A rare opportunity exists to enter the popular Marcellus Shale natural gas play in Pennsylvania. The Marcellus has been in the news for the past few years, as many large domestic and foreign oil and gas companies have made substantial purchases of these newly discovered gas reserves. However, there remains a unique opportunity for a company to enter this world-class play without having to pay a high price. Read more »

The European Union’s ban on imports of Iranian crude will drive up oil prices and aggravate market instability, the Islamic Republic said.

The decision by EU foreign ministers to phase out purchases of Iranian oil from July was “hasty” and may lead to “heavy economic loss and damages to the crisis-stricken people of Europe,” the Iranian oil ministry said in a statement on the state-run Fars news agency late yesterday, January 23rd, 2012. Iran’s foreign ministry said the decision “would bear bitter fruit.” Read more »

Former gas company executive Sheffield Nelson, upset over legislators’ disdain for his proposal to increase the severance tax on natural gas, on Wednesday chastised a state lawmaker for accepting campaign contributions from the gas industry.

Nelson, who also twice ran unsuccessfully for governor and is a former member of the state Game and Fish Commission, called the acceptance of contributions to Sen. Jonathan Dismang, R-Searcy, “a conflict of interest.” Read more »

Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.