At Bloomberg, Kevin Crowley explains the dichotomy of the oil and tech industries in America, and he reminds readers that America has become the world's biggest oil producer. He writes: Exxon Mobil Corp. and Chevron Corp. are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley. Chevron hit record production in 2023 while buying back 5% of its stock and forecasts oil and gas growth of as … [Read more...]
U.S. Drivers May Need to Dig Deeper into Their Pockets
David Uberti and Vipal Monga of The Wall Street Journal tell their readers that drivers in the U.S. may need to dig deeper into their pockets at the pump, thanks to a new 715-mile pipeline expansion. The Trans Mountain expansion promises to give Canadian oil companies more purchasing power as Canada positions itself as a global energy powerhouse. They write: Drivers in the Midwest may soon have to pay a bit more at the pump. The reason? Cheap Canadian oil will soon have a new set of buyers. For years, Canada’s booming oil fields have had few choices but to funnel the country’s thick, … [Read more...]
Europe Could Have a New Top Dog in Coal Burning
Gavin Maguire of Reuters reports that Turkey recorded its second straight annual increase in coal-fired electricity output. Turkish power producers favor cheap coal over other forms of electricity generation as the country grapples with one of the highest inflation rates in the world. Maguire writes: Turkey is on track to surpass Germany as Europe's largest coal-fired electricity generator in 2024 as high inflation causes power producers to cut purchases of expensive natural gas and boost the use of cheaper coal in electricity generation. Turkey generated a … [Read more...]
Warm Temps Pushing Down Natural Gas Prices
Ryan Dezember of The Wall Street Journal tells his readers that warmer temperatures in December have pushed down prices for natural gas despite the frigid temps at the start of 2024, causing a surplus in U.S. natural gas. Dezember writes: U.S. natural-gas production notched new highs in December, pushing down prices for the heating fuel despite the frigid start to 2024. The flood of gas, along with forecasts for unusually warm weather in the coming weeks, has knocked natural-gas prices down by more than 30% since the start of heating season at the end of October. Natural-gas futures for … [Read more...]
U.S. Plans to Break Russia’s Grip on the Nuclear Fuel Market
Shotaro Tani of the Financial Times reports on the plan in place by the U.S. to break Russia's grip on the nuclear fuels market. He writes: Over the past three decades, US and European utilities became hooked on supplies of cheap enriched uranium from Moscow, which account for more than a fifth of the fuel needed to power their reactor fleets. Russia’s full-scale invasion of Ukraine in 2022 forced Washington to review its heavy reliance on Moscow. The US is devising a multibillion-dollar investment strategy designed to reboot its domestic industry, which was ravaged by a collapse in … [Read more...]
Oil Prices Fall: Saudi Sees Lower Global Demand
Angus Berwick and Bob Henderson of The Wall Street Journal are reporting that "oil fell Monday after Saudi Arabia slashed its crude prices for all regions, a sign the kingdom sees lower global demand." They write: Most actively traded futures contracts for Brent crude oil, the international pricing benchmark, fell 3.4% to $76.12 per barrel, while West Texas Intermediate slid 4.1% to $70.77. Shares of oil majors Exxon-Mobil and Chevron dropped 1.7% and 0.6%, respectively. [...] "This likely sets up a contentious OPEC+ meeting tentatively scheduled for the 1st of February," the … [Read more...]
The Quest to Lead in Manufacturing Again
David Harrison of The Wall Street Journal is reporting that government incentives are driving factory construction as rates and inventories are weighing on sales and employment. He writes: U.S. manufacturing is entering a golden age, with government subsidies sparking a boom in factory construction. Yet the industry is also mired in the longest slump in more than two decades. Activity has weakened for 13 straight months, the longest stretch since 2002, according to surveys of purchasing managers by the Institute for Supply Management. Behind that split-screen image: U.S. manufacturing … [Read more...]
Shale Driller Tries to Produce ‘Guilt-Free’ Gas
Phred Dvorak of The Wall Street Journal is reporting how a natural gas producer will bury enough carbon dioxide to offset emissions generated in making and burning its gas. She writes: A shale driller is out to prove that it is possible to go completely green—while still producing natural gas. Denver-based BKV says that by the 2030s it will store millions of tons of climate-warming carbon dioxide in wells deep underground to eliminate or offset all of the emissions generated from manufacturing and using its gas. The idea is that consumers can buy that gas and use it without … [Read more...]
Panama Canal Traffic Jam Could Soon Affect Global Energy Markets
Megha Mandavia of The Wall Street Journal is reporting that in the troubled waters of the Panama Canal, gas carriers—and their investors—are reaping bumper profits. Winter fuel prices could get a little wacky. She writes: Climate change may be making winters more unpredictable. It could make your winter heating bills more unpredictable too, particularly if you live at the end of long and vulnerable fuel supply chains. The price of liquefied petroleum gas, a significant U.S. export, has rocketed higher recently in Asia, a remarkable development given that crude oil prices have been falling. … [Read more...]
Emerging Markets Outplayed the Climate Cabal
After receiving billions of dollars from the United States and other developed countries for "green" energy initiatives, emerging market countries like South Africa and Indonesia are backtracking on their promises. Alexandra Wexler, Sha Hua, and Matthew Dalton report for The Wall Street Journal: Wealthy nations are sending tens of billions of dollars to poorer ones for clean energy, the linchpin of a global strategy to cut greenhouse-gas emissions in the developing world. But two of the most ambitious efforts yet—in South Africa and Indonesia—are now at risk of unraveling, sowing doubts … [Read more...]
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