Oil had its biggest January gain in at least 30 years as robust demand outpaced fresh supply. The global benchmark settled above $91 a barrel, posting a 17% gain this month. The combination of booming demand, scratchy supply and dwindling stockpiles has helped crude soar this month, with top banks and oil companies saying prices
Month: January 2022
By Eric Ralph Posted on January 30, 2022 For the fourth time in four days, SpaceX has been forced to scrub Falcon 9’s launch of an Italian Earth observation satellite. This time, however, rather than the poor weather that aborted Falcon 9’s first three launch attempts, the fourth scrub was caused by a cruise ship
Triple-digit oil prices are possible in the next few months as geopolitical risks and “struggling” supply hit global crude markets, said Chevron Corp.’s top executive. Demand for petroleum is growing faster than production as the world transitions away from the worst of the pandemic, Chief Executive Officer Mike Wirth said Friday on Bloomberg TV. But
lindsay_imagery | E+ | Getty Images The U.S. Department of Energy has announced $25 million in funding for eight projects focused on wave energy technologies. The DOE said the projects will be based on three things: the testing of wave energy converter tech; wave energy research and development; and the advancement of wave energy converter
Russian President Vladimir Putin gestures as he attends his annual end-of-year news conference in Moscow, Russia, December 23, 2021. Evgenia Novozhenina | Reuters The U.S. has sent the clearest message yet that Russia, its key economic sectors as well as its leader Vladimir Putin, could face the severest sanctions it has ever faced if it
By Joey Klender Posted on January 28, 2022 The GMC Hummer EV is finally making its way to dealerships on the East Coast, sporting its massive size as it sits alongside a GMC Yukon, one of the automaker’s largest sport utility vehicles. After being in development for several years, the GMC Hummer EV is finally
Listen to a recap of the top stories of the day from Electrek. Quick Charge is available now on Apple Podcasts, Spotify, TuneIn and our RSS feed for Overcast and other podcast players. New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee
Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022. West Texas Intermediate rose 2% for the week as robust demand tightened global markets. As supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to $100
We’re in the midst of an energy transition. Renewable power and electric vehicles are getting cheaper, the grid is getting greener, and oil and gas companies are getting nervous. That’s why the fossil fuel giants are looking towards petrochemicals, and plastics in particular, as their next major growth market. “Plastics is the Plan B for
A worker adjusts a pipeline valve at the Gazprom PJSC Slavyanskaya compressor station, the starting point of the Nord Stream 2 gas pipeline, in Ust-Luga, Russia, on Thursday, Jan. 28, 2021. Nord Stream 2 is a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe
Journalists are reflected in the sunglasses of drilling site manager Greg Murphy during a media day at Chevron’s site in Pungesti, Romania, April 8, 2014. Bogdan Cristel | Reuters Chevron shares declined Friday after the company reported a mixed quarter, despite surging oil and gas prices. Chevron earned $2.56 per share excluding items during the
By Joey Klender Posted on January 28, 2022 Rivian (NASDAQ: RIVN) stock is down 45 percent since its initial public offering in November when shares started publicly trading at around $106.75. Currently, Rivian shares hover around the $55 mark. Its drastic fall in the first few months of being publicly traded is not keeping Morgan
PlugStar, a service offered by Plug In America, assists consumers and dealers with finding and selling EVs. What sets PlugStar apart from similar programs is its ecosystem approach that assists users from start to finish. There is PlugStar.com, which is the consumer-facing EV information and shopping site. On the site, a consumer can get all
Canada’s oil companies are outperforming their energy-producing peers as the highest oil prices in seven years brings a windfall of cash. The combined shares of five of the largest oil sands companies have outpaced the broader S&P 500 Energy Index over the past three months, data compiled by Bloomberg show. The 25% surge comes as
In this article RWE-DE ENR-DE RDSA-GB Animaflora | iStock | Getty Images A 20 megawatt hydrogen electrolyzer described as “one of the world’s largest” has begun operations, energy major Shell said Friday. Located in Zhangjiakou, Hebei Province, China, the electrolyzer will produce green hydrogen for fuel cell vehicles being used at Zhangjiakou’s competition zone during
California Governor Gavin Newsom on Thursday said the state’s in a “transformational moment” to shift away from fossil fuels, as climate change continues to fuel devastating wildfire seasons and historic drought conditions across California. The governor’s remarks to CNBC’s Yasmin Khorram come shortly after the state unveiled this year’s budget proposal, which invests $22 billion in new
It would be “insane” for Russia to invade Ukraine — but that scenario is “not impossible,” says former Prime Minister of Sweden Carl Bildt. “A big invasion might not be the most likely, but it’s not impossible” given that Russian President Vladimir Putin has used military power against Ukraine in the past, said Bildt, who
By Joey Klender Posted on January 27, 2022 Tesla CEO Elon Musk said yesterday during the Q4 2021 Earnings Call that the automaker is pushing California to adopt telematics-based insurance rates. Ricardo Lara, the State’s Insurance Commissioner, is advising Musk to ease off. Telematics insurance adjusts the price of premiums based on usage. It usually
Listen to a recap of the top stories of the day from Electrek. Quick Charge is available now on Apple Podcasts, Spotify, TuneIn and our RSS feed for Overcast and other podcast players. New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee
Oil fell from a fresh seven-year high as equities wavered and the dollar’s strength weighed on the commodity. Futures in New York slipped 0.9%. Oil has rallied most of this week with physical supplies appearing extremely tight. Key swaps tied to the North Sea market are trading at their firmest since 2019, while timespreads are
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