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Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke

barrels of oil disappearIn an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books.

Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel.

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Former Massey Energy CEO Don Blankenship Is Found Guilty

Massey energy CEO GuilityIn October, the federal trial of Don Blankenship, the former CEO of Massey Energy, started at the U.S. District Court in Charleston, West Virginia.* Blankenship faced criminal charges for covering up safety violations that led to the worst U.S. mining disaster since 1970.

Today, the jury found Blankenship guilty on one of three counts—conspiring to willfully violate safety standards, a misdemeanor. They found him not guilty of securities fraud and making false statements.

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Scotland hosting new type of offshore wind program

Scotland floats new wind programThe Scottish government said it granted a license to the operators of what Edinburgh said may be the world's largest offshore floating wind energy development.

Norwegian energy company Statoil was granted a license for its Hywind pilot project that envisions up to five turbines installed by an anchoring system that developers said would facilitate deep-water installation.

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Oil Services Co.,Baker Huhes, lays off 10,500

Baker Hughes "Extreme market forces" are in play in the global energy sector, oil services company Baker Hughes said Tuesday in announcing widespread layoffs.

The company said it was cutting about 17 percent of its workforce, or around 10,500 jobs, as it works to streamline its finances amid the drop in exploration and production. During the first quarter, Baker Hughes reported revenue of $4.59 billion, a 20 percent decline year-on-year.

"Our first quarter results are a reflection of the extreme market forces faced by our industry since late December," Baker Hughes Chairman and Chief Executive Officer Martin Craighead said in a statement. "Consistent with past downturns, many of our customers have curtailed or canceled projects."

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Japan now has more car charging points than gas stations

Japanese charging pointsNissan Motor Co. has reported that Japan now has more places to charge electric vehicles than gas stations. The country has roughly 34,000 gas stations, compared to 40,000 charging points. The charging points range from stations to home setups.

"An important element of the continued market growth is the development of the charging infrastructure," Nissan Chief Financial Officer Joseph G. Peter told analysts on a conference call, according to Bloomberg Business.

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Researchers turn solar energy into liquid fuel

Solar energy to liquid fuelA small number of vehicles on U.S. roads are already indirectly powered by the sun. Ostensibly, some of America's electric cars use power derived from solar panels. And the fuel cells that bolster a growing fleet of hybrid cars and buses rely on hydrogen converted by photovoltaic cells.

But America is a liquid fuel kind of nation. To help wean American's off their love of gasoline, researchers at Harvard have found a way to turn solar energy into liquid fuel. It's like gas -- only good for the environment.

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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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