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☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

While the Florida governor had acknowledged that human-induced climate change was real earlier in his career, he has since backed away from that position, a shift that was apparent on Wednesday. "We will unleash American energy dominance as a way to stop inflation and achieve $2 gas in 2025," DeSantis said on Wednesday. DeSantis' speech, which was meant to broadly lay out his energy policy, comes as his campaign is in need of a boost. In addition to expanding fossil fuel production, DeSantis called for significant investments in so-called critical minerals, including the creation of a Critical Mineral Strategic Reserve. DeSantis said he would seek to require plaintiffs to pay compensation when they bring spurious litigation against energy projects.

Persons: Ron DeSantis, Mike Pence, Vivek Ramaswamy, Nikki Haley, Brian Snyder, DeSantis, Donald Trump's, Joe Biden, Harold Hamm, Dan Eberhart, Donald Trump, Gram Slattery, Sabrina Valle, Richard Valdmanis, James Oliphant, Timothy Gardner Organizations: U.S, South Carolina, Republican, REUTERS, Rights, Energy, Democrat, Continental Resources, Environmental Protection Agency, Republicans, Securities and Exchange Commission, Reserve, Thomson Locations: Florida, Milwaukee , Wisconsin, U.S, Midland , Texas, Texas, Colorado, California, Iowa

☆ Republican Hopeful DeSantis Attacks EVs, Emission Goals in Energy Plan
▼ + stars: | 2023-09-20 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

Taken as a whole, the plan represents a doubling down on pledges DeSantis and most of his Republican opponents have made on the campaign trail to jettison limits on fossil fuel production and consumption. While the Florida governor had acknowledged that human-induced climate change was real earlier in his career, he has since backed away from that position. The Florida governor has slid in the polls for months, and he now sits 37 points behind former President Donald Trump, according to the latest Reuters/Ipsos poll. DeSantis' plan calls on pensions and government accounts to eliminate environmental, social or governance considerations, known as ESG, from consideration when making investment considerations, a plan which tracks closely with moves he made as Florida governor. In addition to expanding fossil fuel production, DeSantis' plan calls for significant investments in so-called critical minerals, including the creation of a Critical Mineral Strategic Reserve.

Persons: Gram Slattery WASHINGTON, Ron DeSantis, DeSantis, Harold Hamm, Dan Eberhart, Donald Trump, Gram Slattery, Sabrina Valle, Richard Valdmanis, James Oliphant, Timothy Gardner Organizations: Republican, Continental Resources, Environmental Protection Agency, Republicans, Reserve Locations: Midland , Texas, Florida, Texas, Colorado, California

While the Florida governor had acknowledged that human-induced climate change was real earlier in his career, he has since backed away from that position. "We will unleash American energy dominance as a way to stop inflation and achieve $2 gas in 2025," DeSantis said on Wednesday. DeSantis' speech, which is meant to broadly lay out his energy policy, comes as his campaign is in need of a boost. The Florida governor has slid in the polls for months, and he now sits 37 points behind former President Donald Trump, according to the latest Reuters/Ipsos poll. In addition to expanding fossil fuel production, DeSantis called for significant investments in so-called critical minerals, including the creation of a Critical Mineral Strategic Reserve.

Persons: Ron DeSantis, Mike Pence, Vivek Ramaswamy, Nikki Haley, Brian Snyder, DeSantis, Harold Hamm, Dan Eberhart, Donald Trump, Gram Slattery, Sabrina Valle, Richard Valdmanis, James Oliphant, Timothy Gardner Organizations: U.S, South Carolina, Republican, REUTERS, Rights, Continental Resources, Environmental Protection Agency, Republicans, Reserve, Thomson Locations: Florida, Milwaukee , Wisconsin, U.S, Midland , Texas, Texas, Colorado, California

[1/3] Brett Isaac, founder and co-CEO of Navajo Power, attends the first annual Tribal Energy Equity Summit in Saint Paul, Minnesota, U.S., May 22, 2023. Tribes cannot access key incentives for larger clean energy projects until they secure an agreement to connect to the regional electrical grid. That could jeopardize a "once in a lifetime opportunity,” according to Cheri Smith, president of the Alliance for Tribal Clean Energy, a nonprofit that is helping tribes develop clean energy. The Standing Rock Sioux have so far spent $3 million on technical studies and fees to remain in the queue, with no guarantee of approval. A NEW DAYThe Standing Rock Sioux tribe's development authority, called SAGE, proposed the 235MW wind farm three years ago.

