Oxy CEO champions direct air capture for energy security
Enhanced oil recovery using carbon dioxide absorbed by direct air capture...
Enhanced oil recovery using carbon dioxide absorbed by direct air capture facilities could unlock an additional 50 to 70 million barrels of oil and prolong US energy independence by more than a decade -- if critical 45Q tax credits remain intact, according to Occidental Petroleum CEO Vicki Hollub. Meanwhile, phase one of Oxy's Stratos DAC plant in Texas, set to be the world's largest, is 94% complete and on track to begin operations later this year.
US power generation reached a 20-year high in 2024, according to the ...
US power generation reached a 20-year high in 2024, according to the 2025 Sustainable Energy in America Factbook from BloombergNEF and the Business Council for Sustainable Energy, with new demand driven by industry and data centers. Renewables accounted for 24% of power, while the largest source remained natural gas at 43%. Investment in energy technologies grew to $338 billion -- $35 billion more than the previous year.
Oil, biofuel groups work together on blend mandates
The American Petroleum Institute and biofuel industry groups have joined...
The American Petroleum Institute and biofuel industry groups have joined forces to urge the Environmental Protection Agency to establish "robust" multiyear biofuel blending mandates that take into account rising feedstock supplies and production capacity. "We're trying to send a signal to the administration: hey, we're in more agreement than we used to be," said American Petroleum Institute Vice President of Downstream Policy Will Hupman.
Inflation report out on Friday: The Fed’s favored...
Inflation report out on Friday: The Fed’s favored measure of inflation—the personal consumption expenditures (PCE) price index and not the cost of eggs—is out on Friday, but consumers may have already made up their minds about what’s on the horizon. They’re apparently walking on eggshells, as expectation for inflation over the next five years is the highest it’s been since 1995 due to President Trump’s threats of tariffs against key trade partners. That lack of confidence, coupled with a hot inflation report, would present a dangerous concoction for investors and consumers alike.
A Pennsylvania police officer was killed and five others were injured in a shooting at a hospital. The suspect also died.
American Airlines diverted a flight from New York bound for New Delhi, India, to Rome due to a bomb threat.
(Reuters) -U.S. energy firms this week added oil and...
(Reuters) -U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row to the highest level since June, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to February 21.
Despite this week's rig increase, Baker Hughes said the total count was still down 34, or 5% below this time last year.
Baker Hughes said oil rigs rose by seven to 488 this week, their highest since September, while gas rigs fell by two to 99.
Drillers added five rigs in Oklahoma,bringing the total count to 49, the highest since May 2023, while in West Virginia, they added one rig, bringing the total to 11, the highest since August 2023.
