Shutting down the Line 5 pipeline through the Straits of Mackinac – even if only temporarily – will send adverse effects rippling throughout Michigan, other areas of the Midwest and, as well, Ontario and Quebec.
That’s according to not only Enbridge, which operates Line 5, but also the refineries that rely on the pipeline to supply the fuel provided to consumers at the fuel pump and such major customers as Detroit Metropolitan Airport. Read More
Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand. Read More
OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O Read More
Gas prices are falling all over the country as oil prices tumble, yet prices are still relatively high in California, where environmental polices are restricting how oil refineries can produce gasoline.
The price of a gallon of gas has plummeted in Ohio to around $1 in part because Americans are self-isolating to avoid spreading the novel coronavirus. The average price dropped 35.1 cents over the past month, according to data from the AAA and Oil Price Information Service.
A BP station in Kentucky, for instance, posted a price below $1 a gallon, The Washington Post reported Thursday. Four other stations in Oklahoma City followed suit, along with another in Paris, Tennessee. The national average for gas on Thursday was $2.03, down from $2.41 at the beginning of March. Read More
The Trump administration is reportedly floating the idea of extending a federal loan to shale energy companies that are feeling the pain as oil prices plummet. Read More
Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.
Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production. Read More
A report released last week claims that a federal ban on fracking would cost the Ohio economy an estimated 500,000 jobs in a single year. Read More
Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.
Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.” Read More
A new study by the American Petroleum Institute (API) credits Minnesota’s strong economy and job creation, in part, to the abundance of affordable fuels wrought by the country’s shale boom recognized through hydraulic fracturing, also called fracking. Read More
For the past 18 consecutive months, the U.S. has led the world’s crude oil production. It surpassed Russia and Saudi Arabia in June and August of 2018. One year later, the U.S. surpassed its own production record by 14.6 percent. Read More
The U.S. government said Friday that it had a warrant to seize an Iranian supertanker caught in a diplomatic standoff off the coast of the British overseas territory Gibraltar. Read More
by Jamie Dettmer British officials are drawing up plans to target Iran with sanctions for its seizing of a British-flagged oil tanker in the Strait off Hormuz, and it may urge European Union countries to reimpose sanctions that were lifted in 2016 as part of Tehran’s agreement to curb its… Read More
by Mark P. Mills A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries. Regardless of one’s… Read More
by Derek Draplin Berthoud and Broomfield are the latest local governments in Colorado to implement a moratorium on oil and gas development following passage of new industry regulations signed into law last month. The Colorado Oil and Gas Conservation Commission, the state’s regulatory body, issued “objective criteria” that will require… Read More
by Michael Bastach When Juan Guaido launched his coup attempt, oil markets didn’t do what they typically do in the face of supply threats. Instead, markets largely shrugged off Venezuelan unrest instead of sending prices soaring. That’s because of two factors: mismanagement by Venezuela’s socialist government and the U.S. energy boom.… Read More
by Michael Bastasch Environmentalists are optimistic Democratic California Gov. Gavin Newsom will further restrict, or even end, oil and gas drilling, despite his state’s increasing reliance on oil shipped from abroad. So-called “keep it in the ground” activists want to see Newsom ban new oil and gas leases, but… Read More
Reuters Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies… Read More
by Tim Pearce Nine states are intervening in a lawsuit against the Trump administration for approving oil and gas companies to search for oil and gas deposits in the Atlantic Ocean. Maryland Attorney General Brian Frosh announced Thursday the states would join environmental groups in a lawsuit to prevent the Trump… Read More
by Chris White Environmental groups are suing to prevent the Trump administration from approving seismic survey testing for oil and gas reserves off the South Carolina coast. Oceana and the Sierra Club argued in legal filings Tuesday that the Commerce Department’s approval of seismic testing violates the Endangered Species… Read More
by Chris White Two of the attorneys representing various cities in climate litigation against oil companies have a history of suing and counter-suing each other over personal squabbles, according to documents obtained by The Daily Caller News Foundation. Environmental attorneys Vic Sher and Matt Pawa got into a multi-million-dollar legal… Read More
by Michael Bastasch Former President Barack Obama said he was “extraordinarily proud of the Paris accords” before, rather ironically, taking credit for booming U.S. oil and gas production. “I was extraordinarily proud of the Paris accords because — you know, I know we’re in oil country and we need… Read More
by Tim Pearce The Department of the Interior approved what could be the first-ever oil and gas production facility in U.S.-controlled Arctic waters Wednesday. Hilcorp Alaska submitted a proposal to build a 9-acre gravel island off the coast of Alaska in the Beaufort Sea. The artificial island, called the Liberty Project,… Read More
by Chris White Gov. Jerry Brown signed a bill Saturday effectively prohibiting new federal offshore oil drilling along California’s coast, and announced that he opposes plans to expand crude exploration on public lands in the state. The legislation he signed blocks the Trump administration’s plan to expand offshore oil drilling… Read More
by Jason Hopkins Law enforcement ended a lingering standoff with an anti-pipeline camp site, arresting five protesters and destroying all the makeshift homes that were built. Intense opposition has centered around the Trans Mountain pipeline project, an expansion proposal that will ultimately stretch from Alberta to British Columbia’s west coast.… Read More
by Printus LeBlanc Despite what the media is spewing, President Donald Trump is continuing his push to improve the American economy. The President made not just energy independence a priority of his campaign and now administration, but energy dominance. The President knows the U.S. has been blessed with vast… Read More
Repsol, a Spanish energy company with drilling operations in Alaska, claims to have found an oil reserve containing 1.2 billion barrels of oil. The find in Alaska’s North Slope is the largest onshore discover in the United States in the last 30 years. Repsol, in conjunction with their Denver-based partner… Read More
HENDERSONVILLE, Tenn., Jan. 30, 2017 /PRNewswire-iReach/ — Hendersonville, TN- Hornet Corporation announced here today that it has expanded its operation into a new, larger corporate headquarters building here. “Our growing oil well drilling and production operations motivated us to acquire a suitable office building… Read More