Our natural gas won’t be running out any time soon. A report from the Institute for Energy Research finds the US has 1.66 trillion barrels of technically recoverable resources. The IER says if even half that amount proves to be recoverable the country has more than a thousand-year supply of natural gas. Continue reading… …
Category: Oil & Gas
Conservative think tank critical of attorney behind energy discrimination lawsuit
Conservative think tank Oklahoma Council of Public Affairs pointed out recently the constitutional challenge to a state law banning financial firms from discriminating against the oil and gas industry is also a leading official with the Oklahoma Bar Association. The OCPA explained that former state Rep. Collin Walke, an Oklahoma City Democrat, is the …
Energy briefs
** Crews continued to evaluate on Tuesday a controlled explosion aiming to dislodge the cargo ship Dali from the collapsed Francis Scott Key Bridge in Baltimore. The Dali has been stuck in Baltimore for 50 days after losing power and ramming into a column of the Francis Scott Key Bridge, causing the structure to collapse. ** Utility …
Crude oil rebounded on Wednesday with nearly a 1% gain
Crude oil prices rebounded on Wednesday by nearly 1% and Oklahoma energy stocks recorded gains for the day. Crude oil’s gain was from a two-month low and came about because of crude storage data and an International Energy Agency forecast for weaker global oil demand growth. West Texas Intermediate crude went up 61 cents …
OERB honors Corporation Commission with land restoration award
The Oklahoma Corporation Commission’s (OCC) Director of Administration Brandy Wreath accepted the Land Restoration Partnership Award from the Oklahoma Energy Resources Board (OERB) during its inaugural Impact Awards banquet, held Tuesday, May 14, 2024. Wreath attended the event on behalf of the OCC’s Oil and Gas Conservation Division (OGCD) which was recognized by OERB for the division’s efforts to identify and inform the uniquely Oklahoma program of land restoration opportunities. In a small gathering …
Crude stocks dropped in past week at Cushing Hub and across the US
Crude stocks across the U.S. and at Oklahoma’s Cushing Hub declined last week, according to a new report from the U.S. Energy Information Administration. The nation saw a drop of 1.5 million barrels of crude oil from 459.5 million as of May 3 to 457 million barrels on May 10. There had been a …
Empire Petroleum expects increased production in North Dakota to improve revenues
Tulsa’s Empire Petroleum company says it expects to see increased oil production in 2024 largely because of its extensive drilling efforts in North Dakota’s Williston Basin and the Permian Basin in New Mexico and Texas. In a first quarter report issued this week, the firm reported its average daily oil sales volumes grew by …
Higher crude oil prices led to increased revenue in April for Oklahoma
Oklahoma Treasurer Todd Russ reported the April gross production tax for Oklahoma saw a nearly 10% gain from March. He indicated the GPT totaled $90.7 million in revenues for April. It represented an overall increase for the month of $8 million or 9.6%. The Treasurer attributed the gain to increased crude oil …
Energy briefs
** A barge hit a bridge in Galveston, Texas, on Wednesday, resulting in an oil spill. The Galveston County Sheriff’s Office told a local news outlet that a giant part of the bridge fell off after the incident occurred. exas A&M University at Galveston said that the Pelican Island Bridge is currently “closed to all traffic …
Crude oil prices dropped on fears of continued high interest rates
As crude oil prices dropped more than 1% in trading on Tuesday, thanks to U.S. data fueling concerns that interest rates will remain high, Oklahoma energy stocks responded with gains for the day. Because of increased producer prices in April, concerns grew that the Federal Reserve will maintain borrowing costs at elevated levels in the …