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Germany Pushes for G-7 Reversal on Fossil Fuels in Climate Blow

Jun 25, 2022 (Bloomberg) Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, according to people familiar with the matter. That would be a major reversal on tackling climate change as Russia’s war in Ukraine upends … Read more

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Oil Posts Weekly Loss as Recession Jitters Dent Commodity Prices

Jun 25, 2022 (Bloomberg) Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell’s hawkish testimony to … Read more

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U.S. drillers add oil and gas rigs for a record 23 months – Baker Hughes

The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI Baker Hughes said that puts the total rig count up 283, or 60%, … Read more

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World’s Biggest Oil Field Faces Pollution Rules That Could Curb Drilling

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(Bloomberg) The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico. The Environmental Protection Agency is weighing labeling parts of the Permian Basin as violating federal air quality standards for ozone — a designation that … Read more

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Oil CEOs Get Olive Branch From Granholm in Gas-Price Huddle

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(Bloomberg) The US energy chief struck a conciliatory tone in a high-stakes meeting with top oil executives to discuss soaring gasoline prices on Thursday, though the huddle yielded little progress on a plan to address the supply crunch. For more than an hour, Energy Secretary Jennifer Granholm met in Washington with leaders of some of … Read more

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Texas power use breaks record with more to come as heat wave lingers

June 24 (Reuters) – Power demand in Texas hit a new all-time high on Thursday and will likely break that record on Friday as economic growth boosts overall use and homes and businesses keep their air conditioners cranked up to cope with a lingering heat wave. The Electric Reliability Council of Texas (ERCOT), which operates … Read more

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Analysis: Running short of gas: Russia’s pipeline repair has Europe worried

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Summary NS1 full shutdown scheduled for July 11-21 Storage build at risk ahead of winter Countries prepare for complete stoppage of Russian supplies LONDON/FRANKFURT, June 24 (Reuters) – When Russia turns off the gas through the Nord Stream 1 pipeline for maintenance in July, Europe is starting to worry that it won’t turn it back … Read more

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Texas repeatedly raises pollution limits for Cheniere LNG plant

PORTLAND, Texas, June 24 (Reuters) – Cheniere, the largest U.S. exporter of liquefied natural gas, boasts that it’s helping to “improve local air quality in communities globally” because the cleaner burning fuel it ships displaces coal in power plants. But in the Corpus Christi, Texas region, where the fuel is prepared for shipment, the company … Read more

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No plans for extraordinary EU summit on gas prices in July

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June 24, 2022 There are no plans at the moment to hold an extraordinary summit of European Union leaders in July to discuss ways to deal with rising gas prices, an EU official said on Friday. “There are no plans,” the official said when asked about reports on a possible extra summit next month. The … Read more

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U.S. natgas futures hold near 11-week low as LNG exports decline

Natural Gas Flame

U.S. natural gas futures held near an 11-week low on Friday as forecasts for hotter weather, higher demand and less output than last month offset a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas. In Texas, power demand hit record levels again this … Read more

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Biden, 11 U.S. states to boost support for offshore wind energy

WASHINGTON, June 23 (Reuters) – The Biden administration is partnering with 11 East Coast states to accelerate development of offshore wind facilities and create jobs by supporting a domestic supply chain for the industry, the White House said on Thursday. The move is part of President Joe Biden’s push to fight climate change by expanding … Read more

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Lithium landgrab sparks new electric-car risk

HONG KONG, June 24 (Reuters Breakingviews) – A scramble for lithium creates new risks for electric-car makers. Breathtaking prices are prompting the industry to find new ways to secure the crucial battery ingredient. But dealmaking under duress makes miscalculations more likely. Manufacturers of automobiles and battery cells are striking direct contracts with miners and refiners. … Read more

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World’s Dirtiest Oil and Gas Fields Are in Russia, Turkmenistan and Texas

Rig Worker

(Bloomberg) Oil and natural gas fields in Russia, Turkmenistan and Texas are the most climate-damaging on Earth, according to a first-of-its kind analysis that looks at greenhouse-gas emissions across entire supply chains and finds they vary widely. The dirtiest fields emit more than 10 times as much carbon dioxide equivalent as the least emissions-intensive sites, it finds. Released Thursday by the nonprofit Rocky … Read more

