The crude oil price plunge of more than 50% since last June has proved a mixed blessing for global economies. It has cut deep into the coffers of oil producing nations while providing much needed relief for oil and natural gas import dependent countries. China, the world’s second largest oil importer, is also taking advantage… Keep reading →
The US Strategic Petroleum Reserve was established at a time when US refining configuration and oil production profile looked very different. Given new realities, Energy Secretary Moniz is calling for system modifications. “The Government Accountability Office warned in 2006 that in an emergency, refineries configured to use heavy crude would not be able to efficiently… Keep reading →
October is National Energy Action Month — and that means Energy Department officials have been busy crisscrossing the country to highlight the ways President Obama’s plan to fight climate change is helping to grow the clean energy economy and strengthen our energy security. Last week, Secretary Ernest Moniz visited Texas to participate in events on… Keep reading →
Following Russian annexation of the Crimean Peninsula, tensions between the West and the Kremlin have been dangerously simmering. Meanwhile, the spotlight has moved to Eastern Ukraine where unmarked soldiers appear to be keen on destabilizing the situation further. Anti-Ukrainian agitators seized government buildings and police stations making a mockery of Kiev’s sovereignty. This sets up an ideal breeding… Keep reading →
In one of the better pieces dealing with European gas supply issues associated with the Russia-Ukraine political crisis, this article cites a recent study published by the Oxford Institute for Energy Studies which pinpoints Ukrainian fiscal instability as the most likely cause of a European gas supply disruption. “The difficulties that Naftogaz Ukrainy is having,… Keep reading →
The US Department of Energy is conducting a test sale of crude oil from the Strategic Petroleum Reserve. Five million barrels of sour crude are being offered for April, 2014 delivery from the West Hackberry and Big Hill sites on the US Gulf Coast. The sale is reportedly timed to coincide with US refiners’ annual… Keep reading →
As US sanctions on Iran tighten and gas prices reach record levels, it is becoming more likely that a release of oil from the US Strategic Petroleum Reserve is in the works. Yet analysts aren’t convinced tapping the SPR is a good idea. Administration officials said Friday that reserves from the SPR were taken into account when they determined that oil markets could handle the loss of Iranian oil. Even before the tighter sanctions were announced, there was talk the administration had been colluding with European countries on a coordinated withdrawal. The rumors have already pushed global oil prices down slightly, although they remain over $120 a barrel.
