Mark May 11, 2022 on your calendars as the day Oklahoma set a record high gasoline price of $3.98 per gallon. The American Automobile Association reported Wednesday the new high broke the previous record of $3.95 set on July 16, 2008. The record came after prices jumped 3 cents from Tuesday to Wednesday. The …
Cushing’s crude storage makes slight gain
While crude oil supplies slipped a small amount in the U.S. over the past week, stocks at the Cushing hub in Oklahoma made a slight gain. The U.S. Energy Information Administration reported the amount of crude oil held in storage at Cushing as of April 29 was 28.8 million barrels. A week earlier, Cushing’s …
Federal bank study says oil producers aren’t to blame for high gasoline prices
So you want to blame oil producers for the record high gasoline prices, huh? It’s what President Biden wants to do. A new study, by of all groups, the Dallas Federal Reserve Bank, says there is no quick fix to the problem. Further, the study concluded that the high prices are not the result …
Record tax collections for Oklahoma
Not only did Oklahoma’s General Revenue Fund collections in April top the $1.1 billion level, but they were 32% more than the monthly estimate and nearly 58% higher than a year ago. Click here for McCarville Report
Canoo lays out its financial problems
Electric vehicle maker Canoo Inc., the Texas-based company with big plans for an EV plant in Pryor, Oklahoma laid out its money challenges on Tuesday as it released its first quarter 2022 financial results. And it wasn’t pretty, in terms of raising optimism that the company might be able to go ahead with construction …
Criticism arises of energy discrimination bill in Oklahoma legislature
An energy discrimination bill is raising questions for some members of the Oklahoma legislature. Fox 25 news reports on the bill proposed by Sen. Mark Allen, a Republican legislator from Spiro. Click here for Fox 25 news
Can Canoo finish its Oklahoma car plant?
Oklahoma’s pledge of millions of dollars to help EV maker Canoo build a plant in Pryor were put at risk this week as the car-maker publicly admitted it had serious financial problems. They arose after the company warned investors it might not be able to meet financial obligations and it was attempting to raise …
Headlines of other energy stories
** The current five-year offshore federal leasing plan expires on June 30th with no indication when another plan will be put in place. The U.S. Interior Department has said it will not proceed with any offshore lease sales without a new plan. ** Occidental Petroleum Corp. posted record quarterly profits as Russia’s war on Ukraine …
Shareholders reject stricter climate change rules
Reuters reported that shareholders in ConocoPhillips Co. rejected a proposal to create even stricter standards toward reduction of carbon emissions. The proposal called for the standards to be in line with the Paris Agreement and the defeat was considered to be another blow to environmentalists who targeted the company. “We believe that the Company …
Crude prices slid for a 2nd straight day
Crude oil prices took another beating in Tuesday’s trading as U.S. prices dropped under $100, the second day for a fall and the lowest level in two weeks. West Texas Intermediate crude for June delivery fell $3.33 to $99.76 a barrel on the New York Mercantile Exchange. Global benchmark Brent crude for July delivery tumbled …
