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NordStream 2 splits the Western World
NordStream 2 splits the Western World If we were to paint the current situation with a broad brush, we would receive the following simplified picture. The European Union is split into two camps: the old and new member states. The West is split across the Atlantic: it is – roughly – Washington against Paris and […]
Chevron Shares Slide After Recording Historic Quarterly Loss
Chevron Shares Slide After Recording Historic Quarterly Loss Chevron Corporation reported a loss of $8.3 billion for the second-quarter 2020, the worst quarterly decline in a generation, and warned: “COVID-19 significantly reduced demand for our products and lowered commodity prices.” Chevron lost $1.59 per share on an adjusted basis while recording revenues around $13.49 billion. In the same quarter last year, […]
Has Suncor Seen the Climate Crisis Coming for 61 Years?
Has Suncor Seen the Climate Crisis Coming for 61 Years? A US lawsuit wants the oilsands producer to pay for global warming havoc. Did Canada’s largest oil producer learn about climate change as early as 1959, develop a massive bitumen industry in northern Alberta knowing the atmospheric damage it would cause, and then take part […]
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas
The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas The bankruptcy epicenter is in Texas. The Great American Oil Bust started in mid-2014, when the price of crude-oil benchmark WTI began its long decline from over $100 a barrel to, briefly, minus -$37 a barrel […]
Peak Fuel Demand Will Occur Within 10 Years
Peak Fuel Demand Will Occur Within 10 Years It has been a tough few months for the oil industry, and there’s more pain on the way as the industry struggles with disruptive forces that could completely transform it. Now, according to BloombergNEF, oil and gas companies have one more thing to worry about: peak fuel demand. In an […]
Canada’s Oil And Gas Industry Is Critical To Its Economic Survival
Canada’s Oil And Gas Industry Is Critical To Its Economic Survival Canada’s oil and gas industry is yet to receive any funds from the federal government despite being that largest industry in the country. The nation’s economic recovery will be intimately linked with the recovery of its oil and gas sector. Top executives at oil […]
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy Many U.S. shale firms have cruised through the past couple of years by borrowing money and drilling new wells, making the United States the world’s top crude oil producer. The strategy worked for a while, especially when oil prices were around $60 a barrel. But […]
The Most Dramatic Year In The History Of Oil
The Most Dramatic Year In The History Of Oil There are very few industries in the world that have been hit as hard or are set to face as many consequences as the oil and gas industry in 2020. In a recent report, Fitch Ratings forecast that oil and gas exploration and production companies would lose […]
The Oil Crisis Puts The Entire U.S. Economy At Risk
The Oil Crisis Puts The Entire U.S. Economy At Risk Job losses, well shut-ins, and bankruptcies have replaced the praise surrounding the shale oil boom that greatly enhanced America’s energy independence and gave President Trump a reason to tout energy dominance. Now, the federal government is mulling over ways to help the industry curb its […]
THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered
THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered ExxonMobil, the largest oil company in the U.S. and a direct descendant of John D. Rockefeller’s Standard Oil, days are numbered. The once-great profitable oil giant is now borrowing money just to pay dividends. How long can this charade go on? Good question. Now, […]
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits On April 15, Judge Brian Morris nullified water-crossing permits in Montana that were granted for the Keystone XL, a major setback for the long-embattled tar sands oil pipeline. The ruling came just days after Keystone XL owner TC Energy, formerly known as TransCanada, obtained billions of dollars in subsidies from the Alberta government […]
Oil flows spell deep depression
Oil flows spell deep depression Energy is not just one commodity among many in the economy; it is the commodity. Without energy, nothing gets done. And, oil is not just one form of energy in the energy commodity complex; it is the energy source upon which our modern way of life depends. In fact, it is the main energy […]
The Oil Wells That Will Never Recover
The Oil Wells That Will Never Recover It is very common today to read about shutting-in of producing oil and gas wells to reflect the reality there are fewer and fewer places to store oil right now. An old oilfield maxim-the cheapest storage is in the ground. It wasn’t coined to meet the criteria that are extant […]
Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years
Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years Exxon Mobil Corp. has reported its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand. The company reported a $610 million loss for the quarter ending March 31. That is equivalent to about a 14c loss […]
The Syrian Job: Uncovering the Oil Industry’s Radioactive Secret
The Syrian Job: Uncovering the Oil Industry’s Radioactive Secret Cancerous lesions have developed across Keith MacDonald’s body and his son is dead from leukemia. His life has disintegrated, and in his eyes fault lies with the third richest company on earth. It is headquartered in the Netherlands, incorporated in the United Kingdom, and is an […]
