On Thursday Brent futures went up as Russia promised to react in case the interests that it had in Ukraine came under threat. The news came amongst rising fears about a growth in worries that have shot up the benchmark for oil by 5 percent in the current to stay close to somewhere near $109 per barrel.
A few days ago, the United States Government granted British energy giant, BP, the permission to place bids for federal contracts. The energy major, in an effort to secure the first federal contract, after being re-allowed to bid for the same has placed a bid of $41.6 million for the sale of federal oil lease in the Gulf of Mexico.
Post the oil rig explosion in the Gulf of Mexico in 2010, the United States had placed a ban on the British energy giant BP from applying for new contracts. The current decision to allow BP to apply for the new contracts follows a lawsuit filed by the energy major against the US government for its unjust penalty for the 2010 oil spill.
According to a GasBuddy. com survey of the gas prices at the US pumps last week, the cost of one gallon of gas in all 50 states is more than $3. The figures released by GasBuddy show that the national average price of regular gas is $3.34 per gallon; marking a 5-cent increase over the previous week figures.
The Senate Energy & Natural Resources Committee recently said that it was closely monitoring the implications of increasing oil production in the United States, hinting that the White House could soon revise the decades old limits on crude exports.
When contacted, Obama spokesperson Matt Lehrich didn't rule out a revision in the country's crude export limits.
French oil & gas giant Total is all set to make a huge investment in the UK's burgeoning shale gas industry, according to a recent report by the BBC.
Citing anonymous source, the BBC said Total will invest 30 million pounds (nearly US$50 million) in drilling for shale gas in Lincolnshire in central England.