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An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

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

☆ Oil nearly flat as macroeconomic concerns contend with tighter U.S. supply
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: +1 min

A view of oil platform Emmy off the coast of Huntington Beach at dusk Thursday, October 14, 2021. Oil prices were nearly flat on Wednesday as signs of tighter U.S. supplies countered economic data that dampened the outlook for energy demand. That went against eight analysts polled by Reuters who had estimated on average that crude inventories were up by about 200,000 barrels for the week. Meantime, euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, which would drag on the outlook for oil demand. Investors kept an eye on the Middle East as well, as market participants fear a widening of the conflict there could roil oil markets and disrupt supplies.

Organizations: Brent, U.S, West Texas, American Petroleum Institute, Reuters, Bank of, Investors Locations: Huntington Beach, United States, Canada, Russia, Israel, Gaza, Palestinian

Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, creating a drag on the outlook for oil demand. Overall, the region's oil refineries have been consuming less crude than a year ago amid lacklustre economic growth, Euroilstock data has shown. Falling crude oil stockpiles in the U.S., the world's biggest oil consumer also supported prices. That went against eight analysts polled by Reuters who had estimated on average that crude inventories were up by about 200,000 barrels for the week. Gasoline inventories dropped by 4.2 million barrels, while distillate inventories fell by about 2.3 million barrels, the API data showed.

Persons: Nick Oxford, Israel, Vishnu Varathan, durably, Varathan, Stephanie Kelly, Muyu Xu, Tom Hogue Organizations: REUTERS, U.S, West Texas, Iran, Mizuho Bank, American Petroleum Institute, Reuters, Thomson Locations: Cushing , Oklahoma, Gaza, East, Israel, Palestinian, Saudi Arabia, China, U.S

☆ Oil prices rebound on Israel-Hamas war uncertainty
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil prices rose in early Asia trade on Tuesday, recovering some of the previous day's losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions. Brent crude futures climbed 70 cents, or 0.8%, to $90.53 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures increased 71 cents, or 0.8%, to $86.20 a barrel. But Israel continued its bombardment of Gaza on Monday after launching air strikes over southern Lebanon overnight. U.S. crude stockpiles were expected to have risen last week, while distillate and gasoline inventories fell, a preliminary Reuters poll showed on Monday.

Persons: Yuki Takashima, Israel, Takashima Organizations: Brent, U.S, West Texas, Nomura Securities, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy Locations: New Mexico, U.S, Asia, Israel, Gaza, Lebanon, Palestinian, OPEC, China

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo Acquire Licensing RightsNEW DELHI, Oct 24 (Reuters) - Oil prices rose on Tuesday, recovering some of the previous day's losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions. But Israel continued its bombardment of Gaza on Monday after launching air strikes over southern Lebanon overnight. U.S. crude stockpiles were expected to have risen last week, while distillate and gasoline inventories fell, a preliminary Reuters poll showed on Monday. Reporting by Mohi Narayan in New Delhi and Yuka Obayashi in Tokyo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Yuki Takashima, Israel, Vandana Hari, Takashima, Mohi Narayan, Yuka Obayashi, Sonali Paul Organizations: REUTERS, Brent, U.S, West Texas, Nomura Securities, Vanda Insights, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, Thomson Locations: Cushing , Oklahoma, DELHI, Israel, U.S, Gaza, Lebanon, Palestinian, OPEC, China, New Delhi, Tokyo

Fluctuations since the attack pushed oil prices as high as $96. Until something like that happens, “the oil market is going to be like everyone else, monitoring the events in the Middle East,” Lipow said. One reason 1970s-style gas lines are unlikely: U.S. oil production is at an all-time high. Weekly domestic oil production has doubled from the first week in October 2012 to now. Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime’s key sources of funding.

