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gasoline price increase

Weekly Energy Roundup: Gasoline Sets Another Record, Oil and Natural Gas Also Rise

In Wyoming, most of us fuel our cars with gasoline, heat our homes using natural gas, and rely on electricity generated from coal. And we depend on state services paid for, in large part, by taxes imposed on the companies extracting that oil, gas, and coal — industries whose contributions to state coffers have also kept our individual taxes low. Let’s talk more about gasoline price increase now.

The economic importance of energy means price swings often hit Wyoming especially hard. Money drained from the state’s pockets as oil markets crashed in the early months of the pandemic, then poured back in as markets recovered.

Oil prices have been climbing since the start of 2021. In the months since Russia went to war with Ukraine, those prices skyrocketed, then eased. They’ve continued to surge as tensions mount and settle as they subside, rising to more muted highs, never sinking to levels as low as before.

Gasoline went up along with oil, though it hasn’t been as volatile. For a number of reasons, natural gas has followed, giving a boost to its competitor, coal.

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Source: KPVI

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Oil and Gas Activity

Perryman: Texas is Finally Seeing Escalation in Oil and Gas Activity

Want an update on the number of oil and natural gas drilling activity permits issued by the Texas Railroad Commission? Currently it reached an all-time high in March, at more than 1,100. Hundreds of companies of all sizes are jumping into the fray. Activity is picking up across the state, with the Permian Basin reportedly seeing more than 900 horizontal permits.

The demand for fuels began to surge globally as the economy reopened after the worst of the pandemic, yet the pace of recovery in energy activity lagged for a variety of reasons. Even rapidly rising prices weren’t enough. One prominent impediment has been federal policies toward the industry and fears that future activity will go through curtail. Capital has also been difficult to obtain, with investors reluctant to finance drilling programs in the wake of uncertainty regarding adverse governmental actions and the lack of sufficient returns during prior periods. A more pragmatic reason is simply that many wells were drilled but not brought into production before the COVID-19 shutdown, thus allowing production initially to be increased while rigs sat largely idle.

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Source: mrt

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net zero ambitions

The Oil and Gas Industry is Booming Despite Net-Zero Ambitions

Both the European Union and the United States are firmly on the path to a net-zero economy. This much has been made clear by officials from both sides of the Atlantic. This is despite the EU’s hunt for more gas and the Biden administration’s calls for more oil production.

Before net zero ambitions is achieved—if it is ever achieved—both the EU and the US will need more fossil fuels. Take note that this includes coal. This means that despite calls for more renewables from both governments and the renewable energy industry, despite the active demonization of the fossil fuel industry, investments in more oil, gas, and coal production are likely to rise—at least in the short term.

A recent report from Reclaim Finance, an anti-fossil fuel campaign organization, for instance, named and shamed asset managers investing in oil, gas, and coal. According to the report, 30 of the world’s leading asset managers had $82 billion invested in companies developing new coal supply, and $468 billion in 12 major oil and gas companies.

“Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no,’” said one of Reclaim Finance’s campaigners, Lara Cuvelier.

“Let’s be clear: drilling a new oil well or opening a new coal mine is not a normal thing. Especially to do it in a widespread climate catastrophe,” the campaigner added.

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Source: Oil Price

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Oil and Gas

Oil and Gas Will Be Around a Lot Longer than Some Think, Despite Climate Change Goals: RBC

Global ambitions to tackle climate change are being under discussion by rising concerns about energy security. This is according to a new report by RBC. This is why oil and natural gas are going to be used for quite a while.

The Russian invasion of Ukraine has sent energy prices soaring. In effect, there are supply concerns for many commodities such as oil, natural gas and coal. Today, many countries grapple with energy security and affordability issues. On the other hand, there is less emphasis on climate change.

The report say countries like Canada now have to figure out how to produce more oil and gas. In the short term, the country is all the while trying to meet climate goals.

“Oil and gas will likely remain critical and contentious energy sources for longer than some think,” the report notes.

