FROM THE OIL PATCH

Bill would halt new fracking permits while state conducts impact studies

Bill would halt new fracking permits while state conducts impact studies

State Senator Antoinette Sedillo Lopez, D-Albuquerque, plans to introduce a bill during the upcoming legislative session that would enact a four-year pause on fracking permits while studies are conducted to determine the impacts of fracking on agriculture, environment and water resources and public health.  The bill directs state agencies and

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U.S. Shale Patch Reduced Breakeven Costs By 20% This Year

U.S. Shale Patch Reduced Breakeven Costs By 20% This Year

Pressured by plunging oil prices and the need to adjust to the lower oil demand, U.S. oil producers have slashed costs and managed to bring down their average breakeven costs by nearly 20 percent to $45 a barrel on average, Bloomberg’s research service, BloombergNEF (BNEF), said on Thursday. According to BloombergNEF’s estimates,

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Low Oil Prices Force Saudi Arabia To Cut 2021 Budget Plan

Low Oil Prices Force Saudi Arabia To Cut 2021 Budget Plan

Saudi Arabia reduced its budget plan for 2021 by 7 percent from this year’s in response to the economic fallout of the pandemic, which pushed oil prices to multi-year lows. Reuters reported that Riyadh will spend some $264 billion next year, or 990 billion riyals, as it battles a substantial deficit resulting

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