US President Barack Obama proposed a $10/bbl crude oil tax to fund transportation improvements in addition to doubling federal clean energy research and development outlays in the final federal budget proposal of his presidency. Oil and gas associations immediately said the plan could jeopardize the nation’s relatively new position as a leading global energy producer. […]

In its February Short-Term Energy Outlook (STEO), the US Energy Information Administration forecast Brent crude prices to average $37.52/bbl in 2016, compared with a previous forecast of $40.15/bbl. West Texas Intermediate prices are expected to average $37.59/bbl, down from $38.54/bbl forecasted last month. For 2017, EIA raised its outlook for WTI to $50/bbl from $47/bbl, […]

Houston-based exploration and production startup Terra Energy Partners LLC has agreed to acquire WPX Energy Rocky Mountain LLC, a wholly owned subsidiary of WPX Energy Inc., Tulsa, for $910 million. The deal is expected to close in the second quarter. Source: News

Deep Gulf Energy III LLC has let a lump-sum contract to Technip for the development of South Santa Cruz and Barataria ultradeepwater fields in Mississippi Canyon offshore New Orleans in 2,000 m of water. Source: News

In its February Oil Market Report, the International Energy Agency warned that the short-term risk to the downside has increased, as the surplus of oil supply over demand in the early part of 2016 is even greater than forecast in last month’s OMR. Source: News