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Oil

BUSINESS
February 8, 2016
The world is awash in oil, and Congress has decided to do something about it. With the Saudis pumping like crazy, the Iranians returning to the market, and U.S. production near record highs, oil prices are the lowest in more than a decade, and gasoline prices are back to their Great Recession lows. In the midst of all this, Congress ended the ban on exporting oil. Though the decision may not make much of a difference right now, when the oil markets return to normal there could be some real impacts, and they might not all be positive.
NEWS
February 7, 2016
The Schuylkill River Trail reopened from Chestnut to Locust Streets earlier this week as the water portion of a diesel-fuel spill cleanup has concluded, authorities said Friday. U.S. Coast Guard Chief Petty Officer Nick Ameen said 1,300 gallons of oil were vacuumed up from the Schuylkill. He said some oil was also cleaned up by "absorbent pads" and "booms" in the river, but that amount is hard to quantify. Cleanup efforts are now shifting to the land, particularly from the source of the oil spill, a generator at 2400 Market Street, to the area by the CSX railroad tracks.
BUSINESS
February 5, 2016 | By Andrew Maykuth, Staff Writer
The state Environmental Quality Board, which promulgates Pennsylvania's environmental regulations, on Wednesday approved controversial new rules intended to reduce the surface impacts of oil and gas drilling. The EQB, which is dominated by members of the Wolf administration, approved the new rules by a 15-4 vote. The rules will likely face a legal challenge from the industry. The last revision of the rules came in 2001, three years before the first Marcellus Shale well was drilled, launching a boom that has turned Pennsylvania into the nation's second-largest gas-producing state.
NEWS
January 28, 2016 | By Julie Shaw, STAFF WRITER
Authorities on Tuesday identified the source of a diesel-fuel spill that leaked about 250 gallons of oil into the Schuylkill River. A portion of the Schuylkill River Trail remained closed Tuesday while crews continued the cleanup effort. The spill occurred when a sensor in an outdoor, covered generator on the 2400 block of Market Street malfunctioned, said Nick Ameen, a spokesman for the U.S. Coast Guard, the lead agency in the cleanup. The generator is owned by a company called CenturyLink, a communications and IT company, Ameen said.
NEWS
January 27, 2016 | By Robert Moran, STAFF WRITER
About 200 gallons of home heating oil spilled into the Schuylkill Monday morning, resulting in the closure of the river trail in Philadelphia between Market and Locust Streets, officials said. A total of 4,200 gallons of oil spilled sometime before 9:30 a.m. from a tank at 2400 Market St., crossing CSX property and the Schuylkill River Trail before partially draining into the river, officials said. The popular trail was closed in the area as the spill was assessed and then the cleanup began, the state Department of Environmental Protection reported.
BUSINESS
January 20, 2016 | By Grant Smith and Robert Tuttle, BLOOMBERG
Brent crude traded near a 12-year low in London, briefly dipping below $28 a barrel, as the lifting of international sanctions on Iran paves the way for increased supply amid a global glut. Futures fell 1.3 percent after earlier dropping as much as 4.4 percent in London to the lowest since November 2003. Iran is beginning efforts to boost output and exports by 500,000 barrels a day now that restrictions have ended, Amir Hossein Zamaninia, deputy oil minister for commerce and international affairs, said Sunday.
NEWS
January 4, 2016
Steve Yetiv is a professor of international relations at Old Dominion University and the author of "Myths of the Oil Boom: American National Security in a Global Energy Market" Oil prices have fallen dramatically to the mid-$30s on the New York Mercantile Exchange from more than $105 per barrel in 2014. Such extraordinarily low prices are affecting global stock markets, big oil exporters, and consumers worldwide. How can we explain this crash, and where are oil prices headed?
NEWS
December 20, 2015 | By Jonathan Tamari, WASHINGTON BUREAU
WASHINGTON - Rep. Patrick Meehan, a Delaware County Republican, voted against a $1.1 trillion spending bill that cleared the House and Senate on Friday, warning that a key provision could hurt the oil refineries that employ thousands in the Philadelphia area. Meehan and Sen. Pat Toomey (R. Pa.) were the only lawmakers from the region who voted against the bipartisan package, a sweeping compromise that will keep the federal government running for the next fiscal year but also includes enough policy riders in its 2,009 pages to please and anger seemingly everyone.
BUSINESS
December 10, 2015 | By Andrew Maykuth, Inquirer Staff Writer
A central Pennsylvania energy company that aspires to become the "Amazon of energy" is expanding its presence in the Philadelphia area with the acquisition of a King of Prussia oil transporter. Shipley Energy, of York, a jack-of-all-trades fuel dealer that markets a broad range of energy products in 13 states, announced that it had acquired Gleba Inc., a bulk-petroleum trucking company that primarily delivers ethanol to fuel terminals for blending into finished gasoline. The price was not disclosed.
NEWS
November 17, 2015 | By Bonnie L. Cook, Inquirer Staff Writer
Josh Garfield, 64, of Ardmore, a marketing executive and oil painter, died Wednesday, Nov. 4, of cancer at his home in Boca Raton, Fla. He and his family had just relocated to Florida after 26 years in Ardmore. Mr. Garfield was marketing director of Garfield Refining Co., a precious-metals business that has been in the Garfield family for three generations. He held the position for many years, working from an office in the 800 block of East Cayuga Street in Philadelphia. Born in the city and educated in Lower Merion and Boston, Mr. Garfield aspired to become an artist.
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