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Energy News: The US Will Soon Overtake Saudi Arabia as the Top Oil Producer


Plus, Con Ed seeks a rate hike despite its poor response to Hurricane Sandy.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

Yahoo News
Link: US to Overtake Saudi as Top Oil Producer
"The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency.

"The International Energy Agency (IEA) said it saw a continued fall in US oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035."

CBS News
Link: Con Ed to Seek Rate Increase Despite Criticism of Post-Sandy Response
"Con Edison (NYSE:ED) has been harshly criticized for its post-Superstorm Sandy response, but the utility company says that won't keep it from continuing to seek a rate increase.

"Thousands of Con Ed customers are still cold and without power – 11 days after Sandy hit."

Bloomberg Businessweek
Link: California Gasoline Drops as Exxon Scheduled to Finish Repairs
"Spot gasoline in California tumbled to the lowest level against futures in a week as Exxon Mobil Corp. (NYSE:XOM) was expected to finish maintenance on a unit at the Torrance refinery in Southern California.

"Flaring at the 150,000-barrel-a-day plant, related to repairs on a unit, was scheduled to end today, a Nov. 2 notice to the South Coast Air Quality Management District shows. Daymond Rice, an Exxon spokesman in Torrance, declined by e-mail to comment on the work, saying the company doesn't discuss the status of units at the plant."

Link: Chevron Says Australia's Gorgon LNG Is 50 pct Complete
"Chevron's (NYSE:CVX) $37 billion Gorgon liquefied natural gas (LNG) development is now 50% complete, and still on track to go on line in 2014, a senior executive said on Tuesday.

"Gorgon LNG, the company's flagship development, is currently undergoing a cost and schedule review as costs at other Australian LNG developments have been growing rapidly due to a high Australian dollar and the rising local price of doing business."

Link: BP Agrees $325 Million Settlement with Russian Partners
"BP PLC (NYSE:BP) has agreed to pay its partners in the TNK-BP joint venture $325 million as part of a wide-ranging settlement deal announced earlier Tuesday, a person familiar with the matter said.

"Long-fractious relations between the UK oil giant and the group of Soviet-born billionaires behind the Alfa Access Renova consortium appeared to have been soothed with both sets of shareholders announcing a 'comprehensive agreement' to settle all disputes between them, including protracted arbitrations brought by each side against the other."
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