$2.4 trillion put into energy in 2022 not enough to tackle supply crunch - IEA
The $2.4 trillion set to be invested in energy this year includes record spending on renewables...
The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday.
Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the power sector and efforts to bolster energy efficiency, the Paris-based watchdog said in its annual report on investment.
"A massive surge in investment to accelerate clean energy transitions is the only lasting solution," said IEA Executive Director Fatih Birol.
"This kind of investment is rising, but we need a much faster increase to ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals."
U.S. oil futures log a second consecutive day of losses
Oil futures fell for a second consecutive session on...
Oil futures fell for a second consecutive session on Thursday, with U.S. prices marking their lowest settlement in more than six weeks. Oil has declined on "concern that slowing economic activity will prompt a falloff in demand," said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for August delivery CLQ22, -1.90% fell $1.92, or 1.8%, to settle at $104.27 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since May 10, FactSet data show.
A pipeline carrying crude oil from the Cushing oil hub in Oklahoma to south Texas is...
A pipeline carrying crude oil from the Cushing oil hub in Oklahoma to south Texas is one of two crude oil pipeline projects completed nationwide as of early June according to the U.S. Energy Information Administration.
The Energy Transfer Cushing South Phase II is a 55,000 barrel a day expansion of the Cushing South Project. The Cushing South project includes three existing Energy Transfer pipelines and a reversal and interconnection with the Centurion pipeline that transports crude oil from terminals in Platteville, Colorado, and Cushing, Oklahoma, to Energy Transfer’s terminal in Nederland, Texas. Phase I was completed in the second quarter of 2021.
The second pipeline is another Energy Transfer project. Called the Ted Collins Pipeline, it is a 275,000 barrel a day line that transports crude oil along the Gulf Coast from the Nederland terminal to the Houston Ship Channel, which are both in Texas.
Biden looks everywhere to lower gas prices — except boosting oil production
President Joe Biden has pushed a series of policies and executive actions to lower gasoline prices...
President Joe Biden has pushed a series of policies and executive actions to lower gasoline prices but has yet to back boosting domestic oil production.
The president called on Congress Wednesday to implement a three-month gas tax holiday that would reduce pump prices by 18 cents a gallon and diesel fuel prices by 24 cents per gallon. Pushing a temporary gas tax pause is Biden's latest attempt to address gasoline prices which remain near all-time highs, according to AAA data.
"President Biden understands that a gas tax holiday alone will not, on its own, relieve the run-up in costs that we’ve seen," the White House said in an announcement. "But the President believes that at this unique moment when the war in Ukraine is imposing costs on American families, Congress should do what it can to provide working families breathing room."
Tankers Bound for Freeport LNG Divert to Trinidad, Maryland
At least six tankers set to...
At least six tankers set to load LNG at Freeport LNG this month have been diverted following the June 8 blast that shut the Texas facility, Refinitiv Eikon vessel tracking data showed.
A partial restart of the Quintana, Texas, plant is not expected until at least September, the company said last week, leaving about 40 cargoes to be canceled or rescheduled. The loss has European LNG buyers and some U.S. shale producers reeling, while rivals Cheniere Energy and Sempra LNG rush to produce more LNG to offset the losses.
Freeport accounts for roughly 20% of U.S. LNG processing capacity, drawing 2.1 Bcf/d of natural gas, primarily from U.S. shale fields. Natural gas prices have slumped in the United States and soared in Europe during the extended shutdown.
