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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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RadioShack rescue raises question of what's worth saving

NEW YORK — RadioShack Corp.'s effort to seek financing and stave off bankruptcy raises a key question for investors, analysts and the customers who've shunned the electronics retailer for years: What's worth saving here?

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U.S. crude-oil imports lowest in 16 years

 

Moming Zhou
(c) 2014, Bloomberg News.
U.S. crude-oil imports fell to the lowest level in almost 16 years as domestic output rose, the Energy Information Administration reported.

Shipments of foreign crude fell 1.1 percent to 7.41 million barrels a day, the fewest since January 1998, based on the four- week average through Dec. 27, according to data released Friday by the EIA, the Energy Department's statistical arm. U.S. crude output surged to a 25-year high on rising production from shale formations.

"Imports are falling because we can produce more oil now," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. "That can save us tons of money and is good for the economy."

Fracking and horizontal drilling have boosted shale oil output from the Bakken formation in North Dakota and the Eagle Ford in Texas. Domestic production increased to 8.12 million barrels a day last week, the most since September 1988. Output surpassed imports in October for the first time since 1995, according to the EIA.

Net imports were 7.35 million barrels a day, the least in data through November 2001, the EIA said. On a weekly basis, imports decreased 0.5 percent to 7.5 million on Dec. 27 after falling to 6.86 million on Dec. 6, the least since January 2000.

Exports of refinery products averaged 3.49 million barrels a day in the four weeks to Dec. 27, the most in data through 1991, the EIA said.

U.S. oil demand slid 7.2 percent in the week ended Dec. 27 to 19 million barrels a day, the EIA said. Consumption reached a five-year high of 21 million in the week ended Dec. 13.

The U.S. trade deficit narrowed for the first time in four months in October, the Commerce Department said Dec. 4. The petroleum deficit shrank to $10.5 billion from $11 billion the prior month after adjusting for inflation. The department will release November trade data on Jan. 7.

The U.S., the world's biggest oil user, consumed about 18.6 million barrels a day of oil in 2012, or about one-fifth of the global total, according to BP Plc's Statistical Review of World Energy.

Crude futures slid $1.48, or 1.6 percent, to $93.96 a barrel on the New York Mercantile Exchange. It was the lowest settlement since Dec. 2.

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?