INDUSTRY NEWS
Russia Is Making A Mad Dash To Outrun Peak Oil Demand
Several of the world’s largest oil-producing nations have recently made public plans to boost their production capacity. The reason: peak oil demand is looming and countries are determined to make the most of their oil resources while they can.
Biden’s Not-So-Clean Energy Transition
The IEA assembled a large body of data about a central, and until now largely ignored, aspect of the energy transition: It requires mining industries and infrastructure that don’t exist. Wind, solar and battery technologies are built from an array of “energy transition minerals,” or ETMs, that must be mined and processed. The IEA finds that with a global energy transition like the one President Biden envisions, demand for key minerals such as lithium, graphite, nickel and rare-earth metals would explode, rising by 4,200%, 2,500%, 1,900% and 700%, respectively, by 2040.
Enbridge Says Great Lakes Pipeline Will Keep Running
Enbridge Inc. said it will continue to ship crude through its Line 5 pipeline that crosses the Great Lakes, despite Michigan Governor Gretchen Whitmer’s deadline Wednesday to shut the conduit.
Colonial Pipeline Initiates Restart
The business said it will take several days for the product delivery supply chain to return to normal. Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period, Colonial Pipeline warned, adding that it will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal.
Here’s How the Colonial Pipeline Carries Multiple Fuels at Once
One less-explored aspect of the unfolding Colonial Pipeline Co. ransomware disaster is how a single pipe is able to carry premium gasoline and regular gasoline and home heating oil and jet fuel and diesel fuel. You’d think the fuels would mix into an unusable soup, but they don’t.
China now emits more than rest of developed world combined: Chart
China's emissions of greenhouse gases have more than tripled over the last three decades and now, for the first time, exceed those of all developed countries combined, according to new research released Thursday.
Panic Buying Sends U.S. Gasoline Prices To Near 7-Year High
The average price of a gallon of gasoline in the United States has jumped on the Colonial Pipeline ransomware attack and subsequent outage. The overall average price of retail gasoline is now at $2.985 per gallon, according to AAA. This compares to a year-ago average of just $1.847 per gallon.
Ransomware attack forces shutdown of largest fuel pipeline in the U.S.
The operator of the country’s largest fuel pipeline, Colonial Pipeline, fell victim to a cybersecurity attack on Friday that involved ransomware, forcing it to temporarily shut down all pipeline operations and raising concern that the outage could lead to spot shortages of gas, diesel and jet fuel.
Jennifer Granholm’s Tone Deaf Advice For The Oil And Gas Industry
On a Zoom call Monday, Energy Secretary Jennifer Granholm essentially warned oil and gas company executives that their industry is dying, advising them to diversify their business portfolios or risk becoming like Blockbuster or Kodak, two former corporate behemoths that famously failed to adopt to rapid shifts in their markets.
Oil Moves Higher On Largest Crude Draw Since January
The oil inventory figure compared with a weekly draw of 7.688 million barrels estimated by the American Petroleum Institute a day earlier, and with a moderate build of 100,000 barrels that the EIA reported for the previous week.
RRC continues to exceed well-plugging targets
The agency says it is on track to exceed the target of plugging 1,400 wells this fiscal year, set by the Texas Legislature. This would make the fifth consecutive year the agency has exceeded the target set by the legislature.
Rising air travel starts to lift jet fuel demand Jump
The growing number of commercial airline travelers is starting to lift jet fuel demand ahead of the peak summer travel season, according to a report from the Energy Department.
US Energy Trade: Powering the Global Economic Recovery
As the world recovers from the COVID-19 pandemic, it is important that fair and market-based U.S. energy trade policies play a role in rebuilding the world. We must significantly increase the exportation of America’s natural resources – coal, liquified natural gas (LNG), and oil – and at the same time, promote innovative energy technologies such as carbon capture, efficient coal burning, and advanced battery storage manufacturing.
Libya oil recovery under threat as output falls
Libya’s oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC member’s ability to fix war-damaged infrastructure.
A New Use for Orphaned Oil and Gas Wells?
Petrolern LLC – an Atlanta-based service and technology firm specializing in subsurface engineering and downhole tools – has advanced another idea: repurpose some of the orphaned oil and gas wells to produce geothermal energy.
Warren Buffett’s firm is proposing an $8 billion boondoggle to prevent the next Texas blackout
To avoid most federal regulations, utilities banded together, eventually forming the Electric Reliability Council of Texas (ERCOT), which serves over 26 million customers, and physically isolates its electrons from the rest of the country.
Fracking Survives In California As Senate Blocks Bill
While popular among environmentalists and climate change advocates, however, the anti-fracking bill was the opposite of popular among other groups, including labor unions and legislators who were worried about its negative effect on employment in California’s oil industry. The state is the nation’s seventh-largest producer of crude oil.
Fracking nears full rebound, but without the flaring
The Norwegian energy research firm said oil production in the Permian Basin has largely recovered from the February winter storm, which caused the largest disruption to U.S. oil production in its history. Rysad said it counted 429 new hydraulic fracturing jobs in the Permian in March, up from 260 in February and well above the 300 well completions needed to maintain pre-pandemic output.
New analysis finds 77 percent drop in Permian methane emissions
An analysis just released by Texans for Natural Gas, a project of the Texas Independent Producers and Royalty Owners Association, finds methane emissions in the Permian have declined more than 70 percent in the last eight years even as oil production rose more than 300 percent, rising to a record 7 million barrels of oil equivalent per day in 2019.
U.S. Oil Production Is About To Climb
Across all U.S. oil-producing regions, average breakeven prices to profitably drill a new well range from $46 to $58 per barrel, with breakeven prices in the Permian averaging $50 a barrel, the latest Dallas Fed energy survey for Q1 showed last week. “There’s nothing that doesn’t work at $65 a barrel,” Ian Nieboer, a managing director at Enverus, told the Financial Times last month, noting that the newly-found discipline could fade away.