Ida’s Destruction

The destruction caused by Hurricane Ida when it made landfall August 29 has led to the largest ever initial loss of crude oil production in the Gulf of Mexico.  Hurricane Ida has been responsible for the loss of 16.8 million barrels per day (bpd) of output in the near two weeks since the first production […]

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Ida Hits Gulf Coast

Hurricane Idea made landfall yesterday in Port Fourchon, Louisiana as a Category 4 storm, with sustained winds of 150 mph.  At the time of reporting more than one million homes and businesses in Louisiana have lost electricity.

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Never As EV As It Seems?

Lordstown Motors Corporation warned Tuesday that is it close to running out of cash and may be forced to shut down operations before the end of the year.  The announcement sent the electric truck maker’s shares down 20% in midday trading on Wednesday.  The Lordstown facility was once home to a General Motors plant, which […]

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Colonial Pipeline Shut Down

The Colonial Pipeline has been shut down since Friday, May 7th after a cybersecurity attack.  It is the largest fuel pipeline in the United States that runs from Texas to New Jersey and transports roughly forty-five percent of the East Coast’s fuel supply.  Colonial transports 2.5 million barrels per day of gasoline, diesel, jet fuel […]

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Return To The Deal?

Last week, several world powers convened in Vienna, Austria to revive the 2015 Iran nuclear deal. Senior officials from the governments of Iran, United States, France, United Kingdom, Germany, Russia, China, and the European Union aim to determine the next steps the United States and Iran need to take to get back into compliance. The […]

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A Fourth Vaccine on the Horizon?

In a new analysis of its phase three trial in the United States, AstaZeneca has determined their COVID-19 vaccine to be 76% effective. This new data shows a three percent change from their initial report earlier this week stating their efficacy rate to be 79% effective against the coronavirus disease. AstraZeneca’s original filing came under […]

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Dipping Into Savings

The United States Department of Energy Office of Fossil Energy announced last Friday that contracts have been awarded for the sale of crude oil from the Strategic Petroleum Reserve (SPR). The sale is for 10.1 million barrels of fuel to be sold during the fiscal year 2021. The Strategic Petroleum Reserve was established in the […]

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Confiscated

The United States has completed the sale of over one million barrels of gasoline that were seized from four Iranian vessels last August. The fuel seized came from Iran while being transported to Venezuela, two countries sanctioned by the United States. In addition, the Biden Administration is also looking to detain another tanker believed to […]

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200 Million More on The Way

President Biden announced Tuesday evening that the United States is aiming to purchase an additional 200 million does of COVID-19 vaccines. Securing these supplemental doses would be enough to inoculate most Americans by the end of the summer. The Biden Administration will purchase 100 million doses of each of the two current vaccines on the […]

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