Commentary President Joe Biden appears to have no understanding of where high gas prices come from and that his policies have contributed to the problem. “If oil companies were investing their profits in their operations at historic rates, America would produce more oil today and prices would be down even further. Rather than giving Americans…
IEA Says Europe Must Act Now to Avoid Winter 2023 Gas Shortages
November 4, 2022
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OSLO—Europe needs to act now to avoid a natural gas shortage next year given the loss of Russian supply and expectations Chinese demand will increase, the International Energy Agency (IEA) said on Thursday. The European Union has succeeded in filling storages to 95 percent ahead of this winter, 5 percent or 5 bcm above their…
Deadly Indiana House Explosion Traced to Leaking Gas Line
EVANSVILLE, Ind.—An August house explosion that killed three people in a southern Indiana neighborhood has been ruled accidental after investigators traced the blast to a leaking natural gas line in the home’s basement, officials said Wednesday. The Indiana State Fire Marshal said its joint investigation with the Evansville Fire Department into the Aug. 10 explosion…
Fuel Company Issues Diesel Shortage Warning, Says US ‘Rapidly Devolving’
A major fuel supply company has issued an alert about upcoming diesel fuel shortages in several East Coast states. States that are expected to experience shortages include Alabama, Georgia, Tennessee, North Carolina, Virginia, and South Carolina, Mansfield Energy said in an alert last week. “Poor pipeline shipping economics and historically low diesel inventories are combining…
Europe’s Green Future Is Cold and Dark
Commentary In the wake of the Russian invasion of Ukraine, European Union (E.U.) nations are scrambling to source fossil fuels to run their factories and heat their homes this winter. They vigorously boycotted Russian natural gas and levied sanctions, you’ll recall, as a way of punishing Russia for its evil warring ways. The Thrill of…
Europe Can’t Count on US Gas to Counter Growing Supply Deficit from Russia Next Year: BloombergNEF
Europe has been able to fill its storage tanks and maintain an adequate capacity for the moment. Disruption of flow from Russia, however, will offset the current supply from the United States and lead to significant inventory deficits in 2023. According to Bloomberg analysis, there are two issues pertaining to U.S. supplies. One is the…
Shell Reports Drop in Profit to $9.45 Billion, Hikes Dividend
October 27, 2022
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LONDON—Shell on Thursday posted a third-quarter profit of $9.45 billion, slightly below the second quarter’s record high, due to weaker refining and gas trading, and said it will sharply boost its dividend by the end of 2022 when its CEO departs. The British oil and gas giant also extended its share repurchasing program, announcing plans…
Newsom Targets Oil Company for Making Profits During Gas Crisis
October 26, 2022
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California Gov. Gavin Newsom continued his campaign to create a new tax for oil companies Oct. 25, targeting Valero for increasing its earnings during a time when the state’s consumers paid record prices at the pump. The Texas-based oil company released its third-quarter earnings report showing a net income earning of $2.8 billion from July…
Russia’s Gazprom Says It Will Terminate Natural Gas Supplies If Price Cap Is Imposed
October 17, 2022
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The CEO of Russia’s energy giant Gazprom has warned that energy supplies will be halted if Europe imposes price caps on Russian natural gas exports. “Such a one-sided decision is of course a violation of existing contracts, which would lead to a termination of supplies,” Gazprom CEO Alexei Miller said on Russian TV on Sunday, Reuters reported. Miller’s comments…
‘No Waiting’: Turkey, Russia to Act on Putin’s Gas Hub Offer
October 15, 2022
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ANKARA, Turkey—Turkish President Recep Tayyip Erdogan said Friday that Turkey and Russia have instructed their respective energy authorities to immediately begin technical work on a Russian proposal that would turn Turkey into a gas hub for Europe. Russian President Vladimir Putin has floated the idea of exporting more gas through the TurkStream gas pipeline running…
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