World Oil AUSTIN – The Railroad Commission of Texas has filed comments on draft guidance issued by the U.S. Department of the Interior (DOI) for utilizing formula grants to plug orphaned oil and gas wells. Several aspects of the draft guidance have caused concern for the RRC because it could hinder the state’s efforts to use as much funding as
Oil Price A proposed bill in California to introduce penalties on the excess profits of oil companies is not making advances in the state legislature and even some Democrats are questioning its implementation and the possible benefits for consumers. Last year, as gasoline prices hit records in the United States, and were much higher in California than in other
BOE Report WASHINGTON – The U.S. judge presiding over Michigan’s bid to shut down the Line 5 pipeline has agreed to let the state appeal a key ruling even though the case remains unresolved. District Court Judge Janet Neff has granted a motion from Michigan Attorney General Dana Nessel, clearing the way for what’s known as an interlocutory appeal.
Oil Price The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports. Chinese President Xi Jinping pledged to continue to develop “friendly cooperation” with Iran during a visit of Iranian President Ebrahim Raisi to Beijing this week. “Xi stressed that
World Oil (Bloomberg) – Alaska’s senators sharply condemned any potential Biden administration move to authorize ConocoPhillips’ $8 billion Willow oil project with restrictions so onerous it wouldn’t be viable, warning that would be seen as a rejection — and an unacceptable blow to residents across the nation’s largest state. “They damn well better not kill the project,” Republican Lisa Murkowski
World Oil WASHINGTON D.C. – The American Petroleum Institute (API) responded to the U.S. Environmental Protection Agency’s (EPA) proposed methane rule during a press conference on Monday, Feb. 13. The talk was led by API Senior Vice President Frank Macchiarola, who outlined several concerns with the EPA’s proposed rule that, if enacted without modification, could create barriers to the
Nasdaq LONDON – Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections. Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned
Oil Price Traders expect the Federal Reserve to end its rate hikes in two months, which could push oil prices higher due to the generally inverse relationship between rates and oil prices. According to a Reuters report, the Fed might end its rate-hike policy as soon as March, as economic indicators suggest inflation is slowing down and getting under control.
Oil Price Los Angeles County has voted to ban new oil and gas drilling in the country, following a similar ban enacted by the City of Los Angeles last month. The Los Angeles County Board of Supervisors on Tuesday passed unanimously the ordinance that bans new oil and gas well drilling and phases out existing wells. The ordinance will take
Oil Price The legislature in Wyoming is proposing a resolution for a voluntary ‘phase-out’ of electric vehicle (EV) sales by 2035, in a symbolic move aimed at supporting the state’s oil and gas industry and a response to states such as California and New York, which have said they would ban the sale of new gasoline-powered cars from 2035.
Oil Price A federal judge has dismissed a lawsuit brought to a California court last year by a group of individuals claiming the Trump administration and U.S. oil producers colluded with Russia and Saudi Arabia to keep oil and gasoline prices high. Defendants named in the lawsuit included the American Petroleum Institute, Chevron, Exxon, Occidental Petroleum, Phillips 66, and Energy Transfer. The plaintiffs—about
World Oil (Bloomberg) — The Biden administration is deferring a plan to crack down on smog in the drilling hotbed of the Permian Basin, handing a win to oil producers along with their allies in Texas and New Mexico. The Environmental Protection Agency had been considering formally labeling parts of the region as violating federal air quality standards for ozone
