What would have been a demented propagandist’s flight of fancy a decade ago has become reality: For the first time in history, the US imports more oil from our dear and reliable neighbor Canada than from OPEC. With major consequences.
Entries in Energy (171)
By Nick Cunningham: Russia’s primary energy customer is Europe, which is now planning sanctions. That has accelerated the natural gas deal Russia is trying to hammer out with China. But they’ve been negotiating for years, the biggest sticking point being price!
By John Daly: It “tried to keep its rewards and shed its responsibilities by playing a corporate shell game, putting its oil-and-gas business in a new entity and leaving behind a bankrupt shell” with environmental liabilities of defunct, polluting businesses.
By James Burgess: In the Lone Star state, famous for oil and gas, the wind industry hit a new record for power generation – and leads the US by far in installed capacity.
By Nick Cunningham: That the US could unleash a flood of oil from the Strategic Petroleum Reserve to drive down prices has been pushed for weeks, most recently by George Soros, but has been dismissed as not a serious option. Then Obama went to Saudi Arabia.
This winter, polar vortices sent the price of natural gas into dizzying spikes and plunges, head fakes, and whiplash-inducing turnarounds. But now winter is petering out, and we’re left with a peculiar situation.
By John Daly, Oilprice.com: On 14 February, the Waste Isolation Pilot Plant near Carlsbad, NM, admitted belatedly that a radiation leak exposed 17 workers to radiation. They’d inhaled plutonium and americium particles. That’s when the complications started.
By Nicholas Cunningham, Oilprice.com: The US coal market is shrinking, the industry’s prospects dim. Coal producers seek salvation overseas but face high transportation costs and cheap coal from other countries. And China is a major reason for the gloom.
By Daniel Graeber: Shell is already steeped in its Alaska offshore debacle. Now its new boss admitted that fracking in the US, after a huge investment, is a money-losing business.
By Dan Dicker, Inside Investor: The release from the Strategic Petroleum Reserve took down the price of oil in the US, but not in the rest of the world, and didn't impact Russia. New measures are bandied about - ludicrous attempts by the government to flex some muscle.
By James Farro: Who knew what about the “surprise” release from the Strategic Petroleum Reserve? Because the news was leaked to a chosen few, days in advance.
By Nick Cunningham, OilPrice.com: ExxonMobil had a rotten week: a string of bad news from seething hotspots around the world, just as rising costs and flat output raise questions about the firm’s trajectory.
By Nick Cunningham, Oilprice.com: The US coal industry, plagued by rising costs and increasingly stringent environmental regulations, was to have a comeback year in 2014. Instead, it has had an epic year so far in environmental damage and horrible publicity.
Washington is tangled up in spirited bouts of mudwrestling over exporting US crude oil, prohibited since the Arab oil embargo. Big Oil, environmentalists, consumer groups, lobbyists, lawmakers – they’re all at it. Yet, exports of "petroleum products" are soaring.
By James Stafford, Oilprice.com, and energy expert Arthur Berman: This winter, things have begun to unravel. Natural gas inventories are near their 2003 low. Sure, weather is the main factor, but that's always the case. The truth is that supply has not been able to meet winter demand, period. It's a fact that is inconsistent with the fairy tales we continue to hear about cheap, abundant gas forever.
Regarding Russia’s Ukrainian campaign, Speaker of the House Boehner did what President Obama had done: posturing. “It’s time to stand up to Putin,” he said. NATO met. The UN Security Council met. EU Foreign Ministers met. Sanctions, that’s the common denominator.
By Nick Cunningham, Oilprice.com: Why are most of the damages of an oil spill, such as the BP Deepwater Horizon, picked up by taxpayers? A federal liability cap of a ludicrous $75 million, that’s why. Big oil loves that subsidy and thwarts efforts to raise it to realistic levels.
By Nick Cunningham, Oilprice.com: Natural gas prices in the US hovered between $2 and $4 per million btu for years, while reaching $19 in Japan. The industry is pushing for permits to export LNG, hoping for an easy arbitrage opportunity. But the markets may bite back.
By Marin Katusa, Chief Energy Investment Strategist: America has some serious problems: education, health care, the power of lobbyists, government spying on Americans, poverty.... But there is one problem America doesn't have – getting oil out of the ground.