U.S. Bankruptcy Court in Manhattan Ruled that Sabine Oil & Gas May Reject Earlier Pipeline ContractsSubmitted by Isha Sondhi on Wed, 03/09/2016 - 08:45
Judge Shelley Chapman of the U. S. Bankruptcy Court in Manhattan ruled that Sabine Oil & Gas Corp, which filed for bankruptcy protection in July, could let go of the costly contracts which it made with some of the pipeline companies while the energy sector saw a boom. The court rejected the other claims made by other pipeline firms that even under bankruptcy the oil and gas producer could not break the earlier agreements.
Newly released numbers from the government showed that natural gas and sources of other renewable energy are likely to make up
93 percent or more of new electric generation in the country. The numbers come in at a time when there is a greater focus on shifting from the highly polluting fuels including coal and oil to greener options.
The U. S. Energy Information Administration's report reveal that the utilities and commercial institutions will most probably add greater than 26 gigawatts generating capacity in 2016, to the power grids of the country.
On Monday, the U. S. crude futures gained notably capping a bumpy market seen in February. The prices have been comparatively flat, after Saudi Arabia's approach to cooperate with the other key oil producers during the weekend. The major oil producing countries are making a coordinated effort to limit the intense volatility of oil prices in the global markets that have mainly spiked from immense oversupply and drop in demand.
On Thursday, Halliburton said it is trimming eight percent of its workforce which approximately amounts to 5,000 jobs.
However, the company did not specify which of the locations will be affected most due to the job cuts. Halliburton's operations stretch from the United States to Africa, Middle East and Asia. The job cuts will take place in locations globally in the next few weeks.
The wave of job cuts highlight the recent crisis which the U. S. oil industry is facing with crude prices slipping to their seven-year lows.
On Wednesday, the oil futures settled with a gain mainly supported by a weekly fall in crude production in the U.S. However, on Thursday, the crude prices dropped with sliding demand for U.S. gasoline and the continued pressure from the global supply glut. The oil storage facilities have been overflowing with unsold oil.
On Sunday, a survey showed that, in the United States, the average per gallon gasoline price dropped 5 cents in the last couple of weeks touching its seven years low.
The February 19, survey showed that regular grade gas dropped to about $1.77 per gallon from $1.82, on February 7, the day of the earlier survey.
Trilby Lundberg, the survey publisher said, gasoline price touched it's lowest since December 19, 2008, which was close to $1.66. The recent price was 56 cents lower compared to one year ago, mostly in response to low oil prices.
Solar energy technology related jobs are growing countrywide and a report from the Solar Foundation said that in 2015, the total number of Americans involved in jobs related to this sector totaled to 208,859 which includes 8,250 in New York.
According to the foundation, this is the third straight year when solar jobs have increased twenty percent or greater nationwide. In the list of top ten states were California, Massachusetts, Nevada, New York, New Jersey, Texas, Arizona, Florida, North Carolina and Colorado that added maximum number of solar jobs.
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