Persons: ” Fatih Birol, ”, Andrew Lipow, ” Lipow, Mike Sommers, Sommers, “ America’s, “, Joe Biden's, Israel, Biden, Sofia Guidi Di Sante, Wyoming Sen, John Barrasso, “ Joe, Barrasso, ____ McHugh, Choe Organizations: WASHINGTON, International Energy Agency, ”, Associated Press, Brent, Lipow Oil Associates, U.S . Energy Information Administration, Energy Department, American Petroleum Institute, Hudson Institute, Commerzbank, Oil, Rystad Energy, Republican, Senate Energy, Natural Resources Committee, Democratic, Keystone XL, Strategic Petroleum Reserve, The Energy Department, The Treasury Department, Treasury Locations: East, Israel, Saudi Arabia, Russia, China, Paris, Gaza, Iran, Houston, Hormuz, U.S, Europe, Washington, OPEC, Lebanon, Venezuela, The U.S, Wyoming, America, Frankfurt, Germany, New York

☆ Oil spikes as Middle East strife heightens supply concerns
▼ + stars: | 2023-10-18 | by ( Natalie Grover | ) www.reuters.com time to read: +4 min

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Brent crude futures were up $1.33, or about 1.5%, to $91.23 a barrel at 1231 GMT. West Texas Intermediate crude (WTI) futures were up $1.28, or roughly 1.5%, at $87.94 a barrel. "This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil," said John Evans of oil broker PVM. Elsewhere in the Saudi city of Jeddah, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation to impose an oil embargo on Israel.

Persons: Nick Oxford, Brent, Jordan, Biden, Joe Biden, John Evans, Hossein Amirabdollahian, Vivek Dhar, Harry Murphy Cruise, Natalie Grover, Arathy, Muyu Xu, Lincoln, Jason Neely, Elaine Hardcastle, Louise Heavens Organizations: REUTERS, Brent, West Texas, U.S, Hamas, Iranian, of Islamic Cooperation, Reuters, Israel Hamas, Commonwealth Bank of Australia, American Petroleum Institute, Golden, Thomson Locations: Cushing , Oklahoma, Iran, Israel, OPEC, U.S, Gaza, Gaza City, Saudi, Jeddah

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul, Lincoln Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand. The U.S. has imposed sanctions on oil exports from Venezuela since 2019 and while sanctions relief is expected to boost oil supply oil flow, analysts expect any increases from the country to take time due to a lack of investment.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Arathy Somesekhar, Muyu Xu, Sonali Paul Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Palestinian, Jihad, Hamas, American Petroleum Institute, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, U.S, Venezuela

☆ Oil prices jump 2% on supply worries after large U.S. stock drawdown
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. Brent crude futures jumped $1.62, or 1.8%, to $91.49 a barrel at 0148, with markets also braced for Chinese GDP numbers. U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. Venezuela's government and its political opposition on Tuesday agreed to electoral guarantees for 2024 presidential elections, paving the way for possible U.S. sanctions relief that could boost oil supplies. The U.S. has imposed sanctions on oil exports from Venezuela since 2019 and while sanctions relief is expected to boost oil supply oil flow, analysts expect any increases from the country to take time due to a lack of investment.

Persons: Brent, Joe Biden Organizations: West Texas, American Petroleum Institute, U.S, Israel, Palestinian, Jihad, Hamas, Federal Reserve Locations: Israel, Gaza City, Beijing, U.S, Venezuela

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

☆ Oil falls further on US stock build, easing supply concerns
▼ + stars: | 2023-10-12 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

REUTERS/Nick Oxford//File Photo Acquire Licensing RightsSINGAPORE, Oct 12 (Reuters) - Oil prices fell for a third day on Wednesday, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. U.S. crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures on Wednesday. "Crude oil extended losses on signs the impact of the Israel-Hamas war on the oil market will be limited," ANZ analysts said in a client note. Expectations by the U.S. EIA of global oil inventories falling further in the second half of 2023, however, limited price weakness. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report.

Persons: Nick Oxford, Brent, JP Morgan, Trixie Yap, Shri Navaratnam Organizations: REUTERS, Rights, U.S, West Texas, American Petroleum Institute, ING, U.S . Energy Information Administration, ANZ, EIA, Thomson Locations: Cushing , Oklahoma, Rights SINGAPORE, U.S, ., California, Israel

☆ Oil falls further on U.S. stock build, easing supply concerns
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended losses for a third session, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. U.S. crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures on Wednesday. "Crude oil extended losses on signs the impact of the Israel-Hamas war on the oil market will be limited," ANZ analysts said in a client note. Expectations by the U.S. EIA of global oil inventories falling further in the second half of 2023, however, limited price weakness. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report.

