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…
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…
Chris Wright, CEO of the oil industry, is appointed Energy Secretary by Trump
Donald Trump, the President-elect, announced on Saturday that Chris Wright, an oil and gas executive who is a staunch supporter of fossil fuels, will be his choice to lead the Department of Energy. Wright is the founder of Liberty Energy in Denver, a firm that provides oilfield services. He will likely support Trump's plans to increase oil and gas production and seek ways to increase electricity generation…
German chemical lobby VCI reduces its 2024 forecast amid political turmoil
The German chemicals industry association VCI lowered their annual forecasts on Wednesday, citing the economic stagnation in Germany and political turmoil. The association, which represents 1,900 companies within Germany's third largest industrial sector, is expecting production volumes, including pharmaceuticals, to increase by just 2% in this year. This is a significant drop from the 3,5% growth it predicted for nearly six months.
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.
US Steelworkers Union looks at clean energy to replace lost jobs at oil refineries
A union official stated that the United Steelworkers union will rely on clean energy projects in order to boost membership growth and offset losses at oil refineries and petrochemical facilities, even if Donald Trump is elected president on November 5. The USW, a union that represents 30,000 workers at crude oil refineries and petrochemical plants in North America…
Austrian election puts Russian gas habits and a sputtering economic in focus
After the general elections on Sunday, the government in Austria that comes to power will be under increasing pressure to diversify their energy supply and move away from dependence upon Russian gas. This is happening at a time when Austria's economy is in reverse. A majority is not expected from any party. Opinion polls show that the far-right Freedom Party (FPO), which is friendly to Russia, has a slight lead.
Yellen warns that the end of US clean energy tax credit would increase consumer costs
U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh, North Carolina Yellen said that across the nation…
US Prepares Renewal of Chevron's Venezuela License Without Broader Terms
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said.The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for a license that would allow it a greater say in its joint ventures with Venezuela's state-run PDVSA…
NOIA: U.S. Offshore Drilling Ban Would Crush Jobs, Govt Revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group said on Tuesday.The report by the Washington-based National Ocean Industries Association comes…
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin…
Senate Confirms Wheeler to lead EPA
The U.S. Senate on Thursday confirmed President Donald Trump's candidate, a former coal lobbyist, to lead the nation's top environmental regulator, infuriating Democrats and conservation groups who said his policies were endangering public health.Environmental Protection Agency Acting Administrator Andrew Wheeler, a Washington insider with years of experience working as a congressional staffer…
Government Shutdown: Atlantic Seismic Permitting Blocked by Judge
A federal court judge on Friday ruled that the federal government cannot process seismic testing permits for offshore oil drilling during the ongoing government shutdown, dealing a blow Trump administration's energy agenda.Judge Richard Gergel of the U.S. District Court in South Carolina issued the decision in response to a motion filed by a range of conservation…
Orsted Loses Political Support for Divestment
Shares in Orsted fell on Monday after the energy company, which is 50.1 percent owned be the Danish state, on Sunday announced that there was no longer political support for the divestment of its power business.The world's largest offshore wind farm developer had put its Danish power distribution and residential customer businesses up for sale in June to focus on developing its international renewable energy operations.But as Denmark's Social Dem
US Working on Arctic Oil Leases Despite Shutdown
Even as a partial shutdown halts the functions of many U.S. government departments, forcing the Department of the Interior to close national parks, the Trump administration is continuing to push for the expansion of oil drilling on sensitive, federally owned lands in Arctic Alaska.The Alaska Bureau of Land Management (BLM), part of the Interior Department, was scheduled to hold a meeting on Wednesday night in Wainwright…
Over-extended Oil Prices Were Primed For a Fall
Pay attention to what traders actually do, not what they say, is one of the most important principles for successful oil market analysis.Despite all the bullish commentary around oil prices in recent weeks, there was plenty of forewarning prices were primed for a setback.By the middle of April, hedge funds had accumulated a near-record net long position in crude…
Trump's State Department Energy nominee Approved by Senate Panel
President Donald Trump's nominee for the top U.S. State Department job dealing with matters related to energy and the global oil industry was approved by a Senate committee on Wednesday, as the United States gears up to re-impose sanctions on Iran's oil exports. The Senate Foreign Relations Committee approved Francis Fannon, a former head of corporate affairs at mining company BHP Billiton and senior director of Murphy Oil Corp…
Germany: EU Should Present United Response to U.S. Tariffs
Germany's transatlantic coordinator told a group of newspapers that the European Union should take a common line in responding to proposed U.S. steel and aluminum tariffs. After visiting Washington, Juergen Hardt - a member of Chancellor Angela Merkel's Christian Democrats - told the RND group of newspapers that an escalation of the conflict with the United States was not in Europe's interests and Europe would stick to a "rule-based world order".
US Senators from 12 States Seek Offshore Drilling Exemptions like Florida's
Twenty-two Democratic U.S. senators from 12 states on Thursday joined the chorus of local representatives seeking exemptions from Interior Secretary Ryan Zinke's newly proposed offshore drilling plan, after his surprise move on Tuesday to shield Florida. Zinke surprised lawmakers, governors, and industry groups on Tuesday night by announcing that Florida would…
Fight over Alaska Arctic Drilling has Just Begun
Senator Lisa Murkowski, an Alaska Republican, won a decades-long battle on Wednesday to open part of an Arctic wildlife reserve in her state to oil and gas drilling, but Democratic senators and conservationists vow the war has only begun. The tax bill passed by Congress contains language pushed by Murkowski and supported by President Donald Trump to hold two lease sales in the 1.5 million-acre (600…
