Tag Archives: Gas

Tesla CEO: “Sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports”

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Elon Musk calls for increase in US oil, gas production to combat Russia despite negative effect on Tesla
  • Musk’s tweet calling for more fossil fuel production was retweeted roughly 20,000 times in 30 minutes
  • “Hate to say it, but we need to increase oil & gas output immediately,” Musk tweeted Friday. “Extraordinary times demand extraordinary measures.”
  • Musk added, “Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.”
  • Additionally, reports have shown that the U.S. is buying 650,000 barrels a day from Russia, which some have argued is essentially financing Russian President Vladimir Putin’s war machine.

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1200 Contracts Already Out for $200 Per Barrel in Crude Futures

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Traders Are Now Betting On $200 Oil By The End Of The Month
  • The main U.S. price last week topped $110 a barrel for the first time in more than a decade and in off-hours trading late Sunday, they burst above $130 following fresh attacks, mounting civilian casualties and a push by U.S. lawmakers to ban Russian oil imports.[WSJ Reported]
  • Now that prices hit $130 early on Monday, $200 oil by the end of March is not so unthinkable, as even major investment banks predict that a Russian oil ban would easily send prices to $150 and possibly to $200.
  • Data compiled by Bloomberg, more than 1,200 contracts were traded on Monday for the option to buy Brent Crude future for May at $200 per barrel.
  • Bank of America says that if most of Russia’s oil exports were stopped, the market would find itself in at least a 5-million-bpd deficit, which could trigger an oil price move to $200 per barrel.

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Biden Halts Oil and Gas Leases Even as Ukraine Crisis Escalates

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • After Legal Setback, Biden Halts Oil and Gas Leases Even as Oil Nears $100 A Barrel
  • The administration said in a legal filing that a Feb. 11 ruling by a Louisiana federal judge will affect dozens of rules by at least four federal agencies
  • The immediate effects is an indefinite delay in planned oil and gas lease sales on public lands in a half-dozen states in the West.
  • The ruling also will delay plans to restrict methane waste emissions from natural gas drilling on public lands and a court-ordered plan to develop energy conservation standards for manufactured housing, the administration said. The ruling also will delay a $2.3 billion federal grant program for transit projects, officials said.

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Inflation Spikes as Governors and State Leaders Look for Way to Provide Relief…it’s also an Election Year

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Shock gas, grocery price hikes spur states to pursue tax relief
  • Rapidly climbing inflation in the U.S. is accelerating calls from governors and state leaders to provide immediate tax relief to cash-strapped residents facing higher prices on everyday products such as gas, milk, and electricity.
  • The governors of Maine and Kentucky this week joined a sweeping number of states — including Illinois, California, Massachusetts, Florida, Alabama, Washington, and Missouri — who are considering offering quick but temporary relief to taxpayers crushed by a relentless surge in inflation in recent months.
  • The consumer price index — which measures what Americans pay for goods and services — reached another 40-year high last month, soaring to 7.5% due to strong consumer demand and pandemic-related supply disruptions.
  • State lawmakers’ tax relief wish list runs the gamut from food store purchases to property tax to relief at the pump to household cleaning supplies, and even, retail and vehicle sales.
  • There are 13 states that tax groceries — and now, Oklahoma, Kansas, Mississippi, and Virginia are among several considering phasing out the levy applied on food purchases entirely or at least temporarily.
  • Republican Florida Gov. Ron DeSantis also wants to provide $1 billion in relief to suspend the state’s gas tax for millions of Floridians for five months, helping the average family to save $200

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“Inflation” – It looks like it’s going to get worse despite jobs report

Revelation 6:6 ESV And I heard what seemed to be a voice in the midst of the four living creatures, saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius, and do not harm the oil and wine!”

Important Takeaways:

  • Gas, food prices surging amid inflation tantrum: Can wages keep up?
  • Economists warn inflation getting worse despite ‘positive’ jobs report
  • Gas prices being such a public price have outsized their share of our budgets, what we spend,” Goolsbee told Fox News’ Bill Hemmer, “they have an outsized impact on consumer confidence.”
  • “In fact, it looks like it’s getting worse,” Moore added. “I mean, oil hit $90 a barrel. That’s the equivalent of paying about $4 to $4.50 a gallon.”

