oil Archives - Page 2 of 2 - The Minnesota Sun

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.…