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Keyword: oil

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  • Cold weather could cause French power cuts next week

    12/01/2022 10:00:57 AM PST · by Oldeconomybuyer · 20 replies
    Reuters via MSN ^ | December 1, 2022
    PARIS (Reuters) - Cold weather could lead to power cuts in France on Monday as delays to the restart of nuclear power following repair work leave supply lagging demand, analysts said. Nuclear power supply had been expected to reach around 40 gigawatts (GW) this week, but operator EDF's delay in restarting reactors meant it rose to only around 35 GW, leaving France more reliant on imports and gas-fired production. Refinitiv analyst Nathalie Gerl said the situation as a cold spell grips northwestern Europe this weekend and next week would be "much more critical" but for efforts to curb demand, especially...
  • Cha-ching! EPA quietly quadruples regulatory cost of carbon emissions in new war on fossil fuels

    12/01/2022 5:05:48 AM PST · by Red Badger · 33 replies
    Just The News ^ | By John Solomon Updated: November 30, 2022 - 11:04pm
    Social Cost of Carbon estimate jumps from $51 to $190 per metric ton, creating future impact for Americans' wallets and a new headache for the oil and gas industries. With the price of everything from gasoline to food soaring in America, nobody is surprised by inflated price tags these days. But even by Washington standards, an action taken earlier this month by the Environmental Protection Agency is creating sticker shock: a nearly fourfold increase in the government calculation of damages from carbon emissions. The so-called Social Cost of Carbon was first set in 2009 under then-President Barack Obama. Under Democrats...
  • Biden's new foreign policy: trading human rights for money and oil

    11/30/2022 10:44:35 AM PST · by Starman417 · 11 replies
    Flopping Aces ^ | 11-30-22 | DrJohn
    Joe Biden made a big deal of promising to fight for human rights as a critical part of his Presidential campaign: The United States is committed to a world in which human rights are protected, their defenders are celebrated, and those who commit human rights abuses are held accountable. Promoting respect for human rights is not something we can do alone, but is best accomplished working with our allies and partners across the globe. President Biden is committed to a foreign policy that unites our democratic values with our diplomatic leadership, and one that is centered on the defense of...
  • Oil execs rip Biden admin's 'completely inaccurate,' 'flat-out lie' about US energy production

    11/30/2022 7:22:36 AM PST · by bitt · 23 replies
    foxbusiness ^ | 11/29/2022 | kristen altus
    White House defends decision on easing Venezuela sanctions for oil Monday After the White House claimed that U.S. oil producers have "plenty of opportunities" to drill domestically, some executives are slamming the administration’s "completely inaccurate," "flat-out lie." "We've basically tracked about 125 specific actions that this administration and the Democratic Congress have done to slow down or stop oil production in America," American Energy Alliance President Tom Pyle said on "Varney & Co." Tuesday. "He has an 'America last' energy policy." When asked by Fox News correspondent Peter Doocy why President Biden "would rather let U.S. companies drill for oil...
  • US determines Saudi Crown Prince is immune in case brought by Jamal Khashoggi’s fiancée

    11/28/2022 1:18:27 PM PST · by Attention Surplus Disorder · 23 replies
    CNN ^ | 11/18/22 | Alex Marquardt, CNN
    The Biden administration has determined that Saudi Arabia’s Crown Prince, Mohammed bin Salman, should be granted immunity in a case brought against him by the fiancée of Washington Post journalist Jamal Khashoggi, whom the administration has said was murdered at the prince’s direction. A court filing was made by Justice Department lawyers at the request of the State Department because bin Salman was recently made the Saudi prime minister and as a result, qualifies for immunity as a foreign head of government, the request said. It was filed late Thursday night, just before the court’s deadline for the Justice Department...
  • Oil Market Metrics Signal Sufficient Supply And Weakening Demand

    11/26/2022 9:26:35 PM PST · by SeekAndFind · 4 replies
    Oil Price ^ | 11/26/2022 | Irina Slav
    Oil futures and swaps globally are increasingly showing signs of easing supply concerns and resurfaced concerns about further weakness in crude oil demand.The prompt spreads in the U.S. benchmark, WTI Crude, are already in contango, signaling enough near-term supply. Brent Crude front-month to second-month futures prices also dipped into contango earlier this week.Contango is the state of the market in which prices for delivery at later dates are higher than prompt prices—a market situation signaling oversupply and one which traders use to store oil for delivery at a later date. The opposite market situation—backwardation—typically occurs at times of market deficit...
  • Biden Admin Quietly Greenlights Plan To Build Huge Gulf of Mexico Oil Terminal off Texas