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Biden Limps to G-7 as Allies Fret Over His Troubles at Home

Jun 23, 2022 (Bloomberg) US President Joe Biden’s political fortunes have changed dramatically since his first Group of Seven summit last summer, or even his last visit to Europe in March. It couldn’t come at a worse time for his international allies as Russia settles into a long war with Ukraine. German Chancellor Olaf Scholz, who will welcome G-7 leaders in the Bavarian … Read more

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EU Leaders Brace for Tough Winter as Russia Tightens Gas Grip

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Jun 24, 2022 (Bloomberg) European Union leaders are preparing for a further reduction in gas supplies from Russia, seeking ways to cushion the effects of the unprecedented crisis, as well as a surge in energy prices, on the region’s economy. The impact of Russia’s invasion of Ukraine and its use of energy as a weapon forced … Read more

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Oil Set for Weekly Loss as Recession Concerns Wound Commodities

Jun 24, 2022 (Bloomberg) Oil headed for its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate traded near $105 a barrel after retreating over the previous two sessions. The US benchmark has lost … Read more

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OPEC+ to stick to oil supply rise plan as Biden heads to Saudi

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June 23, 2022 OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East. At its last meeting on June 2, … Read more

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FREE WEBINAR: Optimize your Oil & Gas Operations with Real-time Analytical Technology – June 27, 2022

Insight Analytical Logo

Online Webinar with Phil Harris Monday, June 27th | 5:00am MDT | 3:00pm UAE (Your date and time) REGISTER NOW Verax ISX & IMX: A Near-Infrared Analyzer for Real-Time Analysis Make more Money on your Condensates, NGLs, Crude, Refined Fuels, and Gas Lower your Capex using Multi-Parameter & Multi-Stream Units Improve your ESG Scores Lower your Operation … Read more

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U.S. oil activity jumps amid shortages, inflation

Oil and gas companies are expanding activity at a “robust” pace despite supply disruptions and rising costs, according to a Federal Reserve Bank of Dallas survey of energy executives. An index of oil activity in the U.S. Southwest was at the highest in six years, according to the quarterly report, which surveyed oil executives in … Read more

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Oil Pares Losses as Recession Fears Spur Wider Market Volatility

Jun 23, 2022 Oil pared a second consecutive sharp decline as wider markets continue to price in the risks of a global economic slowdown.West Texas Intermediate sank toward $102 earlier Thursday, before paring losses to trade near $105.75. The US benchmark has lost more than 13% since June 8 as warnings about the world’s economy … Read more

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Manchin Opposing Energy Payments Seen Blunting Value of Credits

Joe Manchin

Jun 22, 2022 (Bloomberg) Senator Joe Manchin’s opposition to giving clean-energy developers direct payments may significantly reduce the tax credits they could get from Democrats’ reconciliation package, according to analysts. The West Virginia Democrat is opposed to making the credits refundable, the so-called direct-pay option that would let developers avoid pursuing complicated tax-equity financing, according to … Read more

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Analysis: High energy prices could sink U.S. stocks during earnings season

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NEW YORK, June 23 (Reuters) – Sky-high oil prices pose yet another obstacle to U.S. corporate earnings, and some on Wall Street are worried this could sink stock prices even deeper into the red. Brent crude has surged nearly 40% since the start of the year and stands at $110.73 per barrel as tight inventories, … Read more

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U.S. oil refiners to meet Biden officials in high-stakes price talks

June 23 (Reuters) – Major U.S. oil refiners will meet with U.S. Energy Secretary Jennifer Granholm and other Biden officials on Thursday in an emergency meeting about how to lower record-high fuel prices that are squeezing American consumers. The two sides are meeting with a promise to work together in good faith, but they appear … Read more

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Europe takes action in case Russian gas supply stops

Natural Gas Terminal

June 23 (Reuters) – Several European countries are putting plans in place to manage gas supply and even ration power in case Russian gas flows stop after supply through the Nord Stream 1 pipeline were curtailed. Russian gas supply to Europe via the pipeline fell last week and Moscow said more delays in repairs could … Read more

