** The Biden administration on Thursday finalized a highly anticipated suite of rules to cut hazardous, planet-warming pollution generated by power plants in one of its most significant environment and climate actions to-date. The Environmental Protection Agency’s new rules will compel coal and new natural gas power plants to either cut or capture 90% of their climate pollution by 2032. ** The …
Category: Oil & Gas
Tensions ease in the Middle East and crude oil prices dropped on Wednesday
With no major outbreak in fighting in the Middle East, investors seem less concerned about any impact on the flow of oil out of the region. As a result, prices fell in Wednesday’s trading. At the same time, crude inventories across the U.S. tumbled and it stopped a further fall in oil prices. West Texas …
Crude stocks tumbled at Cushing Hub and the U.S.
Crude oil inventories across the U.S. and including at the Cushing Hub in Oklahoma fell over the past week. The U.S. stocks, according to to the U.S. Energy Information Administration fell more than 6 million barrels. The fall was from 460 million barrels reported on April 12 to 453.6 million barrels on April 19, …
Peter Zeihan on development of shale oil and why it can’t be so easily copied in other countries
Geopolitical strategist Peter Zeihan has been thinking about the development of shale oil and its success in the oil and gas industry in the U.S. He wondered whether it can be duplicated in other countries. In a commentary this week, Zeihan suggested it’s not so easy in other countries….it’s not a matter of “copy …
Tulsa sues rail operators in fight over butane loading operation
A railroad fight in Tulsa over a butane transloading operation near a USA BMX facility near the city’s downtown has erupted in court. Tulsa sued South Kansas and Oklahoma Railroad LLC and Centennial Energy LLC and asked a judge to decide the question whether municipal or federal law takes precedence over the regulation of …
Energy briefs
** Tesla reported net income of $1.1 billion for the January-to-March period, down 55% from the year prior. Revenue fell 9% to $21.3 billion. In contrast, GM reported a 24% rise in first-quarter profit and lifted its profit outlook for the year, as the automaker leans into strong demand for gas-powered trucks and SUVs while trimming investment in future …
Round one goes to retired state worker who sued Treasurer over Energy Discrimination Elimination Act
An Oklahoma County Judge has ruled against dismissing a lawsuit against Oklahoma State Treasurer Todd Russ over his enforcement of the state’s controversial Energy Discrimination Elimination Act of 2022. District Judge Sheila Stinson denied the Treasurer’s request to dismiss the lawsuit filed last fall (CV-2023-3021) by Don Keenan, a former President of the Oklahoma …
Weakened dollar sends crude oil prices up
Crude oil prices shot up a dollar a barrel in Tuesday’s trading largely because the U.S. dollar index dropped to its lowest level in more than a week. At the same time, most Oklahoma energy stocks made gains for the day. Helping boost the crude oil was a shift by investors away from …
Rep Lucas to Energy Secretary Granholm—-“You’ve got some splaining to do!”
Oklahoma Congressman Frank Lucas is still demanding more answers from the Biden administration over its decision earlier in the year to suspend LNG exports and construction of new LNG plants. He doesn’t like the answers he got from Energy leaders earlier in the year. In his capacity as chairman of the House Science, Space, …
OKC’s fight with regulators over franchise fees and storm bonds awaits a court decision
Not quite two years after Oklahoma City challenged Oklahoma Corporation Commissioners over a franchise fee decision involving millions of dollars, the matter rests with the State Supreme Court. There is no indication when the Oklahoma Supreme Court justices might render a decision. They’ve had the case for the past five months. The City filed …