Monday, January 17News That Matters

Tag: Oil (Petroleum) and Gasoline

Biden ‘Over-Promised and Under-Delivered’ on Climate. Now, Trouble Looms in 2022.

Technology, World
But cracks in Mr. Biden’s agenda quickly appeared.In June, a federal judge in Louisiana sided with Republican attorneys general from 13 states who argued that Mr. Biden lacked the legal authority to pause new oil and gas leases. As gasoline prices surged in the summer and fall, the White House sought to increase oil production, even as Mr. Biden implored world leaders to stop burning fossil fuels.Just days after the Glasgow climate talks, the administration auctioned off nearly 80 million acres in the Gulf of Mexico, a record for that location, for offshore drilling, despite a campaign promise by Mr. Biden that he would end drilling on federal lands and waters.White House officials said they were legally compelled to hold the lease sale, which the Interior Department said had the potential...
Taylor Energy to Pay $43 Million for Longest-Running Oil Spill in U.S. History

Taylor Energy to Pay $43 Million for Longest-Running Oil Spill in U.S. History

Technology, World
WASHINGTON — The Department of Justice announced on Wednesday that Louisiana-based Taylor Energy will pay $43 million in civil penalties and damages for a leak in the Gulf of Mexico that has been releasing oil since 2004, the longest-running spill in U.S. history.As part of the settlement, Taylor Energy will also transfer to the Department of the Interior control of $432 million remaining in a trust fund dedicated to cleaning up the spill.The leak, located roughly 10 miles off the Louisiana coast, began 17 years ago when an offshore oil platform owned by Taylor Energy sank in a mudslide triggered by Hurricane Ivan, breaking open a number of undersea wells. Oil and gas have been seeping from the site ever since.Taylor Energy, which sold its oil assets and ceased production in 2008, has long...

E.P.A. Announces Tightest-Ever Auto Pollution Rules

Technology, World
WASHINGTON — The Environmental Protection Agency on Monday announced strengthened limits on pollution from automobile tailpipes in a bid to reduce a major source of the carbon dioxide emissions that are heating the planet.The more stringent rule — the most significant climate action taken to date by the Biden administration and highest level ever set for fuel economy — would require passenger vehicles to travel an average of 55 miles per gallon of gasoline by 2026, from just under 38 miles per gallon today.That would prevent the release of 3.1 billion tons of climate-warming carbon dioxide through 2050, according to the E.P.A. It would save about 360 billion gallons of gasoline from being burned, leading to a 15 percent annual reduction in the nation’s gasoline consumption by 2050. And mot...

Joe Manchin Rejects Democratic Plan to Ban New Drilling in Atlantic and Pacific

Technology, World
WASHINGTON — A provision to permanently ban new offshore drilling off the Atlantic and Pacific coasts has been stripped from a draft version of a $2.2 trillion climate change and social spending bill after objections by Senator Joe Manchin III of West Virginia.Draft language of the bill circulated by the Senate Energy and Natural Resources committee, which is led by Mr. Manchin, does not include the drilling ban. According to people who were briefed on Mr. Manchin’s position, he rejected the coastal drilling plan and also raised concerns about a provision that would cancel drilling leases and block future oil and gas extraction in the Arctic National Wildlife Refuge, although that part remains in the section of the bill that he handled, according to a draft.The drilling ban was the latest ...

Toyota Outlines Electric Vehicle Expansion Plan

Technology
Toyota, the world’s largest carmaker, belatedly joined the electric vehicle bandwagon on Tuesday, saying it hoped that by the end of the decade battery-powered cars would account for one-third of sales and almost all of the sales of its Lexus luxury brand.The Japanese automaker pioneered hybrid vehicles that use electric and gasoline motors, but it has been slower than rivals like Volkswagen, General Motors and Ford Motor to sell cars that run solely on batteries. G.M. aims to phase out gasoline-powered vehicles in favor of electrics by 2035.Toyota said Tuesday that one of its factories in Japan is gearing up to begin producing an electric sport-utility vehicle developed with Subaru called the bZ4X. (BZ stands for “beyond zero.”) The vehicle will go on sale early next year, Akio Toyoda, th...

