Richard Newell News
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The state of Alaska plans to delay an oil and natural gas lease sale to December from late October to add land for exploration and increase promotion of the auction, Natural Resources Commissioner Dan Sullivan said.
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The U.S. and China are working on a memorandum of understanding to share energy data and are likely to reach an agreement soon, said Richard Newell , head of the statistics arm of the U.S. Energy Department.
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Oil companies won’t be able to get as much cellulosic biofuel as they might need next year, according to the U.S. Energy Information Administration .
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A Democratic lawmaker asked the U.S. Energy Information Administration to re-evaluate natural-gas resources after a published report questioned whether drillers can extract the fuel economically.
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Production forecasts for natural gas locked in shale have doubled, which will help the U.S. become less reliant on imported energy, according to a federal agency.
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The world must prepare for the next energy boom, officials meeting this week in Montreal said, as long-range forecasts that demand will surge eclipse concern that the pace of the global economic recovery is slowing.
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SouFun Holdings Ltd., the operator of China’s biggest property website, posted the second-largest first-day gain for a U.S. initial public offering this year after raising $125 million selling shares at the top of its price range.
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Alaska’s plan to lease land for oil and gas production in October may exceed any other sale in the U.S. this year, said Dan Sullivan, the state’s natural resources commissioner.
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Price changes for Brent crude are more representative of recent trends in the oil market than West Texas Intermediate, Energy Information Administration administrator Richard Newell said.
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The U.S. increased its crude-oil price forecast for 2011 by $1 a barrel on projections that global economic growth will lead to higher demand and that inventories in industrialized nations will decline.
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