Tag: Oil and gas industry

Jobs Report: 211,000 Jobs Added, Unemployment Rate Fell To 4.4%

In April, the U.S. economy added 211,000 jobs and the unemployment rate fell to a new post-crisis low of 4.4%. This is the lowest unemployment rate since May 2007. Wages, which are closely tracked by the Federal Reserve, rose 0.3% month-on-month, as expected. The the annual increase in wages, however, disappointed with wages up just…

Trump Issues Permit For Keystone XL Pipeline

The Trump administration on Friday issued a permit for the controversial Keystone XL pipeline to be built, effectively reversing the previous White House’s decision to reject the plans two years ago. According to the Associated Press, the U.S. State Department, in reviewing the project plans, decided the pipeline would be in “the national interest,” despite…

White House Statement Plagiarizes ExxonMobil

A White House press release on a new ExxonMobil expansion appears to have lifted an entire paragraph from ExxonMobil’s press release on the expansion, The Washington Post reports. The two passages are identical, with the exception of the words “United States,” which appear in full in the White House statement and abbreviated in ExxonMobil’s release.…

Report: Spies Keeping Info From Trump

U.S. intelligence officials have withheld some sensitive intelligence from President Trump because of concerns about the information being leaked or compromised, according to a report in The Wall Street Journal. This purported move underscores distrust between the intelligence community and the new administration as a result of reports that Trump’s campaign team had contacts with…

Report: DOW Hits 20,000 For The First Time Ever

U.S. equities rose on Wednesday after a series of executive orders from President Donald Trump increased bullish sentiment on Wall Street. “Traders have been waiting for more details on infrastructure spending and now they have it in a very clear format,” said Naeem Aslam, chief market analyst at Think Markets. “There is nothing bigger than…

Trump Approves Keystone, Dakota Access Pipelines

President Donald Trump on Tuesday set in motion the construction of the Keystone and Dakota Access pipelines. The directives were given through an executive order. The Obama administration killed the Keystone project in 2015, citing environmental concerns, while it also commissioned a report on the environmental impacts of the Dakota Access pipeline as fears grew…

Obama Bans New Oil & Gas Drilling In Areas Of The Atlantic And Arctic

President Obama announced Tuesday he has indefinitely blocked offshore drilling along most of Alaska’s coast and from Norfolk, Virginia, to the Canadian border. Obama is rushing to protect his environmental policies before he leaves office in January, and he used an obscure provision of the 1953 Outer Continental Shelf Lands Act to enact the ban,…

Federal Government Blocks Dakota Access Oil Pipeline Route

The U.S. Army Corps of Engineers said Sunday that it would not approve permits to build the Dakota Access oil pipeline under Lake Oahe, a reservoir on the Missouri River near the Standing Rock Sioux reservation. The decision halted construction, a major victory for members of the tribe and other activists who have been protesting…

GE Reached $30 Billion Deal With Baker Hughes [VIDEO]

General Electric Co (GE.N), banking on a recovery in oil prices, said on Monday it would merge its oil and gas business with No. 3 oilfield services provider Baker Hughes Inc (BHI.N). GE will own 62.5 percent of the new company, which will have combined revenue of $32 billion, while Baker Hughes shareholders will own…

Massive explosion at ExxonMobil oil refinery [VIDEO]

An explosion at an ExxonMobil refinery in Torrance, California caused a gas leak and small fire at the gasoline processing unit shortly before 9:00 a.m. on Wednesday. Four workers were injured and the explosion shattered the windows of surrounding buildings. The California Department of Industrial Relations has opened an investigation into the explosion to determine…

US State Department delays review of Keystone pipeline

The U.S. State Department says it is giving federal agencies more time to review the Keystone XL pipeline before deciding whether to issue a permit. The review could push the decision about the controversial pipeline until after midterm elections in November. AP