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Column: Green hydrogen may be energy’s future, but it’s complicated

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DEVONPORT, Australia, June 23 (Reuters) – Green hydrogen is often touted as the future of energy, providing a flexible and zero-emission fuel for transportation and electricity generation. The problem is how long will it take for that future to become reality. An example of the immense challenges facing a hydrogen future can be neatly encapsulated … Read more

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Biden Asks Congress for Gas Tax holiday to Lower Record Pump Prices

WASHINGTON, June 22 (Reuters) – U.S. President Joe Biden on Wednesday called for a three-month suspension of the federal gasoline tax to combat record prices, but opposition from lawmakers within his own party suggests the request may never be met. American families paying much more for gasoline deserve some financial relief, Biden said as he … Read more

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Russia’s Gas Revenue Is Same as Year Ago Despite Slump in Flows

Jun 23, 2022 (Bloomberg) Russia is probably earning just as much from natural gas exports to Europe as a year ago, even as it slashes deliveries to the region to multiyear lows. Moscow’s buoyant profits — a result of soaring gas prices — will be exasperating to the European Union, which has slapped heavy sanctions on … Read more

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U.S. refiners to urge White House not to ban fuel exports

U.S. refiners will try to convince the Biden administration not to ban exports of U.S. fuel to combat record gas prices during a meeting scheduled for Thursday, according to sources familiar with the plans. The White House has called an emergency meeting with top U.S. refiners to discuss ways to bring down record gas prices … Read more

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Deep rift lies behind Biden’s criticism of oil and gas industry

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June 22, 2022 U.S. President Joe Biden has publicly criticized oil and gas executives for banking big profits from high gasoline prices but he has rarely spoken directly to the heads of energy companies or their representatives, White House records and interviews with industry sources show. Biden said at a labor union event this month … Read more

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$2.4 trillion put into energy in 2022 not enough to tackle supply crunch, says IEA

The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday. Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the … Read more

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The Energy Transition Hits a Speed Bump – ENERGYminute

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Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Like not accepting that hangovers are 10x worse after hitting 30, the realities of the energy crisis have not hit home yet, either. What happened: The war in Ukraine has somewhat clouded our understanding of the energy crisis. Though supply shocks as a result of the … Read more

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EU signals shift to coal, accuses Russia of ‘rogue moves’ on gas

Natural Gas Terminal

BRUSSELS/OSLO June 22 (Reuters) – The European Union will temporarily shift back to coal to cope with slowing Russian gas flows, an EU official said on Wednesday, as a tight gas market and rocketing prices set off a race for alternative fuels. European leaders have rounded on Russia after flows through its Nord Stream 1 … Read more

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Why is there a worldwide oil-refining crunch?

Saudi Refinery

June 22 (Reuters) – Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. … Read more

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Biden to ask Congress to pause gas tax amid record pump prices

June 22 (Reuters) – U.S. President Joe Biden on Wednesday will call on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices, according to a senior administration official. The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal … Read more

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Oil Spending Won’t Recover in 2022 as War Riles Market, IEF Says

Global oil investment will be stagnant this year and may even decline as producers deal with surging inflation and volatile prices caused by Russia’s war in Ukraine, according to the International Energy Forum. Crude prices have risen following the invasion in February, as uncertainty over supply security has riled markets. Meanwhile, OPEC and its allies … Read more

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Biden Shrugs Off Revenue Impact of Potential Gas-Tax Pause in Latest Hint

gas prices us may 24 2022

Jun 21, 2022 (Bloomberg) President Joe Biden and a top economic aide preemptively defended a potential suspension of the federal gasoline tax, saying it wouldn’t hurt road-building projects and that savings would be passed on to consumers — the latest signal Biden’s leaning toward urging Congress to pause the levy.Biden, who has been keen to demonstrate … Read more

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Political Rhetoric: Biden Escalates War of Words With Big Oil Ahead of Talks

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. Wirth earlier called on Biden to stop criticizing the oil and gas industry and for a “change … Read more

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Crude Oil Buckles as Recession Angst Rattles Commodity Investors

