On the following day, Wednesday, November 24, the national average was $3.398 per gallon of gasoline, down by less than one cent from the $3.403 average price on Tuesday, according to data from AAA. To compare, at this time last year, the average price of gasoline in the U.S. was $2.110 per gallon.
History has shown that OPEC+ members are willing to do whatever it takes to maintain their market share and keep prices within an ideal range. In 2020, right before the pandemic, Russia and Saudi Arabia engaged in a tit for tat involving oil production and exports—switching to a pump at will policy that flooded the market with oil because the two oil titans couldn’t agree on a strategy.
If you’re not a regular TASS reader, you might have missed news from the U.S. government: Russia is now our No. 2 foreign oil supplier. The United States buys twice as much oil from Russia as we produce in Alaska.
Keeping produced water out of disposal wells by recycling those barrels is important not only because customers are increasingly focused on recycling but because of regulatory action on seismic events, said Jason Jennaro, chief executive officer.
Oil companies laid off tens of thousands of workers statewide last year after oil demand and prices plunged amid economic lockdowns and travel restrictions. Oil demand and prices are recovering as vaccines have helped businesses reopen and boost travel.
When President Joe Biden first called on OPEC to increase production earlier this year, he drew an angry response from Texas Governor Greg Abbott, who told Biden to "back off" and let American companies take care of the supply problem that was pushing fuel prices higher.
The American Petroleum Institute’s senior vice president for policy, economics and regulatory affairs, Frank Macchiarola, has labeled President Biden’s renewed request for the Federal Trade Commission (FTC) to investigate rising gas prices as a “distraction”.
European gas prices surged again on Wednesday after a delay in the approval process for a major new pipeline from Russia, which German government sources said might not now be commissioned until March next year.
According to The Financial Times, whereas Gazprom (OTCPK:OGZPY) started adding some gas to its largest storage sites in Germany and Austria over the weekend, Russia has failed to book additional pipeline capacity, suggesting that any storage fill would come from existing flows.
Port congestion, delivery delays, and shortages have become a mark of the pandemic world that is not showing signs of going away anytime soon. It is in times like this that disruptive, transformational technology shines and 3D printing is no exception.
By starving investment in new natural gas production and closing much of its coal fleet, European consumers have been left with few options and soaring energy prices before the idealized grid and energy systems of the future exist. In other words, energy reality has caught up with pie-in-the-sky aspiration.
Methane emissions intensity in the Permian Basin has dropped almost 70 percent between 2011 and 2020, even as oil and gas production rose by over 320 percent.
After a turbulent period characterized by mounting debts, dwindling cash flows, and awful share performance, the U.S. shale patch has roared back to life with the current earnings season, proving that the worst is finally behind the rearview mirror.
The infrastructure and spending bills that have become such an integral part of the Biden administration’s agenda have been (somewhat predictably) tied up in U.S. Congress for months. At first, the bills were subject to a lengthy bipartisan struggle. Now, they’re being held up by progressive Democrats who don’t want to see the bill gutted in order to push it through the Senate.
Russia’s Gazprom declined to book extra capacity to ship more gas to Europe from January at auctions on Tuesday, a step that would have helped ease prices in a market haunted by worries about Moscow’s intentions.
The Environment and Energy Story You Won’t Hear at House Energy Oversight Hearing or UN Climate Talks
One fact you won’t hear at the hearing: Taken as a group, the four major oil companies – Shell, ExxonMobil, BP and Chevron – already have built or are building 60.2 Gigawatts of wind or solar power. That equals 84% of the 71.5 Gigawatts of new wind and solar power the Energy Information Administration has forecast will be added to the U.S. grid in 2021 and 2022.
The Railroad Commission of Texas is investigating two earthquakes that occurred Tuesday evening in the commission’s Gardendale Seismic Response Area just north of Odessa.
As the global economy bounces back from the novel coronavirus pandemic and demand for goods and services recovers to something like pre-pandemic levels, supply chains and nodes of production have been unable to keep up. Supply bottlenecks, shipping restrictions, and labor shortages have led to high costs for all kinds of economic sectors, but few have been hit as hard or as swiftly as the energy industry.
New York environmental regulators on Wednesday rejected permits to build two natural gas-fired power plants as the state focuses more on renewable projects and energy efficiency to meet its greenhouse gas reduction goals.
There is a real energy crisis in Europe that was created by a combination of political missteps, climate change fear-mongering, and a woke energy policy that could leave much of Europe and Asia undersupplied as they head into winter. It is also a foreshadowing of what may happen in the U.S.