Persons: Brett Isaac, Sarah Arnoff Yeoman, Cheri Smith, Smith, Joe McNeil, McNeil, Eileen Briggs, Greg Anderson, Alliance's Smith, Jeremiah Baumann ,, Willie Phillips, Alliance’s Smith, Celeste Miller, It’s, ”, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Navajo Power, Tribal Energy Equity Summit, REUTERS, Alliance for Tribal Clean Energy, Reuters, National Renewable Energy Laboratory, Energy Information Administration, SAGE, Dakota, Interior Department, Southwest, Sierra Club Foundation, Wallace Global Fund, Bush Foundation, Moapa, Tesla, Federal Energy Regulatory Commission, Energy, Interior, Infrastructure, DOE, FERC, Thomson Locations: Navajo, Saint Paul , Minnesota, U.S, Sioux, North, South Dakota, United States, Phoenix, Bismarck , North Dakota, philanthropies, Paiute, Nevada, Las Vegas, St, Paul , Minnesota

REUTERS/Kim... Read moreLONDON/WASHINGTON, July 10 (Reuters) - When it comes to taking stock of global emissions, there's an elephant in the room: the world's armed forces. NATO, the 31-country Western security alliance, for example, told Reuters it has created a methodology for its members to report their military emissions. And Washington sent U.S. Army and Navy representatives to the COP27 climate summit in Egypt last year, the first time a Pentagon delegation has attended the global climate summit. Ukraine's environment ministry spokesperson said it supports the efforts and would seek backing from governments at COP28 for more transparent military emissions reporting. In the meantime, global military emissions will remain poorly understood, said Stuart Parkinson, executive director of the group Scientists for Global Responsibility.

Persons: Kim, Queen Mary, Axel Michaelowa, Meredith Berger, Neta Crawford, Deborah Burton, Lennard, Klerk, James Appathurai, Markus Ruelke, Stuart Parkinson, Sarah McFarlane, Valerie Volcovici, Sabine Siebold, Richard Valdmanis, David Clarke Organizations: REUTERS, Observatory, United Arab Emirates, UNFCCC, COP28, NATO, Reuters, Washington, U.S . Army, Pentagon, U.S . Navy, The, U.S . Defence Logistics Agency, U.S . Department of Defense, Oxford University, Oxford, Queen Mary University of London, Scientists, Global, Thomson Locations: South Korea, U.S, Pocheon, WASHINGTON, Kyoto, Paris, Lancaster, Oxford, Dubai, UAE, Zealand, Britain, Germany, Egypt, The U.S, Afghanistan, Iraq, Ukraine, Singapore, Switzerland, Syria, COP28, Berlin

[1/4] Liquified petroleum gas vessel Zita Schulte is seen docked at the port of Corpus Christi, Texas, U.S., May 15, 2023. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. Peter Zanoni, the city manager for Corpus Christi, said the hydrogen project, if approved, all but requires the adoption of seawater desalination. And seawater desalination plants are energy intensive and expensive to build and maintain, energy experts say. Corpus Christi first proposed seawater desalination in 2017 to supply its rapidly growing energy and petrochemicals industries.

Persons: Zita Schulte, Joe Biden's, Read, Jennifer Granholm, Biden, Minh Khoi, Radhika Fox, Peter Zanoni, Zanoni, Paul Montagna, Christi, Errol Summerlin, Brandon Marks, Marks, Charles Zahn, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Investment, Jobs, Biden, Coastal Alliance, Corpus, U.S . Energy, Reuters, Rystad Energy, Department of Energy, DOE, Environmental, Corpus Christi, ExxonMobil, Saudi Arabia's Basic Industries Corporation, M University, Harte Research, Gulf of, Gulf of Mexico Studies, EPA, Texas Commission, Texas Campaign, Thomson Locations: Corpus Christi , Texas, U.S, Gulf, Christi , Texas, Corpus Christi, Southern California , Colorado , Kansas, New Mexico, Texas, Corpus, United States, Gulf of Mexico, San Diego , California, Hillcrest, San Antonio

☆ North American lobster industry confronts 'ropeless' traps after whale entanglements
▼ + stars: | 2023-06-07 | by ( Lauren Owens Lambert | ) www.reuters.com time to read: +7 min

That is a large number, given there are fewer than 350 North Atlantic Right Whales remaining, including just 70 breeding females, say regulators, researchers and conservationists. North Atlantic Right Whales who live off the eastern North American coast stretching from Florida to the Canadian Maritimes provinces are now on the verge of extinction. Traditional lobster fishing uses traps that sink to the ocean floor and are connected by a rope to a buoy floating at the surface. Ropeless gear, by contrast, only deploys a rope and buoy to the surface when its owner activates a release trigger by remote control. When the 2,100 square-kilometer zones are shut, only harvesters with ropeless gear are allowed to fish there, Gilchrist said.

