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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
“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.”
“WES and Oxy are uniquely positioned to continue leveraging our extensive asset base to satisfy growing global energy demand while creating a world-class carbon capture management system.”
The Biden administration admittedThursday it had asked Saudi Arabia to delay the OPEC+ vote to cut oil production until the cartel’s next meeting – after the midterm elections.
Last week, Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, reiterated the longstanding Saudi stance that they don’t focus on price; it’s all about supply and demand for OPEC’s leading swing producer. But that’s not the whole story.
Swedish Prime Minister Magdalena Andersson said on October 10 that while Russia would not be allowed to join the investigation, Stockholm would invite a joint EU probe and Moscow was free to carry out its own inspections of the Nord Stream 1 and 2 pipelines.
Just a day before the OPEC+ meeting, CNN reported that all available human resources in the administration had been mobilized, with the White House “having a spasm and panicking,” per one unnamed official.
At least five plants have recently faced maintenance-related stoppages or slowdowns, limiting supplies of California's special blend of gasoline mandated to reduce pollution.
With three of the four pipelines delivering Russian natural gas to Europe out of commission, Hungary is now the only EU member state still receiving Russian gas, Forbes Hungary writes. There are four pipelines that could supply Russian natural gas to Europe: