The modern world cannot survive and thrive without a productive petroleum industry
With the price of everything from gasoline to food soaring in America, nobody is surprised by inflated price tags these days. But even by Washington standards, an action taken earlier this month by the Environmental Protection Agency is creating sticker shock: a nearly fourfold increase in the government calculation of damages from carbon emissions.
The government has “war gamed” emergency plans to cope with energy blackouts lasting up to seven days in the event of a national power outage amid growing fears over security of supply this winter.
The Guardian has seen documents, marked “official sensitive”, which warn that in a “reasonable worst-case scenario” all sectors including transport, food and water supply, communications and energy could be “severely disrupted” for up to a week.
They show that ministers will prioritise getting food, water and shelter to the young and elderly people, as well as those with caring responsibilities, if the country experiences blackouts, with the Met Office warning that Britain faces a higher risk of a cold winter.
BP’s
strategy is centered around investing in hydrocarbons whilst simultaneously putting money into the planned energy transition, the oil and gas supermajor’s CEO said Monday.
“What the world needs, more than ever right now, is a conversation and a series of actions that are involved in the practicalities and realities of today and tomorrow,” Bernard Looney, who was appearing on a panel discussion moderated by CNBC’s Hadley Gamble, said.
Congress has repeatedly rejected radical climate change policies that would increase the price of energy. Now, President Joe Biden is circumventing the legislative branch by moving to force people into using electric vehicles . This plan would impose the costliest regulatory burden ever inflicted on the public.
The vast majority of people don’t support phasing out and eventually banning the sale of internal combustion engine cars. At a time of record high inflation and a very expensive new and used vehicle market, these regulations raise the cost of gas-powered cars to push people toward EVs that are, on average, $18,000 more.
The developer for a major offshore wind power project in Massachusetts has asked state regulators to pause review of the contract for one month, saying that global price hikes, inflation and supply chain shortages are disrupting the plan.
The Commonwealth Wind project, which would supply 1,200 megawatts of offshore wind power starting in 2028, “is no longer viable and would not be able to move forward” without amendments to the power purchase agreement (PPA), according to a motion recently filed by the developer.
Attorneys for Commonwealth Wind in the motion cited global commodity price increases, in part because of the war in Ukraine, the sudden spike in interest rates, prolonged supply chain constraints and persistent inflation as reasons for the increased expected cost of construction.
A wind farm in Germany is set to be destroyed to make room for the expansion of a coal mine.
German energy company RWE is defending its decision to expand its Garzweiler coal mine in and around the small town of Lutzerath, despite it appearing to be “paradoxical.”
"We realize this comes across as paradoxical," RWE spokesman Guido Steffen said in a statement to Fox Business. "But that is as matters stand."
Income derived from hydrocarbon exploration and production in Colombia is key to the country's financial stability and its trade balance, its fiscal rule committee said on Monday, and suspension of exploration would put fiscal sustainability at risk.
The government of new leftist President Gustavo Petro, who promised on the campaign trail to halt all new oil exploration, is weighing whether it will allow the signing of fresh contracts to shore up the country's finances.
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While the U.S. is the world’s top producer of oil, it’s also the world’s top gas guzzler.
Inflation, spurred by supply chain issues and Russia’s war in Ukraine has driven up the cost of this valuable resource. On top of that, Hurricane Ian forced offshore producers in the U.S. to scale back production.
Even the head of Saudi Arabia’s state-led oil company, Saudi Aramco, is concerned. Earlier this month, he issued a dire warning that prices could spike soon due to Aramco's “extremely low” capacity.
Which means Americans should be preparing for a very expensive winter.
The relationship between the United States and Saudi Arabia is one of the most important on the planet. And lately, it’s also been one of the most awkward.
Angry officials in Washington vowed “consequences” after Saudi-led OPEC sharply cut oil production earlier this month, driving up pump prices just weeks before the midterm elections.
US lawmakers are threatening steps that were unthinkable not long ago, including banning weapons sales to Saudi Arabia and unleashing the Justice Department to file a lawsuit against the country and other OPEC members for collusion.
California truck drivers and environmental groups presented their concerns about a proposal under consideration by state air regulators to phase out the sale of medium and heavy-duty gas-powered vehicles within the next 20 years.
The California Air Resources Board held its first public hearing this week to receive feedback from the public on the proposal, which the board will likely consider in Spring 2023.
Hurricane Ian caused billions in damage and upended lives, but few people expected that it would cause electric vehicles to burst into flames.
But that's just what happened.
In the days following Hurricane Ian, the saltwater flooding in coastal areas caused the lithium-ion batteries in electric vehicles to combust.
International leaders gathered this week to promote the expansion of nuclear power, arguing the world is going to need more of it if countries have any chance at weathering the evolving energy supply crisis and meeting climate change goals.
The three-day International Atomic Energy Agency's nuclear power ministerial meeting, which convened in Washington on Wednesday, featured heads of government agencies, nuclear companies and utilities, and international NGOs stressing the imperative both to maintain operations of existing nuclear reactors and successfully commercialize the next generation of advanced reactors.
