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(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …
Global Refiners Face Profit Slump as New Plants Come Online Read More »
(Reuters) – The U.S. Energy Department said Friday it plans to award $3 billion to 25 battery manufacturing sector projects in 14 states as the Biden administration works to shift the supply chain away from China. The projects will increase domestic production of advanced batteries and battery materials and follows the adoption of U.S. EV …
U.S. to Award $3 Billion to 25 Projects for Battery Manufacturing Sector Read More »
Inventories at this key crude hub at the lowest in a decade for this time of year Bloomberg News Inventories in Cushing, Oklahoma, have been dwindling for the past four months and now sit near the lowest in a decade for this time of year. Photo by Daniel Acker/Bloomberg Oil-storage tanks at a key United States crude …
Canada’s Expanded Trans Mountain Pipeline Has the Tanks at Cushing, Oklahoma Running Dry Read More »
A guide for those watching today’s House Budget Committee hearing, where I will be testifying By Alex Epstein Today I will be testifying for the House Budget Committee at a hearing called “The Costs of the Biden-Harris Energy Crisis.” The main point I’ll be making is that the policy of government-dictated “green” energy, practiced by Biden-Harris and …
COMMENTARY: 12 Myths That Government-Dictated Green Energy is Cheaper Than Fossil Fuels Read More »
Kerry urges industry to back CCUS talk with workable projects Former climate diplomat helped broker fossil COP28 deal John KerryPhotographer: Benjamin Girette/Bloomberg John Kerry, the Biden administration’s former top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions or face a quicker-than-expected transition away from …
Oil Industry Yet to Prove Carbon Capture Viable: Kerry Read More »
Oil prices can rise after an interest rate cut due to several interconnected economic factors: Weaker Dollar: Interest rate cuts often lead to a weakening of the country’s currency, especially the U.S. dollar. Oil is typically priced in dollars on global markets, so when the dollar weakens, oil becomes cheaper for buyers using other currencies, …
Why Oil Prices Can Rise After an Interest Rate Cut Read More »
The U.S. is seeking to buy up to 6 million barrels of oil to help replenish the Strategic Petroleum Reserve after a historic sale from the facility in 2022, the Energy Department said on Wednesday. Reuters reported exclusively this week that the solicitation would take place on Wednesday as the administration of President Joe Biden …
U.S. Seeks Up to 6 Million Barrels of Oil for Strategic Reserve Read More »
Chesapeake Energy’s $7 billion acquisition of rival natural gas producer Southwestern Energy is expected to close early in the fourth quarter, CEO Nick Dell’Osso said on Wednesday. The deal was delayed earlier this year after the U.S. Federal Trade Commission requested additional information from the two. Chesapeake announced the all-stock purchase in January and originally …
Chesapeake Energy Says Deal for Southwestern Energy to Close Early in 4Q Read More »
U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending September 13, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 500,000-barrel draw. Crude stocks …
US Crude Stocks Fall, Gasoline and Distillate Inventories Rise – EIA Read More »
Banks say their first priority is delivering financial returns for clients—and that means energy-transition investments need to be profitable. Ever since a short clause in the 2015 Paris Agreement called for private funding to support a reduction in global greenhouse gas emissions, the role of the finance sector in delivering climate action has been subject to increasing …
