On June 3, a gas explosion on Varanus Island put Western Australia’s gas supplies into crisis mode, reports Chalpat Sonti for WA Today. Right now, there are 140 people on the island working to begin partial production. It’s expected within the next couple months.
Today, oil prices are down slightly to $132.53, while gas demand fell 2%, sending prices lower for a second straight day, says John Wilen for the Associated Press.
Apache is 6.2% of the iShares Dow Jones US Oil & Gas Exploration (IEO), which is down in early trading and up 31.2% year-to-date.
