DIRS.INFO The most relevant business & tech news

WASHINGTON (AP) — Federal regulators are investigating ExxonMobil's $60 billion deal to acquire a Texas oil company in what would be one the largest mergers in the energy industry in two decades, according to securities filings. The Federal Trade Commission, which enforces federal antitrust law, has asked for additional information from the companies about Exxon’s proposed acquisition of Pioneer Natural Resources. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Exxon has said the proposed deal with Texas-based Pioneer Resources would enhance U.S. energy security and benefit the American economy and consumers. Chevron said its proposed deal with New York-based Hess would strengthen long-term performance while “delivering higher returns and lower carbon” dioxide emissions that contribute to global warming.

Persons: Chuck Schumer, Schumer, Hess, Exxon, Alex Witt, Witt Organizations: WASHINGTON, —, Federal Trade Commission, Natural Resources, FTC, Exxon, Pioneer, Hess Corporation, Chevron, Justice Department, Resources, Climate, Center for American Progress Action Fund, League of Conservation Voters, Sierra Club Locations: Texas, Chevron, Ukraine, New York

Yellen will tour a Livent Corp (LTHM.N) facility in Bessemer City, North Carolina, that processes lithium hydroxide, a key ingredient in electric vehicle batteries. The plant near Charlotte is doubling its capacity due to increased demand for electric vehicles spurred by consumer tax credits of up $7,500 approved in the 2022 Inflation Reduction Act. These include $142 billion in EVs and batteries and $71 billion in clean energy manufacturing, and she attributed much of the investment to tax credits in the inflation reduction act. The Biden administration in coming days is expected to release new guidance on the levels of Chinese content that EV batteries can have and still qualify for IRA tax credits. It will take time for this to fade and for people to feel the benefits of higher wages, he added.

Persons: Janet Yellen, Joe Biden, Yellen, Biden, Donald Trump, Larry Sabato, we're, Sabato, David Lawder, Howard Schneider, Chizu Organizations: . Treasury, U.S, Livent Corp, Midwest, EV, University of Virginia's Center, Politics, Thomson Locations: North Carolina, Bessemer City , North Carolina, Charlotte, EVs, Argentina, Canada, U.S

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. “These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,'' the senators wrote. Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s invasion of Ukraine in February 2022. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Environmental groups hailed the call for an investigation of what some called “merger mania” within the oil industry that threatens competition.

Persons: Chuck Schumer, Exxon's, Chevron’s, Minnesota Sen, Amy Klobuchar, Elizabeth Warren of Massachusetts, Bernie Sanders, Chevron, Hess, Lukas Ross, ”, ” API's Bethany Williams, Schumer Organizations: WASHINGTON, ExxonMobil, Chevron, Federal Trade Commission, Natural Resources, Hess Corp, Exxon, FTC, Resources, Big Oil, American Petroleum Institute, Senate Commerce, Science, Transportation Locations: United States, Minnesota, Sens, Vermont, Ukraine, Texas, U.S, New York

☆ UK gives approval for controversial Rosebank oil and gas field development
▼ + stars: | 2023-09-27 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A view of Sullom Voe Terminal, an oil and gas terminal in the Shetland Islands on September 2021. LONDON — British regulators on Wednesday gave approval for Norway's energy giant Equinor to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands. The North Sea Transition Authority said it has also given the necessary consent. Finance Minister Jeremy Hunt said: "We are accelerating renewables and nuclear power, but will still need oil and gas for decades to come — so let's get more of what we need from within British waters." The approval comes after Britain in July confirmed plans to issue hundreds of new oil and gas licenses in the North Sea, despite its stated target to decarbonize all of the national sectors of the economy by 2050.

