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Climate Crusaders Are Wrong About Norway’s Oil Divestment Proposal

Climate crusaders celebrating Norway’s proposal to divest its sovereign wealth fund from oil and gas stocks should pause before popping the carbon-neutral champagne. In fact, the proposed divestment is limited to only include companies solely involved in oil and gas exploration, not integrated majors like BP, Exxon and Equinor, Norway’s state-owned oil giant. Norway’s proposal would affect about $40 billion ...

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Trump Warns Saudi Arabia: ‘Relax And Take It Easy’ With Oil Price Hikes

President Donald Trump told Saudi Arabia, Russia and their oil cartel partners to “take it easy” on efforts to tighten supplies and raise the price of crude. “Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” Trump tweeted Monday morning in a clear signal to the Saudi-led Organization of ...

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Oil Is Piling Up In Venezuela After Trump Slapped Sanctions On Maduro

Nicolas Maduro Venezuela

Oil in Venezuela is piling up after U.S. President Donald Trump placed sanctions on President Nicolas Maduro’s regime to force Maduro into stepping down, The Wall Street Journal reports. Oil stockpiles in the South American country have risen to the highest levels in at least five years, reaching 32.8 million barrels of oil last week, research firm Orbital Insight estimates ...

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US Oil Output Hits 12 Million Barrel-A-Day Milestone Way Ahead Of Schedule

Offshore oil rig

U.S. crude oil production hit 12 million barrels per day in mid-February, according to the Energy Information Administration’s (EIA) latest report. EIA’s weekly petroleum report, for the week ending February 15th, showed that crude output jump more than 1.7 million barrels per day compared to the same time in 2018 — from roughly 10.3 million barrels per day to 12 ...

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US Oil Production On Track To Hit Another Milestone

The United States is forecasted to reach another milestone in oil output next month thanks to rising production in the country’s biggest shale formations. The Energy Information Administration (EIA), a government agency that track U.S. energy production, is expecting the country’s seven major shale formations to increase output by 84,000 barrels per day in March. The increase will bring total oil ...

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Oil Discovery Could Make Small Country One Of The World’s Richest And It’s Not Ready For It

Offshore oil rig

Another two major oil discoveries have been made off the shore of Guyana, all but assuring the impoverished South American nation an immense flow of wealth. ExxonMobil announced two big oil discoveries in a region approximately 120 miles off the shore of Georgetown, the capital city of Guyana. The finds were made at the Tilapia-1 and Haimara-1 wells in what is known ...

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New Data Show Big Oil On Verge Of Fulfilling One Of Trump’s Promises

Donald Trump success

Domestic oil production in the U.S. is expected to explode over the next decade as other energy producing countries struggle to fulfill world demand, according to an analysis of Energy Information Administration data. More production leads to lower prices and ultimately a reduction in oil imports, American Action Forum noted in a detailed analysis of EIA’s 2019 Annual Energy Outlook. ...

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Experts: US Oil Boom Is Defying Expectations

The United States is expected to churn out far more oil this year than what international analysts originally forecasted. The International Energy Agency, a Paris-based organization that helps coordinate energy policies for industrial countries, released its latest oil market report on Friday, noting exceptional numbers for the U.S. fossil fuel industry. The agency reported that U.S. oil production is expected ...

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Trump Administration Postpones ANWR Meetings As Lisa Murkowski Calls For Shutdown To End

The Trump administration postponed eight public meetings scheduled over plans to open the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling. The Bureau of Land Management (BLM) did not say why the meetings were postponed, and the agency did not respond to The Daily Caller News Foundation’s request for comment. Meetings slated to take place in Anchorage, Arctic ...

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2019 Rig Count Outlook Foreshadowed by Borrowing Base Cuts, Price Drops & Seasonal Dip in Rigs

Offshore oil rig

The total U.S. rig count for December 2018 was 1,147, down 36 (-3%) from November 2018, and up 117 (+11%) from December 2017, according to analysts at S&P Global Platts, the leading independent provider of information and benchmark prices for commodities and energy markets. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs. December U.S. land rig count: 1,116, ...

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Environmentalists Go To Court To Kill Arctic Oil Drilling Plans

Five environmental groups filed a lawsuit in federal court Monday attempting to prevent oil companies from drilling in Arctic waters near Alaska. The groups are challenging the plan in the 9th Circuit Court of Appeals for allegedly violating federal laws and disproportionately contributing to climate change and endangering wildlife. “We can’t let this reckless administration open the Arctic to offshore ...

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New Report Suggests Anti-Oil Activism Have Eliminated Nearly 800K Jobs Opportunities

Anti-fossil fuel activists have sucked tens of billions of dollars out of the U.S. economy and seriously crippled manufacturing jobs, according to a report Tuesday from the U.S. Chamber of Commerce. Activists have prevented at least more than $90 billion in domestic economic activity and eliminated roughly 730,000 job opportunities, the Chamber of Commerce Global Energy Institute (GEI) report notes. ...

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DOI Discovers Largest US Oil And Gas Reserve Ever Found In New Mexico

New Mexico and West Texas are sitting on a bonanza of potentially recoverable oil and gas reserves in the Delaware Basis that lies between the two Western states, the Department of Interior announced Thursday. Two underground layers in the Delaware known as the Wolfcamp Shale and Bone Spring Formation contain 46.3 billion barrels of unrecovered oil and 281 trillion cubic ...

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‘What Winning Looks Like’: US Net Oil Imports Hit 40-Year Low

U.S. net oil imports were just above 4 million barrels per day during the last week of November, according to new Energy Department data — the lowest in 40 years. U.S. Energy Information Administration (EIA) data released Thursday shows net crude oil imports fell by more than 1.7 million barrels per day in just from the week ending November 23rd ...

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Canada Worries Trump Could Strike Back After Alberta Cut Oil Production

A former Alberta trade envoy to the U.S. worries President Donald Trump could retaliate against Canada after Alberta chose to cut oil production. Trump is known to call out energy-producing countries that reduce production – he frequently criticizes Saudi Arabia for considering similar cuts. Alberta, which imports most of its oil to the U.S., moved Tuesday to slash 325,000 barrels ...

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