China is in the throes of an environmental meltdown. Its major cities are shrouded in smog and pollution – who can forget images of Beijing leading up to the 2008 Olympics as authorities tried frantically to clear smog-filled skies before the world came calling? Meanwhile, a large portion of the country’s groundwater is contaminated. Not… Keep reading →
Saudi Arabia, until recently the world’s top oil exporter and still de facto OPEC leader, is feeling pressure. Its top exporting customer of nearly four decades, the US, has become its greatest competitor. Amid the shale oil boom and the wonders of hydraulic fracturing (fracking), the US is now producing over 9 million barrels of crude… Keep reading →
Ed. note: This is a weekly column by Elie Mystal, Managing Editor of Above the Law Redline. This space will focus on the laws that exist, should exist, and should be put out of their misery. OVER-REGULATED Oil That Funds Terrorism: Evil crackpot Zacarias Moussaoui, a former Al-Qaeda operative in prison because we caught him,… Keep reading →
In 2008, as Beijing geared up for the summer Olympics by stockpiling crude oil, the world blamed the Communist government for inflating prices. Now eyes are back on China, wondering if demand from the Asian nation will bolster falling crude prices. With oil prices falling to their lowest level in years, the Chinese are taking… 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 →
Understanding China’s domestic oil market is akin to following an opaque and moving target, but a new report by independent price reporting organization Platts highlights the changing dynamics of one area in the Chinese oil market that is most responsive to economic signals: China’s teakettle refiners. Playing Against Monopolies Monopolized by state-owned but publically listed… Keep reading →
Plans to turn Philadelphia city into an “energy hub” where natural gas from the Marcellus Shale would be pumped, processed, exported and used as fuel by manufacturers, were given a high-profile sales pitch at a one-day conference in the city last Friday. The Greater Philadelphia Chamber of Commerce and Philadelphia Energy Solutions, a local refiner,… Keep reading →
The oil market is filled with winners and losers. When oil prices decline, refiners generally win as their feedstock is less expensive, but producers lose as they get less money for their product. This highlights the attraction of vertical integration – operating both upstream production and downstream refining – which can insulate companies from oil… Keep reading →
US gasoline prices are at their lowest level since 2009 – $2.81 per gallon according to AAA – which could boost the number of holiday travelers and shoppers. “That could mean what is typically the busiest travel day of the year in the United States could get even busier — AAA estimated that 46.3 million… Keep reading →
Rumors swirled today that the US EPA would finally announce the 2014 renewable volume obligations – quantity of ethanol and biofuels to be blended into the fuel supply – until the agency surprised many by postponing the announcement until next year. The renewable fuel standard, as the law is known, has been controversial for years.… Keep reading →
