Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling in federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico.
Republican-led states file suit against Biden administration for offshore drilling ban
A group of Republican states filed a suit on Friday to challenge a ban on offshore oil and natural gas development announced earlier this month by the outgoing Democratic U.S. president Joe Biden. According to a court document, the lawsuit is seeking a reversal Biden's prohibition with declaratory and judicial relief. The filing argues that Biden does not have the authority or power to impose a such a restriction and that this authority belongs to the U.S. Congress.
New York City dismisses climate change lawsuit against Exxon BP Shell
A judge dismissed New York City’s lawsuit against Exxon Mobil and BP for misrepresenting their products and commitment to renewable energy, as well as their fight against climate change. Anar Patel, a state Supreme Court justice, ruled on Tuesday that the city cannot claim to have climate-conscious citizens, but then let them down by oil companies who fail to disclose the contribution of their fossil fuels to climate change. Patel found that there was no evidence the oil companies or defendant American Petroleum Institute engaged in "greenwashing"…
USDoI: ANWR Drilling Auction Yields no Bids
The U.S. Interior Department said on Wednesday that a congressionally mandated oil and gas drilling lease auction in Alaska's Arctic National Wildlife Refuge received no bids from energy companies.The outgoing administration billed the outcome as proof the 19 million-acre refuge, home to species including polar bears and Porcupine caribou, should remain off-limits to fossil fuel development, even as President-elect Donald Trump seeks to encourage expanded drilling there.The U.S.
Palm fell due to export concerns and Indonesia's biodiesel plan
Malaysian palm futures fell on Wednesday due to concerns over export demand and the uncertainty surrounding Indonesia's biodiesel mandate. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 9 ringgit or 0.21% to 4,356 Ringgit ($968.00). The contract gained 0.62% during the previous session. A Kuala Lumpur based trader said that the price of crude palm oil has dropped as export worries continue to plague the market. The data on palm oil exports from Malaysia for the period Jan. 1-10 will be released Friday.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands Act in order to protect federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands Act in order to protect federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico.
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.Brent crude futures rose 48 cents, or 0.7%, to $74.06 a barrel by 1445 GMT. U.S.
Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85. That puts both crude benchmarks on track for their lowest closes since Dec.
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST, after settling on Friday at their highest since Nov. 22.U.S. West Texas Intermediate crude shed 35 cents to $70.94 after registering its highest close since Nov.
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said…
US energy lobby groups cautious about Trump tariffs
The U.S. oil industry said that they are concerned about President-elect Donald Trump’s threats to impose tariffs on Canada, Mexico and the United States, stating that such policies may affect consumers, industries and security. Trump, who will take office on January 20, has promised to impose a tariff of 25% on imports coming from Canada and Mexico. These are two of America's largest trading partners. He said he would do this until these countries crack down on drugs - particularly fentanyl - and migrants at the border.
Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday. This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year. On Wednesday, it settled at $68.43 per barrel. Richard Muncrief, CEO of Devon in Oklahoma City, said that crude demand will grow modestly by 2025, compared with 2024.
Biden officials ask EU methane regulations to be aligned with US rules to ease LNG flow, says letter
According to a letter obtained by the, President Joe Biden’s administration asked that the European Union ensure that liquefied gas imports meeting U.S. regulations for methane automatically meet Europe’s standards. The linking of U.S. methane and EU standards will protect the United States' LNG trade with Europe, while also securing Biden's rules on methane even if these are repealed in the future by Donald Trump's administration. We understand that the process will take some time.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies implemented by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies proposed by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles.
As Biden's term ends, the US introduces a methane tax on gas and oil emitters.
The U.S. administration of President Joe Biden finalized on Tuesday a fee for large oil and gas companies to reduce emissions of this powerful greenhouse gas. However, the incoming Trump presidency is likely to scrap the fee. The methane tax is one of the last measures taken by the administration to combat the second most common greenhouse gas, after carbon dioxide. This gas tends to leak undetected into the atmosphere from drilling sites, gas pipes and other oil and natural gas equipment. The fee will be $900 per metric tonne of methane emissions in 2024.
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed. Stock markets, International Monetary Fund and Federal Reserve open. The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600.
Holiday schedule for US economic and other data
The Columbus/Indigenous Peoples Federal Holiday on Monday, October 14, will affect the release of major economic, energy, and commodities reports during the week of Oct. 13. Treasury Department will announce the release date of the Monthly Budget in October. Due to reporting requirements for the end of fiscal year, the September report was delayed. The schedule is below. The times are in EDT/GMT. Certains Treasury announcements may change. Columbus/Indigenous Peoples holiday.
New York City Sues Exxon, BP, Shell Over Climate Change
New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as "cleaner" and advertising themselves as leaders in fighting climate change.The lawsuit comes after a federal appeals court this month rejected the city's effort to hold five major oil companies liable to help pay the costs of harm caused by global warming.The lawsuit said Exxon Mobil Corp…
