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FTC expected to approve Chevron’s purchase of Hess
It could happen this week. The Federal Trade Commission is expected to approve Chevron’s purchase of Hess as soon as this week. Exxon is challenging the deal. The purchase was first announced a year ago. Reuters reports uncertainty over completion of the $53 billion purchase has knocked Chevron shares down by 1% this year. Exxon …
Oil companies evacuating workers from Gulf oil production platforms
The approach of a second major hurricane in the last two weeks has oil companies evacuating workers from their Gulf of Mexico oil production platforms. The storm appears to be heading toward those production fields, for now. The US National Hurricane Center says Tropical Cyclone System Nine near western Cuba is expected to become a …
Oklahoma energy stocks perform well Monday
Brent crude was lower but WTI was higher on Monday. Reuters reported that worries about falling demand were compounded by disappointing eurozone business activity and a weak Chinese economy. West Texas Intermediate crude finished 31 cents higher Monday at $70.68 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, was 59 …
US House Approves Resolution To Overturn EPA Tailpipe Rule
The Oklahoma congressional delegation joins other Republicans in a vote supporting a resolution to overturn the EPA’s tailpipe rule. The Associated Press reports the GOP claims the move by the Biden administration would force people to buy high-price electric vehicles they don’t want. Opponents have called the rule change a “mandate,” but it doesn’t force …
Oklahoma Family Business Still Supplying Rodeo Horses Despite Losses
The Beutler and Son Rodeo Company is still supplying horses to rodeos despite the deaths of a big part of its herd. Stock for Friday’s rodeo at the Oklahoma State Fair came from the Elk City operation. A tainted feed mixup earlier this year caused the deaths of about one-third of the Beutler herd. KOCO-TV …
Feds To Award $3B To Battery Makers
Federal grants worth $3 billion will be awarded to 25 battery-making operations in 14 states. The list of states hasn’t been released yet. Reuters is reporting the Biden administration wants to shift the battery supply chain away from China. The grants should drive increased domestic production of advanced batteries and battery materials. The money will …
Oklahoma City Ranks 2nd In Nation For New Hires
Researchers at ADP rank Oklahoma City second in the nation for the number of new hires. The Oklahoman reports the higher-than-average hiring rates and pay growths balance out the region’s low starting salaries. The same report finds the local unemployment rate well below the national rate of 4.2%. Oklahoma County checks in at 3.4%. Oklahoma …
Biden Climate Adviser Podesta Hails Increasing Domestic Gas Output
The president’s senior climate advisor is praising the country’s increasing domestic gas output. Rigzone.com notes the surprising supportive statement from John Podesta. The US is now the world’s top oil producer, pumping half-again as much crude as Saudi Arabia. Podesta says, “That’s good for the American consumer and good for national security.” Podesta made the …
Closing: Oil futures higher on worries about global supply
The potential for war in the Middle East and the possible disruptions to the oil supply were the main drivers for oil futures settling higher Thursday. Observers say the surprise increase in US crude and gasoline inventories provided a ceiling for prices. Brent crude oil futures settled up $1.14 to $86.39 a barrel. West Texas …
US Supreme Court blocks “Good Neighbor” rule
The US Supreme Court has blocked the federal “Good Neighbor” rule after requests from three states, energy companies, and industry groups that it be paused. Part of the Clean Air Act, the rule is aimed at reducing air pollution and harmful smog that can travel into neighboring states. Thursday’s vote was 5-4. The rule will …
