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Keyword: oil

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  • Biden: 3 pipelines, 3 disasters

    01/22/2022 3:19:16 AM PST · by Kaslin · 14 replies
    American Thinker.com ^ | January 22, 2022 | Barry Shaw
    What is it with the confused Biden and pipelines? Disaster 1. One day one of his presidencies he signed an Executive Order closing down the Keystone pipeline, throwing thousands of Americans out of work. Thereby, American went from being energy independent to the president begging OPEC to increase production which they refused. Result? What's the cost of filling up your vehicles, America? Disaster 2. No sooner had he closed down Keystone than he met Putin, fell in love, and lifted the Trump sanctions on the Russian NordStream pipeline across the Baltic Sea to Europe, making Russian considerably wealthier. Disaster 3....
  • Los Angeles weighs phasing out oil and gas drilling

    01/21/2022 5:32:03 PM PST · by ChicagoConservative27 · 39 replies
    Nypost ^ | 01/21/2022 | AP
    The University Park neighborhood of Los Angeles has a lot in common with urban areas across the US: A dense population with lots of businesses and housing. A cluster of car dealerships. A row of restaurants. Schools and a community center. But nestled in the predominantly Latino community is something rarely found in urban areas outside California: an oil field.
  • Norway rakes in highest-ever oil revenues as prices surge Cites growing global demand, high production

    01/17/2022 6:20:14 AM PST · by rktman · 5 replies
    oilprice.com ^ | 1/13/2022 | Tsvetana Paraskova
    Norway’s petroleum revenues reached a record-high in 2021, thanks to rising commodity prices, growing global demand, and high production from 94 offshore fields, the Norwegian Petroleum Directorate (NPD) said on Thursday. Stable high production from Norway’s continental shelf is expected to continue over the next few years, the authority said in its Shelf 2021 overview presented today. In the fourth quarter of 2021, the export value of Norway’s oil and gas exceeded $11.5 billion (100 billion Norwegian crowns) in each of the months, three times the export value in the same period of 2020, according to the directorate’s presentation. Last...
  • Biden Admin Withdraws Support From Israel-Europe EastMed Gas Pipeline

    01/20/2022 11:39:52 AM PST · by House Atreides · 39 replies
    Legal Insurrection ^ | January 20, 2022 | Vijeta Uniyal
    The Biden White House has withdrawn U.S. support from a pipeline project designed to deliver Israeli natural gas to Europe, reversing a decision taken by President Donald Trump’s administration. The 1,180-mile undersea pipeline project from Israel to southern Europe, set to be completed by 2025, will ease Europe’s dependence on Russia and Turkey. These two countries have a stranglehold on the continent’s energy supply. “The United States is no longer supporting the construction of EastMed gas pipeline project as Washington’s interest is now switching to renewable energy sources, according to a State Department statement,” the Euractiv, a Brussels based news...
  • Gas prices: These are the nation's most expensive markets

    01/19/2022 9:38:14 PM PST · by fireman15 · 36 replies
    Fox Business ^ | 01/19/2022 | Daniella Genovese
    California remains the most expensive state for gas, outpacing the national average by more than a dollar, according to AAA. However, Hawaii and Washington and Oregon are not far behind, according to AAA's latest data. Currently, the average price for a gallon of gasoline in California will cost motorists $4.65, according to AAA. It's a significant jump from the national average, which rose one cent from a week ago to $3.31, according to AAA. This increase, which marks the third week of consecutive gains in 2022, is being "driven primarily by the cost of crude oil," according to AAA. Here...
  • Oil Jumps Higher After Hitting 8-Year High on Iraq Pipe Blast

    01/18/2022 5:42:06 PM PST · by Hojczyk · 9 replies
    Yahoo Finance ^ | January 18,2022 | Elizabeth Low
    Futures in New York rose as much as 1.9% to climb above $87 a barrel. The fire has been brought under control but the cause of the blast remains unknown, according to pipeline operator Botas. The global oil market has tightened in recent weeks due to outages in OPEC+ producers including Libya, with buyers in Asia paying sharply higher premiums for spot cargoes. Crude’s sizzling start to the year has prompted Goldman Sachs Group Inc. to boost its forecasts for global benchmark Brent, predicting $100 oil in the third quarter. OPEC expects markets to remain “well supported” by robust demand,...
  • 'Power of Siberia 2' Pipeline Could See Europe, China Compete for Russian Gas

    01/18/2022 1:33:30 PM PST · by RomanSoldier19 · 7 replies
    www.voanews.com ^ | January 18, 2022 | Henry Ridgwell
    As winter bites, Europe is facing a gas shortage. A cold snap has coincided with lower volumes of gas exports from Russia, forcing a big spike in prices. Consumers and businesses across the continent are facing a steep increase in their bills, with governments scrambling to cushion the impact. And analysts warn it could soon get worse. Moscow plans to build a new pipeline to China, which could give Russia the power to sell gas to the highest bidder, pitting Chinese and European consumers against one another. Chinese economy From the frozen expanses of Siberia, Russia already is sending some...
  • Oil hits seven-year high as Houthi attack on UAE rattles regional tensions

