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Hundreds Arrested at Line 3 ‘Treaty People Gathering.’ Water Protectors Vow To Continue Until the Pipeline is Canceled
Hundreds Arrested at Line 3 ‘Treaty People Gathering.’ Water Protectors Vow To Continue Until the Pipeline is Canceled Indigenous activists in Northern Minnesota occupied sites of Enbridge’s Line 3 pipeline, seeking to disrupt construction. The action puts national attention on an issue that President Biden has tried to ignore. Water protectors are seeking to stop […]
Exclusive: Whistleblower Accuses Exxon of ‘Fraudulent’ Behavior for Overvaluing Fracking Assets For Years
Exclusive: Whistleblower Accuses Exxon of ‘Fraudulent’ Behavior for Overvaluing Fracking Assets For Years ExxonMobil announced a $19.3 billion write-down on Tuesday, a big hit to a company reeling from depressed oil and gas prices and a rapidly changing global energy market. The write-down reduces the value of the assets on Exxon’s books. The announcement comes as part […]
Canada’s Trans Mountain Pipeline Inches Forward, But Opposition Intensifies
Canada’s Trans Mountain Pipeline Inches Forward, But Opposition Intensifies Late one night this past April, four people on off-road vehicles drove into a small, Indigenous village near the town of Blue River in British Columbia, Canada. It was dark and the vehicles drove through deep snow, smashing through wooden signs and barriers that guarded the […]
Natural Gas Price Plunge Could Soon Lead To Shut-Ins
Natural Gas Price Plunge Could Soon Lead To Shut-Ins Natural gas prices plunged to new lows this week, falling below $1.50/MMBtu, a catastrophically low price for U.S. gas drillers. The factors afflicting the gas market are multiple. Prices had already fallen below $2/MMBtu at the start of 2020, weighed down by oversupply. But it wasn’t a […]
Is EIA Data Disguising A Disastrous Decline In U.S. Shale?
Is EIA Data Disguising A Disastrous Decline In U.S. Shale? The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil market, and that economic activity will “explode” on the other side […]
The LNG Market Is “Imploding”
The LNG Market Is “Imploding” While everyone is understandably watching the meltdown in the crude oil market, the global market for natural gas is also cratering. At least 20 cargoes of U.S. liquefied natural gas (LNG) have been cancelled by buyers in Asia and Europe, according to Reuters. The global pandemic and the unfolding economic crisis […]
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 […]
“Gasmaggedon” Sweeps Over Global Gas Market
“Gasmaggedon” Sweeps Over Global Gas Market China’s state-owned gas importers are considering declaring force majeure on LNG imports, which would amplify the turmoil in global gas markets. LNG prices have already plunged to their lowest levels in a decade in Asia as the ramp up of supply in 2019 came at a time when demand has slowed. […]
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 […]
2020 Will Be A Crucial Year For Oil
2020 Will Be A Crucial Year For Oil It’s the start of a new year and a new decade, and the oil market is as unpredictable as ever. Will OPEC+ extend its cuts? Will U.S. shale finally grind to a halt? Is this the “year of the electric vehicle”? Here are 10 stories to watch […]
Argentina Wants a Fracking Boom. The US Offers a Cautionary Tale
Argentina Wants a Fracking Boom. The US Offers a Cautionary Tale Argentina’s President Alberto Fernandez takes office in the midst of an economic crisis. Like his predecessor, he has made fracking a centerpiece of the country’s economic revival. Argentina has some of the largest natural gas and oil reserves in the world and “possibly the most […]
IEA: An Oil Glut Is Inevitable In 2020
IEA: An Oil Glut Is Inevitable In 2020 Despite the OPEC+ cuts, the oil market is still facing a supply surplus in 2020, according to a new report from the International Energy Agency (IEA). OPEC+ announced additional cuts of 500,000 bpd, which sounds more impressive than it is because the group was already producing under […]
Shale’s Debt-Fueled Drilling Boom Is Coming To An End
Shale’s Debt-Fueled Drilling Boom Is Coming To An End The financial struggles of the U.S. shale industry are becoming increasingly hard to ignore, but drillers in Appalachia are in particularly bad shape. The Permian has recently seen job losses, and for the first time since 2016, the hottest shale basin in the world has seen job […]
IEA Sees $90 Crude Ahead Of Oil’s Downfall
IEA Sees $90 Crude Ahead Of Oil’s Downfall Global oil demand will plateau around 2030, according to a major new report, but the decline in demand is way too slow to head off the worsening effects of climate change. Oil demand begins to flatten out in the 2030s “under pressure from rising fuel efficiency and […]
