Energy Business Wrap Up: Tesoro & Others Help Pump Prices Fall, Utica Shale Estimates
Some analysts believe that drivers on both American coasts could see relief at the pump, because of new rail lines and terminals built by Tesoro Corporation (NYSE:TSO), EOG Resources (NYSE:EOG), Statoil (NYSE:STO), and others, who are transporting geographically isolated crude to the refineries.
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A new assessment by the United States Geological Survey reports that the Utica Shale contains around 38 Tcf of undiscovered, technically recoverable natural gas, along with an average of 940 million barrels of oil and perhaps 9 million barrels of natural gas liquids. A number of early wells of Chesapeake Energy Corporation (NYSE:CHK) and Rex Energy Corporation (NASDAQ:REXX) show promise, but the estimates remain small compared to the Marcellus, which holds approximately 84 Tcf of gas.
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