The petroleum and geosystems engineering department has provided an educational basis for companies to be further equipped with the latest technologies upon entering the field. As part of a fellowship program, oil company Statoil ASA worked with the university to begin a $5 million investment in the...
Alaska is the fourth-largest oil producer of crude oil. The Last Frontier was a relatively minor domestic source of crude prior to the discovery of oil in the North Slope in 1967. Production from the Prudhoe Bay field and other fields began in 1977 and at one point comprised 20% of all...
The 2024 average annual price of West Texas Intermediate crude oil reached 76.55 U.S. dollars per barrel. This was lower than the 2023 average. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around...
In the spring of 2020, oil prices collapsed amid the economic slowdown. OPEC and its allies agreed to historic production cuts to stabilize prices, but they dropped to 20-year lows. Markets, however, quickly recovered and the price of oil rose. In 2022, when Russia invaded Ukraine, the dis...
A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Tayfun Coskun | Anadolu | Getty Images Oil futures posted a loss for the week as traders see limited risk that Israel's retaliatory strike on Ir...
The present paper examines the prices co-movement between West Texas crude oil and China's biofuel crops including soya, corn, wheat, cotton and sugar. Specifically, piecewise cointegration model is developed via hybrid neural network approach which can test the structural change of the linkages wit...
West Texas Intermediate (WTI) is a specific grade of crude oil that is light (low density) and sweet (low sulfur content). As the name suggests, WTI is sourced mostly from Texas. WTI underlies crude oil contracts on the New York Mercantile Exchange. It, along with Brent crude from the ...
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Advances in horizontal drilling techniques have led to a major boom in oil and gas exploration and production in and around the Permian Basin of far West Texas. As a result, the night skies over numerous state parks, and the University of Texas McDonald Observatory, have brightened ...
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