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Trump?s Impossible Biofuel Dilemma
by Nick Cunningham
17 Oct 2019 at 11:00am
President Trump thought he had settled the issue. But farmers are irate once again. Less than two weeks ago, Trump announced ? with much fanfare ? a revision to his administration?s biofuels policy, intended to patch up the badly damaged market for ethanol. In August, the EPA issued 31 waivers to oil refiners that got them out of their blending requirements for ethanol, a move that undercut the market for biofuels. Facing a revolt, Trump scrambled to assuage anger in the Midwest. In the ensuing weeks, he negotiated with both sides?

An Inconvenient Truth: Hollywood?s Huge Carbon Footprint
by Julianne Geiger
17 Oct 2019 at 10:00am
Leonardo DiCaprio may have devoted his celebrity platform to zealously cheerleading on behalf of the environment, but he has fallen prey to criticism about his own carbon footprint - which is rather extensive and includes traveling around the world in private jets and yachts to educate us on how we are wrecking the planet. But DiCaprio is being upstaged by another hypocritical climate crusader - one with even deeper pockets: Hollywood. And when it comes to carbon footprints, it is giving even the oil industry a run for its money. Leonardo is an?

Rick Perry Praises The Benefits Of U.S. LNG
by Irina Slav
17 Oct 2019 at 10:00am
The LNG boom in the United States is helping households pay less for electricity, Energy Secretary Rick Perry told Fox News. ?We?re driving down the cost of electricity in most places in America,? he said. ?[With the exception of] some places like New York that forbid natural gas pipelines from being built across their state," the Energy Secretary said, adding that New York currently had one of the highest costs of energy per kilowatt-hour. ?There are points in time where New Yorkers are having to look for?

Oil Bribery And Violent Protests Rattle Ecuador
by Editorial Dept
17 Oct 2019 at 9:00am
Moreno Reverses Fuel Subsidy Cut, Talks Underway Ecuadorean President Lenín Moreno on Monday officially signed a decree reversing his own law to cut fuel subsidies after more than a week of increasingly violent protests against the measure, Reuters reported. Moreno said fuel prices will revert to prior levels until a new measure can be agreed upon that will be perceived as more fair to poor sectors of the Andean nation?s society while thwarting fuel smugglers, who sell the subsidized fuel abroad. The government and indigenous leaders?

State Of Emergency: Vital Oil Pipeline Shuttered By Snow Storms
by Irina Slav
17 Oct 2019 at 8:30am
TC Energy, formerly known as TransCanada, has declared force majeure on the Keystone oil pipeline after a snow storm in Manitoba disrupted operations, Reuters reports, citing a confirmation from the pipeline operator. ?Due to the recent storm in Manitoba over the weekend, we did declare force majeure as the province declared a state of emergency. We are currently operating at reduced flows,? a spokesperson for TC Energy told Reuters in a statement. The Keystone pipeline has a capacity to carry 590,000 bpd of Canadian crude to the?

Oil Nosedives As EIA Confirms Huge Inventory Build
by Irina Slav
17 Oct 2019 at 8:11am
Crude oil prices fell sharply today after the Energy Information Administration reported a 9.3-million increase in crude oil inventories for the week to October 11. The EIA said that at 434.9 million barrels crude oil inventories were 2 percent above the five-year average for the season. Last week?s build extended a three-week series of inventory increases. In gasoline, the EIA reported a decline of 2.6 million barrels for the week to October 11, compared with a drop of 1.2 million barrels a week earlier. Gasoline production stood at 10 million?

How Brazil Just Massively Cut Back Its Deficit
by Tsvetana Paraskova
17 Oct 2019 at 7:20am
The oil auctions in Brazil could help cut Brazil?s deficit for this year to below US$24 billion (100 billion Brazilian reais), the Secretary of the Treasury, Mansueto Almeida, said on Thursday. The government expects the transfer-of-rights auction on November 6 to fetch as much as US$11.56 billion (48 billion reais), Almeida told local television channel GloboNews, as carried by Reuters. This month and next, Brazil is holding three oil auctions for different areas under different regimes in its offshore basins. The first auction, held on?

