For a second straight day, crude oil prices dropped on Tuesday, falling 2% over apparent recession fears and renewed COVID-19 cases in China. West Texas Intermediate crude for November delivery dropped nearly 2% on a $1.78 a barrel slide to $89.35 on the New York Mercantile Exchange. Global benchmark Brent crude for December delivery took …
October 11, 2022 archive
Tesla gets around direct-car sales law in New Mexico
How is Tesla getting around a New Mexico state law that prohibits manufacturer-direct car sales and repairs? Simple. It operates dealerships on tribal land. Now Tesla has opened its second such dealership in the state according to Source New Mexico. Could Tesla do the same thing in Oklahoma with its numerous tribes? Click here …
Space Industry Board to meet in OKC
The Oklahoma Space Industry Development board will meet Thursday in Oklahoma City at the Oklahoma Department of Transportation building. The agenda of the 1:30 p.m. meeting includes a treasurer’s report for July, August and September and an Executive Director’s report. Board members will also be briefed on a facility’s improvement report and hear a presentation on …
Gov. Stitt says investment firms critical of oil and gas are “anti-American”
Just a few weeks before Oklahoma adopts a new act targeting financial companies that are boycotting the oil and gas industry over the climate change debate, Oklahoma Gov. Kevin Stitt said they are the same firms pushing an “anti-American” political agenda. “As the governor, I’m trying to protect our assets,” Stitt said. “We are …
3Q earnings report to be released by LSB Industries
After second quarter net sales rose from $141million in 2021 to nearly $285 million in 2022, Oklahoma City’s LSB Industries plans to release its third quarter earnings report on Nov. 1, 2022. The firm plans to release the report after the close of the stock market on that Tuesday. LSB’s management will host …
Increase in US crude oil production in first half of 2022
Data source: U.S. Energy Information Administration, Monthly Crude Oil and Natural Gas Production Note: Density is measured using the API gravity scale. In the first half of 2022, U.S. crude oil production averaged 11.1 million barrels per day (b/d), up from an annual average of 10.8 million b/d in 2021. Crude oil with a higher API gravity is …
Corporation Commission to meet Wednesday
Oklahoma regulators will meet Wednesday morning to consider finalizing some proposed changes in petroleum storage tank rules. Corporation Commissioners were presented with the changes last week but delayed a decision until Wednesday’s meeting at 9:30 a.m. They will also hold a discussion on the agency’s financial activity including a review of August 2022 financials. …
Higher diesel fuel prices mean higher costs for consumers
The cost of diesel fuel has a direct impact on consumers, whether they know it or not. When the cost of running a big 18-wheeler down the road goes up, so do the costs of the trucker and in turn the cost of shipping goods across Oklahoma and the nation. Whether it’s eggs, chickens, …
Other headlines
** Senate Foreign Relations Committee Chairman Robert Menendez called Monday for freezing all U.S. cooperation with Saudi Arabia, delivering one of the strongest expressions yet of U.S. anger over Saudi oil-production cuts that serve to boost Russia in its war in Ukraine. ** JPMorgan CEO Jamie Dimon said the US should pump more oil amid the world’s …
OU students win Energy Department’s Geothermal Collegiate Competition
Students from a school of petroleum and geological engineering may not be obvious choices for a $10k geothermal prize—but in winning this year’s U.S. Department of Energy Geothermal Collegiate Competition, the University of Oklahoma team proved that oil and gas industry knowledge can transfer to geothermal energy development. “Geothermal is the future,” said competition participant …
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