US Sens. Heidi Heitkamp (D-ND) and Sheldon Whitehouse (D-RI) introduced a bill to promote carbon capture technologies by extending a federal tax credit that encourages investment in carbon capture, utilization, and sequestration. Source: News

Laredo Petroleum Inc., Tulsa, has agreed to acquire Midland basin acreage adjacent to existing holdings that it says will accommodate further development with well laterals of 10,000 ft or longer. The acquisition value is about $125 million. Source: News

The light, sweet crude oil price for August delivery fell by more than $2/bbl on July 13 to settle at $44.75/bbl, which was the lowest front-month closing since May 10. The price drop followed a weekly US inventory report that showed continuing high crude oil and product supply levels. Source: News

Independent oil and gas producers are asking the US Pipeline & Hazardous Materials Safety Administration to not begin regulating gathering and production lines as part of the US Department of Transportation agency’s latest proposed pipeline safety rules. PHMSA failed to comply with a congressional mandate before proposing new regulations for gathering lines, the Independent Petroleum […]

In its July Oil Market Report, the International Energy Agency states that the “the market is heading to balance remains on track,” but the road ahead is “far from smooth” as revealed by the recent modest fall back in oil prices. Source: News