EIA Reports Small Crude Build, Gasoline Draw
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 3. This compared with Continue Reading
Pipelines unclogged, but Canadian crude now faces U.S. Gulf Coast glut
After long being deeply discounted for years because of a lack of pipelines, Canadian heavy crude is finally trading like a “North American” grade, moving in tandem with U.S. sour Continue Reading
US envoy expected to visit Beirut next week over Israel gas dispute
A U.S. mediator will visit Beirut next week to discuss a dispute over a maritime border with Israel, Lebanese Parliament Speaker Nabih Berri said on Tuesday, according to a parliament Continue Reading
The US Is Now Sending the Bulk of Its Export Gas to Europe
Ukraine in Talks to Purchase US LNG, Naftogaz CEO Says Europe has dethroned Asia as the biggest destination for US liquefied natural gas as the energy-starved region seeks to slash Continue Reading
Wildfires in US West Match Climate Projections ‘Eerily’ Well
The largest wildfires in New Mexico’s history belong to the same troubling increase in conflagrations, exacerbated by drought and rising temperatures, that have burned vast areas of the western United Continue Reading
As the Great Salt Lake Dries Up, Utah Faces An ‘Environmental Nuclear Bomb’
If the Great Salt Lake, which has already shrunk by two-thirds, continues to dry up, here’s what’s in store: The lake’s flies and brine shrimp would die off — scientists Continue Reading
‘Extreme’ heat to bake Texas, Southwest with highs topping 110 degrees
Temperatures are set to soar in Texas and the Desert Southwest this week, with readings topping 110 degrees and an escalating danger of heat-related illnesses. The National Weather Service is Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The June Short-Term Energy Outlook (STEO) is subject to heightened levels of uncertainty resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine. Global macroeconomic Continue Reading
Premature Closure Of Houston Refinery Could Worsen The Fuel Crunch
U.S. refining capacity could take a hit from an earlier than planned closure of a major refinery in Houston, which could worsen the refining and fuel crunch in the country. Continue Reading
U.S. Gasoline Prices Jump $0.30 In A Week To Fresh Record Of $4.92
U.S. gasoline prices continue to surge, jumping by $0.30 a gallon in just one week to a new national average all-time high of $4.919 on Tuesday. Diesel prices also set Continue Reading
Oil, gasoline prices to pare gains but remain high through 2022, 2023: EIA
Geopolitical uncertainty and the ongoing impact of the pandemic led to increased oil price volatility and contributed to a more than $4/b rise in the US Energy Information Administration’s 2022 Continue Reading
U.S. power use to rise in 2022 as economy keeps growing -EIA
U.S. power consumption was on track to rise to record highs in 2022 and 2023 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Continue Reading
U.S., Europeans in ‘extremely active’ talks to limit Russian revenues from oil-
The United States is involved in “extremely active” discussions with European countries aimed at limiting the revenues Russia can generate by selling oil, U.S. Treasury Secretary Janet Yellen said on Continue Reading
Americans split on nuclear energy as safety worries linger – Reuters/Ipsos poll
Just under half of Americans support nuclear power to generate electricity, a waning industry the Biden administration has been trying to revitalize with billions of dollars in public spending as Continue Reading
Forecast heatwave for desert Southwest promises surge in US gas, power prices
Highlights 70%-80% risk for above-average temperatures Gas prices could top $10/MMBtu by June 10-11 SP-15 on-peak bal-week offered at $150/MWh Natural gas and power prices across the desert US Southwest Continue Reading
Russia Sanctions U.S. Energy Secretary
The Russian Foreign Ministry has placed sanctions on U.S. Energy Secretary Jennifer Granholm along with 60 other U.S. citizens and top officials, Interfax news agency reports. On Monday, the Russian Continue Reading
Exclusive: Biden to waive tariffs for 24 months on solar panels hit by probe
President Joe Biden will declare a 24-month tariff exemption on Monday for solar panels from four Southeast Asian nations after an investigation froze imports and stalled projects in the United Continue Reading
