Oil at Six-Year High

Today, West Texas Intermediate crude futures traded as high as $76.98, the highest price per barrel since November 2014.  On Monday, news of OPEC+ not increasing oil production hit the news.  OPEC+ cut production by nearly 10 million barrels a day, in April 2020 to support lower demand from the pandemic.  OPEC+ has been meeting […]

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Cristobal Update

The U.S. Gulf Coast was hit by Tropical Storm Cristobal yesterday, causing offshore oil production to shut down by almost 24%, equating to more than 430,000 barrels per day. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), this was a 140,000 barrel per day improvement compared to June 9th. Occidental Petroleum, BP, […]

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Is the OPEC Deal Too Late?

OPEC+ reached an agreement to cut 9.7 million barrels per day (mb/d) beginning in May which is a record-breaking cut, but it still may not be enough to stabilize the market. U.S. Secretary of Energy Dan Brouillette said that the total number of cuts globally, when you add in all the non-OPEC countries, should be […]

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Industry Update: Continued Production Decline

U.S. shale oil and gas producers are feeling the pressure from the latest panic on the spread of the coronavirus. Impact from the virus has caused West Texas Intermediate to fall below $45 a barrel. In its latest Drilling Productivity Report, released earlier this month, the Energy Information Administration said, “oil production has declined across six […]

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UK ANNOUNCES INTERNAL COMBUSTION ENGINE BAN BY 2035

On Tuesday the United Kingdom’s government announced a ban on the sale of Internal Combustion Engines starting in 2035 (five years earlier than previously planned). Meaning it will eventually be illegal to sell new gas, diesel, and even hybrid powered cars to adhere to this standard. Many governments across the world have plans of internal […]

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“2020 Vision for Safety”

Yesterday, the Advocates for Highway and Auto Safety (AHAS) released a report of the top states for road safety enforcement efforts. Rhode Island, for the fourth year in a row, was top of the list. Advocates is an alliance of consumer, public health, safety and insurance firms that support policies and programs designed to promote […]

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Iranian General Killed, Cause for Oil Prices Sudden Increase

Qassem Soleimani, the head of Iran’s elite Quds military force and one of the most powerful figures in the Islamic Republic, was killed Thursday night in an airstrike in Baghdad, the U.S. Defense Department confirmed. The death of such a powerful figure in the Iranian landscape raises questions about instability in a region which supplies about […]

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Will the Oil Demand Continue?

According to a global energy industry forecast, oil growth will continue to soar until the 2030’s and climate-damaging emissions will keep climbing until at least 2040. The World Energy Outlook is not only closely watched by the oil industry but also the governments due to its relevance to climate policy. The International Energy Agency said […]

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Oil Industry Fighting Back

Plans to build charging stations across the country are being crushed by groups backed by industry giants like Exxon Mobil and Koch Empire. According to utility commission filings, these groups have challenged electric companies’ across the United States. Electric utilities are seeking approval on building charging networks in locations such as shopping centers and rest […]

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