They also argued that the production of this particular oil, recovered from oil sands, imposed more environmental damage than oil produced from conventional deposits.
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There are 2, 900 islanders there whose per capita income can be expected to rise appreciably, if even any substantial oil is recovered there, let alone 60 billion barrels.
Oil prices recovered substantial losses suffered last week after the International Energy Agency (IEA) announced it would be releasing 60 million barrels of crude from its emergency reserves.
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Iraj Ershaghi, director of petroleum engineering at the University of Southern California, says only about a third of Los Angeles' available oil has been recovered.
However, ONGC eventually assented to the tie-up after this dispute was resolved, with the two sides agreeing that royalties would be recovered from the sale of crude oil.
Another U.S. gas hoard ripe for export is on the North Slope of Alaska, where for decades operators led by BP have been reinjecting associated gas recovered from Prudhoe Bay and other oil fields back into the ground.
The stock has barely recovered since and has underperformed its big oil peers all year.
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Happily, oil and gas prices have recovered by 40% over the past year.
With the usual steam injection methods, only a quarter or so of the oil trapped underground can be recovered.
Approximately 25.4 million gallons of an oil-water mix have been recovered.
However, in view of its present high price, rhenium (used in highly fuel-efficient aircraft engines) is now recovered from scrap bimetallic catalysts used in the oil refining industry.
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ConocoPhillips said Wednesday that near 1, 695 barrels of oil soaked soil and sand has been recovered so far with about 900 personnel and more than 30 vessels working on the clean up.
Oil prices ratcheted up because worldwide GDP recovered.
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He called on the government to change the law so that people could be jailed "for fixing oil prices" and for any cash recovered in fines, if the companies are found guilty, to be returned to motorists.
The recovered CO2 is sent down pipelines to be reinjected into oil and natural gas wells.
According to the Rainforest Action Network, however, the injured ecosystem and human communities have not recovered and the spill continues to be the most damaging oil spill in history.
In addition, a team from Georgia Sea Grant and the University of Georgia released a report that estimates that 70 to 79 percent of the oil that gushed from the well "has not been recovered and remains a threat to the ecosystem, " the university said in a release.
In the 1991 Gulf war, the conflict was over swiftly and the oil-price spike short-lived, so the markets soon recovered.
Weaker oil prices--crude had fallen slightly Friday morning on the Nymex, though it had recovered later in the afternoon--contributed to the decline among Russia's energy-heavy exchanges, as did lingering concerns about liquidity in Russia.
Rates recovered strongly in June, according to ICAP, partly because large vessels were in demand for storage, as oil companies waited for crude prices to strengthen.
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