Edelman Criticized for Work With Oil Companies

Technology, World
After last month’s United Nations-sponsored environmental conference in Glasgow, the public relations giant Edelman praised the participants for reaching “a new level of international consensus that climate change is an existential threat to humanity.”In a statement posted on its website, Edelman also called for “more scrutiny on corporate climate lobbying efforts” and argued that many of the pledges that resulted from the conference “fall far short of what is necessary to avert global climate disaster.”Coming from a company that has worked with Exxon Mobil, Shell and trade groups that lobby for the fossil fuel industry, the pro-environment stance rang hollow to some people inside and outside the company.Some of the criticism leveled at Edelman came in the form of a petition from Clean Cre...
Exxon Mobil Aims for Net-Zero Emissions in Permian Basin

Exxon Mobil Aims for Net-Zero Emissions in Permian Basin

Technology, World
HOUSTON — Exxon Mobil said on Monday that it aimed to achieve net-zero greenhouse gas emissions from its operations in oil and gas fields in West Texas and New Mexico by 2030.The announcement is part of Exxon’s previously stated plans to reduce greenhouse gas emissions across its business, as activists and some investors pressure the oil industry to do more to fight climate change. But Exxon’s goal does not include offsetting emissions from its customers, such as car and truck owners and airlines.Exxon, the nation’s largest oil company, said it would reach net-zero emissions in the Permian Basin, which straddles the two Southwestern states, by electrifying its operations, improving its ability to detect and capture methane gas and eliminating the routine burning of waste gas emitted from o...

Urea Shortage Is Felt Around the World

Business
This is a story about one of those unsung forces that quietly keep the world running. It is a story about the clockwork interconnectedness of modern civilization, about how disturbances in one part of the planet can kick up storms in another.This is a story, naturally, about urea.Prices for the humble chemical — yes, the stuff in urine — are soaring to levels not seen in over a decade. In this time of everything shortages and inflation worries, that alone might not sound too surprising. But urea links up several disparate-looking strands of global economic disruption, showing how easily extreme weather and shipping turmoil can cause supply shortfalls to radiate.People and industries of all kinds are feeling the shocks. In India, a lack of urea has made farmers fear for their livelihoods. I...

The Week in Business: Uncertainty Over the New Virus Variant

Business
Credit...Giacomo BagnaraWhat’s Up? (Nov. 28-Dec. 4)Dealing With an UnknownPolicymakers, businesses and investors grappled last week with uncertainty over how the Omicron variant of the coronavirus will affect the still-fragile global economy. More than 30 countries, including the United States, have now detected the variant. But it is still unclear how contagious, dangerous and resistant to vaccines it may be. President Biden on Thursday extended a requirement for travelers to wear masks on airplanes, trains and buses until mid-March and introduced a new requirement that international travelers be tested for the coronavirus one day before departing for the United States. After oil prices collapsed when reports of Omicron first emerged, OPEC Plus, a group of oil-producing countries that inc...

Shell Pulls Out of Cambo Oil Field Targeted by Climate Activists

Technology, World
Royal Dutch Shell said Thursday that it had decided not to invest in a British oil development off the coast of Scotland that has become a test of the government’s environmental credentials.The field, known as Cambo, is in deep water northwest of the Shetland Islands. It is seen as a bellwether for the future of Britain’s declining but still large North Sea oil industry.The British government is considering whether to approve the project, which environmental groups and some politicians have said should be rejected because it would produce carbon dioxide emissions responsible for climate change.Shell, which owns 30 percent of Cambo, said it had “concluded the economic case for investment in this project is not strong enough at this time.”The company also said there was “potential for delays...