MARKET WATCH: NYMEX oil price drops under $32/bbl on oversupply concerns

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


Obama proposes $10/bbl crude oil tax to fund transportation plan

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


BOC commissions plant at New Zealand’s sole refinery

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