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?
December 20, 2015 |
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.
December 10, 2015 |
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.
November 17, 2015 |
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.
September 23, 2015 |
A Washington Township man who caused an oil spill into a lake and creek last year while emptying his pool was sentenced Monday to five years of probation, contingent on his completing 150 hours of community service, the New Jersey Attorney General's Office said. John Caldwell, 48, pleaded guilty in May after authorities charged him in connection with the June 29, 2014, spill that unleashed several thousand gallons of oil into Spring Lake and Mantua Creek. Authorities said Caldwell, then a truck operator for an environmental services firm, used a vacuum truck to drain the water from his pool and dumped it in front of his home on Uranus Road.
September 17, 2015 |
The New York Stock Exchange is threatening to delist the shares of embattled Radnor oil producer Penn Virginia Corp. for failing to maintain an average closing stock price of at least $1 for the last 30 consecutive trading days. Under NYSE rules, Penn Virginia will regain compliance if, on the last trading day of any calendar month in the next six months, its closing share price and its consecutive 30 trading-day average closing share price are at least $1 per share. Penn Virginia's shares have sunk in the last year along with the oil price; its 52-week price has ranged from $13.99 to 71 cents.
September 7, 2015 |
The U.S. oil boom has been a salvation for the Philadelphia area's embattled refineries, creating an abundant source of discounted petroleum that instantly improved their competitiveness. Those refiners now fear that a movement in Congress to lift a ban on exporting crude oil will erase their newfound market advantage. They worry that overseas refiners will gobble up U.S. crude and sell it back to Americans in the form of gasoline, diesel, and heating oil. "By lifting export restrictions and sending our crude overseas, we would be sending American jobs overseas, as well," Jeffrey Warmann, chief executive of Monroe Energy refinery in Trainer, testified at a Senate Energy Committee hearing in March.
August 19, 2015 |
A rail-safety expert recommended Monday that Pennsylvania step up track inspections and press railroads to increase the number of electronic trackside monitors to reduce the risk of oil-train derailments. Allan M. Zarembski, a University of Delaware expert commissioned by Gov. Wolf to explore responses to a massive increase in oil-train traffic, made 27 recommendations on ways the state and railroads can reduce the risk of a catastrophic derailment. Zarembski acknowledged that the state has limited leverage over federally regulated railroads, and that the U.S. Department of Transportation and the industry have already moved to upgrade safety standards, including new railcar rules.
August 19, 2015 |
Lois Campana had just returned home from her shift as a night nurse. Her husband, Ralph, was getting dressed for a shift at Ladder 16. It was Aug. 17, 1975, and Ralph Campana already knew where he was heading: the Gulf Oil refinery in South Philadelphia, where a massive fire had been burning since before dawn. "Those people are going to blow themselves up one day," he told Lois. The refinery had already been the site of 10 multiple-alarm fires. He finished dressing, got in his car, and drove off as Lois waved from the front porch.
August 17, 2015 |
The 1988 sale of the Rainbow Inn appeared to many a clean break. Theresa Maderich, a self-made businesswoman, was selling the Clayton liquor store and bar to pursue a new opportunity. Larry Dalton, a bartender from a well-known political family, eager to have his own business, saw potential in the former 19th-century hotel. Neither party anticipated a transaction that would be mired in controversy 27 years later. Neither suspected the trouble that an underground oil tank would present.