Persons: Equinor, Claire Coutinho, Jeremy Hunt Organizations: LONDON, Transition, Ithaca Energy, . Energy Security Locations: Shetland Islands, North, Shetland

The decision by EPA Administrator Michael Regan means that one of the agency's most important air quality regulations will not be updated until well after the 2024 presidential election. Political Cartoons View All 1145 ImagesThe delay marks the second time in 12 years that a Democratic administration has put off a new ozone standard prior to an election year. Former President Barack Obama shut down plans to tighten ozone standards in 2011, leading to four-year delay before the standards were updated in 2015. "Unfortunately we’ve seen the process for updating the ozone standards repeatedly swept up in political games that risk lives,'' the lawmakers said in an Aug. 7 letter to EPA. Lianne Sheppard, a University of Washington biostatistics professor who chairs the scientific advisory panel, said Regan's decision was “his alone” to make.

Persons: Michael Regan, “, Regan, ”, Barack Obama, Paul Billings, Raul Garcia, ” Garcia, Sen, Sheldon Whitehouse, we’ve, Conor Bernstein, EPA’s, Donald Trump, Bernstein, Andrea Woods, —, Lianne Sheppard, Richard Moore, Peggy Shepard, Moore, Sheppard, Tomas Carbonell, Carbonell Organizations: WASHINGTON, Environmental Protection Agency, Republicans, Democratic, American Lung Association, National Mining Association, American Petroleum Institute, Scientific Advisory, White, Environmental, EPA, University of Washington, E, White House, Los Jardines Institute, WE ACT, Environmental Justice, Air Locations: Billings, Albuquerque , New Mexico, New York City

☆ Debt limit bill would speed completion of controversial West Virginia gas pipeline
▼ + stars: | 2023-05-30 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

Lengths of pipe wait to be laid in the ground along the under-construction Mountain Valley Pipeline near Elliston, Virginia, September 29, 2019. A bipartisan debt limit bill struck by President Joe Biden and House Republicans over the weekend would expedite approval of all permits for a West Virginia natural gas pipeline and curtail environmental reviews under one of the country's landmark environmental laws. The Mountain Valley Pipeline, which has been promoted by Sen. Joe Manchin, D-W.Va., would transport natural gas 303 miles from West Virginia to the Southeast, and part of it would cross through the Jefferson National Forest. The construction of the $6.6 billion pipeline is nearly done, though plans have been delayed for several years amid legal setbacks. Proponents say the pipeline is vital to bolstering U.S. domestic energy security, and that the plan was already near completion and set to move forward.

☆ Republicans ask watchdog to assess US oil reserve management
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File PhotoWASHINGTON, May 8 (Reuters) - Two Republicans on Monday asked a congressional watchdog to assess the Biden administration's management of the Strategic Petroleum Reserve and audit its modernization program, saying sales from the SPR have undermined U.S. energy security. Over about six months last year, the Biden administration conducted a record sale of 180 million barrels of oil to combat high gasoline prices after Russia's invasion of Ukraine. The Biden administration wrote to lawmakers last month, saying the sales did not damage the SPR. The lawmakers said they were concerned about delays and cost overruns in the SPR modernization program authorized by Congress in 2015.

☆ Exclusive: Biden to veto legislation to block solar tariff waivers -officials
▼ + stars: | 2023-04-24 | by ( Jeff Mason | ) www.reuters.com time to read: +2 min

WASHINGTON, April 24 (Reuters) - U.S. President Joe Biden will veto congressional efforts to overturn his policy to waive solar tariffs on four Southeast Asian nations for two years, White House officials told Reuters on Monday. In June, Biden waived tariffs on solar panels from Cambodia, Malaysia, Thailand and Vietnam in an effort to create a "bridge" while U.S. manufacturing ramped up. The White House argues that Biden's policy has worked and points to an increase in domestic solar production since Biden came into office. The United States is on track to increase domestic solar panel manufacturing capacity 8-fold by the end of 2024, another official said. Biden does not plan to issue an extension on the tariff waivers after the 2-year period has concluded because domestic manufacturing has taken off.

