Three straight days of losses for crude oil prices

Crude oil prices dropped Wednesday for a third straight day this week and Oklahoma energy stocks suffered as well. The declines came as investors responded in kind when Fed officials indicated there might be a delay in any possible interest rate cuts. As a result, higher rates mean tighter money for economic growth and any …

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Second solar plant powering city operations in Hot Springs, Arkansas

  A second solar plant has become operational for the city of Hot Springs, Arkansas. It’s a continued effort by the city to eventually power 100% of its operations with renewable energy. The second solar plant means about 50% of the operations are being supplied by the solar power. “It’s all about Arkansas,” said Pat …

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Rep. Lucas cautions against rushing AI research

  As Congress starts hearings into the U.S. development of semiconductor and artificial intelligence research, Oklahoma U.S. Rep. Frank Lucas had words of caution on Wednesday, telling a House committee hearing the “work should not be rushed at the expense of doing it right.” Rep. Lucas made the remarks at the start of a hearing …

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Surprise buildup of crude stocks at Cushing Hub and the U.S.

  A surprise buildup of U.S. crude stocks resulted Wednesday in an extension of the losses crude oil prices recorded a day earlier. The U.S. Energy Information Administration reported that nationally, crude stocks increased 1.8 million barrels from the 457 million barrels in storage as of May 10 to the 458.8 million barrels reported May …

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Devon Energy joins others in funding STEM center to help minority students

  Urban League of Greater Oklahoma celebrated the opening of a new science, technology, engineering and math (STEM) Center funded in part by Devon Energy.  This innovative learning space is provided through a partnership between Devon Energy and the Cal Ripken, Sr. Foundation. The STEM Center supports the organization’s mission to bring social and economic …

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Tornado wipes out wind towers in Iowa storm

  The same tornado that destroyed much of the town of Greenfield, Iowa on Tuesday, killing several people, also displayed its power effect on a nearby wind farm. Several of the 250-foot wind towers were toppled in the storm even thought they are reportedly built to withstand tornadoes, hurricanes and other powerful winds. The US …

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Governor signs vehicle lien bill into law

On Monday, Gov. Stitt signed legislation that will address a significant challenge that Oklahoma small business owners face. House Bill 3618, authored by Rep. Erick Harris, R-Edmond, allows the transfer of a motor vehicle title with an active lien from a commercial lender to an individual’s business entity. “Currently, small business owners in Oklahoma often …

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Legislators weren’t concerned about fiscal impact of Energy Discrimination Elimination Act

  A review of the legislative process that created the Oklahoma Energy Discrimination Elimination Act, a 2022 law now suspended because of a Judge’s ruling in a lawsuit filed by a state retiree, revealed there was little interest in the economic impact of the law—other than protecting the state’s oil and gas industry. It appeared …

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Energy briefs

** The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. ** Broad majorities …

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Biden orders sale of 1 million barrels of gasoline to lower prices

  With national gasoline prices averaging $3.60 a gallon, the Biden administration, much like it did in 2022 with the release of oil from the Strategic Petroleum Reserve, announced a move designed to ease prices. Critics contend it is a political move designed to attract support for President Biden who is slumping in the polls. …

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