** California Gov. Gavin Newsom says he’ll call a special session of the legislature to pass a new tax on oil company profits to punish them for what he class is “rank price gouging.” ** Rep. Tom Tiffany, R-Wis., has asked House Speaker Nancy Pelosi to launch hearings into the Biden administration’s request that Saudi Arabia delay a …
Crude prices rose over diesel fuel inventory report
It wasn’t worries over new COVID-19 outbreaks in China or growing concern of investors about the recession, but a report of low levels of diesel inventory ahead of winter that triggered buying on Thursday, prompting a 2% gain for crude oil prices. The gains came after 3 consecutive days of losses. West Texas Intermediate …
Oklahoma AG fights increased regulation of greenhouse gases
Oklahoma Attorney General John O’Connor is leading a coalition of state attorneys general in the fight against a lawless and unnecessary federal mandate to track and regulate greenhouse gas emissions from vehicles. “The Biden Administration is diverting highway funds away from our roads and bridges to promote its political agenda,” General O’Connor said. “We will …
Enverus report shows rig growth in the US
At 897 rigs running, the U.S. rig count reached its highest level in nearly three years the week ended Oct. 12, according to Enverus Foundations. There was more growth in the Anadarko Basin too. The count rose by 15 from its highest point the previous week and was up by 4% and 38% from …
BlackRock CEO defends his firm’s anti-oil and gas investment stance
Just as Oklahoma prepares on Nov. 1 to join the list of states banning investments with ESG promoting companies like BlackRock Inc., the company’s leader defends the firm’s actions against some oil and gas funding. BlackRock Chief Executive Officer Larry Fink, speaking at the Institute of International Finance annual membership meeting on Wednesday, claimed he …
Cushing hub sees continued growth in crude oil in storage
U.S. commercial crude oil inventories decreased by 1.4 million barrels from the previous week while the amount of crude oil in storage at the Cushing hub in Oklahoma grew by 300,000 barrels. The U.S. Energy Information Administration reported that as of September 30, the most recent week for available figures, the Cushing hub held …
Energy headlines
** While President Biden on Wednesday afternoon formally announced the designation of Camp Hale, Colo., as a national monument, Colorado members of Congress have also called on Biden to issue a Federal Lands Policy and Management Act mineral withdrawal for the site, which would bar new mining and oil and gas leasing in the area. ** U.S. dry …
EV maker Canoo gets big financial boost
Canoo, the electric vehicle startup that moved its headquarters to Bentonville, Arkansas and plans a manufacturing plant in northeast Oklahoma reached a deal this week to produce nearly 5,500 vehicles for Zeeba, a growing national fleet leasing provider. The agreement was for production of 5,450 American made EVs with an initial binding commitment of …
Oilfield overtime case heard by Supreme Court
A case brought by Helix Energy Solutions Group of Houston challenging the way overtime regulations are applied went before the U.S. Supreme Court this week. The case in question concerned an oil rig supervisor who was paid a daily rate but earned more than $200,000 a year, according to Reuters. It also evoked questions …
Gov. Stitt links opponent to Biden’s anti-oil-and-gas policies
As he campaigns for re-election, Oklahoma Gov. Kevin Stitt tries to link Democratic opponent Joy Hofmeister to the energy policies of the anti-oil-and-gas administration of President Biden. He’s even launched a new TV ad making the attack claim. Click here for McCarville Report