Big oil tax proposal - 50% "windfall" tax rate to fund stimulus checks
Legislators introduced a bill Thursday to tax the windfall profits of large oil companies at...
Legislators introduced a bill Thursday to tax the windfall profits of large oil companies at a 50% rate. Tax proceeds would be returned to consumers earning less than $75k/y through direct payments. The bill, as written, could create challenges and opportunities across the energy value chain.
The tax would apply to those companies producing or importing more than 300kb/d. The rate of 50% applies to barrels produced in or imported to the US. Importantly, the windfall tax is a "top line" tax, calculated as the difference between the average price of Brent oil from 2015-2019 and the current price.
An unnamed party attacked a Saudi refinery in Riyadh with a drone and caused a small fire,...
An unnamed party attacked a Saudi refinery in Riyadh with a drone and caused a small fire, the Saudi energy ministry said, as quoted by Reuters.
The attack was cut short and did not affect the operation of the refinery, officials also said. The party responsible for the attack has not been named. "The refinery's operations and supplies of petroleum and its derivatives were not affected," the statement said.
"These repeated acts of sabotage and terrorism on vital installations and civilian structures ... do not just target the Kingdom but aim to undermine the security and stability of global energy supplies," the energy ministry also said.
Saudi Arabia is strengthening energy ties with China, as the oil producer,...
Saudi Arabia is strengthening energy ties with China, as the oil producer, Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian countryâs future demand.
The producer isnât just targeting China. In January, Aramco moved further into Russiaâs backyard, buying into Polandâs main refinery company and agreeing to supply crude into the Baltic region that had been traditionally dominated by Russian barrels.
These deals not only guarantee an outlet for Aramcoâs crude for decades to come, they also provide its trading unit an opportunity to boost its business of supplying Saudi and other barrels to projects where it has stakes.
Colorado regulators reject Kerr-McGee residential drilling plan
The Colorado Oil and Gas Conservation Commission turned aside Kerr-McGeeâs request to drill...
The Colorado Oil and Gas Conservation Commission turned aside Kerr-McGeeâs request to drill closer than 2,000 feet to homes and nearby schools.
It was considered the first major test of Coloradoâs requirement that oil and gas drilling be set back at least that distance from residential areas.
The Colorado Sun reported the application included plans to drill 33 wells on two pads in the city of Firestone.
Source: OK Energy Today - For the Colorado Sun article, click HERE
