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Energy Crash — 97% of Fracking Now Operating at a Loss at Current Oil Prices

Fracking at a lossIf the Saudis wanted to crush America's shale oil industry they are certainly doing a good job of it.

West Texas Intermediate reached a 2014 peak of $107.73 in June before dropping as low as $49.77 today on the New York Mercantile Exchange. The grade settled at $50.04 a barrel. That’s below the break-even price for 37 of 38 U.S. shale oilfields, according to Bloomberg New Energy Finance.

Shale oil fracking and Canadian tar sand is some of the most expensive (and dirty) oil production on the planet, while conventional Persian Gulf oil is the cheapest to produce.

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Oil hits five and a half year low under $55 on supply glut

Oil hits five year lowOil prices slumped to new 5-1/2-year lows on Monday on worries about a surplus of global supplies and lackluster demand.

Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day (bpd), up 0.7 percent thanks to small non-state producers, Energy Ministry data showed.

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Oil prices plummet as OPEC decides against output cut

Oil prices plummetCrude prices collapsed Thursday after the powerful oil collective OPEC said it wouldn't intervene in global markets and cut production levels to stem a drop in prices that have fallen 30% since June.

Saudi Arabia's oil minister Ali Al-Naimi delivered the news as he left a meeting of the cartel in Vienna. He said it was a "great decision." It took OPEC's 12 oil ministers nearly 5 hours to reach a decision.

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One dead in Gulf of Mexico rig accident

Oil rig explosionThere is no pollution associated with an explosion on a drilling platform about 12 miles off the coast of New Orleans in the Gulf of Mexico, a regulator said.

The Bureau of Safety and Environmental Enforcement said it was notified by oil and gas operator Fieldwood Energy of an explosion on its Echo Platform.

Fieldwood said one contract worker was killed and three other employees were treated for injuries at an onshore medical facility.

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PlayStation 4 And Xbox One Are Energy Hogs

playstation and XboxFor all their graphical improvements and multimedia functionality, there's one place where Microsoft's Xbox One and Sony's PlayStation 4 are sorely lacking: energy efficiency.

This is according to a report released on Thursday from the Natural Resources Defense Council (NRDC), which found that both the Xbox One and the PlayStation 4 consume two to three times more electricity than the previous generation of consoles. The Nintendo Wii U is the only next-gen console that consumes less energy than the Wii that came before it, the NRDC found.

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EU court backs ‘right to be forgotten,’ orders Google to take down links

GoogleEurope’s top court struck a blow for the "right to be forgotten" Tuesday, ordering Google to delete search results shown to be “inadequate, irrelevant or no longer relevant” at the behest of members of the general public.

In a landmark decision, the Court of Justice of the European Union said the search giant and others must listen and sometimes comply when individuals ask for links to newspaper articles or websites containing personal information to be taken down.

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Shiny And New: World's Largest Solar Plant Opens In Nevada

solar plantThe world's largest solar power plant, made up of thousands of mirrors focusing the sun's energy, has officially started operations in Nevada's Mojave Desert.

The $2.2 billion, 400-megawatt , which covers 5 square miles near the Nevada-California border and has three 40-story towers where the light is focused, is a joint project by NRG Energy, Google and BrightSource Energy. The project received a $1.6 billion federal loan guarantee.

The plant, which went online Thursday, is to power 140,000 homes. It was dedicated by U.S. Energy Secretary Ernest Moniz.

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