** According to a recent Reuters report, the U.S. sent more than five million barrels of oil from its SPR to Europe and Asia last month. Reuters reported that Phillips 66 shipped around 470,000 barrels of crude oil from a storage site in Texas to Italy. ** The global price of oil could surge by 40% to around …
Category: General
Canoo gets a “lifeline”
Canoo, the EV maker whose economic issues were so serious it warned its future was “doubtful” and resulted in the delay of construction of its manufacturing plant in northeast Oklahoma might have just received a lifeline. Walmart announced it will purchase 4,500 electric delivery vans from Canoo and have an option to acquire up …
Texas wind power fails during heat wave
Wind power in Texas has failed to help ease the electricity demand in the state at a time when a heat wave has the grid operator asking consumers for help. Bloomberg reported wind turbines are producing less than a tenth of the power they’re capable of producing. Click here for Bloomberg
Headlines of other energy stories
** Secretary of State Antony Blinken on Monday said the U.S. supported Canada for its decision to help Germany import natural gas from Russia despite global sanctions aimed at bankrupting the Kremlin over its war in Ukraine. ** Vietnamese automaker VinFast will open six U.S. dealerships this week and 30 by the end of 2022, all in …
$5 gasoline leaves Oklahoma
For the first time in weeks, there is no $5 gasoline in Oklahoma. Triple A reported the state’s average dropped 10 cents in the past week to $4.40 per gallon. The new average is 23 cents cheaper than a month ago while nationally, the new average this week is $4.67 a gallon, a drop …
ODOT Commission signs off on new turnpike routes
Three new turnpike routes were approved Monday by the Oklahoma Department of Transportation Commission. One is in Oklahoma City, another is near Purcell and a third is near Blanchard and Tuttle reported News 9. Click here for News 9
Enid settles with tribe for final Kaw Lake pipeline pieces
The city of Enid reached a $4.2 million settlement with the Ponca Tribe of Oklahoma in order to finish the large pipeline project to bring water from Kaw Lake to the city. The Enid News and Eagle reported the city commissioners recently signed off on the settlement. Click here for Enid News and Eagle
Crude prices remained steady while natural gas soared
Monday’s trading brought little change in crude oil prices while natural-gas futures rose more than 6% over the planned shutdown of a key European pipeline. Oil investors are worried about the impact of extended COVID-19 testing in China and what it might do to world-wide demand. West Texas Intermediate crude for August delivery lost 70 …
LSB Industries sets 2Q earnings report release date
Coming off a record first quarter 2022, Oklahoma City-based LSB Industries, Inc. announced the schedule for the release of its second quarter earnings report. The company plans to release the report on Wednesday, July 27 following the close of the stock market. Management plans to host a conference call the next day, Thursday, July …
NE Oklahoma utility customers face possible rate hike
Another rate case involving Empire District Electric Company will move its way through the legal process at the Oklahoma Corporation Commission on Wednesday. Empire serves customers in northeast Oklahoma but is based in Joplin, Missouri. In February, the company filed a request to raise base rates by $6.1 million. In filing the request, Empire …