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Still in the midst of their worst downturn in 30 years, big oil companies warn that world oil markets are likely to remain vulnerable to sharp swings in prices for years to come. Among the latest alerts is one from Ryan Lance, chairman and CEO of ConocoPhillips, the world’s largest independent exploration and production company. (Read More)
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It’s no surprise that major oil companies are viewed as contrarians when it comes to climate change, even though all of them acknowledge the phenomenon and agree on the need for a response to one extent or another. After all, keeping temperatures from rising to catastrophic levels will require the world to wean itself off fossil fuels and turn to cleaner forms of energy, hardly an appealing proposition to the financial wellbeing of oil producers. But now the leader of one of the world’s biggest oil companies is telling his peers to accept the role unapologetically. (Read more.)
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Electric utilities across the U.S. are wasting no time taking advantage of new FAA rules authorizing use of drones for commercial purposes. “We’ve certainly heard from our members that they’re excited about this technology,” said Chris Hickling, the director of government relations for the Edison Electric Institute (EEI), the trade group for investor-owned utilities in the U.S. (Read more)
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U.S. crude oil is increasingly finding markets around the world now that government restrictions on exports have been dissolved. That’s good news for U.S. producers who had sought more access to global oil markets for years, though it’s too early to tell how much of a trend is developing. (Read more)
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Improving the energy efficiency of buildings is generally considered to be one of the most practical ways that a property owner can cut the cost of lighting, heating and cooling. Now, the U.S. Army is demonstrating in spades the pragmatism of such moves as it surpasses the $1 billion mark in responding to a 2014 challenge by President Obama to all federal agencies to achieve $4 billion in energy savings performance contracts by December. (Read more)
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Although OPEC’s influence over world oil prices has declined in recent years, the mere mention of a meeting by the cartel’s member countries is still enough to trigger speculation and move the market. We saw that Monday when oil prices jumped 3% in New York after news broke that OPEC planned to assemble unofficially in Algeria in September in response to the latest setback in the market. (Read more.)
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The planned marriage of Tesla Motors and SolarCity is causing a stir in energy markets, with two of the most innovative companies in electric cars and solar energy aiming to take a commanding lead in green energy in the U.S. But the combination is just one of many big deals that signal a banner year for mergers and acquisitions in the North American electric and natural gas markets, driven by fundamental changes in those industries. (Read more)
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The struggling U.S. nuclear industry enjoyed a boost this week as New York regulators agreed to a clean energy standard that puts reactors on the same footing as solar, wind and other forms of renewable energy. But only time will tell if it marks the start of a trend. The decision by the New York Public Service Commission will require the state to meet half of its electricity needs with “renewable sources” by 2030, including three nuclear power plants at risk of shutting down, as part of a strategy to cut greenhouse gas emissions by 40% by that year. (Read More)
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The two-year-old slump in oil prices continues to take its toll on producers, with no end in sight. And that pain extends to the regional banks that cater to the oil patch. But some banks insist that the difficulties aren’t as bad as they may seem. Among them is BOK Financial, a Tulsa-based bank that’s been lending to producers for 100 years. (Read more)
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The retirement of coal and nuclear power plants in the U.S. over the last few years has raised concerns that the electric power industry might fail to deliver when demand for power heightens — such as during a blistering heat wave. But for the most part, that’s not the case this week as a so-called “heat dome” leaves the eastern and central parts of the U.S. sweltering with temperatures of 95 degrees or more and feeling as though it’s much hotter. (Read more)
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