☆ Power firm SSE says backing renewables can help get Britain closer to energy self-reliance
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The chief executive of British power firm SSE says a rapid build-out of renewable projects can help the U.K. to secure its energy security and bring costs down for consumers. "Consumers everywhere across Europe have seen prices rise significantly," SSE CEO Alistair Phillips-Davies told CNBC's Arabile Gumede from the firm's Viking Wind Farm in the Shetland Islands, Scotland. Russia's full-scale invasion of Ukraine in Feb. 2022 prompted a radical upheaval of Europe's energy supplies. U.K. Energy Security Secretary Grant Shapps reaffirmed the government's plan to deliver greater energy independence last month, pledging to seek to power the country by switching to home-grown sources, including nuclear and renewables. Asked whether the U.K. possessed enough wind energy to power at least most of the U.K., SSE's Phillips-Davies replied, "I definitely think the U.K. has got a huge amount of natural resources.

☆ Meet the GOP leaders in charge of critical House environmental committees
▼ + stars: | 2023-02-15 | by ( Emma Newburger | ) www.cnbc.com time to read: +9 min

Westerman, a representative for Arkansas's fourth congressional district, has a background in engineering and is a licensed forester. He's also introduced legislation to plant 1 trillion trees globally by 2050 in order to pull carbon out of the atmosphere. Cathy McMorris Rodgers, chair of House Committee on Energy and CommerceRep. Cathy McMorris Rodgers (R-WA) during a House Energy and Commerce Environment and Climate Change Subcommittee hearing on Capitol Hill on April 2, 2019 in Washington, DC. "We'll be focusing on promoting innovative technologies to facilitate our clean energy transition," Lucas told CNBC. Lucas said the committee would also conduct "robust oversight" of the spending being distributed to advance the country's clean energy sector.

☆ Explainer: What is Zelenskiy's 10-point peace plan?
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +3 min

Dec 28 (Reuters) - Ukraine's President Volodymyr Zelenskiy has been vigorously promoting his 10-point peace plan, discussing it with U.S. President Joe Biden among others, and urging world leaders to hold a Global Peace Summit based on it. Here is an explainer on the plan and world reaction:WHAT IS ZELENSKIY'S 10-POINT PEACE PLAN? WHAT IS ZELENSKIY'S GLOBAL PEACE SUMMIT PROPOSAL? In December, Zelenskiy urged the leaders of the Group of Seven nations to support his Global Peace Summit idea in winter that would focus on the peace plan "as a whole or some specific points in particular". But response to Zelenskiy's peace plan and his proposed peace summit has been more cautious.

☆ U.S. pledges to ramp up supplies of natural gas to Britain as Biden and Sunak seek to cut off Russia
▼ + stars: | 2022-12-07 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

In this article ENEL-IT Follow your favorite stocks CREATE FREE ACCOUNTRishi Sunak and Joe Biden photographed on the sidelines of the G20 Summit in Indonesia on Nov. 16, 2022. Saul Loeb | AFP | Getty ImagesLONDON — The U.K. and U.S. are forming a new energy partnership focused on boosting energy security and reducing prices. Commenting on the plans, U.K. Prime Minister Rishi Sunak said: "We have the natural resources, industry and innovative thinking we need to create a better, freer system and accelerate the clean energy transition." "This partnership will bring down prices for British consumers and help end Europe's dependence on Russian energy once and for all." The news comes at a time of huge disruption within global energy markets following Russia's invasion of Ukraine in February.