Persons: Matt Weber, lobsterman, Lauren Owens Lambert, ”, Charles Mayo, Rob Morris, “ We’re, Edgetech, lobsterman Kyle Murdock, Weber, Brett Gilchrist, Gilchrist, “, Michael Moore, Lawrence, Richard Valdmanis, Deepa Babington Organizations: REUTERS, Seafood Watch, Atlantic, U.S ., Atlantic Right Whales, National Oceanographic, Atmospheric Administration, Whales, Canadian, Center for Coastal Studies, NOAA, Canada’s Fisheries, Reuters, Fisheries, Oceans, Oceanographic, Thomson Locations: Monhegan, Maine, U.S, MONHEGAN, Monterey, U.S . East Coast, North Carolina, Florida, Cape Cod , Massachusetts, ” Washington, Ottawa, England, Massachusetts, Canada’s Gulf, St, Lawrence, Fundy, Oceans Canada, Gulf

Carbon accounting will be in focus at the COP28 climate summit in Dubai this year as countries assess progress against climate goals agreed in Paris in 2015, and de Klerk said it was crucial military emissions were included. "Emissions of conflicts and military emissions are often overlooked," he told Reuters. The report - Climate Damage Caused By Russia's War in Ukraine - was funded by the European Climate Foundation and the Environmental Policy and Advocacy Initiative in Ukraine. HARD TO DECIPHERUkraine's Ministry of Environmental Protection said it was important to initiate discussions about the impact of conflicts on the climate. Government reporting of military and conflict emissions to the United Nations is notoriously hard to decipher.

Persons: Alexander Ermochenko LONDON, Lennard, Klerk, it's, de Klerk, James Appathurai, of Environmental Protection, Bremer, Sarah McFarlane, Valerie Volcovici, Richard Valdmanis, David Clarke Organizations: REUTERS, Reuters, European Climate Foundation, Environmental, Initiative, Environment Observatory, of Environmental, United Nations, Brown University, International Institute for Applied Systems, Thomson Locations: Russia, Ukraine, Shakhtarsk, Donetsk, Russian, Bonn, Belgium, Europe, Hungary, Dubai, Paris, U.S, Pakistan, Afghanistan, Iraq, Syria, Kuwait, Britain

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

[1/5] Arlo Brownlee, an engineer, checks battery banks at GlidePath's Byrd Ranch energy storage facility in Sweeny, Texas, U.S., May 23, 2023. The battery rush also puts the Republican-controlled state at the forefront of President Joe Biden's push to expand renewable energy use. Reuters drew on previously unreported data and interviewed more than a dozen executives from private equity firms, utility companies and energy storage providers involved in some of the biggest battery storage deals for this report. But the legislation also contains provisions that industry groups said could encourage investment in battery storage. Miller said he expects ancillary market prices to "collapse" as more battery storage comes online.

Persons: Arlo Brownlee, Adrees Latif, Rhett Bennett, ”, Joe Biden's, Wood Mackenzie, Andrew Waranch, David Miller, Miller, Waranch, Dick Lewis, Andrew Tang, Chris McKissack, you've, McKissack, Nichola Groom, Laila Kearney, Richard Valdmanis, Suzanne Goldenberg Organizations: REUTERS, Korea's SK, Switzerland's UBS, Black, Energy, Texans, Republican, Reuters, U.S . Energy Information Administration, Developers, BlackRock, Jupiter, EnCap Investments, Korea's SK E, Vision Ridge Partners, UBS, SK E, SK, Mercom Capital Group, Reliability, of Texas, Spearmint Energy, Inc, Wartsila, Thomson Locations: Sweeny , Texas, U.S, BlackRock, Texas, California, Gridmatic

☆ Exclusive: Staff at top U.S. farm research center file complaint alleging unsafe work conditions
▼ + stars: | 2023-05-19 | by ( Leah Douglas | Thomson Reuters | Washington-Based Award-Winning Journalist Covering Agriculture | ) www.reuters.com time to read: +11 min

The Beltsville Agricultural Research Center (BARC) near Washington D.C. is the largest research facility owned by the U.S. Department of Agriculture (USDA) and has long been the flagship of U.S. farm research. “Our employees’ health and well-being is our top priority," a spokesperson at USDA’s Agricultural Research Service (ARS), which oversees BARC, told Reuters. STAFF CUTSFounded in 1910, the BARC facility spans nearly 7,000 acres in Prince George’s County, Maryland, near the nation’s capital. The unreliable conditions are affecting research outcomes, making it at times impossible to complete experiments or replicate their findings, said two research employees. On February 22, several BARC employees met with Thomas Shanower, the director of USDA’s Northeast Area, a division that oversees 15 research centers, including BARC.

