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U.S. Oil and Gas Reserves Soar

Continuing a trend that has sent ripples through global energy markets in recent years, U.S. oil and natural gas reserves hit new highs in 2013, according to a December 2014 Energy Information Administration report. Proved natural gas reserves rose 9.7 percent to reach a record 354 trillion cubic feet (tcf) at the end of 2013, the Energy Information Administration (EIA) reported, while proved oil reserves increased 9.3 percent to 36.5 billion barrels. For EIA, proved reserves are “estimated...

Cuomo Cozies up to Environmentalists, Bans Fracking in New York

New York made history on December 17th, 2014 as Gov. Andrew Cuomo announced the state would ban hydraulic fracturing, also known as “fracking,” becoming the first state with significant deposits of oil or natural gas to do so. The decision to ban hydraulic fracturing came after the release of a new report by the New York Department of Health (DOH) which states there is not enough evidence to prove hydraulic fracturing is safe. Cuomo’s decision makes him the first major Democratic official in...

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