☆ Why aluminum plants in the U.S. are far more polluting than some of their counterparts abroad
▼ + stars: | 2022-12-06 | by ( Phil Mckenna | Inside Climate News | ) www.nbcnews.com time to read: +15 min

A plant worker uses a crane to lift a cask of molten aluminum a Century Aluminum Company plant in Hawesville, Ky. in 2017. Of the five remaining facilities, only the Century Aluminum Sebree plant in Robards, which employs 625 workers, and a smaller Alcoa plant in Massena, New York, run at full capacity. Phillip McKenna/NBC NewsSteinsen, of Century Aluminum, said the company has no plans to shut down its Sebree facility in Robards. In 2015, when the U.S. aluminum production was in steep decline, the EPA ended its industry partnership. In 2019, 7,510 metric tons of PFCs were emitted from global aluminum production, according to a study published last year in the Journal of Geophysical Research — Atmospheres.

☆ Aluminum plants in the U.S. are releasing tons of a highly potent greenhouse gas, unlike their counterparts abroad
▼ + stars: | 2022-12-06 | by ( Phil Mckenna | Inside Climate News | ) www.cnbc.com time to read: +7 min

In written testimony submitted to the U.S. International Trade Commission in 2017, Century Aluminum executives said aluminum producers were being "decimated" by "unfair practices of Chinese aluminum producers." "The continued viability of the aluminum industry outside of China, and especially in the United States, is dependent upon a prompt and effective solution to China's overcapacity and overproduction." Steinsen, of Century Aluminum, said the company has no plans to shut down its Sebree facility in Robards. A spokesperson for the agency said, "EPA continues to track facility specific emissions from the aluminum industry through the Greenhouse Gas Reporting Program." In 2019, 7,510 metric tons of PFCs were emitted from global aluminum production, according to a study published last year in the Journal of Geophysical Research — Atmospheres.

☆ Morgan Stanley says 30% sell-off in ‘clean tech’ is overdone, predicts one stock could triple
▼ + stars: | 2022-10-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The recent sell-off in clean tech is a good buying opportunity, according to Morgan Stanley. Clean tech stocks bounced after the IRA, but then reversed as part of broader risk-off sentiment, renewed interest rate sensitivity and a rotation from high-growth and unprofitable tech stocks, analyst Stephen Byrd wrote in a note Friday. "The recent move in clean tech stocks is overblown and doesn't reflect fundamental changes in the outlook for clean energy," Byrd said. "We expect the IRA will drive significant demand for clean energy technologies and accelerate clean hydrogen growth in the US — this view has not changed over the last two months despite the clean tech selloff." Solar energy company Sunrun is a "significant" IRA winner, but has given up most of the gains it made on the legislation, Byrd pointed out.

"I'm now being attacked equally by the left and the right so I'm doing something right, I hope. Register now for FREE unlimited access to Reuters.com RegisterBlackRock is ready to fund U.S. energy pipelines as soon as the projects receive government approvals, he said. The company is one of the largest financiers of pipelines in the world, investing in pipelines in Texas, Saudi Arabia and the United Arab Emirates. Energy security is in focus following the latest move by OPEC+ to cut its oil production target over U.S. objections. Fink was speaking ahead of BlackRock's release of its third-quarter results on Oct. 13, when it is expected to show a fall in quarterly revenue.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.

☆ OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure
▼ + stars: | 2022-10-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November. Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere between 500,000 barrels and 2 million barrels. Oil prices have fallen to roughly $80 a barrel from more than $120 in early June amid growing fears about the prospect of a global economic recession. "In short, OPEC+ is prioritising price above stability at a time of great uncertainty in the oil market."

☆ Manchin’s Permitting Bill Has a Poison Pill
▼ + stars: | 2022-09-27 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The Senate may vote as early as Tuesday on Joe Manchin ’s permitting reform bill, and the West Virginian says Republicans should accept incremental progress rather than nothing. But the main problem isn’t that his changes are too modest, though they are. Some of them would do tangible harm to U.S. energy security and constitutional federalism. Though it’s received little attention, one section would rewrite how transmission lines are permitted, and not for the better. The 1935 Federal Power Act preserved state authority over transmission-line permits while the Federal Energy Regulatory Commission (FERC) decides how to allocate costs.

Search resuls for: ". Energy Security"

19 mentions found