While oil is hovering at the $71 to $72 a barrel level, Bank of America Corp. is out with a prediction that crude prices will surge to$100 a barrel next year. Bloomberg reports that Bank of America believes global oil consumption will outstrip supply in 2022 as the economic recovery from the pandemic boosts …
June 2021 archive
Texas power companies automatically raised the temperature of customers’ smart thermostats
A Houston television station reports that Texas power companies got around the heat wave demand for more electrical power to run air conditioners by remotely raising the thermostats of their customers. KHOU 11 reported that some of the power companies remotely adjusted the smart thermostats of their customers—-customers who said they had “unknowingly” agreed …
SD Wind Turbine Factory Closure Affects More Than 300 Families
More than 300 South Dakota wind turbine factory workers will join the ranks of the unemployed as Molded Fiber Glass has announced it is permanently closing operations in less than two months. The closure announcement comes as a blow to energy sector employees in a state that also lost jobs when President Biden issued an …
Shell Selling Permian Basin Assets After Adverse Dutch Verdict?
Is Shell eyeing a massive sell off in the Permian Basin? A recent Reuters story reveals Royal Dutch Shell Plc is reviewing its holdings in the largest oil field in America, a possible sale involving 260,000 acres that could raise as much as $10 billion. Last month, a Dutch court ordered Shell to revamp the …
Stitt Reviewing Short List of Replacements for State Attorney General Post
In the wake of former Oklahoma Attorney General Mike Hunter’s resignation, The Oklahoman reports that Governor Stitt is carefully considering a replacement for the state’s top legal post. Some of the potential candidates under consideration may include: Ryan Leonard is an Oklahoma City attorney who serves as the governor’s special counsel for Native American affairs …
AG’s Office Weighs In on Favorable Louisiana Energy Decision
The Oklahoma Attorney General’s Office recently issued a press release stating that a Louisiana federal judge has sided with a group of states — including Oklahoma — who have challenged President Joe Biden’s attempt to disrupt America’s energy industry through an executive order. Judge Terry Doughty issued a preliminary injunction blocking the Biden Administration’s effort …
Energy news in brief
** Roughly 20% of electric vehicle owners in California replaced their cars with gas ones, a recent study shows. The main reason drivers made the switch was the inconvenience of charging. ** U.S. pump prices soared to seven-year highs above $3 per gallon this week despite stockpiles of gasoline surging by 10.5 million barrels over the …
Baker Hughes rig count grows nationally but slips in Oklahoma
Oklahoma’s number of active oil and gas rigs in the past week declined by one while nationally activity picked up according to Baker Hughes Co. The firm released its weekly rig numbers on Friday showing Oklahoma’s count dropped by one to 27, still three times more than the 9 rigs reported active in the …
Oklahoma chosen site for Canoo EV plant
Electric vehicle startup Canoo has picked a site in Pryor to be the location for its electric vehicle plant that will employ nearly 2,000 workers. Newly appointed CEO Tony Aquila announced the selection during the company’s investor day presentation, a day set aside after Canoo became a publicly traded company through a merger with …
Harold Hamm’s $10 million purchase of company shares
Billionaire Harold Hamm might be wondering why he did what he just did this week in the nearly $10 million purchase of shares in Continental Resources, the company he founded and is still chairman. He bought 270,000 shares of Continental as prices were at their highest level since 2019. They represented his first purchase …