Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, dashing hopes of a quick release that would send them home to their families in the United States.
Some relatives had been bracing for the disheartening outcome, which came on the evening of Thanksgiving Day. Read More
Both Republicans and Democrats are pushing back on comments Democratic presidential candidate Joe Biden made about “transitioning away” from the oil industry.
At the presidential debate Thursday night, Biden said, “I would transition away from the oil industry, yes. The oil industry pollutes, significantly. It has to be replaced by renewable energy over time.” Read More
Over the next two decades, oil and gas production is projected to account for 68 percent of energy consumption in the U.S. and will play a key role in the energy transition to a low carbon future, according to a new report published by the U.S. Department of Energy.
Natural gas is increasingly powering plants to produce electricity, but oil and natural gas are revitalizing the U.S. petrochemical industry, growing the liquefied natural gas industry, and boosting high-tech materials, the report states. Read More
Shutting down the Line 5 pipeline through the Straits of Mackinac – even if only temporarily – will send adverse effects rippling throughout Michigan, other areas of the Midwest and, as well, Ontario and Quebec.
That’s according to not only Enbridge, which operates Line 5, but also the refineries that rely on the pipeline to supply the fuel provided to consumers at the fuel pump and such major customers as Detroit Metropolitan Airport. Read More
Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand. Read More
Gas prices are falling all over the country as oil prices tumble, yet prices are still relatively high in California, where environmental polices are restricting how oil refineries can produce gasoline.
The price of a gallon of gas has plummeted in Ohio to around $1 in part because Americans are self-isolating to avoid spreading the novel coronavirus. The average price dropped 35.1 cents over the past month, according to data from the AAA and Oil Price Information Service.
A BP station in Kentucky, for instance, posted a price below $1 a gallon, The Washington Post reported Thursday. Four other stations in Oklahoma City followed suit, along with another in Paris, Tennessee. The national average for gas on Thursday was $2.03, down from $2.41 at the beginning of March. Read More
The Trump administration is reportedly floating the idea of extending a federal loan to shale energy companies that are feeling the pain as oil prices plummet. Read More
Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.
Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production. Read More
Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.
Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.” Read More
For the past 18 consecutive months, the U.S. has led the world’s crude oil production. It surpassed Russia and Saudi Arabia in June and August of 2018. One year later, the U.S. surpassed its own production record by 14.6 percent. Read More
The U.S. government said Friday that it had a warrant to seize an Iranian supertanker caught in a diplomatic standoff off the coast of the British overseas territory Gibraltar. Read More
by Jamie Dettmer British officials are drawing up plans to target Iran with sanctions for its seizing of a British-flagged oil tanker in the Strait off Hormuz, and it may urge European Union countries to reimpose sanctions that were lifted in 2016 as part of Tehran’s agreement to curb its… Read More
by Mark P. Mills A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries. Regardless of one’s… Read More