After reading the article "Reduction in fuel use puts refiners in bind" referencing a study by Roger Ihne, Deloitte LLP, "A Tsunami of Change Bearing Down on the Refining Industry," one might think that investing in the future of US refining would not be advisable (OGJ Online, July 10, 2009).
The US Commodity Futures Trading Commission is kicking up more dust than a calf scramble at the annual Houston Livestock Show and Rodeo, where a large group of teenagers chase a small herd of calves across the arena's dirt floor.
An international agreement to help Ukraine fund its logistically crucial natural gas business is encouraging but probably insufficient as protection against further interruptions of Russian gas deliveries to Europe.
Safety levels in the UK offshore oil and gas industry have substantially improved, according to data published by the Health and Safety Executive (HSE), with both the combined fatal and major injury rate and major hydrocarbon releases at their lowest since the HSE began regulating the industry in 1991.
The International Energy Agency, in its August Oil Market Report, estimates that global oil demand will contract in 2009 by 2.3 million b/d vs. 2008 and average 83.9 million b/d. In its previous monthly report, the agency called for demand to shrink by 2.5 million b/d this year.
Fitch Ratings Ltd., Chicago, expects further credit-quality weakening for US oil and gas companies and service firms as low commodity prices continue to batter industry financial performance.
The Iranian government, repeating earlier comments, has dismissed suggestions that the US Congress impose a gasoline embargo as a means of exerting pressure on the Middle Eastern country to end its controversial nuclear program.
The US Department of the Treasury sent legislative language to Congress on Aug. 11 that would institute regulation of all over-the-counter derivatives.
Alaska state officials and environmental organizations each claimed victory following a federal appeals court's clarification in late July that its earlier order vacating the current federal offshore oil and gas leasing program applies only to the Alaska portion of the plan.
Exploration activity in the UK North Sea has dropped by more than 50% compared with last year, holding serious implications for the nation's energy security in 2010, according to trade association Oil & Gas UK.
The transition to low-carbon power generation requires near-term broader-scale deployment of carbon capture, transport, and geological storage (CCS) as a bridging technology.
