Should End Its Export Ban On Crude Oil, Study Says

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

Economy
7:41 am
Sat January 17, 2015

Falling Oil Prices: Good For Drivers, Bad For Banks

Originally published on Sat January 17, 2015 11:57 am

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

Transcript

SCOTT SIMON, HOST:

This is WEEKEND EDITION from NPR News. I'm Scott Simon.

JOSEPH JEAN-BAPTISTE: I'm Joseph Jean-Baptiste from Miami, Florida. Gas prices have been beautiful. I've been putting Supreme - 93 - because prices are so low.

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Economy
3:34 am
Tue January 13, 2015

'Kings When It's Good': Oklahoma Braces For Possible Crude Crash

An oil and gas facility in Roger Mills County in far-western Oklahoma. The governor is warning state agencies that low oil prices could stall the state economy.
Joe Wertz StateImpact Oklahoma

Originally published on Tue January 13, 2015 12:26 pm

The sign on the front door of Pecan Creek Catering in New Cordell, Okla., may say closed, but this kitchen is open for business. It used to be a cafe, but owner Chad Igo closed the restaurant years ago to focus on catering exclusively to the oil industry.

"We're kings when it's good. They love us. But as soon as it gets tight, we're the first one to get cut," he says.

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StateImpact Oklahoma
10:34 am
Thu January 8, 2015

Oil-field Workers and Economists in Oklahoma Hope Crashing Crude Prices are a Blip, Not a Bust

Chad Igo owns Pecan Creek Catering in New Cordell, Okla., which delievers food to workers in the oil patch.
Joe Wertz / StateImpact Oklahoma

The sign on the front door says “closed,” but Pecan Creek Catering in New Cordell, Okla., is open for business. Out back, a tractor-trailer is being unloaded. Giant cans of green beans, tomatoes and mushrooms are hauled inside, where they’re sorted and stacked on metal shelves.

In the kitchen, Jennifer Etris pours a carton of buttermilk into a giant bowl and stirs.

“I cheat,” she says. “I use two of these ranch dressing mixes instead of one. It is known all over the world, my ranch dressing.”

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