Saturday, November 23

Tag: energy policy

Oil Prices Jump As Saudi Arabia And Russia Make Output Deal
19Sep By Patti MohrNo Comments
Energy Policy, Oil & Gas, Geopolitics, Types of News: Brief

Oil Prices Jump As Saudi Arabia And Russia Make Output Deal

Photo by Johannes Havn on Pexels.com The Decision Indirectly Impacts Inflation, Interest Rates, And Russia's Brutal Assault On Ukraine September 19, 2023—As oil prices prop up inflation and the Russian war economy, policy decisions impacting oil are significant. So it matters when two of the world's largest oil-producing countries make a deal to restrict output to push up prices. The two countries are Saudi Arabia and Russia. As oil prices continue to rise so does the scrutiny of Saudi Arabia's decision to side with Russia. The Price of Oil This story starts with a look at the cost. The price of oil rose in August and again in September to $92 a barrel WTI (U.S.) and $95 a barrel Brent (British). On average, oil output from OPEC countries also jumped month-on-month by 6 perc...
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A Week Before The Election, Biden Asks Big Oil To ‘Share The Wealth’
2Nov By Patti MohrNo Comments
Energy Policy, Oil & Gas, Types of News: Brief, United States

A Week Before The Election, Biden Asks Big Oil To ‘Share The Wealth’

November 1, 2022—A week away from the U.S. Midterm elections, inflation is grabbing the attention of voters and politicians alike. As Republicans play up the impact of rising prices and pin the blame on their opponents, Democrats point the finger at companies benefiting from higher prices. It doesn't take long for the focus to fall on energy companies, specifically those earning profit from the high price of oil on global markets. That's precisely the play President Joe Biden pulled from his playbook on Monday. "In a difficult time, Americans across the country have stepped up, and they — to do the right thing. But not everyone has stepped up," Biden said. "The oil industry has not — has not met its commitment to invest in America and support the American people. One by one, major o...
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Turkey And Russia Discuss Energy Deals, Trade in Food
13Oct By Patti MohrNo Comments
Energy Policy, Oil & Gas, Geopolitics, Types of News: Brief

Turkey And Russia Discuss Energy Deals, Trade in Food

October 13, 2022—On the sidelines of a conference in Kazakhstan, Turkish President Tayyip Erdoğan met with Russian President Vladimir Putin. The two leaders discussed trade of Russian grain and fertilizer and plans for Russia to run nuclear plans in Turkey. Energy Deals In addition to the nuclear deals in Turkey, they also discussed transporting Russian gas through Turkey via its ferry system. Putin said Turkey is "the most reliable route to deliver gas to the European Union," according to various news sources that quoted the Kremlin. He added that the hub in Turkey would be a "platform not only for supplies, but also for determining the price." Turkey To Transport Grain And Fertilizer Erdogan said facilitating trade of grain and fertilizer from Russia to other countries is of...
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Biden Pitches 3-Month Gas Tax Holiday
22Jun By Patti MohrNo Comments
Energy Policy, Oil & Gas, Types of News: Bit

Biden Pitches 3-Month Gas Tax Holiday

June 22, 2022—With the prices at the gas pump adding to inflation and the congressional elections just around the corner, U.S. President Joe Biden is likely feeling the pressure. Today, he announced plans to bring down the price Americans are paying for gasoline by suspending the federal tax on it. The U.S. inflation rate hit 8.6 percent this month, with oil and gas prices leading the climb. Political pressure is mounting for the president to do something. Today, Biden asked Congress to waive the federal gas tax for three months. Consumers pay 18 cents in tax on every gallon. Furthermore, the president called on U.S. states to match that gas-tax holiday with reductions in gas tax of their own. And, finally, Biden asked oil refineries to turn more petroleum into gasoline. "By suspe...
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Amid Russian War, IEA Closely Watching Oil & Gas Markets
24Feb By Patti MohrNo Comments
Energy Policy, Oil & Gas, Geopolitics, Types of News: Brief

Amid Russian War, IEA Closely Watching Oil & Gas Markets

Photo: IEA February 24, 2022--As Russia intensified its war against Ukraine and G7 countries accelerated sanctions against Russia, the International Energy Agency announced it is closely monitoring the world's supply of oil and gas. Russia is the world's second-largest oil producer. Only the United States produces more oil at this time. According to the IEA, "Russian oil exports transiting Ukraine via the southern branch of the Druzhba pipeline to supply Hungary, Slovakia and the Czech Republic" are most likely to be impacted by the conflict. "While the specific impact on world oil markets is yet to be determined, IEA Member Countries stand ready to act collectively to ensure that global oil markets are adequately supplied," the agency said on Tuesday. The United States: 12.1 m...
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GUEST POST: The Shattering of Global Oil
28Apr By Guest WriterNo Comments
Energy Policy, Oil & Gas, Type of News: Guest Post, Types of News: Analysis

