Texas | October 8, 2021
U.S. crude oil price tops $80 a barrel, the highest since 2014
Texas | October 8, 2021
West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday. Brent crude, the international benchmark, advanced 1.7% to $83.32 per barrel. Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.“The $80 print became an inevitability,” said John Kilduff, partner at Again Capital. “Despite the rise in U.S. crude oil inventories in this week’s report, the global market remains tight and in a supply deficit. … Unless and until OPEC+ acts to meaningfully increase supplies, prices will grind higher still.”….(Excerpts from CNBC)
Texas | September 8, 2021
Get Ready for the Blackouts
Texas | September 8, 2021
Texas | July 6, 2021
Gas Prices Likely to Stay Above $3 Until October
Texas | July 6, 2021
. Patrick de Hann, head of petroleum analysis for GasBuddy, told Fox News in a recent interview that he believes U.S. drivers are unlikely to see relief from high gas prices anytime soon, predicting that the typical seasonal decline in prices won’t kick in until October, and when it does, it will be modest. “Traditionally, we see gas prices start declining in mid-to-late August as we start to see things [going] back to normal, kids going back to school, vacations basically ending,” de Hann told Fox Business…
(Excerpts from Epoch Times)
Texas | May 27, 2021
Oil Giants Are Dealt Major Defeats on Climate Change as Pressures Intensify
Texas | May 27, 2021
Exxon XOM 1.17% Mobil Corp. and Royal Dutch Shell RDS.A 0.38% PLC suffered significant defeats Wednesday as environmental groups and activist investors step up pressure on the oil industry to address concerns about climate change.
In a first-of-its-kind ruling, a Dutch court found that Shell is partially responsible for climate change, and ordered the company to sharply reduce its carbon emissions. Hours later in the U.S., an activist investor won at least two seats on Exxon’s board, a historic defeat for the oil giant that will likely require it to alter its fossil-fuel focused strategy.
The back-to-back, watershed decisions demonstrated how dramatically the landscape is shifting for oil-and-gas companies as they face increasing pressure from environmentalists, investors, lenders, politicians and regulators to transition to cleaner forms of energy…
(Excerpts from the Wall Street Journal)