Soaring gas prices prompt President Biden to urge FTC to examine potential ‘illegal conduct’ by oil and gas companies
President Joe Biden asked the Federal Trade Commission on Wednesday to investigate “anti-consumer” behavior by oil and gas companies and whether it’s a reason for the soaring gas prices across the country.
Homeowner calls KPRC 2 Investigates to get leaking CenterPoint transformer replaced
A woman in Spring became concerned when she discovered an oil leak. The oil was dripping onto her property. But when the company that owned the leaky equipment wouldn’t return her calls, she called KPRC 2 investigator Amy Davis.
OPEC maintains 2021 oil demand growth forecast, warns outlook clouded by pandemic fears
LONDON — Oil producer group OPEC on Thursday kept its 2021 forecast for global oil demand growth unchanged, but warned uncertainties over the impact of the coronavirus pandemic remain high. The closely-watched oil market report comes as coronavirus cases continue to surge worldwide, with new lockdowns imposed in Europe and parts of China. The 13-member group said it expected global oil demand in 2021 to increase by 5.9 million barrels per day year-on-year to average 95.9 million barrels per day. The group said world oil demand growth in 2020 declined by 9.8 million barrels per day year-on-year to average 90 million barrels per day. "Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels," the group said.cnbc.com
Former executive admitted to stealing $2M from Houston oil services company, DOJ says
HOUSTON – A 45-year-old Katy man has pleaded guilty to embezzling more than $2 million from a local oil services company, the U.S. Department of Justice announced Wednesday. K. Patrick said in a news release that Robert Andrew Bishop was the vice president of resource management at International Professional Management (IPM), an oil services company located in Houston. DOJ said he admitted he would inflate the loan amount needed and then divert the excess money to fake vendor accounts he controlled. Over the span of approximately six years, Bishop diverted roughly $2.1 million from the company’s operating expenses, authorities say. At that time, Bishop could face up to 20 years in federal prison and a possible $250,000 maximum fine.
Chevron planning to cut about 6,000 employees, report says
HOUSTON Chevron Corp. is planning on making a 10% to 15% reduction in its workforce this year due to the coronavirus pandemic, according to a Bloomberg report. This would be the biggest job cut made by a major oil company since the start of the pandemic, the report said. This is a difficult decision, and we do not make it lightly, Chevron said in a statement. The cuts will be across the board but will mostly affect corporate functions and the support functions, Bloomberg wrote. About half of the Chevron workforce is based in the U.S.
Houston History: Howard Hughes Sr., the Houstonian that changed the oil industry
HOUSTON – Meet Howard Robard Hughes Sr., the man that changed the oil industry. Howard R. Hughes Sr. (KPRC)At the time, many drilling companies had a difficult time getting through underground rock formations to drill oil. Howard R. Hughes Sr. drill patented on August 10, 1909 (KPRC)Two years later in 1909, they patented the new tool and founded Sharp-Hughes Tools Co. on Buffalo Bayou. Sharp-Hughes Tool Co. (KPRC)In 1912, Sharp passed away and Hughes purchased half of the company from Sharp’s widow, becoming Hughes Tools. Twenty four years later, Hughes Tools would patent another useful tool, the Tricone roller cone drill bit, technology still used today.