Consumers will be hit with a 57% increase in their monthly payments promised for those ratepayer-backed bonds used by Oklahoma Gas and Electric to pay for its extreme 2021 Winter Storm Uri costs. The $761 million in bonds were recently sold by the Oklahoma Development Authority and instead of the 2.5% average interest as …
Category: General
Still other energy headlines
** President Joe Biden will leave the Middle East this week with no announcements on increasing oil supply before a scheduled meeting of producers next month, people familiar with the matter said. ** Sen. Joe Manchin’s decision to come out against the Democrats’ plan for solar and wind industry incentives not only killed the Biden …
Rig numbers in Oklahoma and U.S. grew
The latest Baker Hughes rig count released Friday showed Oklahoma with a gain of 3 to reach a total of 63 working rigs. Numbers also increased nationally by 4 to a total of 756. The U.S. gain included 2 oil rigs to reach 599 while the number of gas-drilling rigs was flat at 153. …
Global crude oil rose as Biden talks with Saudis about increased oil production
As President Biden met with Saudi Arabian leaders to discuss his request to increase oil production and lower U.S. gasoline prices on Friday, global prices rose while those back in the states dropped. Global benchmark Brent crude for September delivery rose $2.06 and closed back up over $100 at $101.16 a barrel on ICE …
Pipeline operator accused of coverup over oil spill
Federal prosecutors say they suspect Wyoming-based Bridger Pipeline hid problems with a pipeline that broke in 2015 and spilled about 50,000 gallons of crude into Montana’s Yellowstone River. Their suspicions were part of a lawsuit filed against Bridger for violations of environmental law reported the Associated Press. Click here for AP
Extreme heat prompts Oklahoma grid operator to issue advisory
Electricity demand due to the extreme heat wave in Oklahoma and the rest of the Midwest prompted the regional grid operator, the Southwest Power Pool, to issue a an advisory but one that does not require consumers to conserve electricity. The SPP issued a Conservative Operations Advisory Thursday afternoon for all of its 14-state …
Crude slipped Thursday–so did OK energy stocks
The continued concern of investors about increased rate hikes in the U.S. as the result of inflation left crude oil prices lower in Thursday’s trading. Investors fear a rate hike might affect the demand for oil. West Texas Intermediate crude for August delivery dropped 52 cents and closed at $95.78 a barrel on the New …
Nation’s oil and gas rig activity on the increase
The number of rigs running in the U.S. rose by five in the last week to 826 as of July 13, according to Enverus Foundations data. The count is up 2% in the last month and up 56% YOY. The count reached as high as 836 in the last week, an increase of four …
Oklahoma regulators to meet Thursday
Oklahoma Corporation Commissioners will meet Thursday for what is labeled a “regular” meeting. Here is the agenda: Call to order B. Announcement concerning public notice C. Determination of quorum II Consideration of and possible vote(s) on proposed or potential orders in causes on the daily signing agenda docket. At the meeting, the Commission may discuss …
Other energy headlines
** Berkshire Hathaway Inc, run by billionaire Warren Buffett, said it has this week purchased another 4.3 million shares of Occidental Petroleum Corp, giving it a 19.2% stake in the oil company. ** Partisan debate erupts over the Biden administration’s draft offshore drilling plan, with Senate Democrats saying it doesn’t do enough to fight climate change and Republicans arguing …