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Tag Archives: oil and gas industry
As The US Rig Count Collapses Most Since 2014, Will The Fed Bail Out Oil Companies?
As The US Rig Count Collapses Most Since 2014, Will The Fed Bail Out Oil Companies? After a chaotic week in the energy complex, today’s data from Baker Hughes suggests American oil companies are finally starting to draw the line as rig counts collapse to their lowest since July 2016, having collapsed at the fastest […]
Oil, Gas, Petrochemical Financial Woes Predate Pandemic — And Will Continue After, Despite Bailouts, Report Finds
Oil, Gas, Petrochemical Financial Woes Predate Pandemic — And Will Continue After, Despite Bailouts, Report Finds The oil, gas, and petrochemical industries have taken a massive financial blow from the COVID-19 pandemic, a new report from the Center for International Environmental Law (CIEL) concludes, but its financial troubles preexisted the emergence of the novel coronavirus and are likely to extend […]
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots
U.S. Oil Drilling Grinds To A Halt At Key Shale Hotspots Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all major shale basins in the country. The Permian is set to lose 76,000 bpd between April […]
U.S. Gasoline Product Supplied Falls Off A Cliff
U.S. Gasoline Product Supplied Falls Off A Cliff In just two short weeks, U.S. gasoline product supplied to the market fell 32%. The last time weekly gasoline supplies were at this level was more than 30 years ago. Unfortunately, the continued lockdown of a large part of the country will negatively impact the gasoline supply […]
Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop
Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop With oil trading at prices that are uneconomical even for the world’s biggest majors, on Tuesday morning Exxonmobil announced it cut its 2020 Capex by 30% and cash Opex by 15% as the CEO said he expects a record 25-30% demand drop this […]
The Oil Industry’s Radioactive Secret
The Oil Industry’s Radioactive Secret “All oil-field workers are radiation workers.” That quote comes from a blockbuster investigation by Justin Nobel writing in Rolling Stone, who has spent more than a year and a half researching and reporting on radioactivity in fracking waste. When a well is drilled, it produces a ton of brine, a salty substance that […]
The “Twin Threats” Facing Big Oil
The “Twin Threats” Facing Big Oil The global oil and gas industry is facing the “twin threats” of the loss of profitability and the loss of social acceptability as the climate crisis continues to worsen. The industry is not adequately responding to either of those threats, according to a new report from the International Energy […]
Marcellus Shale
Marcellus Shale There have been some signs the shale boom that re-energized America’s domestic energy industry a few years back, might be entering a maturing phase of its development. A phase where weaker players would hit a debt wall or be bought out at discounted value. A phase where, companies with cash who might have […]
Crazy Days in Alberta: The Poison Wells File
Crazy Days in Alberta: The Poison Wells File The province let oil and gas firms create a $100-billion disaster. They expect you to foot the bill. Every day something crazy happens in Alberta to illustrate how thoroughly oil politics have eroded the province’s grip on reality. Judy Aldous, who hosts a province-wide CBC Radio noon […]
Trudeau will fuel the fires of our climate crisis if he approves Canada’s mega mine
Trudeau will fuel the fires of our climate crisis if he approves Canada’s mega mine Alberta’s oil sands produce one of the dirtiest oils on the planet. If the Teck mega mine is approved, the damage to our planet will be colossal This week, the Canadian government is in Madrid telling the world that climate […]
These Secretive Oil Companies Control $3 Trillion In Wealth
These Secretive Oil Companies Control $3 Trillion In Wealth They control the vast majority of the world’s oil and gas assets, yet the average person has never even heard of them, outside of those that are famous for things like getting attacked by missiles or becoming embroiled in a high-profile corruption scandal. State-owned oil and […]
David Hughes’ Shale Reality Check 2019
David Hughes’ Shale Reality Check 2019 1.9 million. 13 trillion. 10 billion. These are the numbers that jumped off the page when I read PCI Fellow David Hughes’s latest “shale reality check” report on the U.S. government’s forecasts of domestic oil and gas production. To elaborate, these forecasts mean that by 2050: 9 million new oil and gas wells will […]
Texas Hit Hard By Shale Slowdown
Texas Hit Hard By Shale Slowdown Texas’ economy is perhaps the most vulnerable to oil price swings given its leading role in the country’s oil industry. Recently, as prices have remained low, talk has begun about the outlook for the state’s economy. According to a recent Reuters report, for example, smaller independent oil and gas producers […]
Oil Industry Set Agenda During Climate Summit Meeting with Big Greens
Oil Industry Set Agenda During Climate Summit Meeting with Big Greens Last week, as climate activist Greta Thunberg addressed the United Nations Climate Action Summit, invited leaders from major environmental groups spent their day listening to the leaders of fossil fuel companies discuss how they want to respond to the climate crisis. Depending on which room you […]
Why “fracked” shale oil and gas will not save us
Why “fracked” shale oil and gas will not save us Preface. As early as 2011 experts were questioning how large fracked natural gas reserves were. The latest IEA 2018 report predicts shale oil/gas could start to decline by 2025, and all global oil as soon as 2023. Shale oil and gas might not even exist […]
