oil Archives - Page 2 of 2 - The Minnesota Sun

As Biden Seeks to Limit U.S. Oil Production, Reliance on Russian Imports Rises

June 21, 2021June 20, 2021 The Center Square

Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.

According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.

Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.

Federal Judge Orders Biden Administration to Halt Oil and Gas Leasing Ban

June 17, 2021June 16, 2021 Minnesota Sun Staff

A federal judge ordered the federal government to halt its ban on new oil and gas leases in a major setback for President Joe Biden’s administration.

Judge Terry Doughty, of the U.S. District Court for the Western District of Louisiana, granted a preliminary injunction that had been requested by a large coalition of Republican state attorneys general in an order released Tuesday evening. The Department of Interior is prohibited from enforcing the oil and gas leasing ban until the case is concluded, according to the order.

Commentary: The Keystone Cancellation and Biden’s Climate Cronyism

January 24, 2021January 23, 2021 Minnesota Sun Staff

Among many executive actions signed on Inauguration Day to sweep Trump policies out the door along with the man himself, President Biden rescinded approval for the Keystone XL oil pipeline. Keystone XL, according to Biden’s top climate policy adviser Gina McCarthy, “was not consistent with addressing the climate crisis to the depth and scope that we are planning to address it.”

Keystone XL has now played the role of political football for a full decade, and Americans can be forgiven for having forgotten the project’s details.

Venezuela Judge Convicts Six American Oil Execs, Orders Prison

November 30, 2020 The Associated Press

Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, dashing hopes of a quick release that would send them home to their families in the United States.

Some relatives had been bracing for the disheartening outcome, which came on the evening of Thanksgiving Day.

Biden’s Plan to ‘Transition Away’ from the Oil Industry Would Hurt New Mexico, Texas the Most

October 29, 2020October 28, 2020 The Center Square

Both Republicans and Democrats are pushing back on comments Democratic presidential candidate Joe Biden made about “transitioning away” from the oil industry.

At the presidential debate Thursday night, Biden said, “I would transition away from the oil industry, yes. The oil industry pollutes, significantly. It has to be replaced by renewable energy over time.”

Oil and Gas Production to Account for 68 Percent of Energy Consumption Over Next Two Decades

October 28, 2020October 27, 2020 The Center Square

Over the next two decades, oil and gas production is projected to account for 68 percent of energy consumption in the U.S. and will play a key role in the energy transition to a low carbon future, according to a new report published by the U.S. Department of Energy.

Natural gas is increasingly powering plants to produce electricity, but oil and natural gas are revitalizing the U.S. petrochemical industry, growing the liquefied natural gas industry, and boosting high-tech materials, the report states.

Oil Demand to Spike in 2021 by 5.7 Million Barrels Daily as Oil Companies Slash Production: IEA

June 17, 2020June 16, 2020 Minnesota Sun Staff

Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.

Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand.

OPEC, Allied Nations Extend Nearly 10M Barrel Cut by a Month

June 8, 2020June 7, 2020 The Associated Press

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.

However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O

Plummeting Oil Prices Are Not Reflected in California’s Price at the Pump

March 30, 2020March 29, 2020 Minnesota Sun Staff

Gas prices are falling all over the country as oil prices tumble, yet prices are still relatively high in California, where environmental polices are restricting how oil refineries can produce gasoline.

The price of a gallon of gas has plummeted in Ohio to around $1 in part because Americans are self-isolating to avoid spreading the novel coronavirus. The average price dropped 35.1 cents over the past month, according to data from the AAA and Oil Price Information Service.

A BP station in Kentucky, for instance, posted a price below $1 a gallon, The Washington Post reported Thursday. Four other stations in Oklahoma City followed suit, along with another in Paris, Tennessee. The national average for gas on Thursday was $2.03, down from $2.41 at the beginning of March.

Trump Reportedly Considers Using Taxpayer Cash to Prop Up Big Oil As Crude Prices Drop

March 12, 2020March 11, 2020 Minnesota Sun Staff

The Trump administration is reportedly floating the idea of extending a federal loan to shale energy companies that are feeling the pain as oil prices plummet.

Russia Wages an Oil War Against Saudi Arabia and US Amid Coronavirus Concerns

March 10, 2020March 9, 2020 Minnesota Sun Staff

Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.

Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production.

Industry Report Touts Oil and Gas Contributions in Minnesota Economy

January 14, 2020January 13, 2020 Minnesota Sun Staff

A new study by the American Petroleum Institute (API) credits Minnesota’s strong economy and job creation, in part, to the abundance of affordable fuels wrought by the country’s shale boom recognized through hydraulic fracturing, also called fracking.

Eight Industries Venezuela Nationalized (Besides Oil)

January 14, 2020January 13, 2020 Minnesota Sun Staff

Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.

Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.”

Reacting to U.S. Oil Boom, OPEC Cuts Production

December 9, 2019December 8, 2019 Minnesota Sun Staff

For the past 18 consecutive months, the U.S. has led the world’s crude oil production. It surpassed Russia and Saudi Arabia in June and August of 2018. One year later, the U.S. surpassed its own production record by 14.6 percent.

US Says It Has Warrant to Seize Iranian Oil Tanker

August 19, 2019August 18, 2019 Minnesota Sun Staff

The U.S. government said Friday that it had a warrant to seize an Iranian supertanker caught in a diplomatic standoff off the coast of the British overseas territory Gibraltar.