    11/26/2022 9:20:53 PM PST · by SeekAndFind · 63 replies
    Epoch Times ^ | 11/26/2022 | Katabella Roberts
    The Biden administration has quietly approved plans to build a new crude oil terminal in the Gulf of Mexico off Texas, seemingly in contradiction to the president’s climate agenda.The Department of Transportation’s Maritime Administration approved the application (pdf) for Enterprise’s Sea Port Oil Terminal, one of four proposed offshore oil export terminals, on Monday.According to the application, the port will be located offshore of Freeport, Texas. It will have 4.8 million barrels of storage capacity and add 2 million barrels per day to the U.S. oil export capacity.In its 94-page decision (pdf), the Maritime Administration said that it had approved...
  • Biden’s Goal To Eliminate Oil Industry Jeopardizes Nearly $2 Billion For National Parks (oops)

    11/26/2022 10:14:49 AM PST · by llevrok · 19 replies
    Cowboy State Daily ^ | 11/26/2022 | Kevin Killough
    Biden’s war on fossil fuels may reduce funding for America’s national parks, according to the Western Energy Alliance, a nonprofit energy industry association for the U.S. West. The Great American Outdoors Act (GAOA), which was passed in August 2020, provides $1.9 billion for public lands and national park restoration, primarily from onshore oil and gas development on federal lands. The act combined the restoration and Land and Water Conservation funds, which supplies $900 million in matching grant money for state and local parks. No Federal Oil Biden campaigned on a promise that he was going to eliminate the oil industry,...
  • Editorial: Cambria methane leak shows need for new EPA regulations (barf)

    11/26/2022 5:18:04 AM PST · by Tolerance Sucks Rocks · 21 replies
    The Pittsburgh Post-Gazette ^ | November 26, 2022 | The Editorial Board
    A catastrophic leak from a natural gas storage field in Cambria County likely released over one billion cubic feet of the potent greenhouse gas into the atmosphere. The incident demonstrates the importance of tracking — and punishing — methane emissions, a priority recently moved forward by both Congress and the federal Environmental Protection Agency. It also shows the urgency of implementing state-level regulations to control methane emissions from Pennsylvania’s oil and gas industry. Methane is the primary component of natural gas, and is fifty times more potent than carbon dioxide as a greenhouse gas. While CO2 grabs the headlines, CH4...
  • Report: Biden Admin To Grant Chevron Oil Pumping License In Venezuela

    11/25/2022 10:07:35 AM PST · by Conservativetpa · 51 replies
    TFP ^ | 11/25/2022 | Jennie Tair
    The Biden administration is set to give Chevron Corp. a license to pump oil in Venezuela, according to The Wall Street Journal. As part of the deal, Chevron would retain partial control of both production and maintenance for a select set of run-down oil fields it previously had stakes in with Petróleos de Venezuela SA, a state-run oil company in Venezuela, according to the WSJ, citing people familiar with the matter.
  • U.S. authorizes transactions for Russian oil supplies to Japan, several EU countries

    11/23/2022 12:46:39 PM PST · by JonPreston · 17 replies
    New Voice of the Ukraine ^ | 11/23/22 | NVoU
    The U.S. Department of the Treasury has issued general licenses (GL) for carrying out transactions for the supply of crude oil from Russia to Japan, Bulgaria, Croatia, and EU countries, which do not include states that border the sea, the agency reported on Nov. 22. In effect, these licenses pro-vide a limited legal method to bypass the current oil-related sanctions measures on Russia.
  • L.A. City Council Votes Unanimously to Prepare Ordinance to Ban Oil Drilling

    11/23/2022 6:18:22 AM PST · by ChicagoConservative27 · 24 replies
    Breitbart ^ | 11/22/2022 | JOEL B. POLLAK
    The city council of Los Angeles, once a hub of the American oil industry, voted 10-0 on Tuesday to instruct the city attorney to prepare an ordinance that would ban oil drilling within a city that is still dotted with pumpjacks. The Los Angeles Daily News reported: The Los Angeles County Board of Supervisors approved a similar ordinance earlier in October. The City Council in January unanimously approved a series of recommendations aimed at banning new oil and gas wells. The draft ordinance would phase out all such oil and gas extraction activities by immediately banning new oil and gas...
  • Biden And McConnell Have Left Our Strategic Petroleum Reserve In Worse Shape Than You Think

    11/19/2022 1:11:04 PM PST · by george76 · 51 replies
    The Federalist ^ | NOVEMBER 18, 2022 | Paul Matthews
    Aided by Mitch McConnell, the Biden administration is selling U.S. oil reserves to offset a portion of his profligate spending. ... Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump. This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have...
  • ‘The world should be worried’: Saudi Aramco — the world’s largest oil producer — has issued a dire warning over 'extremely low' capacity.

