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Report says ending ban wouldn’t hurt consumers at pump

WASHINGTON  — A new government report concludes that removing restrictions on crude oil exports wouldn’t hurt consumers at the gasoline pump, and may even help them. The finding is providing ammunition to lawmakers seeking to pass legislation this year to end the restrictions. A Senate panel passed such a measure before Congress adjourned for its August recess. House Republicans are ...

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OPEC magazine op-ed that fueled oil rally baffles insiders

LONDON – An OPEC publication written by the exporter group’s public relations team helped oil prices jump and prompted speculation over a possible shift in output policy – to the bafflement of some OPEC insiders. The commentary on Monday in the OPEC Bulletin, a magazine issued by OPEC’s Vienna headquarters, said downward pressure on prices due to higher production “remains ...

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U.S. crude output cuts will only come if prices stay low – Goldman

Further U.S. production cuts needed to rebalance oil markets will only happen if U.S. crude prices remain low, at around $45 a barrel, Goldman Sachs said late on Monday. U.S. oil dropped to around $48 on Tuesday morning, curbing 8 percent gains recorded the session before after the downward revision of U.S. output data by the U.S. Energy Information Administration ...

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How sound are Pennsylvania’s oil and gas wells?

Hundreds of oil and gas well owners failed to submit required reports this year that are meant to document whether Pennsylvania’s active wells are structurally sound or showing signs of leaks and decay. The roughly 450 well owners who were sent violation notices for the missing reports by the Department of Environmental Protection represent a small fraction of the roughly ...

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Environmentalists in Anchorage rally against Arctic drilling

ANCHORAGE, Alaska — Environmentalists rallied Monday against oil drilling in the Arctic, gathering at an Anchorage park near a climate change conference President Barack Obama was scheduled to attend later in the day. A few hundred people attended the two-hour rally, waving signs with such messages as “There is no plan B” and “We are making our earth sick.” The ...

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Russia says oil output could decline if prices stay low

MOSCOW, Sept 1 – Russia will not deliberately cut oil production to prop up prices, however its output may decline if prices remain low, local news agencies quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday. He also said that Russia was ready to discuss measures aimed at oil price stabilization with the Organization of the Petroleum Exporting Countries ...

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