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bp starts oil production at Argos platform in the Gulf of Mexico; first new platform since 2008

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bp has successfully started oil production at its Argos offshore platform, strengthening bp’s position as a leading producer in the deepwater US Gulf of Mexico. Argos is the centerpiece of bp’s Mad Dog Phase 2 project, which extends the life of the super-giant oil field discovered in 1998. Earlier post.) bp is the operator with 60.5%

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Annual petroleum production in the US more than doubled from 2008 to 2018

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million barrels per day (mmbd) in 2008 to 15.3 Note: Petroleum includes crude oil and natural gas liquids. Annual petroleum production in the United States doubled from 6.8 mmbd in 2018, according to the US Department of Energy (DOE). Record levels of production began when the 11.8 mmbd in 2014 topped the previous high of 11.3

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How crude-oil prices influence gasoline prices

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Gasoline is one of the products refined from crude oil. Thus, the price of crude oil should have a strong influence on the price of gasoline. The Energy Information Administration (EIA) estimates that in the United States from 2008 to 2017, crude oil represented only 61% of the retail price of gasoline. for a 10-day lag.

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IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

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Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future plateau in oil demand, according to new analysis from IHS Markit, a global business information provider. Source: IHS Markit 2018.

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DOE to award up to $88M for oil and natural gas recovery research

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The Department of Energy’s (DOE’s) Office of Fossil Energy announced up to $88 million in federal funding for cost-shared research and development projects enhancing technologies for oil and natural gas recovery under two separate funding opportunity announcements (FOAs). of total US production in 2008 (0.8 billion barrels.

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Commentary: Could falling oil prices spark a financial crisis?

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The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. trillion junk-bond market. trillion junk-bond market. As is the nature of the junk-bond market, lots of money flowed to companies with much riskier drilling prospects than, say, the oil majors.

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As states continue to use less coal for electricity, driving electric vehicles becomes even cleaner

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These results indicate that coal and oil are the energy sources leading to most emissions, and that hydro, wind, and nuclear are the energy sources leading to least emissions. On the two extremes, coal and oil result in about 176 times the emissions from hydro. Therefore, the data for 2008 are included here as well. Natural gas.

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