    01/18/2022 10:47:19 AM PST · by BenLurkin · 6 replies
    cnbc ^ | JAN 18 2022 | Natasha Turak
    The United Arab Emirates has vowed to retaliate against Houthi militants for a deadly attack on its capital Abu Dhabi on Monday that killed three people, as fresh tensions in the region helped push oil prices to their highest level in seven years. International benchmark Brent crude futures rose 0.9% to $87.24 per barrel, while U.S. West Texas Intermediate futures jumped 1.6% to $85.16 per barrel. Both oil contracts notched their highest level since October 2014 earlier in the day after a subdued trading day on Monday as U.S. markets were closed for a public holiday. Energy analysts have attributed...
  • White House Helpless As Oil Prices Climb Higher

    01/18/2022 7:32:05 AM PST · by Hojczyk · 60 replies
    Yahoo Finance ^ | Mon, January 17, 2022, 7:00 PM | Editor OilPrice.com
    Morgan Stanley expects Brent crude to reach $90 per barrel later this year. This is also the price forecast of Goldman. JP Morgan recently said that crude could reach and exceed $100 this year, noting the decline in OPEC spare production capacity. The latest to join the bullish choir is Vitol, whose head for Asian operations told Bloomberg last week that oil had further up to go because of tight supply. What this means for the Biden administration and its efforts to keep gasoline affordable for voters ahead of the midterms is nothing good. Perhaps more SPR releases could be...
  • The Empire Strikes Out! Empire Manufacturing Index Slumps To Negative Territory As Inflation Roars (WTI Crude Futures UP 79% Since Jan 1st)

    01/18/2022 6:29:01 AM PST · by Browns Ultra Fan · 11 replies
    Confounded Interest ^ | 01/18/2022 | Anthony B. Sanders
    Well, Omicron is hitting hard. Not the virus itself, but governments’ reaction to the virus. The NY Empire Manufacturing Index has tanked into negative territory. New orders are down 5%. On the energy front, West Texas Intermediate Crude Oil futures are up 79% since January 1, 2021 while regular gasoline prices are up “only” 50% over the same period. How about inflation and the Treasury yield curve? Inflation has soared to 40-year highs under Biden as energy prices (WTI Crude Futures) have soared 79%. Maybe they should play the Darth Vader theme when Biden goes to the podium to stammer.
  • Labor Shortage And Surging Shipping Costs Are Biggest Drivers Of US Food Inflation

    01/16/2022 9:56:53 AM PST · by blam · 29 replies
    Nation And State ^ | 1-16-2022
    Setting aside the ever-present issue of the global supply chain crunch presently gestating in the PROC, where factories and ports are struggling with the most restrictive lockdown measures since the (Fauci-funded) “China virus” first burst forth out of Wuhan, the US is still facing serious shortages of workers and critical goods like foodstuffs and medicine. The US labor market disappointed once again in December, while November’s similarly disappointing number was revised up only slightly. Meanwhile, those who are working are struggling with the fact that inflationary price pressures are hammering real wages. And regardless of what the Fed does next,...
  • Explainer-Oil price spike leaves limited options for Biden

    01/14/2022 11:31:57 AM PST · by Oldeconomybuyer · 22 replies
    Reuters via Yahoo ^ | January 13, 2022 | by Jessica Resnick-Ault
    NEW YORK (Reuters) - Two months after U.S. President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally. Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting that oil could pass $100 a barrel in the first quarter. Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that helped quell prices - even though, in the end,...
  • Midland: The Fruits of the Conquest

    01/13/2022 5:47:12 PM PST · by untenured · 6 replies
    Texas Publix Policy Foundation ^ | 1/13/21 | Joshua Treviño
    Most of the past forty-eight hours have been spent either in, or en route to and from, the Midland-Odessa region. Far out in west Texas’s Permian Basin, the two cities — towns, really — have a relationship that I still can’t quite unpack. On my last visit, which turned out to be the first time I ever actually set foot in Odessa, a woman told me: “Midland is where you raise families. Odessa is where you raise hell.” She was from Odessa. Midland-Odessa sits in the vast expanse of the old Llano Estacado, the “staked plain” discovered by the Spanish...
  • Inflation Nation! US PPI Final Demand Soaring At 9.7% YoY As CPI Soared 7.0% YoY (Energy Prices Lessened In Q4 But Are Surging Again In 2022)

    01/13/2022 6:20:18 AM PST · by Browns Ultra Fan · 5 replies
    Confounded Interest ^ | 01/13/2022 | Anthony B. Sanders
    Yesterday’s inflation report was the worst in 40 years. But at least today’s Producer Price Index Final Demand is down slightly from November. But PPI Final Demand YoY is still roaring at 9.7%. The producer price index for final demand increased 0.2% from the prior month and 9.7% from a year earlier, Labor Department data showed Thursday. The annual advance was the largest in figures back to 2010. Excluding the volatile food and energy components, the PPI climbed 0.5% in December and was up 8.3% from a year earlier. Too much Federal government spending, too much Fed monetary stimulus, Omicron...
  • Bets Are Rolling In Again for $100 Oil