Texas power use to hit record high on economic growth, hot weather
Power demand in Texas is set to break the all-time record this week, far ahead of the hottest days of summer, testing of the resilience of the state’s power grid Continue Reading
Biden Plans Solar Manufacturing Push to End Project Slowdown
A solar farm under construction in Portage, Pennsylvania. Photographer: Justin Merriman/Bloomberg President Joe Biden will take executive action to boost the US solar sector, seeking to revive clean energy projects Continue Reading
Biden Has ‘Only Bad Options’ for Bringing Down Oil Prices
When President Biden meets Crown Prince Mohammed bin Salman in Saudi Arabia, he will be following in the footsteps of presidents like Jimmy Carter, who flew to Tehran in 1977 Continue Reading
High California Gas Prices Rattle Democrats Ahead of Midterms
Orange County, Calif., symbolized Republican struggles in America’s diverse and highly educated suburbs during Donald J. Trump’s presidency, as a backlash to Mr. Trump transformed center-right strongholds into increasingly Democratic territory. But at a Continue Reading
Chevron CEO Says No New Refineries In U.S—Ever
Chevron CEO Mike Wirth’s view of U.S. refineries is that there will never be another new refinery building in the United States. High prices at the pump have triggered a Continue Reading
There’s No Immediate Cure For Sky-High Gasoline Prices
U.S. gasoline prices continue to set new record-highs day after day. Everything that the Biden Administration has done thus far has failed to curb rising prices. Experts believe that high Continue Reading
For Truck Drivers Across the U.S., Major Change Is Approaching Fast
The Petro Travel Center on Interstate 10 in Ontario, Calif., is one of scores across the country. At the front of the building are the things road trippers see when Continue Reading
Oil Sands Crude Prices Nosedive as Russian Bans Upend Market
Canadian heavy crude prices have collapsed as the European war upends global market flows and makes oil sands crude less valuable. Western Canadian Select’s discount to benchmark West Texas Intermediate Continue Reading
Corporate Executives Assess U.S. Economy as Clouds Form
Retailers including Walmart have reported that some shoppers are beginning to curtail spending. Over the past week, business leaders have laid out in the starkest terms yet that a period Continue Reading
Hiring Remains Strong Even as Fed Tries to Cool Economy
American employers extended an impressive run of hiring in May, even as policymakers took steps to cool the economy in an effort to ease high inflation. The Labor Department reported Continue Reading
US Services Gauge Retreats as Business Activity Growth Slows
US Employers Added More Jobs Than Expected in May Growth at US service providers moderated in May to the softest pace in over a year, reflecting a pullback in a Continue Reading
Corporate America Turns Up Volume on Warnings About Economy
BlackRock’s Rieder: May Jobs Report ‘Last Solid One’ for a While Corporate America is ratcheting up its warnings about the US economy. Executives from Jamie Dimon and Elon Musk to Continue Reading
U.S. Midwest in danger of rotating power blackouts this summer
The power grid in the Central United States could be forced to impose rotating blackouts on some of the hottest days of the summer due to rising demand and plant Continue Reading
US East Coast Fuel Crisis Deepens Ahead of Peak Season
The supply crisis on the East Coast is growing worse, raising the specter of fuel rationing just as the US enters what is typically the heaviest time of year for Continue Reading
OPEC’s Nod to Biden Will Help Saudis, Not Oil Users
After months of ignoring oil consumers’ calls to turn on the taps, OPEC+ has finally agreed to step up production targets. But the real winner of the deal appears to Continue Reading
U.S. Interior must weigh climate impacts of oil, gas leasing -settlement
The Biden administration must thoroughly analyze the climate impacts of oil and gas leasing on nearly 4 million acres (1.6 million hectares) of federal land in five states before drilling Continue Reading
White House weighing oil profits tax to fund consumer rebate, official says
The White House is considering proposals that would tax oil and gas windfall profits in order to provide a benefit to consumers struggling with higher energy prices, a U.S. official Continue Reading
