oil

Cooper McKim


The sun is beating down on a nearly empty gravel plot. Just a few weeks ago, trailers owned by oil field and pipeline workers lined this man camp.

A 5-day look at WTI pricing
Market Watch

On Monday, domestic oil prices dropped more than 200 percent, settling at -$14.05 by day's end; the West Texas Intermediate (WTI) crude oil price benchmark momentarily hit -$40.32. This marks the first time oil prices have ever dropped into the negatives.

There’s been too much oil on the market since well before the coronavirus outbreak. But a recent agreement to cut production won’t be enough to prevent states in the Mountain West from taking a big hit.

 


WTI Crude pricing falling 20 percent since Friday, March 6.
oilprice.com

Oil prices fell 25 percent today in their steepest drop since 1991. The record stumble raises concerns of lasting impacts to Wyoming's revenue picture and energy producers in the state.

The U.S. Interior Department may have complied with requests from an oil industry trade association to remove some environmental species act protections for a beetle, according to agency records. 

Rystad Energy

Oil giant Chevron announced it's acquiring Anadarko Petroleum for $33 billion. The deal makes Chevron the seventh largest national oil company, according to Rystad Energy.

Booms located at the popo agie river to prevent further seepage downstream
Keith Guille / Wyoming Department of Environmental Quality

Gasoline is spilling into the Popo Agie River in Lander. A citizen reported it to the National Response Center last week. The action prompted the U.S. Environmental Protection Agency (EPA) and the Wyoming Department of Environmental Quality (DEQ) to investigate what happened.

Keith Guille, DEQ spokesman, said the situation is urgent, and "that's why we have staff out there to make sure that we find some conclusions here very quickly to ensure that wherever the spill leak is coming from they get stopped and that everything can move forward here."

A recent study backs up longstanding research that the oil boom in the Bakken region of Montana and North Dakota contributed to a significant increase in violence in the surrounding communities.

OPEC and other foreign oil producers said Friday they’re scaling back production by about 1.2 million barrels a day. That could be good news for oil producers in the Mountain West but perhaps not so good for consumers.

Cooper McKim

An 18-wheeler spins its tires through snowy mud on an undeveloped well-pad in the Powder River Basin. In the bitter morning cold, workers in black overalls and face masks move gravel where oil tanks will soon stand.

Short-Term Energy Outlook
U.S. Energy Information Administration

As of August, the U.S. is the leading producer of crude oil in the world. A new analysis shows the nation surpassed Russia and Saudi Arabia in total number of barrels produced per day (b/d) that month, with 11.35 million (b/d).

Stephanie Joyce

A surge in oil prices has led to the best revenue report for Wyoming in a few years. The Consensus Revenue Estimating Group (CREG) is calling for Wyoming's general fund to see an increase of roughly $212 million in the next fiscal year and other sources of revenue are also expected to increase.

The nation’s first commercial oil-shale mine could be built here in our region. The Bureau of Land Management issued a decision that allows a mine in Utah’s Uinta Valley to move forward.

A gas flare, used to burn off flammable gas -- on Highway 59 from Gillette
Cooper McKim / Wyoming Public Radio

The Trump administration is proposing a rule that would make it easier for oil and gas companies to release methane emissions — a potent greenhouse gas – into the air. The proposal targets an Obama-era policy pushing energy companies to fix gas leaks.

Wyoming Energy Summit logo
Wyoming Business Report

Coal could soon be used to make affordable carbon nanomaterials for mass use. The sci-fi sounding production is already used for things like water-resistant coats, electronic displays, or even dyes and pigments. Though, for now, it’s developed with expensive oil or gas feedstocks.

Coastal communities across the country are suing oil companies for contributing to climate change. Now, a lawsuit in the landlocked interior joins the list.

At the heart of the lawsuit is this realization: Climate change is expensive. Just look at worsening wildfires and floods nationally. 

Amy Sisk/Inside Energy

Way up in northern North Dakota lies an old oilfield with a problem 60 years in the making.

It’s noticeable on farmers’ land, like the fields harvested by Clarke Stevens near the small town of Glenburn.

His wheat fields span far across the prairie. In the middle is a 3-acre patch of barren soil.

“We’re always farming around areas like this, and every year they continue to grow,” Stevens said.

 

This is the site of an old brine pit. Decades ago, trucks took this salty wastewater — produced alongside oil from nearby wells — and dumped it into this pit.

