U.S. to release oil from reserves in coordination with other countries to lower gas prices
President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021′s rapid rise in fuel prices.The coordinated release between the U.S., India, China, …
‘It is entirely doable, and it is doable fast’: Experts on how to navigate the energy transition
LONDON — The deepening climate emergency underscores the urgent need for policymakers to oversee a rapid transition away from fossil fuels.How countries navigate this switch, however, is fiercely contested.The burning of energy sources such as coal, …
As climate change policy takes shape, will the U.S. ever put a price on carbon?
The world needs to reduce carbon levels, and one way is through a carbon tax, a strategy the U.S. has been debating for decades. With urgent calls to lower greenhouse gas emissions globally, putting a price on carbon was one of the major points of d…
Belarus threatens to choke off EU gas supply over border dispute
Belarus has threatened to cut off its transit of gas supply to Europe if the EU imposes sanctions over a migrant crisis at its western border.The bloc has accused Russian-backed President Alexander Lukashenko of weaponizing the thousands of people cur…
Shell teams up with Norsk Hydro to work on green hydrogen projects
Norsk Hydro and fossil fuel giant Shell are to look into the potential of joint projects focused on green hydrogen production.In an announcement Tuesday, Norway’s Hydro said a memorandum of understanding had been signed between the two parties.Under …
UAE oil giant signs nuclear, solar power supply deal, but analysts call for specifics
Energy experts say a plan by the Abu Dhabi National Oil Company (ADNOC) to power its operations using solar and nuclear energy beginning next year is a “groundbreaking” move, but more information is needed to understand the real impact on emissions.…
Fossil fuel production ‘dangerously out of sync’ with global climate targets, UN warns
LONDON — As world leaders prepare for one of the most important climate summits ever held, U.N.-backed research shows governments are collectively planning to extract far more fossil fuels than would be consistent with global climate targets.The Unit…
California moves to ban oil wells within 3,200 feet of homes and schools
California Gov. Gavin Newsom on Thursday proposed a statewide 3,200-foot buffer zone to separate homes, schools, hospitals and other populated areas from oil and gas wells.The draft rule, released by the state’s oil regulator California Geologic Ener…
Fossil fuel production ‘dangerously out of sync’ with global climate targets, UN warns
LONDON — As world leaders prepare for one of the most important climate summits ever held, U.N.-backed research shows governments are collectively planning to extract far more fossil fuels than would be consistent with global climate targets.The Unit…
Gas prices are at a seven-year high and expected to keep rising. How to save at the pump
You may want to get used to higher prices at the pump, at least for now.As of Monday, the average cost of a gallon of gas was $3.30, up 7.5 cents from a month ago and $1.08 higher than a year ago, according to fuel savings app GasBuddy. By Tuesday, th…
RusGazDobycha’s Baltic Chemical lets new contract for Ust-Luga complex
JSC RusGazDobycha subsidiary Baltic Chemical Complex LLC (BCC), through its contractor, has let a contract to McDermott International Ltd. to provide additional works for BCC’s $13-billion ethane-cracking complex, or gas chemical complex (GCC) portio…
Big Oil CEOs have a personal reason to put more focus on less fossil fuels
As energy sector demand roars back and commodities market pundits talk about the return of $100 oil, there are new factors in the energy sector pushing producers to extract less — from greater fiscal discipline in the U.S. shale after a decade-long b…
Goldman Sachs says oil prices could be higher for much longer
Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, according to Goldman Sachs’ head of energy research.Damien Courvalin, who is also a senior commodity strategist, said the market fundamentals w…
Coal is ‘king’ as gas prices soar, Total CEO says — and it’s backfiring on cleaner energy goals
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grapples with worsening gas shortages.TotalEnergies CEO Patrick Pouyanne on Wednesday stressed the need to a…
Rising energy prices will squeeze company profits, says business consultant
Rising energy prices will increase business costs and narrow profit margins of companies around the world, a management consultant said Wednesday.Prices of energy commodities — including oil, natural gas and coal — soared in recent weeks as supply r…
LUKOIL expanding gas processing, petrochemical production at Stavrolen
PJSC LUKOIL is adding a second gas processing unit (GPU) that will enable increased production of petrochemicals from northern Caspian Sea natural gas at subsidiary Stavrolen LLC’s petrochemical complex in Budennovsk, Stavropol Region, Russia.Officia…