** Speaker Nancy Pelosi (D-Calif.) poured cold water on the idea of suspending the federal gas taxes as a way to reduce the costs of higher gas prices for consumers. ** Ruby Pipeline, a natural gas pipeline joint venture between Kinder Morgan and Pembina Pipeline , filed for Chapter 11 bankruptcy to restructure its debt. Kinder Morgan will continue to operate …
Oklahoma holds steady in rig count while US saw gain in past week
The nation’s number of active oil and gas rigs increased only slightly in the past week while the rig count in Oklahoma was unchanged from the previous week according to the Baker Hughes Co. The weekly rig count released by Baker Hughes showed Oklahoma remained constant at 49 rigs. Nationally, the count grew by …
Stark formally retires as President of Continental Resources
A Securities Exchange Commission filing by Continental Resources might help explain the $1.6 million sale of company shares by Jack Stark, Continental’s President. It was part of his planned retirement that had been announced in January. The April 1 filing revealed Stark retired as President on that date and also signed a consulting agreement …
Permian basin carbon capture plant to cost $1 billion
Occidental Petroleum Corp.’s planned carbon removal facility in the Permian Basin will carry an estimated $1 billion price tag. It’s what the company informed investors this week, saying the cost will be about $800 million to $1 billion. Construction is expected to begin in the second half of the year. The nearly $1 billion cost …
Crude oil volume continues decline at Cushing oil hub
The Cushing oil hub saw another drop in its total of crude oil volume in the past week as volumes fell to about half of what it was a year ago. The U.S. Energy Information Administration reports that the volume fell by 1 million barrels. As of March 25, Cushing held 24.2 million barrels …
Bank report says “brain drain” in Oklahoma is ending
A new federal report says that for the first time in history, in 2020-2021, more people died in Oklahoma than were born and college grads are staying here. The Oklahoma City Branch of the Federal Reserve of Kansas City also showed the state’s “brain-drain” might have ended as college graduates stopped exiting the state. …
Oil prices plummeted on Biden’s oil release
The announcement by President Biden of the largest ever release of oil from the U.S. Strategic Petroleum Reserve sent oil prices plunging 7% on Thursday. They closed at nearly $100 a barrel in the U.S. West Texas Intermediate crude for May delivery dropped $7.54 to close at $100.28 a barrel on the New York …
Biden blasted by Cole and Lucas over latest Strategic Petroleum release
President Biden’s latest move to release 180 million barrels of oil from the nation’s Strategic Petroleum Reserve in an attempt to lower gasoline prices was heavily criticized by Oklahoma Congressmen Tom Cole and Frank Lucas. “President Biden’s decision to release more oil from the Strategic Petroleum Reserve is misguided, reckless and completely irresponsible. Yet …
Gas Prices Relief Act filed by caucus members
U.S. Sen. Roger Marshall of Kansas was joined this week by House members in filing what they called the Gas Prices Relief Act, legislation aimed at protecting Americans from what was referred to as President Biden’s anti-energy agenda. “The American people can’t afford to fill up at the pump, and there’s no question about it – …
Enverus reports flat numbers for latest US rig count
The latest U.S. rig report from Enverus Rig Analytics indicated the numbers were flat in the past week at 757 rigs as of March 30. The most notable week-over-week changes include three-well drops in both Appalachia (49 total) and the Gulf Coast (91). Month over month, the Permian is up 13 at 299, and …