INDUSTRY NEWS
U.S. Gasoline Prices Fall Below $4.50 Per Gallon
Gasoline prices in the United States fell below $4.50 per gallon on Tuesday, according to AAA, down 52 cents from the highest recorded average price reached last month. But gasoline prices are still higher today than before the announced release in March of a million barrels of crude oil per day from the nation’s Strategic Petroleum Reserves.
Pure Oil Plays Still More Attractive Than Low-Carbon Diversification
Investing in the low-carbon economy was a huge stock market theme through 2020 and 2021 but in the first half of this year, oil and gas performed so strongly that investors piled into the pure play oil and gas producers.
U.S. Gasoline Prices Set To Fall Below $4
Gasoline prices in the United States fell to a national average of $4.605 on Thursday, with GasBuddy’s Patrick de Haan saying we should see that drop below $4 per gallon by mid-August.
Texas Heat Wave Batters Grid
Texas is grappling with another heatwave, with highs reaching 114 degrees, placing extreme pressure on a power grid that has come under scrutiny in recent years for its ability to handle increased demand, Rystad Energy analyst Ryan Kronk said in a market note sent to Rigzone late Wednesday.
Why Is The U.S. Sending Its Emergency Oil Reserves To China?
About 1 million barrels per day have been drained from the Strategic Petroleum Reserve through October, at an unprecedented pace. The drain means SPR inventories fell to the lowest since 1986.
Texas Wind Power Failing When State Needs It Most
Texas may be America’s oil and gas hub, but it’s also long been the country’s biggest wind-power state. The renewable energy source has become highly politicized: Some critics blamed frozen wind turbines for the Texas grid’s failure during a deadly winter storm last year, even though disruptions at plants powered by natural gas were the bigger culprit.
Shell Has Big Plans to Drill in the Gulf of Mexico Despite Climate and Political Debate
The oil industry has pressed for a minimum of two annual lease sales for the next five years in the Gulf, and the administration’s plan outlines a maximum of 10 sales in the Gulf over that period, plus one in Cook Inlet, Alaska. But administration officials also said they could still move to block all new offshore-drilling lease sales.
Debunking The Key Misconceptions About Oil And Gas Prices
In April 2020, OPEC+, a group of 23 oil-producing countries, enacted a huge supply cut because of the drop in global oil demand associated with the Covid-19 pandemic. In fact, oil prices even turned negative at one point, and U.S. oil producers saw their share prices plunge.
Yes, You CAN Blame Biden For High Energy Prices
US refineries are already operating at 94 percent of their capacity, with US refineries in the Gulf of Mexico running at 98 percent, which is the highest rate in 30 years. Running refineries at a higher capacity than that risks damaging the equipment. As such, Biden isn’t just wrong, he insulted some of the hardest working people operating in one of the most dangerous industries in America.
Oil and gas deals to accelerate in second half of 2022
Oil and gas industry mergers and acquisitions are set to accelerate in the second half of the year, boosted by $100-plus oil, according to international consulting firm PwC.
Biden’s Green Energy Policy May “End In Tears”
On June 6, the Biden Administration invoked the Defense Production Act to increase the production of green energy and to replace the use of fossil fuels. While the legality of this move is questionable, it established the U.S. government as a major controlling party in America’s heretofore private energy industry. But like most grand government adventures into industrial policy, the push for renewables is already revealing itself to be enormously wasteful and counterproductive.
The Supreme Court Just Dealt a Major Blow to the Green Left—and a Major Win for Democracy
On Thursday, the Supreme Court ruled that the Environmental Protection Agency does not have the authority to set national energy policy and regulate carbon emissions from power plants. The ruling was a blow to the Biden Administration, which has pursued an aggressive clean energy agenda.
U.S. Shale Drillers Begin Re-Fracking Existing Wells
According to the report, re-fracking of existing shale wells can cost up to 40 percent less than drilling a new well. It can also double or triple the output of an existing well, one fracking industry executive told Reuters.
New Regulations In Permian Could Deter Drilling
The possible regulatory action adds yet another element of uncertainty to the oil industry, which is already facing an unknown future while being chastised for not investing more to produce more—whether that's refining or drilling.
More Oil Workers Being Trained to Operate in Permian
That’s what energy and environmental geo-analytics company Kayrros stated in its latest oil market note, which was sent to Rigzone on Saturday, adding that the number of workers active in the Permian has dramatically increased since the invasion of Ukraine in late February.
Why Biden Keeps Lying About Energy
Just moments ago, President Joe Biden admitted, for the first time, “We need more refining capacity,” in reference to the gasoline, diesel, and other energy shortages that are contributing significantly to inflation. But he then added, “This idea that [the oil and gas firms] don’t have oil to drill and to bring up is simply not true.”
Biden’s Gas Tax Suspension Proposal Falls Flat In Congress
"We will see where the consensus lies on a path forward for the President's proposal in the House and the Senate," House of Representatives Speaker Nancy Pelosi said in what was interpreted as a rare lack of endorsement for the President's proposal.
Refiners Meet With Secretary Granholm To Discuss Prices
According to the industry, investment in the reopening of idled refineries is risky financially, Reuters noted in its report, especially given the energy transition agenda of the current administration, which has prioritized non-fossil fuel energy and transport.
Chevron CEO: Biden should change course from vilifying oil
President Joe Biden reiterated his ire toward oil industry officials, verbally sparring with Chevron Corp. Chief Executive Officer Mike Wirth just days before administration officials and oil executives are set to discuss how to bring down gasoline prices.
Double Whammy Hits European Gas Markets
“First, it was confirmed that the Freeport LNG facility will be offline for 90 days before gradually ramping up LNG production by the end of the year,” Luo said in a market note sent to Rigzone on Tuesday, adding that the facility has been exporting most of its volumes to LNG thirsty Europe over the last months.