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Today In The News
Oil collapse gives colleges a test on backpedaling donors: The latest bust and tumbling crude prices are now pinching off the largesse that helps universities in oil-rich states afford what they want when state budgets are straitened. The University of Oklahoma has scaled back a planned $370 million renovation to its football stadium. Tuition hikes are back on the table at Texas universities. At Louisiana State University, energy sector gifts have fallen from a quarter of all fundraising to a tenth, which is being felt as the school tries to offer students a new minor in energy [Associated Press].
Chesapeake Energy hit with $2.1 million fine for underpaying royalties on Indian leases: The $2.1 million fine against Chesapeake Energy announced this week by the U.S. Department of Interior wasn’t the first such fine for under reporting natural gas produced on Indian leases in Oklahoma. The Department’s Natural Resources Revenue Office in Denver said the civil penalty against the Oklahoma City-based energy firm was for failure to meet an October 2011 order requiring a review of the amounts reported for more than 100 leases [OK Energy Today].
New study on historical shaking suggests a century of oil and gas earthquakes in Oklahoma: The findings, published today in the Bulletin of the Seismological Society of America, link many historical Oklahoma earthquakes presumed to be natural in origin to oil and gas operations where wastewater and other fluids were pumped underground — a phenomenon known as induced seismicity. The data suggest two high-profile Oklahoma earthquakes in the 1950s likely were induced: the 5.7-magnitude El Reno temblor that toppled chimneys and smokestacks and left a 50-foot crack in the state Capitol in 1952, and a 3.9-magnitude quake that shook Tulsa County in 1956 [State Impact Oklahoma].
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