A note from the editor. In respect for Memorial Day, OK Energy Today will be taking a break on Monday from our usual publication. We will return with more energy news on Tuesday.
May 23, 2024 archive
Anxiety over high interest rates leads to 4 straight days of crude oil price declines
Make it four consecutive days of losses for crude oil prices as they dropped nearly 1% on word U.S. interest rates will be around longer than many hoped. Oklahoma energy stocks recorded drops as well. Prices fell to multi-month lows as analysts and investors fear the continued high interest rates will result in lower …
FERC’s punt of ROFR issue
While Oklahoma’s ROFR or Right of First Refusual bill stirred up a political hornet’s nest early in the legislative session, it now rests quietly in the abyss of legislative committees, hidden there because it possibly threatened the futures of some legislators. In recent weeks however, ROFR rose again but not in the legislature. …
Drummond and other GOP attorneys general set up red state climate change battle against blue states
Oklahoma Attorney General Gentner Drummond was among 19 attorneys general who responded this week to climate lawsuits brought by the states of California, Connecticut, Minnesota, New Jersey and Rhode Island against the oil and gas industry. The Republican attorneys general went to the U.S. Supreme Court and in a motion filed Wednesday, made the argument that …
Lukewarm manufacturing activity reported by Kansas City Federal Reserve Bank
A survey of manufacturers in Oklahoma and other states that make up the area covered by the Federal Reserve Bank of Kansas City shows activity is “essentially unchanged in May.” “Things are slowing down a little more than we would like,” is the response from one manager to the May Manufacturing Survey released by …
Excel Energy busy defending lawsuits over Texas Panhandle wildfire
Nearly four months after a power line reportedly caused a Texas Panhandle wildfire, burned 1 million acres, killed two people and more than 15,000 head of cattle and spread into western Oklahoma, Xcel Energy finds itself not only busily defending itself from lawsuits, but at the same time increasing its power line inspections. It …
Regulators approve Wyoming’s biggest solar farm to be built on 6 sections of land
The biggest solar power project proposed in Wyoming got the green light this week from state regulators. The $1.2 billion solar farm, with more than 1.2 million panels and occupying 3,845 acres or more than 6 full sections of land south of Cheyenne, will be built by Enbridge Inc. of Canada. Approval came …
Study shows regional banks are increasing lending to oil and gas clients
A study by Pickering Energy Partners shows banks across the U.S. are backing away even more from their climate goals and previous discrimination of the oil and gas industry. Regional banks are actually increasing their efforts to finance the energy industry, rather than using ESG or Environmental Social Governance policies to avoid …
Gasoline prices are 1% higher than Memorial Day weekend of last year
On May 20, 2024, the Monday before Memorial Day, the retail price of regular gasoline averaged $3.58 per gallon (gal) across the United States, 1% higher than at the same time last year. The average price in Oklahoma was $3.12 this week. The U.S. Energy Information Administration reported that after adjusting for inflation (real …
Energy briefs
** Sen. Sheldon Whitehouse (D-R.I.) and Rep. Jamie Raskin (D-Md.) are asking the Justice Department to look into the oil industry’s handling of climate change after their own investigation. ** A group of state financial officers and other public and labor leaders called on Tuesday for major asset managers to vote against top Exxon directors, citing the …
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