oil and gas Stories April 2
With 3 billion people sheltering from the global pandemic, oil demand has plummeted. Crude storage locations are filling up. US drillers are shutting down production. And some producers are paying customers to take their oil. In a glimpse into a future when nearly all vehicles run on electricity, some crude prices are experiencing rollercoaster-like dips, rapid ascents, and plunges to nearly zero.
oil and gas Stories April 1
Equinor is quitting the oil lobbying group Independent Petroleum Association of America (IPAA).
The Norwegian oil and gas giant officially recognizes that climate change is real, and publicly states that it intends to align with the Paris Agreement. It says it will “grow renewable energy capacity tenfold by 2026, developing as a global offshore wind major.”
oil and gas Stories March 31
The British Medical Journal is calling for warning labels to be placed where consumers buy fossil fuels. The US and British health experts that authored the article explain that more than 118 countries use stark warnings on cigarette packages to change behavior related to smoking. Similar warnings should be placed on gas pumps because burning fossil fuels are linked to 3.5 million premature deaths per year.
While the US is focused on the coronavirus crisis, states are quietly redefining fossil-fuel infrastructure as critical in order to prevent protests such as the Dakota Access pipeline demonstrations. The idea is to make civil disobedience more difficult.
oil and gas Stories March 26
The US Senate has unanimously passed the $2 trillion stimulus package in response to the coronavirus pandemic. It’s the largest emergency aid package in US history. And the green energy sector didn’t get anything, as expected… but neither did Big Oil.
oil and gas Stories March 25
Russell Hardy, the CEO of Dutch energy and commodities company Vitol, the world’s largest independent oil trader, spoke with Bloomberg Markets: European Open this morning about the impact of the coronavirus on the oil markets as Congress finalizes the latest stimulus bill. What will energy get?
oil and gas Stories March 23
Senate Democrats and Republicans disagree about the latest stimulus package in response to the coronavirus pandemic. They are now frantically negotiating and aiming for a noon Eastern time vote. Here’s where energy and transport stand.
oil and gas Stories March 13
Volkswagen’s chief strategist this week said that even a yearlong slump in oil prices will not slow down the company’s shift to EVs. VW and nearly every other major automaker have environmental goals that eclipse any short-term impacts from lower prices at the pumps. And the only way to achieve reduced emissions is with electric powertrains.
oil and gas Stories March 9
Russia refused to cut oil output quotas by up to 1.5 million barrels per day at a failed meeting on Friday between OPEC and non-OPEC nations. So in retaliation, Saudi Arabia will produce 2 million barrels per day at $6 to $7 a barrel into an already oversupplied global market. As a result, oil prices have dropped by a third today.
oil and gas Stories March 6
ExxonMobil held its investor day at the New York Stock Exchange (NYSE) yesterday, and its CEO, Darren Woods, dismissed carbon targets as a “beauty match” with other companies.
