By Clifford Krauss The New York Times Mon., Feb. 4, 2019 MIDLAND, TEXAS—In a global collapse of oil prices five years ago, scores of U.S. oil companies went bankrupt. But one field withstood the onslaught, and even thrived: the Permian Basin, straddling Texas and New Mexico. A combination of technical innovation, aggressive investing and copious layers of oil-rich shale have transformed the Permian, once considered a worn-out patch, into the world’s second most productive oilfield. And this transformation has apparently inoculated Texas against its traditional economic enemy, the boom-and-bust cycle pegged to oil prices. Even now, with prices still far below their peak, the Permian is bursting with production and exploration, and the biggest concern is how to create more capacity to get all that oil to market. The shale-drilling frenzy in the Permian has enabled the United States not only to reduce crude-oil imports, but even to become a major exporter … [Read more...] about How a ‘Monster’ Texas oil field made the U.S. a major exporter in the world market
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By Stephanie Yang The Wall Street Journal Amrith Ramkumar Fri., Nov. 23, 2018 The downward spiral in oil prices is accelerating as a surge in crude production from a turbocharged U.S. petroleum industry runs into weaker global economic growth. Crude prices slid 7.7% Friday, their largest one-day drop since July 2015, and are now down by nearly a third since the start of October. The U.S. benchmark, West Texas Intermediate futures, closed at $50.42 a barrel—its lowest level in over a year. Oil traders pointed to a mix of factors for Friday’s selloff. Economic growth outside the U.S. has flagged, raising fears that demand for crude will also decline. In export-dependent Germany, a purchasing managers index hit a four-year low, well below the level economists were expecting. Saudi Arabia and the Organization of the Petroleum Exporting Countries are inching toward a plan to cut production that would retain official output targets, first set in 2016, but … [Read more...] about In oil’s huge drop, all signs say made in the U.S.A.
President Trump says in a tweet that he has dinner plans with Apple CEO Tim Cook. That dinner will likely take place in Bedminister, New Jersey, where the President has been since August 3. Cook has been vocal in his disapproval of certain Trump Administration policies, particularly around immigration and trade. Diners in the vicinity of Bedminster, New Jersey could find themselves in very powerful company on Friday evening. President Trump, who has been at the Trump National Golf Club in Bedminster since August 3, has dinner plans with Apple CEO Tim Cook, according to a tweet sent Friday. “He is investing big dollars in U.S.A.,” Trump said in the tweet. Recently, Trump claimed that Apple was building manufacturing ‘plants’ in the United States, though the tech titan has not announced any plans to do so. He said that Apple’s investment in the United States was made possible by the tax reform laws passed late last year. … [Read more...] about President Trump says he’s having dinner with Apple CEO Tim Cook, praises him for ‘investing big dollars in U.S.A.’
By The Canadian Press Fri., May 25, 2018 Canada’s main stock index was in the red in late-morning trading as the price for oil fell below $70 (U.S.) a barrel and weighed on the key energy sector. The S&P/TSX composite index was down 28.85 points to 16,084.77, after 90 minutes of trading following reports OPEC countries plan to produce more oil soon. In New York, the Dow Jones industrial average was down 16.15 points to 24,795.61. The S&P 500 index was down 2.83 points to 2,724.93 and the Nasdaq composite index was up 21.52 points to 7,445.95. The Canadian dollar was trading at 77.03 cents U.S., down from an average value of 77.57 cents U.S. on Thursday. The July crude contract was down $2.23 to $68.48 (U.S.) per barrel and the July natural gas contract was down one cent to $2.96 per mmBTU. Article Continued Below The June gold contract was down $1.80 to $1,302.60 an ounce and the July copper contract was down two cents to $3.08 a pound. TOP … [Read more...] about TSX weighed down by energy sector as oil drops below $70 U.S. a barrel
By Stephen Whyno The Associated Press Wed., Feb. 21, 2018 GANGNEUNG, SOUTH KOREA—Pavel Francouz stopped all five shooters and Petr Koukal scored the shootout winner as the Czech Republic eliminated the United States from the Olympics with a 3-2 victory in the quarter-finals Wednesday. Jan Kovar and Tomas Kundratek scored in regulation for the Czech Republic, which was fresher after winning its group and getting a bye into the quarter-finals. The U.S. looked fatigued after facing Slovakia in the qualification round a day earlier and was outshot 29-20. Ryan Donato and Jim Slater scored for the U.S, which again was led by its youngest players, including speedster Troy Terry. U.S. goaltender Ryan Zapolski allowed three goals on 29 shots and one in the shootout, while Francouz stopped 18 in regulation and overtime. “It’s tough when it comes down to the shootout,” U.S. captain Brian Gionta said. “It’s tough to swallow.” Koukal was … [Read more...] about U.S. ousted by Czechs in men’s hockey quarter-finals