BP ramping up fossil fuels, cuts renewables investment
BP has announced a strategic...
BP has announced a strategic shift to increase annual investment in oil and gas to $10 billion through 2027 while reducing spending on renewables to $1.5 billion to $2 billion per year, more than $5 billion below previous guidance. "We will be very selective in our investment in the transition, including through innovative capital-light platforms. This is a reset BP, with an unwavering focus on growing long-term shareholder value," said CEO Murray Auchincloss.
Canada faces hurdles in building new oil pipelines
As US tariffs loom, some Canadian politicians are advocating for new...
As US tariffs loom, some Canadian politicians are advocating for new pipelines to diversify oil exports beyond the US market, but the high-risk nature of such projects is deterring private investment. Industry experts say only significant government intervention, confidence in long-term oil sands production growth and regulatory stability could encourage companies to consider new projects.
As CNX Resources and partners pursue a $37.6 million geothermal pilot...
As CNX Resources and partners pursue a $37.6 million geothermal pilot at an existing well pad in Pennsylvania, a new report by Penn State University and Project InnerSpace highlights the state's vast untapped geothermal potential and recommends measures to accelerate development, including streamlining permitting, increasing mandates for clean electricity and crafting a geothermal plan. American Petroleum Institute President and CEO Mike Sommers says the oil and gas industry's subsurface expertise makes geothermal a logical pursuit.
CFPB dropped its lawsuit against Capital One. The Consumer...
CFPB dropped its lawsuit against Capital One. The Consumer Financial Protection Bureau, which, under the Biden administration, sued Capital One last month for allegedly cheating customers out of ~$2 billion in interest, moved to dismiss the suit yesterday with Donald Trump now in office. The agency also dropped cases against Rocket Homes Real Estate and Berkshire Hathaway-owned Vanderbilt Mortgage & Finance. The moves were largely expected after Trump’s acting CFPB director, Russell Vought, fired 200 employees and ordered all work to stop immediately. The CFPB also has pending lawsuits against Walmart, Zelle, and other companies it’s accused of wronging US consumers.
Meta apologized after an “error” caused extremely violent content to flood users’ Instagram Reels feeds.
Transgender service members will be removed from the US military unless they have never transitioned and can prove they “directly support warfighting capabilities,” according to a Pentagon memo.
Stanford froze hiring amid the Trump administration’s moves to cut funding for research at universities.
The founders of Ben & Jerry’s are reportedly looking into buying the famed ice cream brand back from Unilever, though Unilever said the business is not for sale.
Gene Hackman, the Hollywood icon and Oscar-winning star of The French Connection and Unforgiven, died at 95. His wife, Betsy Arakawa, and their dog were also found dead in the couple’s Sante Fe, New Mexico, home. Police called their deaths “suspicious” but said there were no apparent signs of foul play.
Oil prices settle higher after Trump moves to end Venezuela crude deal
Oil futures settled higher on Thursday, finding support...
Oil futures settled higher on Thursday, finding support a day after President Donald Trump said he was revoking a license issued by the Biden administration that had allowed Chevron Corp. to produce oil in Venezuela.
Prices remained lower week to date, however, with U.S. tariffs on Canada and Mexico expected to come into effect next week, potentially hurting the outlook for the economy and for energy demand.
West Texas Intermediate crude for April delivery rose $1.73, or 2.5%, to settle at $70.35 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, climbed $1.51, or 2.1%, to $74.04 a barrel on ICE Futures Europe. The more actively traded May contract gained $1.50, or 2.1%, to $73.57 a barrel.
March gasolinetacked on nearly 2.5% to $2 a gallon, while March heating oiladded2.2% to $2.40 a gallon.
Natural gasfor April delivery settled at $3.93 per million British thermal units, down 0.6%.