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Higher prices caused consumers to curb spending

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Retail sales dropped 1.9% in December as higher prices caused consumers to curb spending
  • Weak online sales were responsible for much of the slide along with a fall in spending at bars and restaurants.
  • Online spending took the biggest hit as a share of overall spending, with non-store retailers reporting a plunge of 8.7% for the month.
  • Furniture and home furnishing sales declined 5.5% and sporting goods, music and book stores saw a 4.3% drop.
  • Restaurants and bars, which posted a 41.3% annual gain in 2021 to lead all categories, saw a decline of 0.8% for the month. Gas stations were a close second for the year, with a 41% surge in sales
  • The Biden administration has joined central bank leaders in placing much of the blame for rising prices on pandemic-specific factors such as a huge demand for goods over services and supply-chain issues

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White House asks U.S. oil-and-gas companies to help lower fuel costs -sources

By Jarrett Renshaw

(Reuters) -The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter.

Energy costs are rising worldwide, in some cases leading to shortages in major economies like China and India. In the United States, the average retail cost of a gallon of gas is at a seven-year high, and winter fuel costs are expected to surge, according to the U.S. Energy Department. Oil-and-gas production remains below the nation’s peak reached in 2019.

“We are closely monitoring the cost of oil and the cost of gas Americans are paying at the pump. And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets,” a White House official said.

Press Secretary Jen Psaki said Wednesday that she is not aware of any contact with oil and gas companies “around this particular issue.”

U.S. crude oil recently hit $80 a barrel for the first time in seven years, as the Organization of the Petroleum Exporting Countries and their allies known as OPEC+ restrict output. The White House has discussed rising prices with top OPEC producer Saudi Arabia in recent weeks.

The average retail price of a gallon of gasoline has risen to $3.29, according to AAA figures. The U.S. Energy Department said on Wednesday that household heating costs are expected to rise dramatically this winter for all fuels, but particularly for heating oil and propane.

U.S. oil production has been slow to rebound from 2020, when output dropped during the coronavirus outbreak. Production hit a record of nearly 13 million barrels per day (bpd) in late 2019, but the U.S. Energy Department said Wednesday that output will only average 11 million bpd in 2021, rising to 11.7 million bpd in 2022.

Natural gas prices are up sharply this year, the result of supply shortages and stronger-than-expected demand in Europe and Asia.

U.S. shale producers, who are responsible for the boom in crude oil output in the last 10 years, have been less willing to drill for more oil after years of weak financial performance, and have instead focused on cutting spending to boost returns for investors.

It can take six months to drill and complete a new well and bring the oil and gas to market. Any call by the White House for an increase in U.S. production is likely to fall on deaf ears, according to one oil executive, who did not want to be identified criticizing the approach. The industry has also been unhappy with some of Biden’s earlier actions, including a temporary drilling halt on federal lands, that they see as an attack on the industry.

“By pursuing policies that restrict supply and make it harder to produce oil and natural gas here in America, Americans will have to pay more for their energy,” said Anne Bradbury, chief executive officer at the American Exploration and Production Council, which lobbies for independent oil-and-gas producers.

President Joe Biden’s administration has been conducting internal discussions about rising fuel costs, one of the two sources added.

The White House has been trying to tackle supply bottlenecks that have boosted the price of various goods, from meat to semiconductors. Officials said Wednesday that the administration has been working with major ports in Los Angeles and Long Beach, along with shipping giants UPS and FedEx, to alleviate congestion slowing deliveries.

(Reporting by Jarrett Renshaw, Ron Bousso and David French; Editing by Howard Goller and Andrea Ricci)

Living near gas flaring sites may increase risk of preterm birth, study shows

By Valerie Volcovici

WASHINGTON (Reuters) – Women living near oil and gas production sites where natural gas is flared may be at a higher risk of giving birth preterm, a team of California researchers reported on Wednesday.

Analysis of more than 23,000 birth records from 2012 through 2015 reveals a 50% higher chance of preterm birth for women living within three miles (5 km) of Texas’ Eagle Ford shale basin than for women who lived farther away, according to the study.

“Our study finds that living near flaring is harmful to pregnant women and babies,” said co-author Jill Johnston, an environmental health scientist at the University of Southern California.

The research, published in the journal Environmental Health Perspectives, adds to evidence linking pollution with poorer pregnancy outcomes. Another study in June found a correlation between air pollution or higher outdoor temperatures and increased chances of having a preterm or stillborn baby.

Those findings, in the Journal of the American Medical Association, resulted from analyzing 70 studies covering 32 million births. It also found that black women were disproportionately at risk.

In the new study, by scientists at USC and UCLA, the association between preterm births and flaring proximity was seen only among Hispanic and Latina women, who made up 55% of the study population. No effect was seen among non-Hispanic White women, who comprised 37% of the total. Preterm babies are at higher risk of respiratory and cardiovascular illness, as well as developmental delays.

