Wall Street Journal, Dec 19,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Woodside and Chevron announced they would streamline their oil and gas operations throughout Western Australia by announcing a stake exchange deal. This move will result in the Australian energy company exiting the $34 Billion Wheatstone LNG Project. The U.S. Department of Justice has filed a lawsuit against the pharmacy chain CVS for filling illegal prescriptions of opioids and billing federal insurance programs. This is contributing to an epidemic of opioid overdose and addiction across the country.
Biden Administration releases LNG export study and urges caution on new permits
Tuesday, the administration of U.S. president Joe Biden released the long-awaited report on the economic impacts and environmental effects of exports of liquefied gas. The results highlighted the need to be cautious when issuing new permits. Biden had in January halted the Department of Energy’s approvals of U.S. exports of LNG to large consumers in Asia and Europe, so that his government could conduct the review. This triggered complaints from the oil industry. The study's findings were summarized by Energy Secretary Jennifer Granholm in a letter to reporters.
Biden's DoE LNG Export Study Tepid on New Permits
The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review, triggering complaints from the oil and gas industry."The main takeaway is that a business-as-usual approach is neither sustainable nor advisable," Energy Secretary Jennifer Granholm told reporters ahead of the release of the study.
US House panel finds BlackRock and other asset managers reluctant to join climate initiative
According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they claim has revealed fund firms and activists were part of a “climate cartel” which colluded through shareholder organizations to reduce emissions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
US House panel finds BlackRock and other asset managers hesitant to join climate initiative
According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim has revealed that fund firms and activists were part of a 'climate cartel' who colluded through shareholder groups pressing for emissions reductions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
US solar industry's strategy for Trump's era downplays climate
The U.S. Solar Industry unveiled their lobbying strategy on Thursday for the incoming Trump Administration. They promoted themselves as a domestic employment engine that could help meet soaring demand for power, without mentioning its role in fighting climate change. The new policy agenda is a dramatic shift for the solar industry, which has been a major beneficiary from the Inflation Reduction Act, a landmark climate change law passed by President Joe Biden in 2022. Donald Trump, the President-elect Donald Trump, has promised to repeal the law. This would require Congress to take action.
NOIA Reacts as BOEM Announces Next Steps for GoM Oil & Gas
National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the Bureau of Ocean Energy Management (BOEM) released the Draft Programmatic Environmental Impact Statement (EIS) for oil and gas leasing in the Gulf of Mexico:"We are pleased to see BOEM finally moving forward with the next step toward the first Gulf of Mexico oil and gas lease sale of the 2024-2029 offshore leasing program. This is not just about securing a lease sale in 2025; it's about affirming the Gulf’s pivotal role in bolstering our energy security…
Jorge Montero is appointed Minister of Mines and Energy by Peru
According to a resolution of the government published on Sunday after his predecessor had been removed by the congress, Peru has appointed Jorge Montero its new Minister of Mines and Energy. The former minister Romulo Manyo was removed from office on Tuesday, as protesters from small scale miners camped in front of the Peruvian parliament's building at Lima and periodically halted the traffic throughout the South. Small-scale miners in Peru - of which many do not have the proper permits to operate - are demanding that a program allowing them to temporarily operate be extended by two years.
Brazil Gas Subsidy Plan is hindered by fiscal concerns
The Brazilian fiscal constraints may prevent a proposal to subsidise the price of natural gases used to make nitrogen fertilizers, Bernardo Silva said, executive director of the fertilizer lobby Sinprifert. The group, which includes Mosaic, Eurochem, and Yara in Brazil as members, is pleased with the plan, because it will help reduce Brazil's dependence on imported fertilisers. According to the proposal, approved by a committee of the Congress this week, subsidies of 1.7 billion reals ($281million) would be used to cover the difference between market prices of natural gas, and "a value of reference" of $4 per thousand BTUs.
Edison CEO: US utilities want Trump and Republicans to save the inflation act
Pedro Pizarro said that the U.S. Utility Industry wants the incoming Trump Administration and the Republican-led Congress in Congress to maintain clean energy and EV Tax Credits in the Inflation Reduction Act. The 2022 IRA is a law that contains hundreds of billions in subsidies for clean power and was signed by outgoing president Joe Biden to combat climate changes. Donald Trump, the president-elect and climate skeptic who will be taking office, has pledged to repeal it. This would require Congress' support. Pizarro, a former board chair of the industry trade group Edison Electric Institute who was recently replaced…
Mexico will extend $6.7 billion in debt to Pemex to pay for its debts by 2025
A budget proposal released on Friday showed that the Mexican government plans to transfer 136 billion Pesos (6.69 billion dollars) to Pemex, the state-owned oil company. This will help Pemex to pay its debts and repay loans. Pemex's financial liabilities of $97.3 billion include debt payments on bonds of almost $9 billion. Rating agencies have criticized Pemex for its dependence on government assistance to stabilize its finances. Claudia Sheinbaum took office as president in October. She has stated that the government will continue supporting Pemex, and CFE, a state-owned utility, because of their important role.
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. He was speaking at a conference organized by the Federal Reserve Banks of Dallas & Kansas City.
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. It also urged Trump to lift the pause on liquefied gas export permits and work with Congress on repealing a fee for methane emissions during drilling operations.
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. It also urged Trump to lift the pause on export licenses for liquefied gas facilities, and to work with Congress to eliminate a fee on drilling methane emissions.
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. It will increase to $1200 in 2025 and to $1500 in 2026.
The US climate envoy said that work would continue despite Trump’s return
John Podesta, U.S. Climate Envoy, urged governments on Monday to believe in the promise of the United States to combat global climate change. He said Donald Trump could slow down, but not stop the transition away from fossil fuels, when he returns to the White House in January. The annual U.N. Climate Summit began Monday in Baku in Azerbaijan. Many country delegations were concerned that Trump's win in the U.S. Presidential election on November 5 would hamper progress in limiting planetary warming. Trump has pledged to remove the United States from international climate agreements…
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S. West Texas intermediate crude futures were down 38 cents or 0.5% at $70 a bar. Last Friday, both benchmarks dropped more than 2%.
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050. The current trends scenario of the company does not also project a lifting by the U.S. government of its current ban on new LNG export facilities.
What are the differences between Trump and Harris' energy policies?
Both Donald Trump, a Republican, and Kamala Harrias are Democrats. They both want to increase production while keeping prices low for consumers. The main difference is that Harris wants to favor clean energy technologies that are crucial in fighting climate change. Trump, on the other hand, would roll back green regulations which hinder oil and coal drilling. Next Tuesday, voters in the United States will have to face the same contrast as they head to the polls to elect their next president. Scientists say that global climate efforts are failing to address the speed and magnitude of global warming.