☆ US to buy 3 mln barrels to refill emergency oil reserve
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Energy Secretary Jennifer Granholm testifies at a congressional hearing on Capitol Hill in Washington, U.S., June 15, 2021. REUTERS/Evelyn Hockstein/File PhotoCompanies U.S. Department of Energy FollowMay 15 (Reuters) - The U.S. Department of Energy said on Monday it will purchase 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and asked that offers be submitted by May 31. The new purchase would be for sour crude oil delivered to the Big Hill SPR site in Texas sometime during the month of August, according to the announcement. The sales brought the SPR inventory to around 372 million barrels, the lowest since 1983, amounting to just under 20 days of cover at current U.S. consumption rates. U.S. crude prices were around $71 a barrel on Monday.

☆ How the U.S. Clean Air Act lets closed coal plants keep polluting for years
▼ + stars: | 2023-04-22 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +10 min

Under the federal program, states distribute a certain number of allowances to power plants annually. Reuters found dozens of other examples of coal plants using credits from closed facilities to help comply with pollution rules over the past five years. During the 2021 ozone season, New Madrid’s pollution was five times higher than average among coal plants participating in the NOx-reduction program, EPA data show. RED-STATE PROTESTSUtilities and lawmakers in Republican-controlled states have pushed hard against curbs on coal pollution, including the EPA’s latest NOx-reduction regulations. But even at that price, NOx allowances will find buyers among coal plants, including those that operate at high pollution rates.

The planned closure of the plant has left dozens of Virginia chicken growers scrambling to find new buyers in a region with few other options. Tyson alerted Virginia farmers by phone on March 13 and later by mail that it will shut its Glen Allen plant on May 12, according to three poultry farmers who supply the plant. The USDA, which enforces the PSA, told Reuters it is "closely monitoring" Tyson's planned plant closure. 'WE'RE DONE'Under normal circumstances, Tyson supplies farmers with chicks, while farmers assume the costs of land and chicken houses. On Monday, about 20 Tyson farmers and local government officials gathered in a fire station in Burkeville, Virginia, and raised concerns about Tyson's short timeline for closure of the plant, attendees said.

☆ Factbox: Biden budget to target U.S. fossil fuel subsidies
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +3 min

Here are some details about U.S. fossil fuel subsidies:HOW MUCH ARE THEY WORTH? Calculating the cost of U.S. subsidies for the fossil fuel industry is complex because the incentives stretch across the U.S. tax code, but estimates range from $10 to $50 billion per year. Before taking office, Biden promised to get rid of fossil fuel subsidies as part of a multi-pronged effort to fight climate change that also included ending new drilling on public lands. For one, they require an act of Congress, and Republicans and some Democrats oppose the removal of fossil fuel subsidies. The International Energy Agency estimated that so-called consumption subsidies for fossil fuels doubled in 2022 to $1 trillion globally.

☆ Factbox: Biden budget targets U.S. fossil fuel subsidies
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +4 min

Here are some details about U.S. fossil fuel subsidies:HOW MUCH ARE THEY WORTH? Axing the subsidies would save the government nearly $31 billion over 10 years, Biden's fiscal year 2024 budget proposal says. Before taking office, Biden promised to get rid of fossil fuel subsidies as part of a multi-pronged effort to fight climate change that also included ending new drilling on public lands. For one, they require an act of Congress, and Republicans and some Democrats oppose the removal of fossil fuel subsidies. The International Energy Agency estimated that so-called consumption subsidies for fossil fuels doubled in 2022 to $1 trillion globally.