In the last few months, there has been a renewed push by countries like Canada and the United States for more oil and natural gas production. At the same time, some countries in Europe are investing in liquefied natural gas terminals to import more natural gas and also looking at coal and oil-fired electricity to reduce reliance on Russian gas.

Global demand for oil keeps rising and is expected to increase for several more years, according to the International Energy Agency.

The RBC report highlights how many governments around the world are also offering subsidies to offset high gasoline and power prices, including “usual climate leaders” such as Germany, California, and British Columbia.

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Source: CBC

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US energy secretary

US Energy Secretary Says Oil, Gas Output Will Continue to Increase

The US Energy Secretary said on Monday U.S. oil and gas production is rising. It will continue to rise to make up for the 1 to 1.5 million barrels of oil per day. Moreover, it has been pulled off the market in the wake of Russia’s invasion of Ukraine.

Jennifer Granholm told CNBC the boost in U.S. oil to market will be about 1 million barrels per day, first coming from President Joe Biden’s record release from the Strategic Petroleum Reserve starting in May and lasting six months.

The administration expects domestic oil production will increase as well in the coming months and help stabilize prices for crude and gasoline.

“That’s one of the reasons why perhaps you’re seeing some leveling off of prices,” Granholm said about the supply release’s effect on oil prices which also slumped on Monday as COVID-19 lockdowns in China and potential increases in the U.S. interest rate raise concerns about global growth.

Granholm said global and domestic oil markets may react if Europe bans imports of Russian crude. “If they do decide to do some form of ban or some medium version of that, then there will be an impact, no doubt on oil prices, because that will pull more supply off the market,” she said.

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Source: Reuters

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Oil and Gas Production

Oklahoma Has Only Slightly Increased Oil and Gas Production During the Ukraine War. Here’s Why

OKLAHOMA CITY – The price for gasoline is up nationwide as American consumers feel the squeeze from global sanctions against Russia. Basically, oil and gas production is affected.

Last month, Oklahoma Gov. Kevin Stitt wrote a letter to President Joe Biden days after Russia invaded Ukraine, urging the administration to embrace domestic oil and gas production and halt the importation of Russian energy products. The first-term Republican demanded that Biden relies on energy-producing states like Oklahoma to step up domestic production, a call echoed by other state leaders like Sen. Jim Inhofe.

“Every administration since 1973, Republican and Democrat, prioritized American energy independence – until yours,” Stitt wrote. “The recent events in Ukraine are yet another example of why we should be selling energy. Mainly to our friends and avoid buying it from our enemies.”

The U.S. is not a major buyer of Russian oil, nor does it import any gas from the country. Still, in early March, the U.S. banned the import of Russian oil, liquefied natural gas and coal, citing the nation’s “strong domestic energy infrastructure” as a reason why the country could take the step to reduce its dependence on Russian energy.

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Source: PBS

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oil and gas development

U.S. Resumes Plans for Oil and Gas Development on Federal Lands

The US is planning to advance with onshore lease sales. This is a move that may mark the resumption of new oil and gas development on federal lands.

The US Department of the Interior announced that the Bureau of Land Management (BLM) will issue notices. These notices are for the reformation of onshore lease sales. This is a need after addressing the shortcomings in the federal oil and gas leasing programme.

The move follows the department’s November 2021 report. It highlighted that federal oil and gas leasing programmes and their administration remained virtually unchanged for decades.

This week, the BLM will issue final environmental assessments. Moreover, sale notices for future lease sales are based on several recommendations of the report.

BLM assessed eligible acreage located in the states of Colorado, Montana, Alabama, Nevada, Oklahoma, New Mexico, North Dakota, Utah, and Wyoming.

Overall, it assessed 646 parcels totalling around 733,000 acres.

However, following an environmental review, the final notices will include 173 parcels on roughly 144,000 acres, an 80% less acreage from what was originally nominated by the industry.

Additionally, the companies will pay higher royalties of 18.75% for new competitive leases.

