HOUSTON — Workers at Marathon Petroleum’s refinery in Gallup, N.M., are turning off the valves. Oil companies in West Texas are paying early termination fees to contract employees rather than drill new wells. And in Montana, producers are shutting down wells and slashing salaries and benefits.Just a few months ago, the American oil industry was triumphant in its … [Read more...] about ‘I’m Just Living a Nightmare’: Oil Industry Braces for Devastation
Oil & Gas
Former Dallas Fed President Fisher says Texas has been 'hit hard' by the oil slump
Texas has been slammed by the collapse in oil prices and the recovery ahead for the area and the national economy as a whole will be slow, former Dallas Federal Reserve President Richard Fisher said Tuesday. West Texas Intermediate crude prices plunged into negative territory Monday, the first time that has happened, as slumping demand and over-supply distorted energy market … [Read more...] about Former Dallas Fed President Fisher says Texas has been 'hit hard' by the oil slump
Trump pledges financial aid to oil industry
President Donald Trump. | Doug Mills-Pool/Getty Images President Donald Trump said today he has ordered his administration to rescue U.S. oil companies that have been battered by record low oil prices because of the coronavirus pandemic. “We will never let the great U.S. Oil & Gas Industry down,” Trump said on Twitter. “I have instructed the Secretary of … [Read more...] about Trump pledges financial aid to oil industry
Wisconsin biogas gas producer sees potential in thermal renewable credits
Tech. Sgt. Brian Ferguson / U.S. Air Force An excavator crushes trash at an Alaska landfill that provides methane to power a nearby Air Force base. Verified thermal energy credits could do for methane capture what renewable energy credits did for wind and solar power. A Wisconsin company is the first to sign up for a new renewable natural gas tracking system that could help … [Read more...] about Wisconsin biogas gas producer sees potential in thermal renewable credits
Oil prices go negative – and Washington is paralyzed over what to do
An oil refinery in Texas. | David J. Phillip/AP Photo Airlines, restaurants, retailers, farmers and a slew of other industries are getting billions of dollars in bailouts as the U.S. economy contracts because of the coronavirus pandemic — but America’s oil companies are hitting a dry hole. U.S. oil futures prices fell to their lowest-ever level on Monday at 1 cent … [Read more...] about Oil prices go negative – and Washington is paralyzed over what to do