Persons: Brent, JP Morgan Organizations: U.S, West Texas, American Petroleum Institute, ING, U.S . Energy Information Administration, ANZ, EIA Locations: San Joaquin Valley, McKittrick , California, U.S, ., California, Israel

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsOct 4 (Reuters) - Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand. Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI) , fell 5 cents to $89.18 per barrel. "A resilient labour market is deemed to be providing more room for the Federal Reserve (Fed) to keep rates high for longer," said Yeap Jun Rong, market analyst at IG. Eight analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels in the week to Sept. 29.

Persons: Agustin Marcarian, Jun Rong, Brian Martin, Daniel Hynes, Alexander Novak, Laura Sanicola, Muyu Xu, Gerry Doyle, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, IG, of, Petroleum, ANZ, Reuters, Industry, American Petroleum Institute, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, OPEC, Saudi Arabia, Russia, Asia, Turkey, United States, .

☆ Oil rises on tightening crude supply
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +2 min

Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers. Brent crude oil futures rose 6 cents to $90.98 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude , rose 11 cents to $89.34 per barrel. In U.S. supply, industry data showed crude stocks fell by about 4.2 million barrels in the week ended Sept. 29, according to market sources citing American Petroleum Institute figures on Tuesday. Eight analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels in the week to Sept. 29. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand.

Persons: Brent, Alexander Novak Organizations: U.S, West Texas, of, Petroleum, American Petroleum Institute, Reuters, U.S ., Federal Reserve, Washington Republicans, U.S . House Locations: OPEC, Saudi Arabia, Russia, Asia, ., Washington, U.S

Biden's Interior Department on Friday unveiled a congressionally mandated five-year plan for offshore oil drilling that included just three sales, all in the Gulf of Mexico -- the lowest number in any five-year plan since the government began publishing them in 1980. Previous five-year offshore lease programs have ranged between 11 and 41 sales, according to Interior's U.S. Bureau of Ocean Energy Management. The Inflation Reduction Act, a landmark climate change law passed last year, made oil and gas lease sales a prerequisite for new offshore wind power auctions. Biden sees offshore wind power as a key element to his plan to decarbonize the U.S. economy by 2050. In a sign of the litigious nature of U.S. drilling policy, Biden's administration had been scheduled to hold a Congressionally mandated Gulf of Mexico oil and gas lease auction this month.

Persons: Biden, Erik Milito, Abigail Dillen, we've, Mike Sommers, Bill Cassidy, Vladimir Putin, Cassidy, Trump, Nichola Groom, Jamie Freed, Daniel Wallis Organizations: Biden's, Department, Reuters, National Ocean Industries Association, U.S . Bureau of Ocean Energy Management, Bureau of Ocean Energy Management, Interior Department, Biden, American Petroleum Institute, U.S . Chamber of Commerce, Gulf Coast, OPEC, Organization of, Petroleum, ., Interior, Thomson Locations: Gulf of Mexico, U.S, Gulf, Mexico, Putin, Louisiana, Russia, California

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

Cain's Sept. 22 order had been celebrated by the oil and gas industry, which had sued in August alongside the state of Louisiana over an earlier decision by the Interior Department to scale back the auction. Representatives for the Interior Department, environmental groups, the Louisiana attorney general's office and the American Petroleum Institute did not immediately respond to requests for comment. The Interior Department finalized plans for a reduced lease sale in August, after last year's Inflation Reduction Act mandated the auction move forward. The sale made about 67 million acres in the Gulf available for bids. Those groups had claimed the whales can be harmed or killed by oil spills, vessel strikes, noise, marine debris and other impacts of oil and gas exploration and development.

Persons: Biden, James Cain's, Joe Biden, Nichola Groom, Clark Mindock, Sandra Maler, Alexia Garamfalvi, Richard Chang Organizations: Chevron Corp, Monday, Circuit, U.S . Interior Department, Interior Department, U.S, District, of Ocean Energy Management, American Petroleum Institute, Democratic, Thomson Locations: Gulf of Mexico, New Orleans, Louisiana, U.S

☆ ‘Monster Fracks’ Are Getting Far Bigger. And Far Thirstier.
▼ + stars: | 2023-09-25 | by ( Hiroko Tabuchi | Blacki Migliozzi | ) www.nytimes.com time to read: +23 min

