Archives for October 2016
Rising crude prices send cost of gasoline higher
Rising crude oil prices during the past week have lifted average retail gasoline prices along with them, with the Houston-area average increasing 2.9 cents per gallon compared with year-ago levels, according to GasBuddy. The average...
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Two more rigs in U.S. oilfields; third increase in a row
Two more rigs crawled onto U.S. oilfields this week, the third increase in a row and the eighth in 10 weeks, adding to the oil industry’s slow recovery. Oil prices crested $50 on Thursday for...
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Chevron Phillips’ $6 billion expansion nears completion
Chevron Phillips’ “U.S. Gulf Coast Petrochemicals Project” is now more than 80 percent complete, although it still won’t be fully up and running for almost 12 more months. The effort involves building a massive ethane...
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IHI E&C terminates dozens of Houston employees this week
The energy engineering and construction company houses its IHI E&C subsidiary in Houston’s Energy Corridor. Fewer than 100 of the company’s roughly 400 Houston-area jobs were cut, although IHI declined to provide specific numbers. Source:...
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Oil settles above $50 a barrel for first time since June
Crude oil settled above $50 a barrel for the first time since June, pushed higher by solid demand, falling U.S. stockpiles of petroleum products, and OPEC’s promise to cut production. West Texas Intermediate, the U.S....
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