Activist investor Carl Icahn, who used a proxy fight to take control of Oklahoma City’s SandRidge Energy in 2018, wasn’t so successful in an attempt to take over DNA sequencing company Illumina Inc. Bloomberg reports Icahn did not nominate directors for seats on the San Diego-based company’s board of directors before a deadline passed. …
Energy quick reads
** U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected power demand will rise to 4,099 billion kilowatt-hours (kWh) in 2024 and 4,128 billion kWh in 2025. ** U.S. energy firm CNX Resources said on Tuesday …
Crude oil and natural gas prices tumbled again on Tuesday
Tuesday brought another dip in crude oil prices and a drop for natural gas prices while Oklahoma energy stocks saw yet another mixed day of trading with no outstanding gains or losses. The crude oil drop came after a higher-than-expected forecast for U.S. crude oil production. West Texas Intermediate crude fell 37 cents to finish …
Fourth individual pleads guilty to bid rigging and price fixing in investigation of Oklahoma Transportation construction contractors
The Office of Inspector General at the U.S. Transportation Department announced another person has pleaded guilty in Oklahoma in a $100 million bid rigging scandal. The announcement is as follows: On February 27, 2024, in the U.S. District Court for the Western District of Oklahoma, Stanley Mark Smith, an erosion control company owner, pleaded …
EIA predicts less oil production and higher gasoline prices
Lower global oil production, higher gasoline costs, lower natural gas prices and increased solar power. It’s what the U.S. Energy Information Administration expects for the remainder of the year. The EIA released its short-term energy outlook this week. Global oil markets. As a result of OPEC+ extending crude oil production cuts, we have reduced …
Sunshine or sunset award?
The same week Oklahoma Attorney General Gentner Drummond was praised and honored with the annual Sunshine Award from Freedom of Information Oklahoma over his efforts to promote open government in the state, his office revealed Drummond supports a bill in the legislature that some believe would be closer to “sunset”on openness at the Oklahoma …
New Corporation Commission Transportation Chief
A changing of the guard took place at the Oklahoma Corporation Commission (OCC) Wednesday, March 6, 2024, when Transportation Enforcement Major Scott Baze formally became Chief Scott Baze. Numerous Transportation Enforcement officers were on hand or online to view outgoing Chief Mike Henley officially pin Baze with his new badge and rank insignia. “There …
Electricity prices continue to climb nationally
While the Oklahoma legislature handles a bill that started out as a Right of First Refusal Act to eliminate competitive bidding in the construction of major transmission lines by utilities, a national organization remains critical of efforts to eliminate mandated competition bidding. The Electricity Transmission Competition Coalition charged that the latest inflation data release confirms …
New mission for Air National Guard at Will Rogers Base
The Defense Department says there should be no harmful environmental impact as the National Guard proposes to replace the existing mission of planes at the Will Rogers Air National Guard base in Oklahoma City and replace the planes with new close air support aircraft. The Guard will replace its current fleet of 13 MC-12 …
Rep. Cole says Biden’s State of the Union Address was misleading and unworthy
Oklahoma Congressman Tom Cole says the state of the union is not strong, at least in the way President Biden described it in last week’s State of the Union address to congress. Under Biden’s state of the union, America’s energy industry has been harmed. The Republican Representative called Biden’s remarks “misleading, partisan and unworthy …