Tag: Petroleum industry

Guayana Esequiba: Geo-economics of an Occupation

Tina Marie (Ms. Cat)

An air of bonanza has raised the projections of the Exxon Mobil corporation, which accumulated around 414 billion dollars in 2022, an unprecedented income in its history, which represents 44.8% more than the previous year. It is a gigantic increase if compared to its crisis in 2020, when its losses put its place in the stock market in jeopardy. Also from the research of that American corporation, it is said that Guyana could become “the country that produces the most barrels of oil per inhabitant in the world, surpassing Kuwait, in that case, when measuring the wealth per capita of its 800 thousand inhabitants, it would become a rich country, since in 2021 its GDP increased by 57.8% and in 2022 by 37.2%”.

Guayana Esequiba: Geo-economics of an Occupation

Is this why Biden isn’t refilling the Strategic Petroleum Reserve?!

Tina Marie (Ms. Cat)

[2017] Trump’s Budget Delivers Big Oil’s Wish: Reducing Strategic Petroleum Reserve

While most observers believe the budget will not pass through Congress in its current form, budgets depict an administration’s priorities and vision for the country. Some within the oil industry have lobbied for years to drain the SPR, created in the aftermath of the 1973 oil crisis.

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Exxon, as well as the American Petroleum Institute (API) and the Independent Petroleum Association of America (IPAA), have long lobbied for a drawdown of SPR‘s supply, according to lobbying disclosure records reviewed by DeSmog. They supported two key bills, proposed but never passed by Congress: H.R. 4136 in 2012 and S. 1231 in 2015.

H.R. 4136, lobbied for by Exxon, API, and IPAA**, says that the Strategic Petroleum Reserve can only be tapped if more federally owned public lands and waters were leased to the oil and gas industry. S. 1231, the Strategic Petroleum Reserve Modernization Act of 2015, called for a Department of Energy study of the SPR “to determine options available for [its] continued operation,” to be completed 180 days after the bill’s passage.

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“[T]he SPR is unnecessary in the first place. Private inventories and reserves are abundant, and open markets will respond more efficiently to supply shocks than federally controlled government stockpiles,” wrote Loris, who began his career as an associate for the Charles G. Koch Charitable Foundation. “Congress should authorize the Department of Energy to sell the entire inventory, using the revenues solely for deficit reduction.”

US Set to Delay Russian Oil Price Cap Announcement Until After Midterms, Reports Suggest

Tina Marie (Ms. Cat)

The Biden administration intends to delay setting a price cap on Russian oil until after the November 8 midterms amid concerns that the fallout could weigh on Democrats’ standing in the upcoming vote, American media reported on Friday, citing sources.

Contingency planning, negotiations on price both within the administration and with allies, as well as the OPEC+ production cut have also contributed to the delay, the report said.

US Set to Delay Russian Oil Price Cap Announcement Until After Midterms, Reports Suggest

How Joe Biden Made the War in Ukraine a Gift to the Gas Industry

Tina Marie (Ms. Cat)
Gas execs

How Joe Biden Made the War in Ukraine a Gift to the Gas Industry

The letter, dated February 25, just one day after Vladimir Putin’s forces launched their assault on Ukraine, noted the “dangerous juncture” of the moment before segueing into a list of demands: more drilling on US public lands; the swift approval of proposed gas export terminals; and pressure on the Federal Energy Regulatory Commission, an independent agency, to greenlight pending gas pipelines.

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Much of the new gas infrastructure won’t be operational for several years, which may be beyond the timeframe of the Russia-Ukraine conflict that has squeezed supplies and caused gas prices to spike. So much LNG export is planned or under construction, adding up to about half of all total US gas production, that it will probably cause gas prices to climb for domestic American users, according to Clark Williams-Derry, analyst at the Institute for Energy Economics and Financial Analysis

“It’s beginning to eat into the amount of gas available to domestic consumers,” said Williams-Derry. “We will see very severe impacts on domestic US gas prices. We will see the impacts for as long as the eye can see.”