** The Biden administration is reimposing sanctions on Venezuelan oil, it said Wednesday. The administration said it would renew sanctions that it temporarily lifted in October after Venezuela did not make sufficient progress toward a fair election. Companies will have 45 days to wind down their transactions with the nation’s oil and gas sector. ** The costs of enduring climate change …
Category: Oil & Gas
Crude oil prices dropped 3% in Wednesday’s trading
Crude oil prices and Oklahoma energy stocks were down in Wednesday’s trading….oil by 3% due to an increase in US commercial inventories along with weaker economic data out of China. Analysts suggested that investors are still keeping a wary eye on what develops in the Middle East where Israel is contemplating a response to …
US crude oil supplies increased in past week but Cushing stock stocks were steady
The U.S. Energy Information Administration reported the national crude stocks grew from 457.3 million barrels of oil reported on April 5 to 460 million barrels as of April 12. It marked another increase since March 29 when the national crude storage amounted to 451.4 million barrels. Cushing’s total of crude oil in storage …
Attorney General says public needs to see confidential records in his lawsuits over winter storm market manipulation
Oklahoma Attorney General Gentner Drummond is asking a judge to determine whether confidential records used as the foundation for his “market manipulation” lawsuits against two energy firms have to remain confidential during any trial. Five days after his office sued two Texas energy firms and accused them of illegally profitting off high natural …
BLM bidding rule could affect Oklahoma oil and gas companies with operations in Wyoming
An oil and gas industry group in Wyoming is giving serious thought to heading to court to fight the Biden administration over its early-April rule that will make it more difficult for some oil and gas firms from bidding for energy leases on public lands. Here’s why the consideration of the Petroleum Association of …
Energy quick reads
** Sen. Josh Hawley, R-Mo., called on Energy Secretary Jennifer Granholm to resign Tuesday following a heated exchange over her past financial transactions. Hawley’s tense back-and-forth with Granholm came during a Senate Energy and Natural Resources Committee hearing held to review the Department of Energy’s (DOE) 2025 budget request. The Missouri Republican excoriated the energy secretary for violating the …
Crude oil prices experience mild drop as world waits for Israel’s response to Iran’s weekend attack
Crude oil prices remained mostly flat in Tuesday’s trading as investors carefully eyed what might happen next following Iran’s attack on Israel over the weekend. West Texas Intermediate crude for May delivery finished 5 cents lower or 0.06% at $85.36 per barrel on the New York Mercantile Exchange. Global benchmark Brent crude dropped 8 cents …
Oklahoma reports drop in gross production tax revenue from oil and gas
Oklahoma Treasurer Todd Russ reported the state’s revenue from its gross production tax on oil and gas continues to show a lower trend. Figures released in his March 2024 Economic report showed a more than 12% drop in oil and gas gross production tax revenue from February to March. The total revenue was $82.7 …
Carbon credits to fight methane leaks in abandoned wells?
The director of a group fighting methane emissions from the oil and gas industry maintains carbon credits can be valuable in solving the problem of methane-emitting orphaned wells in the country. It’s the opinion of Maris Densmore, director of American Carbon Registry’s Industrial Program. Writing in a recent opinion piece in The Oklahoman, …
Oklahoma Representatives help with overwhelming approval of sanctions on China for buying oil from Iran
All five Oklahomans in the House voted with the majority Monday in approval of legislation to sanction China’s purchase of oil from Iran, a move seen as more response to Iran’s attack on Israel. The bill, H.R. 5923, Iran-China Energy Sanctions Act of 2023, was approved on a 383-11 vote as Oklahoma Reps. …