While the Cushing oil storage tank farm is filling up with the glut of crude caused by the cratered demand for gasoline, a similar situation has developed in Mexico where Pemex is storing it in tankers sitting in the Gulf of Mexico. Bloomberg checked and found out Pemex has too much gasoline …
Like the refinery industry, the coal industry has also been slapped by the coronavirus pandemic. Lights are off in schools and businesses across the world and for coal miners, that’s bad news because it means there is less demand for their product to power the coal-fired power plants. As a result, companies like Alliance …
The request of a Tulsa-based energy company for a mandated reduction of oil production in Oklahoma is going before the full Oklahoma Corporation Commission in May. Administrative Law Judge Jan Preslar heard the request of LPD Energy Company on Friday. “The Judge in the case (Commission Administrative Law Judge Jan Preslar) today said she would …
** The city of Carmel, Indiana, is set to become the first in the U.S. to convert its fleet vehicles to run on hydrogen fuel technology. ** More than 100 members of Congress call on leadership to include language in the next round of stimulus funding prohibiting utilities from disconnecting customers during and immediately after the pandemic. ** A federal judge “reluctantly” rejects an …
After dropping below the $20 mark on Wednesday, the oil markets dropped even deeper by the close of trading on Friday with West Texas Intermediate falling another $1.60, reaching $18.27 a barrel. Brent crude in London was up 26 cents at $28.08 while natural gas prices on the New York Mercantile Exchange rose 7 …
A day after Oklahoma City’s Chesapeake Energy announced the layoff of 200 employees, the company took action to suspend dividend payments. The move applies to each series of the company’s outstanding convertible preferred stock and was effective immediately. “Suspension of the dividend does not constitute an event of default under any of the company’s debt …
In releasing its first quarter revenues of the year, Schlumberger reported a 9% drop from the fourth quarter of 2019 with worldwide revenue of $7.5 billion. It expects things to worsen and is preparing for company layoffs. When and where and if in Oklahoma wasn’t indicated. The company said its international revenue of $5.1 …
The oil and gas rig counts in Oklahoma and other states are falling as quickly as workers can lower the rigs and put them into storage. The Baker Hughes county released on Friday showed only 24 rigs are active in Oklahoma, down two in the past week. The oil crisis caused by the coronavirus …
A federal judge in Montana has heard from Native American tribes and environmental groups asking to shut down work on the Keystone XL pipeline from Canada to Nebraska. The groups contend they fear the spread of coronavirus by workers and believe construction will damage the land. After years of delays, the company is rushing ahead …
A request of the EPA by Oklahoma Gov. Kevin Stitt and four other governors for a biofuels waiver for small refineries has sparked a growing battle with corn growers and environmental groups. The corn-growing industry is adamantly against the request to suspend the regulatory requirement of blending billions of gallons of corn-based ethanol into …