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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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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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American Airlines' first 787 Dreamliner arrives at D/FW

American is preparing the plane to begin service sometime in the second quarter.

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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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