Jun 22, 2022 Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble demand. West Texas Intermediate tumbled toward $104 a barrel. Investors are concerned about the impact of sharply higher US interest rates and Federal Reserve Chair Jerome Powell is due to testify before … Read more

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Stop The Blame Game: Chevron CEO calls on Biden to take new approach on fuel prices, stop criticizing Big Oil

HOUSTON/WASHINGTON, June 21 (Reuters) – Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials’ criticism of the oil industry over energy costs, saying reducing fuel prices will require “a change in approach” by the government. The letter is the latest in a series of acrimonious exchanges between the U.S. oil industry and President … Read more

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WATCH: Energy Innovation Month Presentation – ComboCurve

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PRESENTATION: ComboCurve Innovation Presentation ARTICLE: ComboCurve is Dominating; Why Should You Care? What is Energy Innovation Month? Energy Innovation Month is a month-long promotional campaign that will feature some of the latest and greatest innovation, technology, and research from experts across the energy sector.  

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Combining the Strength of Steel and the Corrosion Resistance of Plastic

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Polytetrafluoroethylene (PTFE) also known by the brand name Teflon is a highly flexible and versatile material that offers universal chemical resistance. PTFE-lined steel piping systems are ideal for handling corrosive fluids commonly used in industrial and manufacturing processes. The strength of the steel housing provides mechanical integrity while the plastic liner provides chemical resistance. PTFE-lined … Read more

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Switching to Connected Safety for Single-Gas Detection

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It’s more cost-effective, sustainable and simple than you think By Blackline Safety If you’re a safety or operations manager, you already know the value of a robust safety culture. Whether you work in oil and gas, petrochemicals, renewable energy, utilities or other industries with a wide spectrum of safety needs, knowing how connected safety can … Read more

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Testimony: “How the Biden Administration and the Global Anti-Fossil-Fuel Movement Caused an Energy Crisis and Inflated Our Cost of Living”- Alex Epstein

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Testimony for the Congressional Off-Site Hearing: “Addressing Bidenflation and Biden’s Energy Crisis” Today the House Freedom Caucus held an off-site hearing: “Addressing Bidenflation and Biden’s Energy Crisis.” I was a witness, along with former Texas Governor and Secretary of Energy Rick Perry, economist Stephen Moore, and Western Energy Alliance President Kathleen Sgamma. Here is the … Read more

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Elon Musk says Tesla job cuts will reduce workforce by 3.5%

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Confirms salaried workforce will be cut by about 10 per cent over the next three months as hourly staff numbers grow Elon Musk confirmed the salaried workforce at Tesla Inc. would be cut by about 10 per cent over the next three months, but said the overall reduction in the electric-car maker’s workforce would only … Read more

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Goodbye Gasoline. Hello Copper! – Geoffrey Cann

Geoffrey Cann

By Geoffrey Cann As the world moves to electrify its transportation services, it will slightly turn away from oil, and dramatically towards an alternate range of commodities, leading to new and different supply risks and opportunities. Background This article is co-authored with David Smethurst, an energy industry entrepreneur. The world is all agog about the highly … Read more

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U.S. power producers in $6 bln plan to boost solar supply chain

June 21 (Reuters) – A group of U.S. power producers on Tuesday have formed a consortium to spend about $6 billion to support expansion of the domestic solar supply chain. AES Corporation (AES.N) said it had joined Clearway Energy Group, Cypress Creek Renewables and DE Shaw Renewable Investments in the U.S. Solar Buyer Consortium in an effort … Read more

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Surge in U.S. renewable diesel supply won’t offset loss of petroleum diesel

A fuel nozzle from a bio diesel fuel pump is seen in this photo illustration taken at a filling station in San Diego, California January 8, 2015. REUTERS/Mike Blake

June 21 (Reuters) – A flood of U.S. renewable diesel plants set to come online in the next three years will not be enough to offset the loss of petroleum diesel refining capacity from plant closings since 2019, a Reuters analysis of federal data shows. U.S. refining capacity has declined in the last two years, … Read more

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Exxonmobil CEO expects tight oil market to last years

DOHA, June 21 (Reuters) – ExxonMobil CEO Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets. Speaking at a panel at the Bloomberg Qatar Economic Forum in Doha, Woods added that the company had asked the … Read more