Crude oil prices across the U.S. and the world dropped 11% in Wednesday’s trading after the United Arab Emirates indicated it would support increasing output amidst Russia’s invasion of Ukraine. West Texas Intermediate crude for April delivery plunged $15 to $108.70 a barrel on the New York Mercantile Exchange. Over the weekend, WTI prices …
Crude supplies slip again at Cushing
Just as the nation’s crude supplies slipped in the past week, so has the amount of crude oil in storage at the Cushing Hub in northern Oklahoma. The latest petroleum report from the U.S. Energy Information Administration showed Cushing’s oil supplies fell from 22.8 million barrels a week ago to 22.2 million barrels this …
Arkansas wind farm scam leads to prison time
Two Arkansas men drew lengthy prison terms after being convicted in federal court in connection with a wind farm scam. The website, Talk, Business & Politics reports the two were sentenced this week by a federal judge. Click here for TBP
Another jump in Oklahoma gasoline prices
“They’re going to go up.” That’s the message from President Biden this week about gasoline prices after he announced a U.S. ban on purchases of crude oil from Russia. He was right. Gasoline prices in Oklahoma shot up 8 cents after he put the ban into affect as the state’s average price for a …
OK House approves bill to help municipalities repair roads impacted by oil and gas industry
The Oklahoma House has passed legislation to create a $5 million annual fund to offset the fiscal impact of roads affected by heavy oil and gas industry traffic. By a vote of 86-0, House Bill 3037, authored by Rep. Brad Boles, R-Marlow was approved on Tuesday. The bill will create the Municipal Road Drilling …
Other energy headlines
** Oil industry executives are meeting with U.S. officials this week as surging energy prices and mounting national security concerns bring together two groups that have had a distant relationship since President Joe Biden’s inauguration. ** U.S. liquefied natural gas (LNG) exporters are emerging as big winners of Europe’s supply crisis as they export record volumes to …
Alberta leader questions why Biden doesn’t want Canadian oil
Alberta Premier Jason Kenney put even more pressure on President Biden this week as he questioned Biden’s energy policies that he contends put higher priorities on obtaining oil from OPEC countries and Venezuela rather than from Canada. “It is inexplicable for us as Canadians to watch what’s happening in American policy emanating from …
OPEC officials meet with Chesapeake and other oil and gas leaders
Chesapeake Energy CEO Dominic Dell’Osso was among U.S. shale oil company leaders who met this week in Houston with OPEC officials. He and other major company leaders attended a dinner with OPEC Secretary General Mohammad Barkindo at a restaurant adjacent to the CERAWeek conference site. Officials from the Organization of the Petroleum Exporting Countries (OPEC) …
Until the war in Ukraine–Biden administration didn’t have much to say with oil and gas people
It apparently took a war between Russia and Ukraine to get the Biden administration talking again with U.S. oil and gas industry leaders. At least that’s the suggestion of ConocoPhillips CEO Ryan Lance reported Fox Business. Click here for Fox Business
Despite war in Ukraine, US expects higher oil production
The U.S. government expects crude oil production to increase to an average of 12 million barrels of oil a day in 2022. The U.S. Energy Information Administration’s latest Short-Term Energy Outlook says U.S. crude oil production had fallen below 11.6 million b/d in December 2021 which was the most recent monthly historical data point. That’s …
