Light, sweet crude oil prices dropped modestly, settling under $32/bbl on the New York market Feb. 4 in what has been a volatile week for oil prices. Despite some price gains earlier in the week, traders appear primarily focused on world crude oversupply. Source: News

The Obama administration proposed a $10/bbl tax on crude oil to help pay for its plan to create a 21st Century Clean Transportation System. Officials from national oil and gas associations immediately said it was a serious mistake. Source: News

Suncor Energy Inc., Calgary, has cut its capital guidance for 2016 to $6-6.5 billion from $6.7-7.3 billion reported in November. Source: News

BOC Ltd., an industrial gases subsidiary of Germany’s Linde Group, has commissioned a plant that will capture carbon dioxide emissions from operations at New Zealand Refining Co. Ltd.’s (NZRC) 107,000-b/d Marsden Point refinery at Northland on the North Island’s east coast. Source: News

The Obama administration should rely more on oil and gas industry innovation and cooperation, and less on heavier federal regulation, as it moves into its final year, an American Petroleum Institute official recommended. Source: News