Russia Ready To Seize Control Of The World's Largest Oil Reserves
by Irina Slav
17 Oct 2019 at 7:00am
The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia?s Rosneft, a local newspaper has reported, citing sources from the industry. Russian TASS reports, quoting El Nacional, that the radical move is being discussed as a way of erasing Caracas? debt to Moscow. The debt is sizeable: at the end of June this year, money owed to Rosneft alone stood at $1.1 billion. That?s down from $1.8 billion at end-March. Two years ago, Caracas and Moscow sealed a deal for the restructuring of another?

The Cheapest Oil Ever Sold
by Haley Zaremba
16 Oct 2019 at 5:00pm
An elite government-appointed group called the National Conservation Commission is charged with taking a comprehensive inventory of natural resources in the United States and discover where resources are being inefficiently handled and even squandered. They come back to the United States Congress with an alarming report that the national supply of oil will be entirely used by within just 25 or 30 years more at the rate that the country is currently burning through the precious and decidedly finite fuel source. The year is 1909.  What sounds?

The Single Biggest Threat To U.S. Oil Jobs
by Irina Slav
16 Oct 2019 at 4:00pm
When earlier this year Whiting Petroleum announced it would cut a third of its workforce, the news did not make a huge splash as it was lost among other cost-cutting efforts in the industry. But when earlier this month Halliburton said it was cutting 650 jobs, the signal became clearer: the U.S. shale boom is slowing and businesses are preparing for a bad-case scenario where the slowdown extends. Indeed, the U.S. oil and gas industry is bleeding jobs. Reuters? John Kemp reports, citing official data, that the oil and gas support segment had?

Electric Vehicle Adoption Overshadowed By SUV Boom
by Nick Cunningham
16 Oct 2019 at 3:00pm
There are now 200 million SUVs on the roads globally, up from 35 million in 2010, according to data the International Energy Agency (IEA). In fact, 60 percent of the increase of the global vehicle fleet since 2010 came from SUVs. Because SUVs are significantly less fuel efficient than smaller more compact cars, the impact on oil demand and greenhouse gas emissions is substantial. SUVs accounted for ?all of the 3.3 million barrels a day growth in oil demand from passenger cars between 2010 and 2018,? the IEA said. EVs have been making?

API: Supersized Crude Build Sends Oil Prices Down
by Julianne Geiger
16 Oct 2019 at 1:58pm
The American Petroleum Institute (API) has estimated a major crude oil inventory build of 10.45 million barrels for the week ending October 10?compared to analyst expectations of a much smaller 2.878-million-barrel build. Last week saw a large build crude oil inventories of 4.13 million barrels, according to API data. The EIA estimated that week that there had been a smaller build of 2.9 million barrels. After today?s inventory move, the net draw for the year is 15.27 million barrels for the 42-week reporting period so far, using API?

A Draconian Crackdown Looms Over Natural Gas
by Nick Cunningham
16 Oct 2019 at 1:30pm
The natural gas industry is reeling as the political climate begins to shift against the industry faster and earlier than many expected. ?If large institutional financial banks stop funding fossil fuel companies, that's going to be a real challenge,? Charlie Riedl, executive director of industry trade group Center for Liquefied Natural Gas, said this week at the Gulf Coast Energy Forum in New Orleans, according to S&P Global Platts. ?That's a conversation we have to have. If natural gas becomes the next coal, that's going?

Mammoth Oil Field Hit Hard By Unplanned Production Cuts
by Tsvetana Paraskova
16 Oct 2019 at 1:00pm
Oil production at one of the world?s largest offshore oil fields, Kashagan in Kazakhstan, has dropped by 80,000 barrels per day since early October because of unplanned maintenance, Kazakhstan?s energy ministry told Reuters on Wednesday. Between October 6 and October 16, production at Kashagan was down to 294,000 bpd on average, from 365,000 bpd at the beginning of this month, industry sources told Reuters. The reason for the unplanned maintenance was a loss of pressure at one compressor, which necessitated works to be carried out.?

Iran Claims To Have Video Evidence Of Oil Tanker Attacks
by Julianne Geiger
16 Oct 2019 at 12:30pm
Iran has claimed that it has footage of last week?s attack on its oil tanker while off the Saudi Arabian Jeddah port, and it proves that the attacks were carried out by Israel, Saudi Arabia, and the United States, according to Mehr news agency, who quoted Abolfazl Hassan Beigi, Iran?s National Security and Foreign Policy Commission member. This evidence, Hassan Beigi said, will be provided to the UN and Security Council. ?Saudi Arabia and the U.S. are trying to put the blame on the ISIL [Islamic State] or the Taliban for the attack,?

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