Energy headlines for Wednesday

** The refusal of OPEC+ to increase crude oil production is affecting America’s working class, President Biden said at a news conference following the G20 meeting in Rome. The comments made by the U.S. President were later the same day echoed more bluntly by Energy Secretary Jennifer Granholm, who directly blamed the OPEC cartel for keeping prices high.

** The EIA reports U.S. consumption of jet fuel fell from 3.6 quadrillion British thermal units (Btu) in 2019 to 2.2 quadrillion Btu in 2020, a 38% decrease. The top consuming states were California, Texas, and Florida.

** As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc.

** The average U.S. residential price of propane reached $2.59 per gallon (gal) as of October 4, 2021, the highest price reported for the first week of the winter heating season since 2011, according to the EIA.

** Toyota urged Washington on Tuesday not to “play politics” with environmental issues by offering tax credits for US-made electric vehicles, joining a chorus of foreign opposition to the issue.

** Xcel Energy’s natural gas utility, which serves Colorado, New Mexico and six other states, pledges net-zero greenhouse gas emissions by 2050.

** Enbridge has paid more than $2.9 million for Minnesota law enforcement and public safety expenses related to the Line 3 pipeline.

** Georgia Power says the cost of shutting down 29 coal ash storage ponds and 12 landfills has risen to $8.96 billion from its original estimate of $7.6 billion.

World

** Following several days of declines, natural gas prices at the key European and UK hubs surged again on Monday, after gas flows on the Yamal-Europe pipeline from Russia reversed the direction eastward instead of westward through Germany.

** Mongolian coal producer SouthGobi Resources Ltd. has been forced to suspend mining operations from this month after an outbreak of Covid-19 closed the border to its customers in China, the company said in a statement on Tuesday.

** Venezuela-owned Citgo Petroleum is preparing to name two of its executives as new members to its board of directors, to help steer the company during upcoming negotiations between its parent boards and creditors

%d bloggers like this: