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In this Wednesday, Jan. 14, 2015, photo, oil pump jacks are seen McKenzie County, in western North Dakota. Roughly 60 rigs are drilling in surrounding McKenzie County, 40 percent of the rigs statewide.  But now that those prices have tumbled, the shifting oil market threatens to put the industry and local governments on a collision course. (AP Photo/Matthew Brown)

US rig count plunges 87 to 1,456

Associated Press

Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. plunged by 87 this week to 1,456 amid depressed oil prices.

This undated file image posted on a militant website Jan. 14, 2014 shows fighters from the al Qaeda-linked Islamic State of Iraq and the Levant (ISIL) marching through Raqqa, Syria. (AP Photo/Militant Website, File)

New sanctions proposed for Islamic State group oil trading

- Associated Press

A proposed U.N. resolution to crack down on the financing of terrorist groups calls for sanctions on individuals and companies trading oil produced by the Islamic State and other al-Qaida-linked groups.

In this Jan. 6, 2015 photo, the MOL Competence, a 1036-foot long, 150-foot wide container ship carrying 45,000 tons of cargo, is moored at the TraPac Container Terminal in Jacksonville, Fla. The Commerce Department reports on the U.S. trade deficit for December on Thursday, Feb. 5, 2015. (AP Photo/The Florida Times-Union, Bruce Lipsky)

U.S. trade deficit jumps 17.1 percent to $46.6 billion

- Associated Press

The U.S. trade deficit in December jumped to the highest level in more than two years as exports fell and Americans bought a record amount of imports — a potentially worrisome development that could weigh on overall economic growth.

In this Jan. 15, 2015 file photo, U.S. Secretary of State, John Kerry, left, talks with Bulgarian Prime Minister, Boyko Borisov, before holding a joint news conference in Sofia, Bulgaria Thursday, Jan. 15, 2015.  Kerry visited Bulgaria to push for a new gas spur and press an American company's bid to build a new nuclear plant there. Bulgaria relies on Russia for 85 percent of its gas and all of its nuclear power. Its prices, among NATO’s highest, are a concern within the alliance, which prides itself on winning the Cold War.  (AP Photo/Rick Wilking, Pool)

U.S., Russia at odds over energy in Cold War-style conflict

- Associated Press

As the Obama administration escalates economic sanctions on Russia and weighs military support to Ukraine, it has revved up a less noticed but far broader campaign to wean Central and Eastern Europe off a deep reliance on Russian energy.

Secretary of State John Kerry, left, and Secretary of Defense Chuck Hagel, right, look on as President Barack Obama delivers remarks on his budget proposal during a cabinet meeting in the Cabinet Room of the White House, on Tuesday, Feb. 3, 2015, in Washington. (AP Photo/Evan Vucci)

Obama pulls funding for top clean-coal project

- The Washington Times

The same administration that lost hundreds of millions of dollars on ill-fated green-energy investments now says it wants to "protect taxpayer interests" by pulling $1 billion in federal funding from a leading clean-coal project in Illinois.

In this June 4, 2010, file photo, Steve Gardner scrapes oil from the sand along a 700-yard long strip of oil that washed up on the beach in Gulf Shores, Ala. Pictures of fouled beaches and dead, oil-coated birds flashed on a courtroom screen as attorneys for the federal government outlined their case Tuesday, Jan. 20, 2015, in New Orleans, for adding some $13.7 billion in penalties to costs already incurred by BP after the 2010 Gulf oil spill. (AP Photo/Dave Martin, File)

Trial ends over how much BP should pay for Gulf oil spill

- Associated Press

The latest phase of a trial to determine how much BP should pay in Clean Water Act penalties for the 2010 Gulf of Mexico oil spill — which could reach $13.7 billion — ended Monday, but a decision from the judge is not expected for months.

A Thursday, Jan. 15, 2015 file photo showing a BP logo outside a petrol station in the town of Bletchley in Buckinghamshire, England. Oil giant BP reported a loss Tuesday, Feb. 3, 2015, of $4.4 billion for the fourth quarter of 2014, as oil prices plunged. The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013. After stripping out the effect of the drop in oil prices, BP reported a loss of $969 million for the period, compared with a gain of $1.5 billion last year. (AP Photo/Matt Dunham, File)

BP reports quarterly loss of $4.4 bln amid oil price drop

- Associated Press

BP sounded a somber note on the oil industry Tuesday, saying producers may have to adjust to an extended period of lower prices, as the company reported a fourth-quarter loss of $4.4 billion and announced spending cuts.

This Jan. 30, 2012, file photo, shows the sign for the ExxonMobil Torerance Refinery in Torrance, Calif. Exxon Mobile on Monday, Feb. 2, 2015, reported fourth-quarter earnings of $6.57 billion. (AP Photo/Reed Saxon, File)

Exxon, Chevron set to boost production just as prices fall

- Associated Press

Exxon Mobil has been working for years on a fleet of enormous new oil and gas projects in places such as Abu Dhabi, Russia, Papua New Guinea, and the Gulf of Mexico designed to turn around what has been a consistent and alarming slide in oil and gas production.

In this Friday, June 13, 2014 photo, a new cooling tower for a nuclear power plant reactor that's under construction stands near the two operating reactors at Plant Vogtle power plant in Waynesboro, Ga. Southern Co. said the firms building its new nuclear power plant in Georgia estimate the project will be delayed 18 months, potentially costing the power company $720 million in new charges, company officials said Thursday, Jan. 29, 2015. (AP Photo/John Bazemore, File)

Builder projects 18-month delay for nuclear plant in Georgia

- Associated Press

Southern Co. said the firms building its new nuclear power plant in Georgia estimate the project will be delayed 18 months, potentially costing the power company $720 million in new charges, company officials said Thursday.

Just-cut stacks of $100 bills make their way down the production line at the Bureau of Engraving and Printing's Western Currency Facility in Fort Worth, Texas, on Tuesday, Sept. 24, 2013. (AP Photo/LM Otero)

US loans fueled insider deal, failed power plan in Liberia

- Associated Press

A failed U.S. government-backed plan to produce environmentally friendly energy in one of Africa's poorest countries was marred by insider connections and questionable planning, an Associated Press investigation found. The federal agency at the center of the deal is one of the government's biggest secrets and routinely escapes public scrutiny.