Commenting on the move, Secretary Deb Haaland said: “How we manage our public lands and waters says everything about what we value as a nation. For too long, the federal oil and gas leasing programmes have prioritised the wants of extractive industries above local communities, the natural environment, the impact on our air and water, the needs of Tribal Nations, and, moreover, other uses of our shared public lands.

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Source: Offshore Technology

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Gas Prices Dropping | Finally It is Below $4 in Most States

Gas Prices Dropping | Finally It is Below $4 in Most States

Gas prices are finally dropping back to Earth.

The price of a gallon of regular gas averaged an all-time high of $4.33 in the U.S. Prices had risen a staggering 22% between February 21 and March 14. This is the largest jump ever recorded in a three-week span.

Now, the market is swinging the other way. On Monday a gallon of gas cost $4.11 on average across the entire country. Experts expect prices to keep on dropping in the days ahead.

“Gas prices have continued to move in the right direction — down — saving Americans approximately $100 million every day compared to when prices peaked about a month ago,” Patrick De Haan, head of petroleum analysis at GasBuddy.

De Haan added that “more good news is on the horizon: The national average this week will likely fall back under the critical $4 per gallon mark.”

Prices have already fallen below that threshold in 28 states. The lowest prices in the country can be found in Missouri and Oklahoma, where one gallon of regular gas costs an average of $3.67.

To help lower prices for consumers, a handful of states including Maryland and Georgia have paused their gas taxes. Some lawmakers have floated sending cash to Americans to offset high prices — like stimulus checks for gas. Last week, the Biden Administration announced that it would release up to 180 million barrels of oil from the United States’ strategic reserve in order to bring down prices.

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Source: Money.com

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Oil Production in the United States Rises, Matching Pandemic High

Oil Production in the United States Rises, Matching Pandemic High

Domestic crude oil production edged upward last week, the United States Energy Information Administration (EIA) reported Wednesday.

For the week ending April 1, U.S. crude oil production increased by 100,000 b/d. It is now at 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report

It was yet another weekly uptick in domestic oil output after spending February and part of March in 11.6 million b/d territories.

EIA data showed a 2.4 million bbl week/week build in U.S. commercial crude oil inventories, which finished last week at 412.4 million bbl. Domestic crude stocks ended last week about 14% below the five-year average for this time of year.

Demand was 19.8 million b/d for the week ending April 1, staying essentially flat week/week and year/year.

During the past four weeks, demand averaged 20.4 million b/d, up 5.5% year/year. Motor gasoline consumption for the past four weeks averaged 8.7 million b/d, down 0.3% from the corresponding period in 2021. Meanwhile, distillate fuel demand averaged 3.9 million b/d for the four-week span, representing a 1.8% year/year increase. Jet fuel product supplied was 1.5 million b/d for the period, up 28.9% year/year.

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Source: Natural Gas Intel

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Lower Gas Prices

Permian Basin the Site of Oil and Gas Expansion to Lower Gas Prices Amid Russia Conflict

Triple-digit oil prices in the U.S. continued for the second month in a row. This is leading to increased operations and land deals in the nation’s most active oilfields in southeast New Mexico and West Texas. So what’s the current strategy in place to lower gas prices?

The Permian Basin saw rising fossil fuel activity throughout 2022 amid increased demand as COVID-19 subsided.

The invasion of Ukraine created further supply strains as it led to international condemnation of Russian leader Vladimir Putin and the removal of his country – the world’s second-highest oil producer – from the global market.

That supply disruption sent gas prices at the pump to $4 or more throughout New Mexico and the U.S. in the weeks since.

Some of the world’s largest oil and gas companies recently announced plans to increase their output from the Permian. This is with Chevron being the latest in announcing via an April 1 news release that it would increase its production in the region by 10 percent, amounting to about 1 million barrels a day by 2025.

That would be about a fifth of the about 5 million barrels a day produced in the Permian in 2021. Besides , this is per data from the U.S. Energy Information Administration.

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Source: Carlsbad Current-Argus

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