Biden administration restarts oil and gas leases on federal lands
In the latest attempt to get a hold on rising oil and natural gas prices, the Biden administration announced over the weekend it would open up some federal land for drilling leases. Symbolically, this...
View ArticleWhat does the current energy crisis mean for the clean energy transition?
As a result of Russia’s invasion of Ukraine, both the United States and Europe are looking to end their dependence on Russian oil and gas. In response to rising gas prices, the Biden administration...
View ArticleRising oil prices fuel a windfall for the industry
It’s a pretty good time to be an oil company. Riding the “Putin price hike,” Exxon Mobil reported first-quarter profits of $5.5 billion on Friday — more than double what it made in the same period...
View ArticleU.S. oil refiners’ margins smash records, but few plan to build more plants
A barrel of West Texas Intermediate oil costs about $110; and Brent crude, mainly refined into diesel fuel and gasoline, is at $113. The national average price of gasoline: $4.59 a gallon. Late last...
View ArticleMexico turns back the clock on oil reforms, closes down foreign investment
The Mexican state oil company, Pemex, is no stranger to Houston. It co-owned a refinery in Deer Park with Shell starting in 1993. But this year, Pemex took control of the Deer Park facility after...
View ArticleEnergy stocks are now the belle of the Wall Street ball
Energy stocks are among the few sectors in the S&P 500 index that are up since this time last year. But energy investors had endured almost a decade of weakness in the stocks. Monday on...
View ArticleCould reopening idled oil refineries ease gasoline prices?
Memorial Day is considered the unofficial kickoff of the summer driving season. And this season is already proving to be an expensive one — one of the most expensive on record. Russia’s invasion of...
View ArticleBiden asks companies “setting those gas prices” to lower them. Can they?
The national average price for a gallon of gas today is $4.94, according to AAA. Though it’s a little lower than its recent high of more than $5 a gallon, it’s still painful for everyone filling up...
View ArticleIt takes a long time to get from a federal drilling lease to actual oil
The Biden administration has reopened federal land and offshore sites to oil and gas lease sales after temporarily pausing them earlier this year. Some read this as a sign that new fossil fuel...
View ArticleAs Russia limits Europe’s natural gas supply, Germany pays the price
Russia’s state-run energy company, Gazprom, has announced that it’s cutting the amount of natural gas it delivers to Europe through the Nord Stream pipeline. Starting Wednesday, the flow of gas will...
View ArticleWhy isn’t Big Oil up in arms about the climate-friendly Inflation Reduction Act?
There’s a lot of stuff baked into the 755-page Inflation Reduction Act, which was approved in the Senate and is expected to pass in the House. Top of mind for many is the nearly $370 billion set aside...
View ArticleU.S. oil reserve tumbles to lowest level in 4 decades
After about 100 days of slow retreat, gasoline prices are going the wrong way again. AAA’s national average price for a gallon of gas ticked up Wednesday, then again Thursday. Back in March, President...
View ArticleGermany warned about the danger of becoming economically dependent on China
Since the Russian invasion of Ukraine, Germany has taken a big economic hit because of its energy dependence on the Kremlin. After President Vladimir Putin cut off supplies of Russian natural gas to...
View ArticleAfter a year of drawdowns, the Biden administration moves to replenish the...
The U.S. Energy Department is gearing up to start replenishing the Strategic Petroleum Reserve after a record year of drawdowns. The SPR is the massive store of crude oil the government set aside in...
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Wastewater workers wish for a fatberg-free holiday
Holiday meals — with all that delicious butter, cream and gravy — can leave you feeling stuck to the couch. The grease and oil can wreak havoc on our sewer systems too, when they combine with trash to...
View ArticleIn the West Texas oil patch, a boom in drilling has led to a growing number...
In the past few weeks, the West Texas oil patch has been rocked by two 5.4 magnitude earthquakes that were among the largest in the state’s recorded history. People reported feeling the quakes hours...
View ArticleBig oil had one of its biggest years ever in 2022
2022 was a very good year for the world’s major oil companies, and U.S. energy giants Exxon Mobil and Chevron were no exception. Both companies reported their most profitable quarters of all time...
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Red Texas is flush, blue California has a deficit, but it’s more about...
It’s that time of year when governors tell their states how much money they think they have and how they want to spend it. This week, we learned the two most populous states in the country are in very...
View ArticleHome heating oil prices have dropped from record highs
The price of home heating oil has fallen significantly, according to the Energy Information Administration. It’s down to $4.47 a gallon this week after hitting a record high of $5.93 per gallon in...
View ArticleOil tanker costs climb as Russia ties up system with longer routes
Russia’s invasion of Ukraine has had big impacts on world trade, from wheat to oil. After the European Union levied sanctions on Russian crude oil in December and on refined oil products in February,...
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