UK Imposes 25% Energy Windfall Tax as Energy Bills Surge
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26,...
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26, alongside a 15 billion pound (US$18.9 billion) package of support for households struggling to meet soaring energy bills.
The move, which will give each U.K. household a 400-pound discount on their energy bill and more for lowest-income households, marks a change of heart for Prime Minister Boris Johnson's government, which had previously resisted windfall taxes, calling them a deterrent to investment.
It is the second emergency policy intervention to help with rising bills this year.
EPA approves emergency fuel waiver in Texas after refinery outage
The U.S. Environmental Protection Agency (EPA) issued an emergency air-quality waiver through June 6...
The U.S. Environmental Protection Agency (EPA) issued an emergency air-quality waiver through June 6 to boost supplies of gasoline in East Texas after production was cut at a regional refinery.
The waiver allows the sale in 34 Texas counties of higher-volatility, winter-grade gasoline. The Biden administration has released emergency oil stocks and is considering lifting smog rules nationwide to combat rising fuel prices.
Waivers typically are issued after hurricanes or other disasters that broadly cut fuel supplies and not for outages at a single refinery as in the Texas case.
A series of videos are being rolled out by the Oklahoma Energy Resources Board that showcases Mike Rowe,...
A series of videos are being rolled out by the Oklahoma Energy Resources Board that showcases Mike Rowe, host of TV show "Dirty Jobs," exploring oil communities in the state and meeting key industry players. "There will be many more stories added -- from royalty owners to roughnecks to Ph.D.s -- featuring the incredibly diverse and talented people of Oklahoma oil and natural gas," the OERB said.
Federal lands contain about 15,000 abandoned oil and gas wells, and 277 of them will...
Federal lands contain about 15,000 abandoned oil and gas wells, and 277 of them will now be cleaned up with funding under the Infrastructure Investment and Jobs Act, Interior Secretary Deb Haaland announced. The law provides a total of $250 million for such cleanups, and $33 million is being directed to the first batch of wells, Haaland said.
U.S. oil & gas rig count falls for first time in 31 weeks
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks,...
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks, but the rig count rose for a record 22nd month in a row even.
The weekly rig count decline comes as some U.S. publicly traded firms continue to focus more on returning money to shareholders and paying down debt rather than boosting output.
The U.S. oil and gas rig count, an early indicator of future output, fell by one to 727 in the week to May 27.
In May, the total oil and gas rig count rose by 29, the biggest monthly rise since February.
U.S. oil rigs fell two to 574 this week, their first decline in 10 weeks, while gas rigs rose one to 151 to their highest since September 2019.
For the month, the oil rigcount rose for a record 21 months in a row, while the gas rig count was up for the ninth month in a row, the most since May 2017.
