Energy

Loophole Makes Hilarious Mockery Of US Crude Oil Export Ban

by Wolf Richter •  • Comments Off on Loophole Makes Hilarious Mockery Of US Crude Oil Export Ban

Washington is tangled up in spirited bouts of mudwrestling over exporting US crude oil, prohibited since the Arab oil embargo. Big Oil, environmentalists, consumer groups, lobbyists, lawmakers – they’re all at it. Yet, exports of “petroleum products” are soaring.

Shale Oil & Gas: Not a Revolution But a Retirement Party

by Oilprice.com •  • Comments Off on Shale Oil & Gas: Not a Revolution But a Retirement Party

This winter, things have begun to unravel. Natural gas inventories are near their 2003 low. Sure, weather is the main factor, but that’s always the case. The truth is that supply has not been able to meet winter demand, period. It’s a fact that is inconsistent with the fairy tales we continue to hear about cheap, abundant gas forever.

“Targeted” Sanctions, A Triumph For Russian Isolationists

by Wolf Richter •  • Comments Off on “Targeted” Sanctions, A Triumph For Russian Isolationists

Regarding Russia’s Ukrainian campaign, Speaker of the House Boehner did what President Obama had done: posturing. “It’s time to stand up to Putin,” he said. NATO met. The UN Security Council met. EU Foreign Ministers met. Sanctions, that’s the common denominator.

Big Oil’s Favorite Subsidy, The Federal Liability Cap for Oil Spills

by Oilprice.com •  • Comments Off on Big Oil’s Favorite Subsidy, The Federal Liability Cap for Oil Spills

Why are most of the damages of an oil spill, such as the BP Deepwater Horizon, picked up by taxpayers? A federal liability cap of a ludicrous $75 million, that’s why. Big oil loves that subsidy and thwarts efforts to raise it to realistic levels.

Rosy Dreams? Conundrum for American LNG Exporters

by Oilprice.com •  • Comments Off on Rosy Dreams? Conundrum for American LNG Exporters

Natural gas prices in the US hovered between $2 and $4 per million btu for years, while reaching $19 in Japan. The industry is pushing for permits to export LNG, hoping for an easy arbitrage opportunity. But the markets may bite back.

A Month of Panic in Iraq (Where It’s STILL All About Oil)

by Oilprice.com •  • Comments Off on A Month of Panic in Iraq (Where It’s STILL All About Oil)

Despite the continued influx of investment in Iraq, the situation is untenable and each month moves closer to an all-out civil war. First, we’ll give you the security run-down, then we’ll get into the oil.

Epic Droughts: Fracking, Water Supply In Mexican Standoff

by Oilprice.com •  • Comments Off on Epic Droughts: Fracking, Water Supply In Mexican Standoff

Fracking poses a growing risk to water supplies. Groundwater contamination has been making headlines, but in parched states like Texas and California, fracking’s massive consumption of water threatens fracking itself.

Chaos Breaks Out In Natural Gas, Price Tripled Since April 2012

by Wolf Richter •  • Comments Off on Chaos Breaks Out In Natural Gas, Price Tripled Since April 2012

“Volatile,” a word that is often used to describe the price of natural gas with its random-appearing jumps and plunges, head fakes, and whiplash-inducing turnarounds, no longer describes the price of natural gas. “Chaotic” would be a better term.

From “Glut” To Panic: Natural Gas Soars

by Wolf Richter •  • Comments Off on From “Glut” To Panic: Natural Gas Soars

On Friday, when stocks were plunging, natural gas soared nearly 10%. The highest close since June 2010. Up 20% for the week. Up 170% from April 2012. And it’s just the beginning. Because after the glut comes the panic.

Outrageously Ballooning Costs Hit Major Oil Companies

by Oilprice.com •  • Comments Off on Outrageously Ballooning Costs Hit Major Oil Companies

Shell’s earnings plunged, eaten up by huge costs, delays, and lower production. Chevron’s Gorgon LNG project is $20 billion over budget. Italy’s ENI blows $50 billion on the Kashagan oil field, five times what it expected. Now oil companies are cutting back, with consequences.