Sunday, October 17News That Matters

Tag: Oil (Petroleum) and Gasoline

As Western Oil Giants Cut Production, State-Owned Companies Step Up

Business
Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million now.This month, the United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, became the first Persian Gulf state to pledge to a net zero carbon emissions target by 2050. But just last year ADNOC, the U.A.E.’s national oil company, announced it was investing $122 billion in new oil and gas projects.Iraq, OPEC’s second-largest producer after Saudi Arabia, has invested heavily in recent years to boost oil output, aiming to raise production to eight million barrels a day by 2027, from five million now. The country is suffering from political turmoil, power shortages and inadequ...

Private Equity Funds Have Invested Billions In Fossil Fuels Since 2010

Technology, World
As the oil and gas industry faces upheaval amid global price gyrations and catastrophic climate change, private equity firms — a class of investors with a hyper focus on maximizing profits — have stepped into the fray.Since 2010, the private equity industry has invested at least $1.1 trillion into the energy sector — double the combined market value of three of the world’s largest energy companies, Exxon, Chevron and Royal Dutch Shell — according to new research. The overwhelming majority of those investments was in fossil fuels, according to data from Pitchbook, a company that tracks investment, and a new analysis by the Private Equity Stakeholder Project, a nonprofit that pushes for more disclosure about private equity deals.Only about 12 percent of investment in the energy sector by pri...
World’s Growth Cools and the Rich-Poor Divide Widens

World’s Growth Cools and the Rich-Poor Divide Widens

Business
As the world economy struggles to find its footing, the resurgence of the coronavirus and supply chain chokeholds threaten to hold back the global recovery’s momentum, a closely watched report warned on Tuesday.The overall growth rate will remain near 6 percent this year, a historically high level after a recession, but the expansion reflects a vast divergence in the fortunes of rich and poor countries, the International Monetary Fund said in its latest World Economic Outlook report.Worldwide poverty, hunger and unmanageable debt are all on the upswing. Employment has fallen, especially for women, reversing many of the gains they made in recent years.Uneven access to vaccines and health care is at the heart of the economic disparities. While booster shots are becoming available in some wea...

California Oil Spill Closes Beaches and Renews Call for Drilling Ban

Technology, World
In response to a question, Mr. Willsher suggested that an anchor might have hit the pipeline. He said workers from his company first saw the oil sheen on Saturday morning and began work to contain the leak. But some energy experts said the company ought to have learned of the leak before oil was visible because gauges that monitor the pressure in the pipeline should have alerted officials.Capt. Rebecca Ore, of the U.S. Coast Guard, said that oil had been found from Huntington Beach to Laguna Beach and that the agency was helping to contain the spill with skimmers. The agency was conducting flights and reviewing models to determine the direction of the oil, which was heading south.Mayor Brad Avery of Newport Beach said “very little oil” was coming ashore on Monday. “I think the worst of it ...
Oil and Gas Prices May Stay High as Investors Chase Clean Energy

Oil and Gas Prices May Stay High as Investors Chase Clean Energy

Business
HOUSTON — Americans are spending a dollar more for a gallon of gasoline than they were a year ago. Natural gas prices have shot up more than 150 percent over the same time, threatening to raise prices of food, chemicals, plastic goods and heat this winter.The energy system is suddenly in crisis around the world as the cost of oil, natural gas and coal has climbed rapidly in recent months. In China, Britain and elsewhere, fuel shortages and panic buying have led to blackouts and long lines at filling stations.The situation in the United States is not quite as dire, but oil and gasoline prices are high enough that President Biden has been calling on foreign producers to crank up supply. He is doing so as he simultaneously pushes Congress to address climate change by moving the country away f...

Senate Confirms Biden’s Pick to Lead the Bureau of Land Management

Technology, World
But Republican leaders also maintained that their opposition was based on her behavior during a tree-spiking incident in 1989, not her opposition to an expansion of oil and gas drilling.As a graduate student in Montana, Ms. Stone-Manning, now 56, retyped and mailed a letter to the U.S. Forest Service warning about a plan to insert metal spikes into trees in Clearwater National Forest in Idaho. At the time, “tree spiking” was a tactic used by some environmentalists to damage logging machinery. But it could also harm or even kill the workers using that equipment.Ms. Stone-Manning testified in the Clearwater case, helping to convict two of the men involved, and had described her decision to type the letter as a way of trying to warn the authorities.Republicans have accused Ms. Stone-Manning o...

U.K. Gas Shortages Reveal New Crucial Workers: Truck Drivers

Business
LONDON — For more than three decades David Carden drove across England’s Midlands, transporting tens of thousands of liters of fuel from holding tanks to service stations. The flammable liquid made it a dangerous job requiring skill and caution, but when he started the pay and the benefits were good, enabling him to support his young family.Gradually the conditions worsened for drivers. The hours got longer, roadside facilities deteriorated and the benefits were cut.“Eventually,” Mr. Carden said, “we lost an awful lot of what made the job worth doing.”In 2017, he quit.Now, as a critical shortage of truck drivers has caused gas pumps to run dry across the country and disrupted the lives of thousands, Britons and their leaders in Parliament are delivering a plaintive message: We need you.The...

Biden Administration Restores Bird Protections, Repealing Trump Rule

Technology, World
WASHINGTON — The Biden administration on Wednesday restored protections for migratory birds that were loosened under former President Donald J. Trump, a move celebrated by conservationists but expected to exacerbate tensions between the administration and the oil and gas industry.The move comes as some bird species have been disappearing from the planet. North America has lost almost three billion birds in the past 50 years, scientists said. In addition to suffering from habitat loss and climate change, they are killed by collisions with buildings, power lines and communication towers. They die in oil waste pits and oil spills.Deb Haaland, the secretary of the Department of Interior, said the agency will formally revoke a rule enacted in the waning days of the Trump presidency that shielde...
Scotland’s Oil Industry Is Fading as Wind Energy Beckons

Scotland’s Oil Industry Is Fading as Wind Energy Beckons

Technology, World
ABERDEEN, Scotland — It’s easy to see how vital oil is to this venerable port city on Scotland’s northeast coast. Step out the door of the small international airport and you are buffeted from across the road by the roar of helicopters ferrying crews back and forth to oil platforms scattered across the North Sea.Drive into the city and you’ll pass sprawling office parks with oil company logos, the home for some of the 71,000 engineers, geologists, drillers and others in Scotland who work in the oil and gas industry. Overall, the industry accounts for an estimated 7 percent of Scotland’s economic output.Yet Scotland’s oil and gas industry is in trouble.Oil output from the British North Sea has been on a long, steady slide for two decades, and production last year was around one-third of its...
Royal Dutch Shell Is Selling Its Permian Basin Oil Holdings to ConocoPhillips

Royal Dutch Shell Is Selling Its Permian Basin Oil Holdings to ConocoPhillips

Business
HOUSTON — Royal Dutch Shell sold its oil and gas production in the Permian Basin, the biggest American oil field, to ConocoPhillips for $9.5 billion in cash on Monday.The deal marks a turning point for Shell, which had put considerable effort into developing the 225,000-acre field since buying it from Chesapeake Energy nine years ago, expanding its production to about 200,000 barrels a day.The sale is the latest sign that Shell, like other European oil companies, is under pressure to sell off oil and gas production and move toward producing cleaner energy in response to growing concerns about climate change among investors and the general public.Shell is retreating from the Permian as American shale oil production is recovering. The Permian Basin yielded 4.7 million barrels a day in August...