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Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Alliance's Hillwood Commons lands first tenant

A large title insurance, property valuation and settlement services company is the first tenant at Hillwood Commons I, an office complex at Alliance Town Center.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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Oil capped near $97 on oversupply possibility
 

KUALA LUMPUR, Malaysia (AP) — Oil remained above $97 a barrel Thursday on lower U.S. stockpiles but concerns of oversupply in the Middle East capped gains.

Benchmark U.S. crude for January delivery was up 4 cents at $97.24 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract gained $1.16 to close at $97.20 on Wednesday.

The Organization of Petroleum Exporting Countries agreed Wednesday to maintain its daily production target of 30 million barrels a day.

However, it faces the prospect of overproduction after Iran announced plans to pump up to 4 million barrels a day once sanctions on its crude exports are lifted. Libya also hopes to increase output to 2 million barrels a day once unrest ebbs.

In all, OPEC members would have to reduce their production to keep prices from dropping sharply and hurting oil revenues that underpin their economies. This sparked concerns of a production war inside the cartel.

Jitters over the OPEC meeting offset positive news from the U.S. after the Energy Department said crude oil supplies fell by 5.6 million barrels, or 1.4 percent, last week, ending 10 straight weekly increases. The decline was more than four times bigger than analysts had predicted.

At 385.8 million barrels, the nation's supply of oil is still 3.8 percent above year-ago levels.

Brent crude, a benchmark for international oils, was down 13 cents at $111.75 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.9 cent to $2.71 a gallon.

— Heating oil shed 0.2 cent to $3.057 a gallon.

— Natural gas fell 0.4 cent to $3.956 per 1,000 cubic feet.

 

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