Energy and Environment News

Energy and Environment News

December 31, 2014

Top Stories

Oil.  Major oil companies — many U.S.-based — are cutting up to 15% of the pay of thousands of self-employed oil and gas workers contracted on projects in regions like the UK North Sea.  While falling oil prices could prove a significant boon for the global economy, they present toughening market conditions for these companies, forcing them to respond by reexamining their investment plans and looking for ways to reduce costs.  FT

Oil.  According to Citigroup Inc., the Obama administration’s recent decision to allow exports of ultralight crude oil without government approval may encourage shale drilling and thwart Saudi Arabia’s strategy to curb U.S. output.  According to the bank, current U.S. export capacity is at about 200,000 barrels a day and could be expanded to 500,000 a day by the middle of 2015, further weakening crude oil markets.  Bloomberg

Natural Gas.  Natural gas prices slipped ahead of weekly inventory data today, which would typically indicate that demand for this heating fuel has been lackluster.  Natural gas is known for being a volatile market, and is set to close the year as one of the worst-performing commodities.  WSJ

Energy and Environment News

Energy and Environment News

December 30, 2014

Top Stories

Energy Policy. The Obama administration’s Bureau of Industry and Security released guidance today regarding the types of petroleum that are allowed to be shipped under the current oil-export ban. By clarifying the specific processing methods required for the light-oil called condensate, the agency eliminated much uncertainty about the kind of petroleum that can be legally exported. Reuters

Energy Policy.  Long-term U.S. energy policies based on the assumption of high gas prices are proving less effective in persuading Americans to find alternatives amid the recent slump in the gasoline prices. Policies such as mandates for fuel-economy improvements and incentives for electric cars and hybrids have been most impacted by consumers’ recently weakened “appetite for alternatives”. WSJ

LNG. Reuters reports that construction on a planned liquefied natural gas (LNG) export terminal has been put on hold due to the recent slump in oil prices. The Texas project — which hoped to take advantage of soaring Asian demand for LNG amid high oil prices — was determined uncompetitive due to the Asian market-price linkage between oil and natural gas. Reuters

Oil.  Amrita Sen of the Financial Times argues that OPEC’s decision not to cut its oil production does not indicate that the oil giant has lost control of the market, but rather that it is choosing to let market forces “shake out” high-cost producers. Sen asserts that because more than one-third of global oil production is uneconomic at today’s prices, OPEC has taught the oil market to be more careful with high-cost projects based on the illusion of stable prices.  FT

Energy and Environment News

Energy and Environment News

December 29, 2014

Top Stories

Oil.  Oil futures are down again after analysts determined that Libyan oil production outages will be limited in scope and have only a marginal impact on the world-wide supply glut.  While growing oil production in Libya is one of the key reasons for the current oversupply of oil, surging U.S. production has also been a big factor. WSJ

Energy Policy.  Matthew Wald of the New York Times discusses the EPA’s treatment of nuclear power in its proposed rule to reduce carbon emissions across the United States. The proposed rule uses a complex mathematical formula to set state-specific carbon emission reduction goals, and gives states a 5.8% “credit” toward these targets if financially at-risk nuclear plants are kept on-line. Many critics argue that this number is arbitrary and takes for granted current nuclear construction projects that may not be completed.  NY Times

Oil.  Tensions are growing between Canada and Latin America over limited capacity at heavy oil refineries along the Texas and Louisiana coasts – the primary location with the ability to process heavy oil. The lack of alternative markets suggests that these two regions will continue to fight to maintain their share of U.S. refinement for the foreseeable future.  Bloomberg

Energy and Environment News

Energy and Environment News

December 18, 2014

Top Stories

Energy Policy. After years of debate over a method of extracting natural gas, Governor Andrew Cuomo announced on Wednesday that hydraulic fracturing will be banned in New York State. While fracking has been heavily promoted as a source of economic revival for the depressed communities along New York’s borders with Pennsylvania, this was ultimately outweighed by concerns over the health risks of fracking. NY Times

Oil. According to the Commerce Department’s quarterly report on travel and tourism spending released today, U.S. airfares have risen 5% between July and September, despite the 40% fall in international oil prices since mid-June. Although fuel is the airline industry’s biggest expense, companies have been slow to pass savings through to consumers because airlines lock in purchase prices far in advance through hedging arrangements designed to protect them from large fluctuations. WSJ

Oil. Oil prices resumed their months-long decline today after comments from Russia and OPEC leaders, and as progress was made toward resolving a Nigerian port strike that could bring more crude oil back to global markets. In particular, the U.S. benchmark contract was down 63 cents, or 1.1%, at $55.84 a barrel on the New York Mercantile Exchange. WSJ

Energy and Environment News

Energy and Environment News

December 17, 2014

Top Stories

Solar.  China’s Commerce Ministry strongly criticized the United States’ decision on Tuesday to impose broader antidumping and antisubsidy tariffs on solar panels from China. Although the penalties are still subject to final confirmation next month from the International Trade Commission, the ministry released a statement today urging the U.S. to consider the negative repercussions of harming such a strategic emerging industry related to global sustainable development.  NY Times

Natural Gas.  Mitch McConnell announced in a statement yesterday that the new Republican-controlled Senate’s first act in January will be approval of the Keystone XL pipeline. While the bill will be open for both parties to offer energy-related amendments, Republicans may still find it difficult to win the 67 votes needed to override a veto from President Obama.  Reuters

Oil.  According to the Billion Prices Project, which scrapes the Internet daily to monitor changing prices online, oil may be dragging down prices faster than the official U.S. price index can capture. While the Labor Department’s official measure of consumer prices has shown a decline in the annual change in inflation from 2.1% this summer to 1.7% in October, the Project’s State Street PriceStats inflation series shows the annual change declining to 1%.  WSJ

Oil.  The U.S. Energy Information Administration reported Tuesday that U.S. households are on track to spend the least amount of money on gasoline in 11 years. The price for regular gasoline in the U.S. has fallen 11 weeks in a row to $2.55 per gallon – down more than a dollar since its 2014 peak in April. The average household is expected to spend about $1,962 on gasoline in 2015 – $550 less than it did a year ago.  WSJ

Page 118 of 141« First...102030...116117118119120...130140...Last »