OPEC countries to pump more oil to contain price increase By KIYOKO METZLER, Associated Press VIENNA (AP) — The countries of the OPEC cartel agreed on Friday to pump 1 million barrels more crude oil per day, a move that should help contain the recent rise in global energy prices. Questions remain, however, over the ability of some OPEC nations — …

Supreme Court: Online shoppers can be forced to pay sales tax By JESSICA GRESKO, Associated Press WASHINGTON (AP) — States will be able to force shoppers to pay sales tax when they make online purchases under a Supreme Court decision Thursday that will leave shoppers with lighter wallets but is a big win for states. More than 40 states had asked …

OPEC oil ministers gather to discuss production increase By KIYOKO METZLER, Associated Press VIENNA (AP) — The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also …

Supermajors need to invest nearly $30 billion in Permian Basin through 2020 HOUSTON–(BUSINESS WIRE)–Jun 18, 2018–A new energy report from business information provider IHS Markit says that the three supermajors active in the Permian Basin — Exxon Mobil, Royal Dutch Shell and Chevron  — will need to invest nearly $30 billion in the oil and gas play through 2020 to …

New IHS Markit Outlook – “Stunning” Permian Basin oil production to more than double from 2017-2023, exceeding expectations (BUSINESS WIRE)–Jun 13, 2018–Oil production in the Permian Basin, already a major force in global supply growth, will rise nearly 3 mbd by 2023—a level of growth exceeding most recent estimates, a new outlook by business information provider IHS Markit (Nasdaq: INFO) …

Trump declares oil prices too high, blames OPEC WASHINGTON (AP) — President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world’s supply of crude petroleum. Trump tweeted on Wednesday: “Oil prices are too high, OPEC is at it again. Not good!” OPEC is the Organization …

More Lea residents going to work Lea County’s unemployment rate hit a five-year low last month, according to the New Mexico Department of Workforce Solutions. Not since April 2013 has the unemployment rate been 3.7 percent. That’s not the lowest ever, since the average for 2007 was 2.5 percent, but it’s a lot better than June 2016 when the unemployment …

ExxonMobil CEO Darren Woods Highlights Growth Plans and Advances in Lower-Carbon Solutions DALLAS–(BUSINESS WIRE)–May 30, 2018–ExxonMobil plans to more than double earnings potential by 2025 while addressing the risks of climate change through continued research into breakthrough lower-carbon technologies, Chairman and Chief Executive Officer Darren Woods told shareholders during the company’s annual meeting today. Meeting the world’s growing energy needs …

Chase Energy Services expanding ARTESIA (PRNewswire) — Chase Energy Services officials announced plans to expand Chase Energy Services (CES) further into the Permian Basin by adding a Midland District during the second half of 2018. CES leadership made the decision at customers’ requests after almost doubling the customer base in 2017. Chase Energy Services now is one of the largest privately held …

Phillips 66 partners to construct West Texas oil pipeline system HOUSTON–(BUSINESS WIRE)–Apr 24, 2018–Phillips 66 Partners (NYSE: PSXP) announced that it has received sufficient binding commitments on an initial open season to proceed with construction of the Gray Oak Pipeline system.The Gray Oak Pipeline will provide crude oil transportation from West Texas to destinations in the Corpus Christi and Sweeny/Freeport …