Federal lawyers on Tuesday formally asked a judge in New Orleans to approve a record-breaking $20 billion-plus settlement agreement announced last July by the Department of Justice and five Gulf Coast states to resolve years of legal fighting about the 2010 Gulf oil spill.
U.S. Rig Count is down 12 rigs from last week to 464, with oil rigs down 15 to 372, and gas rigs up 3 to 92. Canadian Rig Count is down 14 rigs from last week to 55, with oil rigs down 1 to 11, and gas rigs down 13 to 44.
“The US has sought to work with Europe to lessen Europe's dependence on Russian energy and, particularly, gas supplies to weaken Russian leverage to use that gas supply for political purposes and has enjoyed some success, and this has been a cooperative venture. Three administrations working in the same direction, many of the same assumptions and people.”
Goods exports decreased to $1,513.5 billion from $1,632.6 billion, the first decrease since 2009. The largest decrease—which accounted for more than two-thirds of the total decrease in goods exports—was in industrial supplies and materials. The decrease was mainly due to a decrease in petroleum and products.
The average price of a gallon of gasoline in the United States gained nearly 25 cents in the past four weeks, according to a survey released on Sunday.
The total US rig count, which on Friday stood at 476, is now at its lowest point ever in the 67-year history of the Baker Hughes numbers, according to data released by the oilfield service company.
The deal will give Calgary-based TransCanada a strategic position in the Marcellus and Utica shales of Pennsylvania, Ohio and West Virginia, the most promising regions in the US for gas production growth.
U.S. Rig Count is down 4 rigs from last week to 476, with oil rigs up 1 to 387, and gas rigs down 5 to 89. Canadian Rig Count is down 29 rigs from last week to 69, with oil rigs down 16 to 12, and gas rigs down 13 to 57.
Analysts estimate that between 15 and 20 percent of 2016 U.S. oil production is hedged, and as little as 2 percent for 2017.
U.S. companies are welcome to invest in Iran's oil and gas industry, the Iranian oil minister said.