Oil prices are down--way down--from their June peak. The release of the oil reserve figures last week from the U.S. Energy Information Agency, showed the country's reserves of 36 billion barrels in 2013, a 35 year high, 10 billion barrels more than just five years before. As global production remains strong, the glut of oil will remain, sending prices--and stocks--tumbling further.
This morning U.S. oil prices fell to below $80 a barrel briefly before recovering slightly. The price of oil is still 25 percent lower than its summer peak, and the price at the pump is at a four-year low.
Transporting crude oil from areas booming with the hydraulic fracturing revolution relies heavily on railroads. Busier railroads means more derailments and more derailments with trains loaded with old cars filled with oil means more tragedies.
Landmark reforms that could lead to a deregulation of the Mexico oil industry has a Texas state lawmaker wanting to explore how the state could benefit.
Early this year Mexico passed one set of reforms in regard to the country’s oil exploration and now the state-run oil company PEMEX is seeking investors and private companies with the skill to help extract one of the biggest oil reserves in the world.
Texas Matters: In the last legislative session Gov. Perry threatened to and then vetoed the budget of the state's public integrity unit, a state agency that scrutinizes governmental affairs, when the Travis County district attorney, who oversees the unit, did not step down from her post. A special prosecutor is now looking into the case. Also on this show: The governor's race and pre-K, new addition to Texas public school curriculum, cleanup of oil spill on Texas coast, and endangered species vs. oil prospecting.
Originally published on Thu March 27, 2014 1:59 pm
A lot has changed for the energy industry since the Exxon Valdez hit a reef in 1989 and began spilling oil into Alaska's Prince William Sound. The outcry over images of oil-soaked wildlife and a once-pristine shoreline dirtied by crude ushered in greater scrutiny of oil operations and increased interest in research on how to clean up oil spills.