February 2024 archive

Energy quick reads

  ** Senate Minority Leader Mitch McConnell’s (R-Ky.) decision to step down as Senate GOP leader, which he announced Wednesday, opens up a fierce battle to lead the Republican conference. One name near the top of the list: Sen. John Barrasso (Wyo.), the No. 3 Senate Republican and one of the chamber’s most vocal critics of Biden administration energy …

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US crude prices fell on Federal Reserve’s interest rate decision

The Federal Reserve decisions to hold firm and not cut interest rates in the near future sent US crude oil prices falling Wednesday. At the same time, US crude stockpiles continued to climb, adding more pressure on crude oil prices. West Texas Intermediate crude dropped 33 cents or 0.42% to close at $78.54 a barrel …

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Sen. Mullin makes another attack on Biden’s EV mandates

  Oklahoma U.S. Sen. Markwayne Mullin repeated his efforts this week to urge the Biden administration to drop regulations that are aimed at forcing consumers to dump their fossil fuel vehicles and switch to electric cars and trucks. The GOP Senator joined another member of the Senate Environment and Public Works Committee, Sen. Shelley Moore …

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Nation’s crude oil stocks and those at Cushing grew again

  Crude oil stocks made another jump in storage in the U.S. and the Cushing Hub in the past week. Nationally, stocked increased by more than 4 million barrels since February 16 of this year, according to the U.S. Energy Information Administration. They rose from 443 million barrels to 447.2 million barrels as of February …

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Oil and gas fight with wind is resurrected in Oklahoma

  Oklahoma House Speaker Charles McCall’s push for an electricity production tax on renewable energy sources in the state just renewed an age-old fight between the oil and gas industry and the firms behind wind and solar operations His creation of the tax in the form of HB2950 stunned the wind and solar industry in …

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Natural gas prices in US at lowest level since 1997

  The actions of natural gas producers, including some in Oklahoma, in recent weeks to lower their capital expenditures on exploration are simply in response to what’s happened to natural gas prices. They’ve fallen and tumbled to their lowest prices since 1997. That’s what the U.S. Energy Information Agency reported this week, stating that the …

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How Kansas legislature killed bill to grant Corporation Commission “exemptions” from the state’s Open Meetings Act

  As we reported recently, the Kansas legislature decided it wanted open meetings rather than behind-closed-door sessions by its Corporation Commissioners. The House killed HB2591, which is very similar to an effort underway in the Oklahoma legislature where Ardmore Rep. Tammy Townley’s HB 2367 was being considered. In Kansas, the measure received initial approval to …

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State Treasurer won’t seek audit of $250,000 reimbursement in winter storm bond package

    The Oklahoma Treasurer’s office doesn’t believe the recent return of $250,000 by a bond underwriter who handled bonds covering utility costs in the 2021 Winter Storm Uri will lead to other such “redeposits.” The office also doesn’t intend to ask for an audit of the overpayment. It’s what Jordan Harvey, Chief of Staff …

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Energy quick reads

** The American Petroleum Institute, an oil and gas lobbying group, is petitioning to eliminate the Biden administration’s pause on new approvals for natural gas exports.  The organization, along with other trade groups, filed what’s known as a “petition for rehearing” on the pause. Such a petition is not a lawsuit, but it could be thefirst …

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Gulfport to trim gas exploration costs as low prices plague industry

    Gulfport Energy Corporation reported a major drop in net income in the fourth quarter 2023 compared to the previous quarter. As a result of low natural gas prices, the firm is doing what others across the U.S. are doing….reducing some of its expenditures on natural gas exploration. The Oklahoma City company released its …

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