The team said it was the first to look at birth outcomes in relation to oil and flaring, which has seen a sharp increase in southern Texas’ Eagle Ford and other U.S. shale hubs.

Flares can release chemicals such as benzene, carbon monoxide and nitrogen oxides, along with fine particulate matter, heavy metals and black carbon.

The U.S. drilling industry flared or vented more natural gas in 2019 for the third year in a row, amid soaring production and a lack of regulatory efforts to curb the practice, according to state data and independent research estimates.

When oil prices are low, or when oil fields lack pipeline access, drillers tend to vent or flare gas, which can burn for weeks at a time.

(Reporting by Valerie Volcovici; Editing by Katy Daigle and Marguerita Choy)

Oklahoma to resume lethal injections after plan to use gas for executions stalls

By Jonathan Allen

(Reuters) – Oklahoma intends to resume executions of condemned inmates using lethal injections after suspending capital punishment in 2015 following a series of botched executions, state officials said on Thursday.

The state had been developing a new execution protocol in which it would instead asphyxiate inmates using nitrogen gas, a plan Attorney General Mike Hunter unveiled in 2018.

But development of the new gassing protocol was taking too long and the state has since found a new supply of lethal drugs, Hunter said at a news conference in Oklahoma City alongside Governor Kevin Stitt.

“It is important that the state is implementing our death penalty law with a procedure that is humane and swift for those convicted of the most heinous of crimes,” said Stitt, a Republican.

Lawyers for death-row inmates said the announcement would revive their ongoing challenge to Oklahoma’s lethal injection protocol, which they say lacks transparency and breaches the U.S. Constitution’s ban on “cruel and unusual” punishment in its current form.

“Oklahoma’s history of mistakes and malfeasance reveals a culture of carelessness around executions that should give everyone pause,” Dale Baich, a federal defender representing some of the inmates, said in a statement.

Until 2015, Oklahoma had one of the busiest execution chambers in a country where a majority of states and the federal government allow capital punishment, a practice most countries have abolished.

The state’s executions stopped after serious errors. In 2014, an inmate convulsed and took more than 40 minutes to die after the state used an untested combination of three lethal drugs. In 2015, another inmate was executed using the wrong drug.

Oklahoma is returning to the same three-drug combination used in the botched 2014 execution, Hunter said, but has updated its protocol to include better training and oversight. The drugs are midazolam, a sedative; vecuronium bromide, a muscle relaxant; and potassium chloride, which stops the heart.

Hunter declined to say how the drugs were being obtained, citing state secrecy laws. He said development of the gassing method would continue in case lethal injection drugs again become unavailable.

The European Union bans the sale of drugs for use in executions, and pharmaceutical companies have refused to sell such drugs to U.S. prison systems. Several states have complained that they are no longer able to obtain the drugs.

There are 47 inmates on Oklahoma’s death row, Hunter said. A federal court ordered the state to give those inmates at least 150 days notice of a new protocol, and no execution dates have been set.

Death-penalty experts criticized the state for not changing the drugs it planned to use.

“No improvement in the protocol will address the fact that midazolam is an inappropriate drug to use in executions,” said Robert Dunham, director of the Death Penalty Information Center, a non-profit watchdog group. “Midazolam is not capable of knocking somebody out and keeping them insensate during the period in which other drugs are administered.”

(Reporting by Jonathan Allen; Editing by Chizu Nomiyama and Dan Grebler)

Thousands evacuated as Guatemala’s Fuego volcano erupts

A general view shows Fuego volcano (Volcano of Fire) erupting as seen from San Juan Alotenango, outside of Guatemala City, Guatemala November 19, 2018. REUTERS/Luis Echeverria

GUATEMALA CITY (Reuters) – Nearly 4,000 people were evacuated on Monday from areas around Guatemala’s Fuego volcano, which began violently erupting overnight, the country’s disaster agency Conred said.

The volcano spewed out dangerous flows of fast-moving clouds of hot ash, lava and gas early Monday and more than 2,000 people had taken refuge in shelters so far, officials from the agency told reporters. There were no immediate reports of injuries.

More dangerous flows of hot ash and lava could be expelled, said Juan Pablo Oliva, the head of the country’s seismological, volcanic and meteorological institute Insivumeh.

In June, explosive flows from Fuego killed more than 190 people.

This is the fifth eruption so far this year of the 3,763-meter (12,346-feet) volcano, one of the most active in Central America, about 19 miles (30 km) south of Guatemala City.

(Reporting by Enrique Garcia; Editing by David Gregorio)