The Only Oil Major Betting Big On Alaska

While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades. ConocoPhillips has just seen the Biden Administration approve the Willow oil project in the National Petroleum Reserve-Alaska (NPR-A),...

7h

California Passes Gasoline Price Gouging Law

California lawmakers passed legislation this week that will allow penalties to be imposed on fuel retailers for what California’s governor has called price gouging at the pump. The new law was passed just a week after it was introduced as a bill at the state legislature, evidence of the determination of the state’s leadership to squeeze the oil industry...

7h

Battle For Iraqi Oil Heats Up After Iran-Saudi Deal

Iraq’s crude oil production has been stuck between the 4.0-4.7 million barrels per day (bpd) level since 2016, with a mean average of about 4.5 million bpd during that period, but it could relatively straightforwardly produce 12 million bpd – way more than Saudi Arabia’s true crude oil production average of 8.2 million from 1973 to last Friday. Key...

8h

Oil Prices Jump 5% On Easing Banking Fears

Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam.  At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15 per barrel. West Texas Intermediate (WTI) was trading up 5.30%, for a $3.67 increase on the day, at $72.93...

8h

Scientists Hack Early Stage Of Photosynthesis In Breakthrough For Biofuel

Last month, Exxon Mobil (NYSE:XOM) pulled the plug on its 14-year-long algae biofuels project, becoming the last oil company to abandon what was once considered the fuel of the future.The whole idea was not without merit, though. Algae do have some clear advantages over other biofuel candidates, mainly because these photosynthetic microorganisms are...

9h

Portugal Bids To Boost Green Energy With First Hydrogen Auction

On Monday morning, Portugal announced that it would launch a pioneering auction for rights to sell hydrogen for injection into its natural gas grid in the second half of this year. This will be the first auction in Europe and is part of the country's efforts to reduce greenhouse gas emissions. The Portuguese government has set ambitious targets to reduce...

9h

Will Banking Fears Force Middle East Producers To Cut Prices?

The banking collapses that have sapped confidence in oil markets and brought oil prices closer to the $70 per barrel mark have been followed with great interest across the Middle East. For the first time in many months, flat prices were close to fiscal breakeven level as countries like Bahrain, Algeria or even Oman are now asking themselves if balancing...

10h

Oil Prices Jump 5% On Easing Banking Fears

Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam.  At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15 per barrel. West Texas Intermediate (WTI) was trading up 5.30%, for a $3.67 increase on the day, at $72.93...

10h

Everything You Need To Know About The Guyana-Venezuela Border Dispute

ExxonMobil’s swathe of world-class oil discoveries in offshore Guyana, estimated to contain over 11 billion barrels of oil, has captured the world’s attention. This includes considerable scrutiny from Nicolas Maduro the autocratic president of neighboring socialist Venezuela. A longstanding and bitter territorial dispute has embroiled the two South...

11h

Nearly 100,000 Prepayment Meters Forcibly Installed In UK Homes

The UK government on Monday said that more than 94,000 prepayment meters had been forcibly installed in homes last year, as household energy bill debt soars to dangerous heights.British Gas, Scottish Power and OVO Energy were named by the government as having forcibly installed the lion’s share of prepayment meters before regulators ordered a halt to...

11h