Oil prices have shot up in the U.S. after Russia and Saudi Arabia announced they would continue limiting supply of petroleum to the global market. They’re the two largest oil exporting nations.

Higher oil prices should increase production temporarily in Wyoming. Right now, production in the state is down 14% compared to last year. 

Oil production continues to fall in Wyoming. The first records of the state’s production in 2017 show it’s down about 14% from the same time last year. 

Oil and gas commissioner Tom Fitzsimmons said that decline is likely to continue. To stop it, prices would need to stabilize first around $55 per barrel while they have recently been between $46 and $48 per barrel.

Fitzsimmons said prices are driven up if there's less supply, though that supply keeps on coming. He pointed to the state’s network of ducts

Celia Talbot Tobin / Inside Energy

  

Protesters have been camped out on federal land at the Dakota Access construction site in North Dakota for months, and now winter has arrived, dumping almost two feet of snow on the encampment the last week of November. The winter storm hit just before news that president-elect Donald Trump indicated he supports completion of the pipeline.

Stephanie Joyce / Wyoming Public Media

With a record increase in U.S. crude stockpiles this week as well as increased production from OPEC, it is looking more and more unlikely oil prices will rebound in the near future.

Oil opened November back below $50 a barrel, after spending much of October above that threshold, and analysts are increasingly forecasting the coming year will not bring much improvement.

Pipeline Drama Casts Shadow Over Oil Industry

Sep 30, 2016
Amy Sisk / Inside Energy

The Obama Administration’s decision to temporarily halt construction on part of the 1,200-mile Dakota Access Pipeline has the oil industry on edge.

It was evident at the North Dakota Petroleum Council’s annual meeting, where the pipeline protests cast a shadow over an industry struggling amid low oil prices.

Amy Sisk

Opposition to the Dakota Access pipeline continues to grow beyond its North Dakota roots, with solidarity protests Tuesday in dozens of cities across the country and the world.

Luke Brown

  

From the beginning, tribes from Wyoming's Wind River Indian Reservation have been participating in protests to stop the Dakota Access Pipeline. Wyoming Public Radio’s Melodie Edwards interviewed Wind River Native Advocacy Center Director Jason Baldes two weeks ago about how his organization has sent several groups of people to participate in demonstrations.

Andrew Cullen

 

Hundreds of people gathered on the lawn outside the North Dakota Capitol in Bismarck Friday afternoon for what was supposed to be a protest over construction of the $3.7-billion Dakota Access pipeline.

North Dakotans Reel From Low Oil And Ag Prices

Feb 5, 2016
EMILY GUERIN / INSIDE ENERGY

On the surface, North Dakota doesn’t seem like a state full of risk-takers. It’s conservative, faith and family-oriented. Yet many people here are constantly making big bets on how much money they’re going to make next year, or whether they’re going to have a job in a  few months.

Andrew Cullen

The high school football game is the center of life for small towns in much of rural America. And one town, in western North Dakota, is celebrating the return of that ritual for the first time in over a quarter century.

The Alexander Comets are a six-man football team (the school is still too small to host the 11-man game). On the day before their home opener, against a small town in eastern Montana, they're going over plays and their warm-up routine.

"I can’t wait for tomorrow to come," says wide receiver Jayy Morgan, "my head’s going to explode right now."

Flickr user mwwile via Creative Commons

  

In North Dakota’s Bakken oilfield, demand for electricity has skyrocketed – unlike much of the rest of country, where demand been flat since the recession. Dale Haugen has seen this first hand as general manager of the Mountrail Williams Electric Cooperative, which serves the heart of the Bakken. In the early 2000s, things were pretty grim at the coop's offices, and in Western North Dakota, in general.

Emily Guerin

  

Steve Fischer finished law school in Ohio in 2010 — one of the worst years to graduate in recent memory. Less than 70 percent of law school grads who passed the bar in Ohio that year landed a job as an attorney. He finally called an old friend and asked if he was hiring.

He was — in fact he was desperate for help. Soon, Fischer, “was making better money than most of my law school classmates.”

Federal Reserve Bank

The "breakeven" price for oil has fallen in step with oil prices, according to new data from the Federal Reserve Bank of Kansas City. The "breakeven" price is when producing oil is no longer profitable for companies. 

The Bank periodically surveys oil and gas companies in seven Western and Midwestern states. When oil prices started to slide, those companies reported an average breakeven price of $79. Now, those same companies report it's down to an average of $62. 

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