Petrochemical

Large hoses lead from one hydraulic fracking drill site to another as horses graze in a Midland, Texas field.
Photograph: Pat Sullivan/AP

reuters.com - by Anna Driver and Terry Wade - May 18, 2015

Texas Governor Greg Abbott on Monday signed a bill into law that prohibits cities and towns from banning an oil drilling practice known as hydraulic fracking, giving the state sole authority over oil and gas regulation.

Lawmakers in Texas, a state that is home to the two of the most productive U.S. shale oil fields, have been under pressure to halt an anti-fracking movement since November, when voters in the town of Denton voted to ban the oil and gas extraction technique.

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FILE - In this Tuesday, Oct. 14, 2014, file photo, oil pumps work at sunset in the desert oil fields of Sakhir, Bahrain. Oil prices have further to drop with no signs of slowing production in the U.S., according to the International Energy Agency, Friday, March 13, 2015. (AP Photo/Hasan Jamali, File) - Associated Press

ABC News - AP - March 13, 2015

Oil prices have further to drop with few signs of slowing production in the U.S., according to a global energy agency.

The International Energy Agency, a watchdog group based in Paris that represents the world's main oil-importing nations, said in its monthly report Friday that the recent stabilization in oil prices is "precarious."

"Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course," it said.

That may be playing out right now. Oil prices tumbled 10 percent this week, including a 5 percent drop Friday.

The IEA cautioned that risks of oil supply disruptions are growing. Low prices could raise the risk of social disruption in some countries dependent on oil, the agency said, and the ongoing conflict in Iraq and Libya hasn't slowed down.

Workers from the United Steelworkers (USW) union walk a picket line outside the Lyondell-Basell refinery in Houston, Texas February 1, 2015. REUTERS/Richard Carson

reuters.com - by Erwin Seba - February 22, 2015

(Reuters) - The largest U.S. refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines.

Sources familiar with the negotiations said talks may resume by mid-week to end the walkout by 6,550 members of the United Steelworkers union (USW) at 15 plants, including the 12 refineries.

Representatives of both sides said no date has been set to restart negotiations, however.

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Oil pump jacks at work at a drilling site in North Dakota. Producers have been cutting back.
Credit Eric Gay/Associated Press

nytimes.com - by Clifford Krauss - January 7, 2015

HOUSTON — With oil prices plunging at an ever-quickening rate, producers are beginning to slash the number of drilling rigs around the country.

The national rig count had remained surprisingly resilient over recent months even as oil prices dropped by more than 50 percent since June, and it still tops the count of a year ago as domestic production continues to surge.