"Boehner said if Iran can return to exporting crude under the deal the United States and other world powers struck with Tehran this month over its nuclear program, the United States should not be the last developed country in the world with a self-imposed ban on oil exports."
"Repealing the U.S. ban would create 1 million jobs, help bring down gasoline prices for consumers and be good for allies, Boehner said. "
Supporters of lifting the ban say it could help Eastern Europe diversify beyond Russia for crude supplies. But some experts have said doing so would take time, as many European refineries have made investments to run on Russian oil and as capacity to import U.S. crude would need to be built.
Speaker of the U.S. House of Representatives John Boehner told reporters on Wednesday he supports lifting a 40 year-old ban on crude oil exports, a move that could boost support for legislation in his chamber.
Boehner said the ban was created during a time when oil markets were much different than they are now and that lifting the trade restriction could create 1 million jobs. A bill introduced by Representative Joe Barton this year has more than 100 co-sponsors.
U.S. natural gas prices rose for the third consecutive session on Wednesday, as market participants looked ahead to fresh weekly information on U.S. gas inventories to gauge the strength of demand for the fuel.
Natural gas for delivery in September on the New York Mercantile Exchange rose 3.5 cents, or 1.23%, to trade at $2.851 per million British thermal units during U.S. morning hours after hitting a daily peak of $2.865, the most since July 23.
A day earlier, natural gas tacked on 2.8 cents, or 1.0%, to end at $2.816 as investors bet a heat wave making its way across the eastern U.S. will prompt households to ramp up their air conditioning.
Updated weather forecasting models called for hotter than normal temperatures across most parts of the Midwest and East Coast over the next five days.
Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. Natural gas accounts for about a quarter of U.S. electricity generation.
The U.S. Energy Information Administration's storage report due on Thursday is expected to show a build of approximately 55 billion cubic feet for the week ending July 24, compared to an increase of 68 billion cubic feet in the preceding week.
Supplies rose by 88 billion cubic feet in the same week last year, while the five-year average change is an increase of 48 billion cubic feet.
Total U.S. natural gas storage stood at 2.828 trillion cubic feet as of last week, 28.2% higher than during the same week a year earlier and 2.9% above the five-year average for this time of year.
Last spring, supplies were 55% below the five-year average, indicating producers have made up for all of last winter’s unusually strong demand.
Elsewhere on the Nymex, crude oil for delivery in September shed 32 cents, or 0.67%, to trade at $47.66 a barrel, while heating oil for August delivery inched down 0.14% to trade at $1.602 per gallon.
West Texas Intermediate oil futures reversed losses on Wednesday to trade above the $48-level after data showed that oil supplies in the U.S. fell much more than expected last week.
On the New York Mercantile Exchange, crude oil for September delivery hit a session low of $47.40 a barrel before bouncing back to trade at $48.49 during U.S. morning hours, up 51 cents, or 1.06%. Prices were at around $47.74 prior to the release of the inventory data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 4.2 million barrels in the week ended July 24.
Market analysts' expected a crude-stock fall of 0.2 million, while the American Petroleum Institute late Tuesday reported an decline of 1.9 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 212,000 barrels last week, compared to forecasts for an increase of 250,000 and following a gain of 813,000 barrels a week earlier.
Total U.S. crude oil inventories stood at 459.7 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years.
The report also showed that gasoline inventories decreased by 0.4 million barrels, while distillate stockpiles increased by 2.6 million barrels.
On Tuesday, Nymex oil futures slumped to a four-month low of $46.68. New York-traded oil futures slumped 21% in July as ongoing worries over high domestic U.S. oil production weighed.
According to industry research group Baker Hughes (NYSE:BHI), the number of rigs drilling for oil in the U.S. increased by 21 last week to 659, the most since May.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery hit an intraday low of $52.53 a barrel, before turning higher to trade at $53.60, up 30 cents, or 0.57%.
A day earlier, London-traded Brent futures fell to $52.28, a level not seen since January 30 as ongoing concerns over a glut in world markets continued to drive
"The Company intends to consider available alternatives, potentially including a reverse stock split, in order to cure the stock price deficiency and return to compliance with the NYSE continued listing requirement. Under the NYSE's rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require approval by its shareholders at the next annual meeting of shareholders, such as a reverse stock split, the six-month period described above will extend to shortly after such annual meeting. " Sorry the ratio was not disclosed that I'm aware of ?Maybe some one on this message board could help out ?
Form 8-K for SANDRIDGE ENERGY INC
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standa
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 23, 2015, SandRidge Energy, Inc. (the "Company") was notified by the New York Stock Exchange (the "NYSE") that it was not in compliance with the continued listing standards set forth in Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 over a consecutive 30 trading-day period.
The Company intends to notify the NYSE by August 6, 2015 that it intends to cure the deficiency and to return to compliance with the NYSE continued listing requirement. The Company can avoid delisting if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Company's common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading-day of that month. The Company intends to consider available alternatives, potentially including a reverse stock split, in order to cure the stock price deficiency and return to compliance with the NYSE continued listing requirement. Under the NYSE's rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require approval by its shareholders at the next annual meeting of shareholders, such as a reverse stock split, the six-month period described above will extend to shortly after such annual meeting.
If the Company's common stock ultimately were to be delisted for any reason, including failure to regain compliance with Section 802.01C of the NYSE Listed Company Manual, it could negatively impact the Company by (i) reducing the liquidity and market price of the Company's common stock; (ii) reducing the number of inves
OT Could be worse ? we could have bought 100 shares of BIIB when it broke 460$ to the upside like so many investor did on the advise of their money managers .