New crude oil storage figures from the government show an increase in the past week in the amount of crude in storage at the Cushing hub in northern Oklahoma. The U.S. Energy Information Administration report released Wednesday showed the amount of oil in storage at Cushing rose from 22.2 million barrels as of …
Cooperative opts out of bond securitization for winter storm costs
Oklahoma regulators have signed off on another utility seeking approval of 2021 storm cost recovery but unlike previous firms, the Canadian Valley Electric Cooperative is not making use of the bond securitization Act that is being challenged before the State Supreme Court. Corporation Commissioners on Tuesday gave unanimous approval to a joint stipulation …
Bice to Biden–unleash America’s energy industry
Oklahoma U.S. Rep. Stephanie Bice says it’s time the President end the federal freeze on all new oil and gas projects and let the U.S. return to being a top energy-producer in the world. In a column this week, the Republican Congresswoman called for Biden to “unleash domestic energy to remove Putin’s leverage on Europe …
Jobless rates fall in most oil and gas producing states but not all
New unemployment rates released by the government show an interesting twist in some of the nation’s major oil and gas producing states. Oklahoma is one of 10 states where jobless rates fell to record lows while New Mexico, home to part of the Permian Basin, had a rate higher than the national rate of …
Headlines of other energy stories
** Lawyers from ClientEarth, a Shell shareholder, are seeking to hold the oil and gas giant’s 13 directors personally liable for what failing to adequately prepare for the global shift to a low-carbon economy. ** Intel plans to invest up to $89 billion over the next decade to build up Europe’s supply chain for semiconductors according to CNN Business. ** The …
New transmission line proposed for SE Kansas and SW Missouri
A plan is being presented for construction of a 94-mile power line to provide electricity in southeast Kansas and southwest Missouri. Both the Kansas Corporation Commission and the Missouri Public Service Commission must approve the 345-kilovolt transmission line proposed by NextEra Energy reported KSNF. Click here for KSNF
More growth coming for some Oklahoma energy operators?
A report by Reuters suggests that Oklahoma-based energy companies, Devon Energy and Continental Resources are among those firms likely to be looking seriously at more acquisitions of smaller operators. The report indicated it’s part of the growing “dealmaking” in the industry—mergers and acquisitions. Click here for Reuters
Do you understand gas prices and their relationship to oil?
Rick Newman ·Senior Columnist A misunderstanding of the dynamics of oil prices and their relation to gasoline prices. While the Biden administration launched its PR effort to blame Putin for record-high gasoline prices instead of pointing the finger at its own economic actions, some Democrats in congress now are proposing taxable actions against oil and …
Attorney General opts out of defending state in securitization challenge
Oklahoma Attorney General John O’Connor says he could not make a substantial contribution in defending Oklahoma’s nearly year-old bond securitization Act that arose from the 2021 February winter storm and won’t intervene in a lawsuit challenging its constitutionality. In a filing on Tuesday, March 15, the attorney general responded to an intervention offer made …
Crude fell 6% and slipped below $100 in Tuesday’s trading
Crude oil took a more than 6% fall in Tuesday’s trading and settled below $100 a barrel, reaching the lowest level in nearly three weeks while the Dow rose and Oklahoma energy stocks took a hit. It wasn’t the continued war in Ukraine that apparently worried investors but rather increased worries about demand for …