INDUSTRY NEWS
Voters defeat Michigan wind energy project, toss supportive officials
Zoning ordinances in Maple Valley, Douglass and Winfield townships were voted down by substantial margins amid growing animosity toward wind and solar energy projects among rural residents in Michigan who see them as a potential threat to health and property values.
US Finds Others Aligned Against It In Saudi-Sparked Oil Row
When US President Joe Biden accused Saudi Arabia of siding with Russia over oil, Riyadh cast itself as an emerging power that stands up to Washington and looks after its own interests - and that’s been winning cheerleaders.
Big Oil Is Not Dancing To Government Tunes. Period.
Oil producers, big and small, did not react to the U.S. President’s latest attack on it. The industry simply continued what it has been doing since oil prices rebounded: returning cash to shareholders and planning its spending carefully.
North America’s Largest Refinery Restarts Units After Overhaul
The Port Arthur Refinery, which is also the largest refinery in North America, produces conventional gasoline, commercial aviation fuel, Ultra Low Sulfur Diesel, Export (High Cetane) Diesel, and Texas Low Emissions Diesel.
Yes, Banning U.S. Oil Exports Is a Horrific Idea
Not only would such a ban backfire and cause gasoline prices to increase for American drivers, but it would also alienate our global allies and undermine U.S. national security.
How OPEC Outplayed Biden
The oil we import is a good match for U.S. refineries, and often the oil we export is not. So, a substantial loss of oil imports — and an inability to make up for that loss with the SPR — could cause significant disruptions that lead to price spikes in both oil and gasoline prices.
No Easy Fix For European Energy Crisis
With gas-fired generators providing Europe’s marginal power supply, gas costs are the major factor behind current high-power prices. It is worth noting that high gas prices are a significant issue, but they aren’t the only problem the European power sector faces.
Windfall Tax On Big Oil Is More Politics Than Real Threat
Democrats have tried, and failed, for more than a decade to impose a so-called “windfall” tax on oil companies without success. With an evenly divided Senate and an eight-seat majority in the House looking increasingly vulnerable, Biden’s threat to tax what he described as the industry’s “windfall of war” will be nearly impossible to achieve.
Oil Prices Rise As Bullish Sentiment Builds
Crude oil began trade today with a gain on the back of expectations that China may begin to ease its Covid restrictions and on data from the American Petroleum Institute pointing to another decline in U.S. crude oil inventories.
Did Biden Break the Strategic Petroleum Reserve?
The SPR is a brilliant feat of engineering operated by professionals with some of the most important jobs in the entire Department of Energy complex. The reserve consists primarily of underground salt caverns filled with oil and a system of wells, pipelines, and pumps that use water and brine to control where that oil is transported.
Texas natural gas drops toward zero as output swamps pipelines
Insufficient pipeline capacity has actually been a long-term problem that has dogged Permian Basin gas producers for years. The choke points worsen when pipeline operators must perform repairs and preventative maintenance work that forces temporary reduction in pressure or halts to shipping.
US Oil Products Exports Ban Could Save $5Bn For Customers
A proposed US refined product export ban would save US consumers at the gasoline pump but pose significant challenges and costs to US and global refining systems, according to a recent analysis from Wood Mackenzie.
Texas Natural Gas Prices Go Negative
On Monday, natural gas in the Waha part of the Permian Basin fell to 20 cents per MMBtu, traders said. But on Tuesday, they fell even further, with traders reporting that offers for the Waha grade sank to -$2 per MMBtu, compared to the Nymex X22, which was trading at $5.305 per MMBTU.
There Is No USA Crude Going to France for the First Time in 4 Years
French workers are protesting for higher wages amid soaring inflation, and that’s snarled operations at key oil refineries. The chaos in the nation’s energy industry means that companies including Exxon Mobil Corp. and TotalEnergies SE have been forced to curtail or suspend their local operations.
Macron Lashes Out At United States Over Double Standard Energy Policies
To compensate for its declining nuclear fleet and Russia’s complete halt of natural gas shipments into the country, France has turned to the United States for LNG—only Macron is unhappy with the price it’s paying.
Global Oil And Gas Exploration Dives Nearly 60% In 2022
According to the Norwegian energy punter, only two new blocks had been licensed for drilling in the U.S. as of the end of August this year with no new offers for oil and gas leases originating with the Biden administration itself.
What A ‘Historic’ Release And Refill Of Strategic Petroleum Reserve Crude Oil Means For Markets
The term "historic" is often thrown around casually in the financial markets, whether referring to historic rate hikes, historic inflation or historic yield curve moves. Sometimes, however, things happen that are actually deserving of being called "historic."
Exxon exits Russia empty-handed with oil project ‘unilaterally terminated’
Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project.
Biden administration to tap oil reserve again ahead of midterms
The Biden administration plans to announce a release of oil from the Strategic Petroleum Reserve in a bid to drive fuel prices down, two sources familiar with the plans said.
Turbine plans for Lake Ontario shoreline hit headwinds in WNY
“You have caused great disruption and conflict between neighbors, and you have shown no remorse whatsoever for doing so,” they wrote. “Enough is enough. Do the right thing and leave our towns for good. You are not welcome in our towns.”