Dallas TEXAS Austin Houston San Antonio Dallas TEXAS Austin Houston San Antonio TEXAS TEXAS Amarillo Lubbock Dallas El Paso TEXAS Austin Houston San Antonio Corpus Christi UNCHARTED WATERS ‘Monster Fracks’ Are Getting Far Bigger. Water wells that supply fracking Nationwide, fracking has used up nearly 1.5 trillion gallons of water since 2011. Now they account for almost two out of every three fracking wells in Texas, the Times analysis found. ‘Monster fracks’ take off in Texas Proportion of fracks Source: FracFocus chemical disclosure database as of Aug. 1, 2023. In 2020, New Mexico halted sales of water supplies to oil and gas companies fracking on state land.

China, the world's biggest fossil fuel consumer, is among those signalling that it intends to keep using them for decades. By inserting "unabated" before fossil fuels, the pledge targeted only fuels burned without emissions-capturing technology. "We cannot use it to green-light fossil fuel expansion," the countries said in a joint statement. We can't say we want to avoid 1.5 C ... and not say anything about phasing out fossil fuels," Cox said. The Alliance of Small Island States, whose members face climate-fuelled storms and land loss to rising seas, wants a fossil fuel phase-out and an end to the $7 trillion governments spend annually on subsidising fossil fuels.

Persons: Eduardo Munoz, General Antonio Guterres, Sultan Al Jaber, John Kerry, Teresa Ribera, Eamon Ryan, Ryan, Peter Cox, Cox, Fatih Birol, Valerie Volcovici, Kate Abnett, Katy Daigle, Emelia Organizations: U.S, REUTERS, United Nations General Assembly, United Arab Emirates, United, European Union, Reuters, Ireland's, American Petroleum Institute, University of Exeter, International Energy Agency, Rockefeller Foundation, Organization of, Petroleum, Small, States, United Nations, D.C, Thomson Locations: New York, New York City , New York, U.S, Dubai, China, United States, Saudi Arabia, Russia, France, Kenya, Chile, Colombia, Tuvalu, Vanuatu, Japan, Union, Washington, Brussels

California is taking some of the world’s biggest energy companies, including Shell, Exxon Mobil and Chevron, to court, accusing them of concealing the damage caused by fossil fuels on the state for more than half a century. The strategy has echoes of an earlier fight: states’ legal battle against Big Tobacco in the 1990s. It argues that the oil majors should pay fines for burying scientific evidence linking carbon emissions to greenhouse gases. In the 1990s, California and dozens of other states brought cases against the four biggest U.S. tobacco companies. The companies were also compelled to label cigarettes as potentially lethal, to change how and where they marketed them, and to disband the Tobacco Institute, the industry-funded trade group.

Persons: ” Rob Bonta Organizations: Shell, Exxon Mobil, Chevron, Big Oil, Big Tobacco, American Petroleum Institute, Prosecutors, Tobacco Institute Locations: California

That area was reduced to 67 acres (27 hectares) in August when Interior's Bureau of Ocean Energy Management announced final plans for the sale. Chevron, Shell Offshore, the American Petroleum Institute and the state of Louisiana sued to reverse the cut in acreage and block the inclusion of the whale-protecting measures in the lease sale provisions. They also said the changes after the initial lease sale was proposed in March violate federal law because they were adopted arbitrarily, without sufficient explanation of why they are needed. Political Cartoons View All 1173 ImagesMeanwhile, rival litigation filed by Earthjustice and other prominent environmental groups seeks to halt the lease sale. The organizations say the lease sale violates the National Environmental Policy.

Persons: Biden, James David Cain Jr, Lake Charles, BOEM, Earthjustice, ” Erik Milito, Steve Mashuda Organizations: ORLEANS, —, Interior Department, Interior's Bureau of Ocean Energy Management, District, Shell, American Petroleum Institute, Environmental, Energy, National Ocean Industries Association Locations: Gulf, Mexico, Lake, Maryland, Chevron, Louisiana, Gulf Coast

☆ 'We're in a very tight market,' says American Petroleum Institute's CEO
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We're in a very tight market,' says American Petroleum Institute's CEOMike Sommers, CEO of American Petroleum Institute, attributed some of the tightness in oil and gas markets to low inventories and concerns over OPEC's decisions.

Persons: Mike Sommers Organizations: American Petroleum, American Petroleum Institute

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