Texas power use to break all-time high next week
Power demand in Texas will break the all-time high next week as economic growth boosts overall usage and hot weather causes homes and businesses to crank up their air conditioners, Continue Reading
How to Push Wall Street to Ditch Fossil Fuels for Clean Energy
The invasion of Ukraine has put the US and Europe on a wartime mission to abandon Russian fossil fuels. This series looks at speeding up zero-carbon alternatives by lowering political Continue Reading
Rising U.S. Interest Rates Could Significantly Impact Emerging Markets
In May the US Federal Reserve implemented its largest interest rate increase in two decades. The move is likely to affect emerging market currencies and increase debt payments. Emerging markets Continue Reading
As Shanghai reopens, California ports prepare for cargo surge
California port leaders expect imports to rise as Shanghai, home to the world’s busiest seaport, emerges from a two-month COVID-19 lockdown. The question is whether that release of pent-up goods Continue Reading
Larry Fink Sees Elevated Inflation for Years Due to Supply Shocks
BlackRock’s Fink Sees Inflation Lasting for Years BlackRock Inc . Chief Executive Officer Larry Fink said he expects inflation to remain elevated for several years primarily because of snarled global Continue Reading
New York Plans 22 Renewable Energy Plants to Reach Climate Goals
New York Governor Kathy Hochul announced plans to build 22 renewable energy projects, much of them solar-power facilities, as the state aspires to achieve a zero-emission grid by 2040. The Continue Reading
Ford to Create Thousands of Factory Jobs, Invest $3.7 Billion in EV, Gas-Engine Production
Ford Motor Co. plans to add 6,200 union manufacturing jobs and invest $3.7 billion into plants in Michigan, Ohio and Missouri, as it looks to expand vehicle production and prepare Continue Reading
U.S. lawmakers relaunch effort to stop U.S. support for Saudi Yemen campaign
Nearly 50 members of the U.S. House of Representatives introduced a resolution on Wednesday seeking to end any U.S. involvement in Saudi Arabia’s air campaign in Yemen, with plans to Continue Reading
U.S. light, heavy oil-price spreads widen as gasoline demand grows
Price differences between U.S. light and heavy crude oil grades have been widening, pricing data showed, as refiners around the world have been snapping up less-dense crude grades for more Continue Reading
U.S. labor market stays tight as workers remain scarce; manufacturing regains speed
U.S. job openings fell in April, but remained at significantly high levels, suggesting that wages would continue to rise as companies scramble for workers, and contribute to inflation staying uncomfortably Continue Reading
US Economy Shows Signs of Downshifting as Rates, Inflation Bite
Fed Beige Book Shows Growth Slowing in Some Areas US economic growth looks to have downshifted in recent weeks in the face of headwinds that include rising interest rates and Continue Reading
New York Suspends the Gas Tax for Six Months as Pump Prices Soar
Gas Prices Hit Record Average of $4.59 New York is temporarily lifting the 16 cents-a-gallon fuel tax for six months as the summer driving season kicks off with record-high pump Continue Reading
U.S. Hiring Demand Remained Strong in April
The monthly jobs report reveals key indicators about the labor market and the overall state of the economy, but it doesn’t show the entire picture. WSJ explains how to read Continue Reading
Jamie Dimon Says U.S. Consumers Still Have Six to Nine Months of Spending Power
JPMorgan Chase & Co. Chief Executive Jamie Dimon said U.S. consumers still have some six to nine months of spending power left in their bank accounts but warned of an Continue Reading
U.S. Split Over Next Round Of Russia Sanctions
Biden administration officials are divided over how much further the US can push sanctions against Russia without sparking global economic instability and fracturing transatlantic unity. Biden administration officials are divided Continue Reading
Bills in red states punish climate-conscious businesses
Good morning and welcome to The Climate 202! ICYMI, yesterday we reported on how Democratic state lawmakers are promoting bills targeting the fossil fuel industry for climate damage. Today we’re looking Continue Reading