    01/10/2022 10:28:56 AM PST · by Hojczyk · 24 replies
    Barrons ^ | Jan. 10, 2022 11:52 am ET | By Avi Salzman
    To say investors are bullish on oil again would be an understatement. In a year that has begun with serious uncertainty—largely about the path of interest rates and tech stocks — a positive call on oil is as close to a consensus opinion as it gets. In fact, traders are making bets again that U.S. oil prices will rise above $100. It would take a major surge to get there. West Texas Intermediate (WTI) crude futures, the U.S. benchmark, were down 0.2% on Monday to $78.72 per barrel. There are several reasons for the resurgent bullishness. For one thing, oil...
  • Ten Joe Biden 2021 Blunders that Killed the American Energy Renaissance

    01/01/2022 3:40:33 PM PST · by E. Pluribus Unum · 27 replies
    Breitbart ^ | 1 Jan 2022 | PENNY STARR
    Joe Biden wasted no time after being sworn in as president in destroying the U.S energy renaissance ushered in during Donald Trump’s presidency which made the country energy independent and a net annual petroleum exporter for the first time since at least 1949.Through regulations, executive orders, and other means, Biden has driven up the cost of energy for Americans and made the country more dependent on foreign and often unfriendly entities for its energy needs.Here are ten Biden policies that have ended abundant and affordable energy in America:1. On his first day as president, Biden canceled completion of the Keystone...
  • Israeli environment minister says UAE oil deal is blocked

    12/31/2021 6:12:56 PM PST · by blueplum · 6 replies
    AP ^ | 30 December 2021 | TIA GOLDENBERG
    TEL AVIV, Israel (AP) — Israel’s Environment Minister said Thursday a clandestine oil deal that would have turned a scuba divers’ paradise into a waypoint for Emirati oil headed for Western markets has effectively been blocked.... ...The secret deal would have significantly increased the number of oil tankers docking and unloading in the Israeli resort city of Eilat. It was struck last year between the Europe-Asia Pipeline Company, the Israeli government-owned corporation, and MED-RED Land Bridge, a joint Israeli-Emirati venture, following the historic agreement establishing formal diplomatic ties... ...Senior officials in former Prime Minister Benjamin Netanyahu’s government — including his...
  • Dow Tanks 600+ Points Today Because … Omicron? Manchin? China?

    12/20/2021 9:48:29 AM PST · by Browns Ultra Fan · 53 replies
    Confounded Interest ^ | 12/20/2021 | Anthony B. Sanders
    Well, the Dow is down 600+ points today. Bloomberg News is blaming 1) Omicron (that we already knew was gaining steam), 2) Manchin saying “No” on Build Back Better (I predict that Senate Democrats will reach an agreement with Manchin to screw over the American people after the new year begins), but not a mention of China real estate debacle or the decline in oil prices. Here is the three day decline in the Dow and the three day decline in West Texas Intermediate Crude futures. Likely declining because of an expected slow down in the economy, partly due to...
  • Deliberately Dragging Us Down: Team Biden Locks up America’s Energy, Inflation Soars

    12/18/2021 6:38:03 AM PST · by Kaslin · 34 replies
    Townhall.com ^ | December 18, 2021 | Craig Rucker
    Within hours of taking office, resident Biden made the supposed “climate crisis” his central focus and elimination of fossil fuels his primary “solution.” To show he meant it, Biden undertook several radical measures right off the bat. First, he canceled the Keystone XL pipeline; then revoked leases and permits in Alaska and offshore areas; then he slowed or blocked leasing, drilling and fracking projects and pressured banks not to lend money to fossil fuel projects. His pick for Comptroller of the Currency (since withdrawn) wanted to nationalize our banking system, control energy and food prices, and bankrupt the petroleum industry....
  • ISIS-Linked Extremists Decapitate Christian Pastor Before Handing His Severed Head to His Wife to Show Authorities in Mozambique

    12/18/2021 6:38:12 PM PST · by marshmallow · 13 replies
    The Daily Mail (UK) ^ | 12/17/21 | Chris Jewers
    * Killing reportedly took place in the country's gas-rich province Cabo Delgado * Suspected ISIS-linked extremists ordered the pastor's wife to deliver his head * Police said the widow arrived to the local police headquarters last Wednesday * Cabo Delgado province has been rocked by attacks by ISIS-linked militants since 2017, killing at least 3,340 people and displacing more than 800,000Suspected ISIS-linked extremists have decapitated a Christian pastor before handing his severed head to his wife to show authorities in Mozambique. The killing, reported by local news, took place in the country's gas-rich northern province of Cabo Delgado. Last Wednesday,...