Oil Price This week, a report from a climate organization warned that emissions from the combustion of hydrocarbons are set for a record this year. This is despite the massive buildout of wind and solar capacity, hundreds of billions of investments in alternatives of hydrocarbons, and pledges for a lot more. There appears to be a gap between stated goals and
Oil Price The Biden administration is pushing for widespread electrification in less than 20 years through government subsidies and coercive regulations as part of its aggressive climate agenda. The truth is that President Joe Biden’s goals are an illusion at the expense of the American people. While EV proponents try to claim that EVs will soon be cheaper than gasoline vehicles,
Oil Price Some American clean energy and technology startups are struggling to keep afloat while waiting for the U.S. Administration to disburse the pledged loans and funds under the landmark Inflation Reduction Act (IRA). Several startups have already filed for bankruptcy, others have flagged the ability to continue as a going concern or hired advisors to evaluate financing and strategic
Yahoo Finance BERLIN/LONDON – BP is seeking partners for offshore wind projects in Japan and may invest in hydrogen technology companies to tackle inflation and equipment bottlenecks that have battered the renewables sector. The oil major plans to expand in low carbon energy in the coming decades as it seeks a long-term business model that can survive the global transition
Nasdaq U.S. developers building renewable energy projects and power storage for grids are scrambling to procure critical components, leading to rising costs and project delays. Supply chain problems have tightened supply of high-voltage transformers necessary to connect wind and solar farms and batteries to the grid, projects that are key to the energy transition. The long lead-time for delivery of
Yahoo Finance HOUSTON – Exxon Mobil said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Oil majors are investing in the electrification sector as governments in the United States and Europe set programs to promote wider use of electric vehicles and
Oil Price Latin America is poised to play an increasingly important role in the global transition to cleaner energy sources, the International Energy Agency (IEA) said on Wednesday in its first-ever energy outlook on the region. Latin America and the Caribbean region already lead in the energy transition, with hydropower, solar, wind, and biofuels having a large share in the energy mix
Oil Price The U.S. offshore wind industry is “fundamentally broken” and needs a reset, a clean energy executive at supermajor BP said at the FT Energy Transition summit on Wednesday. But the regulatory and permitting environment for the industry can be fixed, Anja-Isabel Dotzenrath, head of Gas and Low Carbon Energy at BP, said on the conference, as carried by Reuters. Currently,
World Oil (Bloomberg) – bp Plc’s temporary boss gave a robust defense of the company’s strategy, batting away suggestions that he needs to follow the big oil deals done by U.S. competitors Exxon Mobil Corp. and Chevron Corp. “We’re focused really on transition” to net zero emissions, Interim Chief Executive Officer Murray Auchincloss said on Tuesday. bp’s growth engines will be clean
US News LONDON – Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday. The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s strategy to focus
World Oil (Bloomberg) – Shell Plc still plans to achieve net zero emissions by the middle of the century, but its approach to hitting that target has changed, its CEO said. “For avoidance of doubt, what hasn’t changed is the destination that we have set for ourselves,” Chief Executive Officer Wael Sawan said via video link at the Energy Intelligence Forum
World Oil (Bloomberg) — President Joe Biden is set this week to announce as much as $7 billion in funding for hydrogen projects across the country as part of a competition to jump-start production of the clean-burning fuel in the U.S., according to people familiar with the matter. The funding for so-called hydrogen hubs, where the gas can both be
