As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer. U.S. drivers are embarking on summer vacations with gasoline prices averaging more than $5 a gallon for the first time ever. And rising oil and natural gas prices are helping to boost inflation to the highest level in four decades, driving up prices for food, electricity and housing. Tougher sanctions on Russia, among the [Read more]
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U.S. steps up heavy crude imports as Biden blasts profiteering
U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil. Higher heavy-crude imports are common in summer-driving months, but this year's increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices. The administration has asked for a parley to explore further efforts. Heavy crudes are [Read more]
Column: White House demands U.S. refiners make more gasoline and diesel
U.S. President Joe Biden has written to major oil companies to complain about the high refining margins for gasoline and diesel and demanded an explanation for refinery closures since 2020. The president’s letter, dated June 14, should be seen mostly as a political exercise to deflect responsibility for high fuel prices and accelerating inflation (“Biden warns big oil over gasoline output”, Axios, June 15). He blamed historically high profit margins made by refiners for causing an [Read more]
Oil prices move down, even against tight supplies and firm demand outlook
Oil prices were down on Thursday, even after a steep drop in the previous session, supported by tight oil supply and peak summer consumption, after a U.S. rate hike sparked fears of slower economic growth and less fuel demand. U.S. West Texas Intermediate (WTI) crude futures dropped to $114.27 a barrel, down $1.57, or 1.36%. Brent crude futures slid $1.35, or 1.13%, to $117.54 a barrel. Prices slipped more than 2% overnight after the Federal Reserve raised interest rate by three-quarters [Read more]
Obsidian Energy announces expanded 2022 development program, increased 2022 guidance, and preliminary 2023 forecast
Calgary, Alberta - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an operational update on the success of our 2022 first half development program, as well as announce an expanded second half development program, increased 2022 guidance and a preliminary forecast for 2023. The first half 2022 development program resulted in significant production growth for the Company from our Willesden Green, Pembina, and [Read more]
High fuel prices to persist into 2023, Wood Mackenzie says
Consumers can expect fuel prices at the pump to remain high into next year due to disruptions to Russian oil supplies and as refineries struggle to meet demand recovering from the pandemic, consultancy Wood Mackenzie said. The pressure should ease in the second half of next year when several new large refineries including in the Middle East are expected to start up, WoodMac said in a report. For now, record gasoline and diesel prices in the United States, Europe and elsewhere have cooled [Read more]
Hillcrest inverter technology poised for central role in the reimagined energy future
VANCOUVER, British Columbia - Momentum to electrify and decarbonize energy systems is accelerating, transforming the way we think about energy generation, storage, distribution and consumption. In the midst of reimaging our energy future, an unassuming power electronics hero has emerged: the power inverter. While system cohorts such as battery packs, PV panels, and electric motors are often in the spotlight, the inverter holds the key to unlock efficiency and performance [Read more]
U.S. natgas jumps 6% on high global prices, ahead of storage report
U.S. natural gas futures gained about 6% on Thursday on soaring global gas prices, forecasts for record power demand in Texas and a small decline in U.S. daily output. That U.S. price increase came despite a reduction in U.S. gas demand this week due in part to the extended 90-day outage at the Freeport liquefied natural gas (LNG) plant in Texas and ahead of a federal report expected to show a bigger-than-usual storage build last week due to a reclassification of stockpiles in California last [Read more]
Key oil sands groups join forces under pathways alliance banner
Calgary, Alberta - Canada's major oil sands producers today announced the combination of three existing industry groups, all focused on responsible development, into a single organization called the Pathways Alliance. The new organization incorporates the Oil Sands Pathways to Net Zero Alliance, launched in 2021, Canada's Oil Sands Innovation Alliance (COSIA), created in 2012, and the Oil Sands Community Alliance (OSCA), created in 2013. To lead the integration and work of the new Pathways [Read more]
Natural Resources Canada launches call for proposals to fund clean fuels awareness projects
OTTAWA, ON - The Government of Canada is building a low-emissions energy future to strengthen the economy, create good jobs and support workers in our natural resource sectors. To meet Canada's ambitious target of reaching net zero by 2050, Canada's economy will need to be powered by two equally important energy sources: clean power and clean fuels. Clean fuels are expected to play a critical role in hard-to-decarbonize sectors such as industry and medium- and heavy-duty freight. Today, the [Read more]