Oil prices plunged lower Wednesday amid a leadership change at Libyan Central Bank. Experts say that could be a factor in the eventual return of some of the country’s recently shut down oil production. West Texas Intermediate crude dropped 2.6% to settle at $69.69 a barrel Wednesday. Brent crude for November settlement dropped 2.3% to …
September 2024 archive
Oklahoma business leaders favor tax cuts, but not at expense of education
Responding to an annual poll, Oklahoma business leaders say they favor tax cuts, but not at the expense of education offorts. The Tulsa World reports the yearly poll of leaders by the State Chamber of Commerce, the State Chamber Research Foundation, and the Oklahoma Business Roundtable revealed plenty of support for the cuts and incentives …
Report shows U.S. is the world’s largest gasoline exporter
Data source: U.S. Energy Information Administration, International Energy Agency, and Facts Global Energy The United States is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components), supplying over 16% of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day (b/d), equivalent to about 10% of domestic consumption and enough …
Partnering with the White House in a $1 billion deal to support EV expansion
The Biden-Harris administration isn’t letting up on granting government money in the name of green energy and EVs. It was announced this week that Monroe Capital was partnering with the White House to begin a $1 billion initiative to improve the country’s efforts for electric vehicles. It is called “Drive Forward Fund LP” and …
Energy briefs
** Utility Dive reported total investment in hydrogen projects has grown from $390 billion in May 2022 to an expected $680 billion in May 2024, according to a new report by the Hydrogen Council, a global industry trade group. North America claimed $96 billion of that funding, according to the report. ** The U.S. Federal Trade …
Mach Natural Resources announces purchase of more of its shares
Mach Natural Resources LP of Oklahoma City announced this week the underwriters of its previously announced public offering of more than 7 million shares partially exercised their option to buy more of the shares. The original offering was of 7,272,728 common units representing limited partner interests in Mach. But the underwriters exercised their …
ONEOK wraps up offering of nearly $7 billion in notes
ONEOK, Inc. announced it has completed its previously announced underwritten public offering of $1.25 billion in different notes. The offering included the $1.25 billion of 4.250% notes due 2027, another $600 million in 4.400% notes due 2029, $1.25 billion in 4.750% notes due 2031, $1.60 billion of 5.050% notes due 2023, $1.50 billion …
Sen. Barrasso accuses Biden-Harris administration of waging a war on Wyoming’s oil and gas
Wyoming U.S. Sen. John Barrasso accused the Biden-Harris administration of “waging war on Wyoming” through its newest oil and natural gas lease sale in his home state. The Republican Senator said the Department of Interior is offering a record low number of acres for lease at the sale. Barrasso is the ranking member of …
California sues, alleges top plastic maker has lied about recycling
The state of California has filed a lawsuit accusing the nation’s top plastic maker of lying about the value of recycling. E&E News reports Attorney General Rob Bonta filed his complaint against Exxon Monday in the San Francisco County Superior Court. Bonta accuses Exxon of lying for decades about the feasibility of recycling plastics. Less …
Chinese plan to boost its economy helps oil prices advance
News from the Peoples Bank of China that a package of measures are aimed at boosting the country’s economy helped oil prices advance Monday. West Texas Intermediate crude increased by 1.7% to settle at $71.56 a barrel. Brent crude for November also added 1.7% to settle at $75.17 a barrel. The price moves were supported …
