Apache Corporation’s access to the 254,000 acres of potential energy reserves in the Granite Wash, has received billions of dollars in investment in recent years. This area is also known for its shale formations. Well shale formations are sedimentary rocks from which hard-to-recover natural gas and oil can be extracted using fracking technology.
The Obama Administration on Wednesday rejected plans for Keystone pipeline, a massive oil pipeline project, blaming that authorized deadlines forced on Obama administration by the Republicans left very little time to allow a fair review. Energy magazines fear that the Obama Administrations decision of denying permits to Keystone pipeline will ruin a key energy initiative, which would actually have created a flood of badly-needed U.S. jobs.
U.S. imposed sanctions on China’s state-run Zhuhai Zhenrong Corp, along with two other firms, for trading refined oil products to Iran. The move took place just days after US Treasury secretary, Tim Geithner, made a trip to Beijing to press for Chinese support on Iran sanctions. This has definitely created a chaos among other oil traders in the industry. And not to forget, this has surely been the talk of the town for quite a few energy magazines around the globe.