August 18, 2021 archive

Five straight days of falling oil prices

  The fall of crude oil prices hit a fifth day on Wednesday, thanks in part to how growing COVID-19 cases across the U.S. and the world will affect the outlook for fuel demand. Investors are worried the surge in cases will eventually result in a growth of crude oil in storage. The tumble in …

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Cushing hub drops to nearly 3-year low

  The amount of crude oil in storage at the Cushing hub in northern Oklahoma is at its lowest level since October 2018 and stands at 33.6 million barrels according to the U.S. Energy Information Administration. The EIA said Cushing’s crude stocks fell by 980,000 barrels last week as inventories at the country’s largest oil …

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OKC oilman honored by Oklahoma Petroleum Alliance

(Petroleum Alliance Legacy Award recipient Kim Hatfield, right, is presented his award by outgoing Alliance Chairman David Le Norman.) Oklahoma City oilman Kim Hatfield was recently named the inaugural recipient of the Legacy Award given the Oklahoma Petroleum Alliance. Hatfield is CEO of Oklahoma City’s Crawley Ventures and Crawley Petroleum.  He is a member of the …

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Oil and Gas Lien Act becomes law in Oklahoma

  Members of the Oklahoma Energy Producers Alliance applauded the recent signing of the Oklahoma Oil & Gas Lien Act into law by Gov. Kevin Stitt. They were on hand for the signing ceremony at State Capitol as Senate Bill 632 became law. “This is a huge legislative win for Oklahoma producers,” said OEPA Chairman …

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Basic Energy files bankruptcy while selling assets

  Basic Energy Services Inc. of Fort Worth entered Chapter 11 bankruptcy this week while at the same time undertaking asset purchase agreements with Axis Energy Services Holdings, LLC, Berry Corporation and Select Energy Services, Inc. The deal will give Axis all of the company’s Well Servicing and Completion & Remedial segment assets outside of …

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El Paso Electric reaches agreement with opponents of power plant

  Environmental groups and others who fought the expansion of El Paso Electric’s power plant have reached agreement with the firm, an agreement that will prevent future construction in far southwest Texas. The agreement will temporarily block new fossil fuel power plant construction while pushing EPE toward a clean energy future stated the Sierra Club …

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South Korean firm takes over largest wind manufacturing plant in Colorado

  The world’s largest wind tower manufacturing plant located in Pueblo, Colorado is now in the hands of a South Korean company. CS wind officially took over the operation this week after it purchased the Pueblo plant from Denmark-based Vestas reported the Pueblo Chieftain. Click here for Chieftain story.

Plans unveiled by NextEra Energy for largest wind farm in Kansas

  NextEra Energy Resources is unveiling plans for the largest wind farm to be built in Kansas and hopes to win approval in several months. The company has plans for the 600-megawatt High Banks Wind Energy Center to be located in Washington and Republic counties. Plans for the wind farm will be presented to county …

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Energy news in brief

** The White House is facing mounting pressure from Democrats to yank federal permits for Line 3, the controversial oil pipeline under construction in Minnesota. Eight Democratic senators and nearly two dozen House members criticized the Biden administration for allowing pipeline giant Enbridge to continue building Line 3 across wetlands in a letter sent Monday that HuffPost viewed. ** Enbridge said …

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Rivian gets $440 million tax deal to locate in Fort Worth

  Electric vehicle manufacturer Rivian Automotive is getting a $440 million tax incentive package to build a $5 billion factory in Fort Worth. The Fort Worth city council okayed the deal and the Fort Worth Star-Telegram reported that in return, Rivian will create 7,500 jobs by 2027. Click here for Star-Telegram.