Major steel manufacturer US Steel announced layoffs in excess of 700 employees and said deteriorating market conditions were to blame. “’This action is a result of a decline in tubular market conditions, which is impacting demand for the plant’s products,’ U.S. Steel wrote in a letter addressed to USW President Leo Gerard.” [Pittsburgh Post-Gazette] Excelerate… Keep reading →
Many large US oil producers have oil price hedges in place through the beginning of 2015 or for the entire year that are helping blunt the impact of lower oil prices. Some companies may be able to cash in on well positioned hedges and use the funds to purchase new positions that can help weather… Keep reading →
Every year Germany’s Federal Institute for Geosciences and Natural Resources (BGR) publishes its annual BGR Report showcasing BGR scientists’ work on fascinating projects in the world of geosciences. All projects are driven by BGR’s mission statement – “Planet Earth represents the basis for all our lives – its resources are limited” – and underscore BGR’s… Keep reading →
The renewable energy sector is dynamic, with advancing technology and evolving policy. As 2015 beckons, here are some of the key questions that Portland, Oregon-based contributor Pete Danko will be asking as about U.S. renewables. 1) Is The PTC Winding Down or Dead? The wind industry won a small victory just before Congress went home,… Keep reading →
Gold prices will continue to retreat, as of today, December 6, 2014 it is $1,192 an ounce. I believe it will be below $1,000 an ounce before year end 2015. Oil prices will be below $60 a barrel by year end 2015. The S&P 500 will exceed $2,200 a share sometime in 2015. The Supreme… Keep reading →
The decline in oil prices will depress the regime’s revenues, and the threat of increased sanctions is newly credible given the composition of the next Congress. With another deadline missed and another extension inked in the Iran nuclear negotiations, the White House finds itself squeezed on two sides. It faces pressure from Iranian negotiators —… Keep reading →
There is a saying in Brazil, “he who steals a little is a thief but he who steals a lot is a baron.” Apparently, executives at Brazilian oil giant Petrobras were stealing a lot. Corruption charges are turning the company upside down as investigators unravel kickback schemes and inflated construction budgets that involved some of the country’s largest firms.… Keep reading →
It appears the largest oil price decline since the 2008 economic and financial crises could be reaching a bottom. Maybe. Luckily we don’t have the displeasure of making oil price forecasts, like our colleague Ed Crooks the US Industry and Energy Editor at the Financial Times: Anyway, benchmark global oil futures prices rebounded today partially… Keep reading →
Saudi Arabian oil minister Ali al-Naimi has begun opening up a bit more about Opec and the kingdom’s decision to leave oil production quotas unchanged at the producer group’s meeting last month. Since that decision – and price cuts on behalf of individual Opec members – benchmark oil prices plummeted and are now down about… Keep reading →
Opinion: The Gas Station Isn’t the Only Place Americans Pay for Oil
By Lt. Gen. Richard Zilmer, USMC (Ret.)With gasoline prices lower than they’ve been in years, it’s easy to get complacent about weaning ourselves from petroleum. Sure, you might be spending less at the pump. But don’t forget the high cost our country pays for its over-dependence on oil – not just in terms of dollars, but in terms of national security, our economy… Keep reading →