Headlining news from Oil & Gas Market Report
The Trump administration has proposed to increase the offshore oil drilling in the United States. Environmental activists in California are protesting this proposal by siting potential damage to wildlife and oil spills. According to Reuters, “On Wednesday, California officials sent a formal letter to the Bureau of Ocean Energy Management demanding that the Pacific coast …
Military forces in Iraq are preparing an attempt to gain control of an oil route located near the Iran border. The border has historically been used to transport oil throughout the Hamrin mountain range. A Reuters article reported, “Trucking crude oil to Iran was agreed under a swap agreement announced in December by the two …
The Trump administration has proposed to eliminate the Chemical Safety and Hazard Investigation board as one of the many agencies they hope to rid of under the $4.1 trillion full-year budget. The administration is experiencing some push back especially after last week’s explosion in Quinton, Oklahoma where five workers lost their lives. As reported by …
State leaders of California have pushed against the Trump administration on a number of issues: taxes, climate change, and immigration. These same leaders can now add environmental regulations to their list. The Washington Examiner has said, “California, which can set its own fuel efficiency standards, has fought the Environmental Protection Agency over the proposed weakening …
New York Mayor Bill de Blasio appeared on “The Bernie Sanders Show” podcast yesterday where he said, “Let’s help bring the death knell to this industry that’s done so much harm.” After comparing oil companies to the tobacco industry by saying they “systematically poisoned the Earth, knew about it, covered it up, explained it away, …
Two Canadians are facing a $1 million fine and 15 years in prison for the explosion of the Wibaux, Montana area oil plant. Peter Margiotta and Mark Hurst allegedly started a fire that burned for eight days and injured three workers. The charges faced include conspiracy and endangerment. ABC News reported, “Margiotta and Hurst also …
The man who helped shape the oil and gas industry of the 20th century, T. Boone Pickens, has decided to retire at 89. “It’s no secret the past year has not been good to me, from a health perspective or a financial one,” he wrote in a letter he posted on LinkedIn on Friday. “Health-wise, I’m still …
According to Bloomberg Markets, President Trump “plans on sticking with an agreement that suspends American sanctions on Iran in return for limiting its nuclear research, according to two administration officials familiar with the matter.” He must decide by Friday. But with these possible sanctions hanging over Iran, investors are hesitant to invest in Iranian oil.
Citigroup Inc. claims wildcards including war, Middle East tensions, Donald Trump and Kim Jong Un driving crude toward $80 a barrel. According to an article in Bloomberg Markets, “After prices were boosted by OPEC’s output curbs in 2017, the U.S. President has shifted the focus to geopolitical risks, with his pursuit of sanctions on Iran …
An article in the Los Angeles Times cites state regulators and simple economics as reasons why new offshore drilling opportunities, promised by the Trump administration, will probably amount to nothing more than a few news headlines. The piece maintains that “California has powerful legal tools to head off new offshore development, and the price of …