GUEST POST: The Shattering of Global Oil

By Peter Zeihan Oil demand is relatively inelastic. That’s a fancy-schmancy economic term that means people and firms’ energy demand doesn’t vary very much from day-to-day or even year-to-year. Driving to work is perhaps the most accessible example. You do it every workday. If you don’t, you don’t work. And so you drive. Your gasoline demand is stable. Inelastic. Doesn’t matter much if gasoline sells for $1 or $4. On the price side, this means the “normal” rules of supply and demand barely apply. Even minor shifts in supply or demand have wildly outsized impacts on price. We’re used to seeing this as a shortage. China booms and oil prices go up. Iran and Iraq go to war and prices go up. Derivatives trading enters the world of oil and prices go up. Geopolitical Shocks to Oil Pr...
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8Jan By Patti MohrNo Comments
Energy Policy, Oil & Gas, Sanctions, Types of News: Brief

‘We Do Not Need Middle East Oil,’ Trump Says

January 8, 2020-As he addressed the nation and the world at the height of an escalating crisis between Iran and the United States, President Donald Trump emphasized American strength in military capabilities, economic growth and natural resources in a sign he is not backing down from the possibility of war with archrival Iran. Trump called on signatories to the 2015 nuclear deal with Iran to abandon the agreement, asked the NATO alliance to take a stronger role in the Middle East, and announced new economic sanctions on Iran. Trump showed no sign of de-escalating the conflict with Iran. He said Iranians chanted "death to America" even as the United States signed onto the 2015 nuclear deal and fomented conflicts in Yemen, Syria, Lebanon and Iraq. Furthermore, he reinforced his decisio...
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Russia Signs Arms, Energy Deals with African Countries
24Oct By Patti MohrNo Comments
Arms Sales, Military Industry, Diplomacy, Energy Policy, Oil & Gas, Geopolitics, Global Trade

Russia Signs Arms, Energy Deals with African Countries

October 24, 2019—In the first-ever Russia-African Summit being held this week in Sochi, Russia, Russia signed a series of memorandum of understandings and trade agreements with 54 African countries, the Moscow Times reported. The deals include $4 billion worth of Russian weapons, military helicopters, an investment cooperation deal on an oil pipeline, and potentially a nuclear power station in Ethiopia, according to the article. Debt Write-Off Russian President Vladimir Putin offered to write off $20 billion worth of African debt. Furthermore, he said he plans to double Russia's trade with the African continent within four to five years. Rosatom, a state-nuclear company is in talks with the government of Ethiopia to build a nuclear power station. The Russian enterprise already has...
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U.S. Oil Production Surges as OPEC, Russia Plan Reductions
28Feb By Patti MohrNo Comments
Energy Policy, Oil & Gas, Types of News: Brief

U.S. Oil Production Surges as OPEC, Russia Plan Reductions

February 28, 2018--U.S. oil production rose to its highest level since 1970 last November, as the U.S. shale oil production continued to boom. The historic increase contrasted sharply with OPEC and Russian oil production, which is holding steady but expected to decease output to increase prices. U.S. production peaked at 10.057 million barrels a day in November and is expected to average 10.6 million barrels a day in 2018, according to a monthly review by the U.S. Energy Information Administration (EIA). That's roughly on par with oil production in Saudi Arabia and Russia. It is noteworthy considering that other oil-producing countries are planning reductions to try to boost prices. According to The Economist, Saudi Arabia needs oil prices to reach $70-80 a barrel to maintain a steady e...
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China Outlines Goals for Arctic Trade Route & Development
29Jan By Patti MohrNo Comments
Energy Policy, Oil & Gas, Foreign Aid, International Development, Global Trade, Types of News: Brief

China Outlines Goals for Arctic Trade Route & Development

As global warming melts thick ice in the Arctic, countries are increasingly staking out economic claims in the region. China is no exception. This month, China outlined its vision for creating a new trade route through the region and for developing its resources. In a new 12-page White Paper, China called itself as an "important stakeholder" in the region. As Near-Arctic State and a permanent member of the UN Security Council, China "shoulders the important mission of jointly promoting peace and security in the Arctic," the paper said. It is a significant policy statement on navigating the delicate environmental and diplomatic interests in the Arctic waters. As the ice melts in the region, the potential for international disputes over shipping and natural resources rises. Governi...
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