    11/16/2022 12:24:46 PM PST · by Oldeconomybuyer · 69 replies
    MoneyWise via Yahoo ^ | November 16, 2022 | By Jing Pan
    The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels. “Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser says at a conference in London. “If China opens up, [the] economy starts improving or the aviation industry starts asking for more jet fuel, you will erode this spare capacity.” Nasser warns that oil prices could quickly spike — again. “When you erode that spare capacity the world should be worried. There will...
  • African Oil and Gas Opportunities: Exxon Mobil Makes First Oil Discovery In Angola In 20 Years

    11/13/2022 6:52:37 PM PST · by SeekAndFind · 6 replies
    Oil Price ^ | 11/13/2022 | Alex Kimani
    Over the past five years, the United States’ largest independent oil and gas company, Exxon Mobil, has mostly focused its exploratory activities in South America.Last month, the oil major announced that it had made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, potentially adding more barrels to one of the most closely watched new oil discoveries. ExxonMobil has now made more than 30 discoveries on the block since 2015, and has ramped up offshore development and production at a pace that far exceeds the industry average.In contrast, Exxon’s exploits in Africa have been...
  • Northeast Faces Winter Energy Crisis as Biden Promises ‘No More Drilling’

    11/09/2022 8:05:05 AM PST · by george76 · 47 replies
    The Washington Free Beacon ^ | November 7, 2022 | Philip Caldwell •
    Joe Biden and other Democrats promise to curtail U.S. domestic oil production, the northeastern United States could face a historic energy crisis as temperatures fall this winter, burdening an energy economy already beset by record-high prices and oil shortages. Signs of vulnerability in the Northeast have been apparent in recent months, Bloomberg reported, with retailers already rationing oil as stockpiles of diesel and heating oil are at a third of their normal levels. Those unfavorable conditions could bring about challenges to the Northeast's energy infrastructure that would be unprecedented in most Americans' lifetimes, according to Bloomberg: Add some cold to...
  • Diesel supply dwindles, with few ways to boost it. How this affects the economy and you.

    11/08/2022 3:16:49 AM PST · by RomanSoldier19 · 69 replies
    USA TODAY - ^ | 11/7/2022 | Medora Lee,
    rices at the pump are in focus again, but this time, it’s the other pump – the diesel fuel pump. Diesel is the fuel trucks, trains and ships fill their tanks with to move goods closer to our homes and stores. While the national average price for a gallon of unleaded gasoline we put in our cars has dropped about 24% from their record high in June, the price of diesel has only slipped 8%. Diesel prices used to be lower than gasoline, but that relationship has flipped over the years, and the spread between the two has widened and...
  • Biden says there will be 'no more drilling' as he almost falls off stage at NY rally for Gov Hochul - just a day after he was blasted by key Democrat Manchin for 'ignoring severe economic pain' with vow to close coal plants

    11/06/2022 7:43:50 PM PST · by artichokegrower · 59 replies
    Daily Mail ^ | 6 November 2022 | KATELYN CARALLE
    Joe Biden said during an event in New York Sunday there would be 'no more drilling' in the U.S. one day after Joe Manchin blasted him for vowing to close coal plants - while the president nearly took a spill on stage. The president could be heard at one point telling someone in the crowd 'No more drilling. There is no more drilling. I haven't formed any new drilling. No.'
  • Joe Biden Declares He's For "No More Drilling" Just Days Before Midterm Elections

    11/06/2022 5:04:28 PM PST · by conservative98 · 39 replies
    GOP War Room ^ | 11/6/22 | Joe Biden
    During A 11/6/22 Speech, Joe Biden Declares He's For "No More Drilling" Just Days Before Midterm Elections
  • German Navy Helping Norway Protect Oil Rigs, Pipelines

    11/04/2022 10:02:44 AM PDT · by RomanSoldier19 · 29 replies
    https://www.usnews.com ^ | Nov. 3, 2022 | By Reuters |
    he German navy is helping Norway to protect critical maritime infrastructure such as oil rigs, undersea cables and pipelines, is ready to do the same off the Danish and Swedish coasts, its head said on Thursday. Bordering Russia in the north, Norway is Europe's biggest producer of natural gas and oil and has an extremely long coast that is hard to protect. It operates an extensive network of pipelines that connect the country with Britain and Europe. NATO has pledged to boost the protection of critical infrastructure after the ruptures in September in the Nord Stream 1 and Nord Stream...