Tag Archive for: fossilfuel

US oil and gas producers

US oil and gas producers pressure House to pass pivotal permitting bill and get America ‘back on track’

A group of U.S. oil and gas producers is upping the pressure on House Speaker Mike Johnson. It is for him to push through a major permitting reform bill. They are stressing in a letter Wednesday the urgency for the chamber to move swiftly on approving the legislation. They see this as crucial for attracting new investments in domestic oil and gas projects. It will bolster national energy security and breathe new life into other long-stalled energy infrastructure projects.

The letter was by a coalition of U.S. oil and gas groups who represent 80% of domestic fossil fuel production. They stressed the need for House Republicans to swiftly and “immediately” pass the Energy Permitting Reform Act. It is the 2024 bill by Sens. Joe Manchin, I-W.Va., and John Barrasso, R-Wyo. They describe that legislation as crucial to helping expedite actions for producers under the second Trump administration.

Comprehensive Permit

“This bill is merely the first step towards comprehensive permitting reform in this country. We believe that passing the package now, at the end of the 118th, and then earnestly advancing additional National Environmental Policy Act reforms such as those being drafted by Chairman Westerman in the Natural Resources Committee, will ensure that America can get back on track as quickly as possible,” the letter said.

Pressure on Johnson and House Republicans has mounted in recent days as lawmakers prepare for a final sprint before the end of the 118th session of Congress. Some have suggested the bill’s best chances of passage are by paring it with NEPA reform — likely efforts championed by House Natural Resources Committee Chairman Bruce Westerman, R-Ark., which could earn the permitting reform bill more buy-in from House Republicans.

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Source: Fox News

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The IER has just released its latest annual North American Energy Inventory report showing that North America has 1.66 trillion barrels of technically recoverable resources, and at current rates of consumption, the report calculates that it would take 227 years to deplete it all.

Report: America has up to 227 years of oil & gas remaining

Latest Oil & Gas Remaining or The Annual North American Energy Inventory

The Institute for Energy Research (IER), a free market think tank focusing on energy. Has just released its latest oil & gas remaining or the annual North American Energy Inventory. The report shows that North America has 1.66 trillion barrels of technically recoverable resources. And at current rates of consumption, the report calculates that it would take 227 years to deplete it all.

The report provides valuable insights into the current state of fossil fuel reserves. Particularly focusing on coal – renowned for being one of the most abundant fossil fuels available. It highlights that the proved reserves of coal stand. At a level that could potentially meet the global demand for over four centuries at the consumption rates witnessed in 2022.

The Significant Supply of Coal and its Enduring Presence

This substantial figure underscores the significant supply of coal and its enduring presence in the global energy mix. Contrary to the notion of imminent depletions such as “peak oil” or “peak gas”. The report challenges these concerns when it comes to coal. Urging against heeding the radicalized left’s rhetoric that often perpetuates such fear-mongering narratives.

The extensive longevity of coal reserves as indicated in the report serves as a compelling reminder of the need for a balanced and evidence-based approach to discussions around fossil fuels. By debunking the myth of an impending “peak coal,” the report encourages a more nuanced understanding of the energy landscape, emphasizing the importance of rational analysis over sensationalized claims.

In a time where energy security and sustainability are paramount considerations. The enduring reserve capacity of coal presents an opportunity for thoughtful consideration and strategic planning in meeting the world’s energy needs for the foreseeable future.

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Source: Marcellus Drilling News

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As a group, the oil and gas industry’s free cash flow-to-capital expenditures ratio rose to 1 last year from 0.4 in 2020, and it’s forecast to approach 1.4 by 2030.

Gas & Oil companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace

Demand for Loans

Last year, the demand for loans from Gas & Oil companies or fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022.

From a climate perspective, this may sound like good news because the drop in bank lending to oil, gas and coal companies should mean less investment and less production over time.

The reality, however, is that oil and gas companies don’t need a lot of loans because they’re generating so much money these days from their underlying businesses, said Andrew John Stevenson, senior analyst at Bloomberg Intelligence. And that trend is likely to continue through the end of the decade, he said.

Its Fair Share of Ups and Downs

The oil and gas industry has seen its fair share of ups and downs in recent years, marked by cycles of booms and busts. However, the current landscape seems to be favoring a more prosperous outlook, with companies reporting healthy balance sheets and increased cash flow.

This financial stability can largely be attributed to the upward trend in oil prices, which have been driven by a combination of factors such as strong global demand and coordinated production cuts by OPEC and its allies under the OPEC+ agreement.

A Much-Needed Boost

The resurgence in oil prices has provided a much-needed boost to companies within the industry, enabling them to capitalize on the improved market conditions. With a steady stream of revenue coming in, many firms are now in a stronger position to invest in exploration, production, and technological advancements.

This influx of capital not only benefits the companies themselves but also has a ripple effect on the broader economy, as it creates jobs, drives innovation, and contributes to overall economic growth. As the industry continues to navigate through this period of relative stability, it will be interesting to see how companies leverage their newfound financial strength to drive long-term growth and sustainability.

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Source: FORTUNE

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