Amid what would become a 98-day streak of declines, President Joe Biden was quick to take credit in August over one of his most serious political foes: high gasoline prices.
Despite these statements that suggested oil prices should move higher, oil fell for much of the week. Yet it wasn’t dragged down by fundamentals. Oil prices are down because many traders and investors are bracing for a recession.
As widely expected, Saudi Arabia managed to raise its production by 50,000 bpd for September, reaching its 11 million bpd target. The UAE and Kuwait also hit their targets.
For months now, a new nuclear deal with Iran has kept the market on edge and has been routinely touted as “imminent.” A deal, however, has yet to be struck. In just the last couple of weeks, the hope of reaching a deal seemed less certain.
The European Union believes sabotage probably caused the leaks detected on Monday, Josep Borrell said, echoing views aired by Germany, Denmark and Sweden.
In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo. Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.
In the hydrocarbon-rich fields of Texas, natural gas was always treated like the dregs that crews had to deal with as they pulled oil out of the ground. The two often emerge from wellheads together, and so for decades drillers would simply burn off the gas or sell it at cost. Oil, and all the riches that came with it, was always the big prize.
The California Air Resources Board staff is proposing a measure that would require medium and heavy-duty trucks entering ports and rail yards must be zero emission by 2035 and that state and local government fleets do so by 2027, the Los Angeles Times reported.
“The EU gas market appears well-supplied after six months of reduced demand and increased imports,” the analysts stated in the report, adding that “prices reflect an improving outlook”.
The University of Illinois Chicago researchers new system uses electrolysis to transform captured carbon dioxide gas into high purity ethylene, with other carbon-based fuels and oxygen as byproducts.
Senators Chris Van Hollen, a Maryland Democrat, and Pennsylvania Republican Pat Toomey are working on legislation that would impose secondary sanctions on foreign firms that facilitate the trade of Russian oil and on countries that increase their purchases of the commodity.
As energy prices continue to soar across Europe, with gas prices surging 26% on Monday after Russia stopped pumping via Nord Stream 1, the highly contentious fracking debate is now re-emerging on the continent, led by a new British prime minister with fossil fuels on her mind.
The U.S. is a major producer of natural gas with Texas leading the way and much of that gas is being sent to Europe in the wake of Russia's invasion of Ukraine. The war has slashed the amount of Russian gas available to Europe and caused prices there to skyrocket.
Devon Energy, (NYSE: DVN), announced a deal with Delfin Midstream (privately held) on Monday September, 5th, to buy into a Floating Liquefied Natural Gas-FLNG vessel, yet to be FID'd and constructed. The financial terms were not released, but this certainly involves a major cash commitment from Devon.
The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.
That U.S. LNG was not going to be enough was clear from the beginning. As energy analyst David Blackmon, for example, has repeatedly warned since March, there is plenty of natural gas in the ground in the U.S., but far from all of it is being extracted.
The lifting of the moratorium on so-called fracking was part of a package of measures announced on Thursday to tackle soaring energy prices that are hammering households and businesses. Even with the renewed government support, the shale gas industry still faces an uncertain road, with significant opposition from local communities and challenges related to the country’s geology.
The Permian Basin’s economic impact on Texas and the nation is growing. By 2050, the region is expected to contribute up to $260 billion in gross product and more than 1,000,000 jobs to the nation’s economy, according to a new report from The Perryman Group and the Permian Strategic Partnership (PSP).
Manchin secured a pledge from congressional leaders to advance the legislation, but the proposal is already drawing fierce opposition from environmental activists and progressive Democrats, and the outcome is far from certain.
Europe now receives 65% of total U.S. LNG exports. But there are growing concerns that trading one dependency for another carries another kind of risk. Putting all your eggs in the U.S. LNG basket means banking on Mother Nature. U.S. LNG supplies might not be vulnerable to Russia, but they are vulnerable to extreme weather and harrowing hurricane seasons that disrupt output and exports.