Energy consultancy Rystad warns some Texas shale oil and gas producers in the Permian Basin could lose nearly half of their wastewater disposal capacity because of earthquake restrictions taken by the Texas Railroad Commission. Some of the wells in the region where the Commission is shutting down deep injection wells include wells run by …
SEC alleges Ponzi scheme in Permian Basin investments
The U.S. Securities and Exchange Commission this week sued Heartland Group Ventures LLC, its founders and a slew of affiliates who raised $122 million from more than 700 investors in Permian Basin what were to be oil and gas projects in the Permian Basin. Click here for Bloomberg.
Iowa farmers push back on proposed CO2 pipeline
“This isn’t Texas or Oklahoma. This is Iowa and things are different here.” Iowa landowners are voicing their opposition to the plans of a Texas company to build a multi-billion dollar CO2 pipeline connecting to 40 ethanol plants. Click here for Ames Tribune.
Texas regulators praised for moving quickly on oilfield earthquakes
Texas should have learned a lesson from Oklahoma in handling earthquakes that researchers believe were caused by extensive use of saltwater disposal wells. Instead, Texas regulators hesitated and only recently took some firm action in putting certain restrictions on the use of the wells that make up the prolific Permian Basin. It drew the …
US crude oil prices move closer to $80 while OK energy stocks performed well
U.S. crude oil prices rose again in Thursday’s trading, at one point reaching over the $80 a barrel mark before finishing the day at $79.46 a barrel on the New York Mercantile Exchange. It represented an increase of $1.61 or 2.09% for the February delivery of the project. Global benchmark Brent Crude for March …
Former EPA leader Wheeler picked to head Virginia environmental efforts
Andrew Wheeler, the former EPA Administrator who previously spent 15 years as a key staffer for Oklahoma U.S. Sen. Jim Inhofe was picked this week by the Republican Gov.-elect to be Virginia’s next secretary of Natural Resources. But the selection drew immediate critical response following Governor-elect Glenn Youngkin’s decision. One Virginia Representative called Wheeler …
Cushing inventories climb slightly with COVID-19 cases on the increase
The government reported this week the amount of crude oil held at the Cushing hub increased slightly since Christmas Eve, reaching a total of 37.3 million barrels, perhaps due to a growing number of more COVID-19 cases and less demand for gasoline. It represented an increase of 2.6 million barrels since December 24, 2021. …
Enverus reports increased rig activity in Anadarko Basin and U.S.
U.S. drillers are getting back to work in the new year, adding 30 rigs in the last week and bringing the total to 698 rigs as of Jan. 5, according to Enverus Rig Analytics. The increase includes the Anadarko Basin which recorded the largest week-over-week growth, adding 9 rigs to reach a total of …
Violence over energy prices leaves dozens dead in Kazakhstan
Kazakhstan—now that’s a real insurrection and it has to do with energy! Oil and gas, the product that the U.S. had sent overseas as the world’s largest oil exporter—-until President Biden killed the Keystone XL pipeline last year in a move he thought would lower the price of gasoline. Instead, some observers suggest it …
Petroleum group argues against 15-cent fuel tax hike in Wyoming
A Wyoming petroleum group opposes a bill that would raise the state’s fuel tax by 15 cents to fund road repairs, arguing it would put Wyoming ahead of neighboring states’ tax rates. The Colorado Wyoming Petroleum Marketers Association agrees there needs to be more revenue but there is a better solution reported the Douglas …