HOUSTON, March 8 (Reuters) - Billions of dollars in clean energy incentives are poised to speed investment on American soil while putting the European Union's energy transition at risk by luring away money and talent, executives at the CERAWeek energy conference said this week. European energy companies echoed the call for Europe to come up with its own new incentives. Patrick Pouyanne, CEO of French energy giant TotalEnergies told the conference the IRA was an "invitation to accelerate green infrastructure." In Europe, you begin to regulate," he said, adding that Europe and the United States should consider forming a free trade agreement on renewable energy infrastructure. Ken Gilmartin, CEO of British engineering firm Wood Plc, said the IRA would put the United States in first place in the decarbonization race.

HOUSTON, March 8 (Reuters) - Enormous challenges remain across global energy markets in the wake of the war in Ukraine, U.S. Energy Secretary Jennifer Granholm said on Wednesday, with continued risks for energy security and the need to mitigate climate change. Russia's invasion of Ukraine led to an energy crisis in Europe as the Russian gas the continent depended on stopped flowing and Western sanctions disrupted Russian oil supplies. U.S. industry had responded to the energy crisis in Europe by producing and exporting more energy to become an indispensable energy partner to allies, Granholm said. Granholm called on executives from the fossil fuels and renewable industry to play their part in the energy transition to a low-carbon economy. Oil and gas would remain part of the energy mix for years to come, she said, and abated fossil fuel use would continue in mid-century.

☆ CERAWEEK Eni CEO says gas market will be "difficult" for Europe through 2025
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

Companies Eni SpA FollowHOUSTON, March 7 (Reuters) - Eni (ENI.MI) CEO Claudio Descalzi said on Tuesday that the natural gas market will be "more difficult" for Europe this winter through 2025 due to a lack of supply from Russia. "This next year, and also in 2024 and 2025, will be more difficult because last year until July we relied on about 80% of the Russian gas," he told the CERAWeek conference in Houston. "Now there's no Russian gas at all." Writing by Richard ValdmanisOur Standards: The Thomson Reuters Trust Principles.

[1/5] Plants grow through an array of solar panels in Fort Lauderdale, Florida, U.S., May 6, 2022. REUTERS/Brian SnyderMarch 6 (Reuters) - U.S. imports of solar panels are finally picking up after months of gridlock stemming from implementation of a new law banning goods made with forced labor, according to two Chinese solar companies. The gains are a relief to major Chinese suppliers including Trina Solar (688599.SS) and Jinko Solar (JKS.N), who are finally getting products into the lucrative U.S. market after long delays. Trina rival Jinko Solar Holding Co Ltd (JKS.N) has also had shipments released from detention, a source close to the company said. It would not specify how many of those were solar products.

☆ CERAWEEK Biden climate law will stumble without permitting reform, industry warns
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

HOUSTON, March 6 - The Biden administration's climate law, which provides hundreds of billions of dollars in clean energy incentives to fight global warming, won't be fully effective without permitting reform, executives told the CERAWeek energy conference on Monday. "If the permitting reform doesn't happen, the IRA may not get its full use and benefit," Bold Baatar, who runs the copper business at mining giant Rio Tinto Plc (RIO.AX)(RIO.L), told the Houston conference. White House Energy Adviser John Podesta told the conference permitting reform was high on the administration's agenda. "The permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks," Podesta said. "I was a little bit nervous, because when John Podesta kept talking about permitting reform, he only talked about renewables," Sullivan told the conference.

For 100 of those applicants, the Energy Department has hired staff to provide business development advice and "intense mentorship," Jigar Shah, head of the Energy Department's Loan Programs Office, told Reuters on the sidelines of the CERAWeek energy conference in Houston. Given the rapidly evolving technologies in the clean energy space, Shah said the department might shorten loan terms. If we think that that's a risk, then we just change the terms of the loan," Shah said. The LPO office would like more applications from electric utilities and oil and gas companies for projects designed to reduce emissions, as well as geothermal companies, Shah said. Commercial debt markets are "less interested in the more innovative approaches that (wind companies) are taking.

☆ CERAWEEK - U.S. permit reforms needed to achieve Inflation Reduction Act goals -Conoco CEO
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

The goals of the administration's Inflation Reduction Act will be "procedurally impossible" without streamlined permitting for lower carbon energy infrastructure, Conoco CEO Ryan Lance said in remarks at the CERAWeek energy conference. A major Conoco oil project in northern Alaska, called Willow, has been stalled by court and environmental reviews. Willow holds about 600 million barrels of oil and gas and has the support of Alaskan politicians and native groups. "If we don't get (the oil) from Alaska, it's going to come from someplace. As examples of long-term investments, he cited Conoco's liquefied natural gas projects in the US, Qatar and Australia.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

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