Britain Drafts Plans to Sanction Iran Over Tanker Heist

July 22, 2019July 21, 2019 Minnesota Sun Staff

by Jamie Dettmer British officials are drawing up plans to target Iran with sanctions for its seizing of a British-flagged oil tanker in the Strait off Hormuz, and it may urge European Union countries to reimpose sanctions that were lifted in 2016 as part of Tehran’s agreement to curb its…

Commentary: Magical Thinking Meets the Inconvenient Realities of the ‘New Energy Economy’

July 8, 2019July 7, 2019 Minnesota Sun Staff

by Mark P. Mills A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries. Regardless of one’s…

More Local Governments in Colorado Pass Moratoriums on Oil and Gas Development Because of New Regulations

May 21, 2019May 20, 2019 Minnesota Sun Staff

by Derek Draplin Berthoud and Broomfield are the latest local governments in Colorado to implement a moratorium on oil and gas development following passage of new industry regulations signed into law last month. The Colorado Oil and Gas Conservation Commission, the state’s regulatory body, issued “objective criteria” that will require…

Oil Markets Shrug Off Venezuela’s Political Unrest Thanks to U.S. Energy Boom

May 6, 2019May 5, 2019 Minnesota Sun Staff

by Michael Bastach When Juan Guaido launched his coup attempt, oil markets didn’t do what they typically do in the face of supply threats. Instead, markets largely shrugged off Venezuelan unrest instead of sending prices soaring. That’s because of two factors: mismanagement by Venezuela’s socialist government and the U.S. energy boom.…

Gavin Newsom Under Pressure to End Drilling as California’s Reliance on Saudi Oil Soars

April 27, 2019April 26, 2019 Minnesota Sun Staff

by Michael Bastasch Environmentalists are optimistic Democratic California Gov. Gavin Newsom will further restrict, or even end, oil and gas drilling, despite his state’s increasing reliance on oil shipped from abroad. So-called “keep it in the ground” activists want to see Newsom ban new oil and gas leases, but…

OPEC Scraps April Meeting but Keeps Oil Cuts in Place

March 19, 2019March 18, 2019 Minnesota Sun Staff

Reuters Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies…

Nine States Back Environmentalists Trying to Shutdown Search for Oil in Atlantic

December 22, 2018December 22, 2018 Minnesota Sun Staff

by Tim Pearce Nine states are intervening in a lawsuit against the Trump administration for approving oil and gas companies to search for oil and gas deposits in the Atlantic Ocean. Maryland Attorney General Brian Frosh announced Thursday the states would join environmental groups in a lawsuit to prevent the Trump…

Enviros File Lawsuits to Stop Trump’s Approval of Surveys for Oil Deposits

December 12, 2018December 12, 2018 Minnesota Sun Staff

by Chris White Environmental groups are suing to prevent the Trump administration from approving seismic survey testing for oil and gas reserves off the South Carolina coast. Oceana and the Sierra Club argued in legal filings Tuesday that the Commerce Department’s approval of seismic testing violates the Endangered Species…

Docs Suggest a Vendetta Between Two Lawyers Might Be Fueling Climate Crusade

December 1, 2018November 30, 2018 Admin

by Chris White Two of the attorneys representing various cities in climate litigation against oil companies have a history of suing and counter-suing each other over personal squabbles, according to documents obtained by The Daily Caller News Foundation. Environmental attorneys Vic Sher and Matt Pawa got into a multi-million-dollar legal…

Obama Touts Climate Legacy, Then Takes Credit for US Oil Boom

November 29, 2018November 29, 2018 Admin

by Michael Bastasch Former President Barack Obama said he was “extraordinarily proud of the Paris accords” before, rather ironically, taking credit for booming U.S. oil and gas production. “I was extraordinarily proud of the Paris accords because — you know, I know we’re in oil country and we need…

Trump Approved the First-Ever US Oil Facility in Arctic Waters

October 26, 2018October 26, 2018 Admin

by Tim Pearce The Department of the Interior approved what could be the first-ever oil and gas production facility in U.S.-controlled Arctic waters Wednesday. Hilcorp Alaska submitted a proposal to build a 9-acre gravel island off the coast of Alaska in the Beaufort Sea. The artificial island, called the Liberty Project,…

‘Not Here, Not Now’: Gov. Brown Signs Bill Blocking Trump’s Offshore Drilling Plan

September 9, 2018September 8, 2018 Admin

by Chris White Gov. Jerry Brown signed a bill Saturday effectively prohibiting new federal offshore oil drilling along California’s coast, and announced that he opposes plans to expand crude exploration on public lands in the state. The legislation he signed blocks the Trump administration’s plan to expand offshore oil drilling…

Police Raid Anti-Pipeline Site, Destroy Their Camp And Send Them Straight To Jail

August 18, 2018August 17, 2018 Admin

by Jason Hopkins Law enforcement ended a lingering standoff with an anti-pipeline camp site, arresting five protesters and destroying all the makeshift homes that were built. Intense opposition has centered around the Trans Mountain pipeline project, an expansion proposal that will ultimately stretch from Alberta to British Columbia’s west coast.…