A booming U.S. oil industry has led to near-record amounts of oil production, which has helped drive down oil prices. The energy industry has responded by storing crude instead of selling it at discount rates. That has created a unique situation in Oklahoma, where a major oil storage hub is on track to fill up — completely.
As earthquakes continue to surge in Oklahoma and seismologists warn of more frequent and more damaging shaking, the state’s oil and gas regulator is issuing new orders to companies operating wells in seismically active regions of the state. Continue Reading
While record-breaking amounts of crude oil are being stored inside tanks at the oil hub in Cushing, Okla., the hub itself is not as full as it has been in the past — because the hub itself is growing.
Oklahoma lost about 500 mining industry jobs between December and January, data from the Oklahoma Employment Securities Commission show.
Almost all in-state “mining” jobs are actually in oil and gas drilling, The Journal Record‘s Sarah Terry-Cobo reports. And while the job losses haven’t yet affected the state’s unemployment rate, currently 3.9 percent, oil sector employment will likely take a big hit in the months to come, according to the Federal Reserve Bank of Kansas City’s bulletin The Oklahoma Economist.
“Based just on these past basic relationships between oil prices and Oklahoma economic activity, it seems likely that mining employment in the state will decline significantly in 2015,” according to the bulletin. Continue Reading
Oklahoma officials have instituted a hiring and salary freeze and is considering tapping reserve funds to help fill a $611 million budget hole fuled by tumbling oil prices.
As legislation written to prevent counties and municipalities from banning hydraulic fracturing and other oil and gas activities advances through the Oklahoma House and Senate, some city leaders and their advocates say the measures go too far and could have unintended consequences.
Booming production, low prices and softening worldwide demand has led to record-setting crude oil storage at the oil hub in Cushing, Okla., EIA data show.
The Oklahoma Senate on Tuesday voted 45-0 to approve a pair of bills that would limit tax incentives for the wind energy industry. Continue Reading
Continental Resources Chairman and founder Harold Hamm says his 2013 meeting with Okahoma’s state seismologist and University of Oklahoma President David Boren was to get information, not to pressure scientists to change findings related to earthquakes, EnergyWire’s Mike Soraghan reports.
A proposed amendment to legislation limiting the power local governments have to regulate oil and gas operations expands the bill’s language to prevent cities and towns from enacting rules “effectively” banning drilling, fracking and related activities.